2) Company & Brand Milestones
3) Importance of timely renewal of policy
4) Various channels for renewal collection
Bajaj Allianz, one of the leading private insurers founded on 3rd August 2001, is a joint venture between Bajaj Finserv Limited and Allianz SE. Both enjoy a reputation of expertise, stability and strength. This joint venture Company incorporates global expertise with local experience. The comprehensive, innovative solutions combine the technical expertise and experience of Allianz SE, and in-depth market knowledge and goodwill of “Bajaj” brand in India. Competitive pricing and quick honest response have earned the Company the customer’s trust and market leadership in a very short time.
At Bajaj Allianz, customer delight is our guiding principle. Ensuring world class solutions by offering customized products with transparent benefits supported by the best technology is our business philosophy.
Bajaj Allianz Life Insurance has developed insurance solutions that cater to every segment and age-income profiles.
Company Milestones –
- Total Assets Under Management (AUM): One of the largest asset managers in the industry with a total AUM of 43,551 Crores as on 31st March, 2015.
- Solvency Margin: As per IRDAI, life insurance companies are expected to maintain a 150% solvency margin. BALIC has consistently maintained very high standards of solvency margin, which provides the policy holders with a high degree of comfort when investing with the company. BALIC’s solvency margin as of 31st March 2015 stands at 761%.
- Claims Settlements: BALIC’s total claims settlement ratio for FY 14-15 is 96.55%, which is one of the best in the industry. 77% claim proceeds are settled through electronic mode, highlighting a hassle free and smooth process of settlement. Our average TAT for claim settlement is 7 days from the date of competition of all requirements.
- NAs directed by regulator claims arising out of natural calamities have been settled with minimum documents and at lesser TAT, example: Uttarakhand and Himachal Pradesh floods.
- Product Solutions: Our products cater to all financial needs like – Protection. Savings, Retirement and Investment for individual and groups.
- Renewal Payment Avenues: Multiple easy modes of renewal payment options have been provided to the customers, such as IVRS where the customer can pay his/ her renewals through credit or debit card over the phone in a safe and convenient manner and gets instant payment acknowledgement. BALIC has tie-up with banks for payment of renewal premium such as Axis Bank, Central Bank of India, Allahabad Bank, Yes Bank and multiple Suvidha outlets. BALIC has also introduced receipting of renewal premiums through multiple instruments such as cheque/ cash / DD at its branches, giving the customer the ease and convenience of combination of payment modes for the same policy.
- Innovator: BALIC has also been innovator in terms introducing the WAVE application whereby renewal premiums can be paid vide mobiles / tablets.
- Service on wheel renewal: “Service on Wheels” is a unique concept whereby BALIC is able to provide services to the customers on renewal payments, registration of service requests, policy information enquiry and registration of grievances – this saves the customer the time of travelling to a BALIC branch.
- Policy Servicing: The Company is recognized for its transparency, utilization of technology, customer service and superior fund performance.
- Distribution: Within a short span of its inception, Bajaj Allianz has established a pan-India presence and a wide distribution network. We have a vast distribution network of 750 branches and over 1.2 lakhs agents across India as on 31st March 2015.
Brand Milestones –
Bajaj Allianz Life Insurance was formed with a motto that can be expressed by these lines: “A Company that not only believes in care, but care that goes the extra mile. It might be a prayer your mother says for you every day. A blessing your grandmother whispered in your ear. An encouraging smile of a father, who is proud of his son. Care, fortunately has its own ways of being known. Bajaj Allianz Life Insurance is one of them. When you have people and policies working towards your family’s financial security, well-being and future, your peace-of-mind endures. Trust your loved ones with Bajaj Allianz Life Insurance”.
When the journey began, Bajaj Allianz Life Insurance was then rated amongst the “Top 50 Service Brands” in Brand Equity, based on the survey conducted by AC Neilson ORG-MARG in 2006-07. The Company achieved the 1st position in terms of number of life insurance policies and 2nd position in terms of new business among private life insurance players.
In 2007-08, the brand became the proud sponsor of the victorious team Rajasthan Royals in the 1st edition of the Indian Premier League. Our association with IPL continued and in the coming seasons, we again sponsored the popular Mumbai Indians, which also won the IPL in that year.
In the early years of 2000, the brand focused on being functional with its catch line “Jaisizarooratwaisa insurance”. Bajaj Allianz Life also made use of an animated mascot called the “Super Agent”: an affable man dressed in a blue and white uniform, always ready to offer help with financial decisions. Later in 2008, it gradually started catering to more products for all kinds of customer needs with the launch of the “JiyoBefikar” tag line. For the first time, the Super Agent was a part of people’s lives, decoding their state of happiness and prescribing a way out of the accompanying worries. The campaign was a bold attempt to break the category sameness and targeted to persuade fellow Indians to prolong their state of happiness by covering it with Bajaj Allianz Life Insurance policies during different life stages.”
The year 2009-10 saw successful launch of 20 new products by Bajaj Allianz Life Insurance and multi-lingual customer service and policy bond (in 11 regional languages apart from English) were launched. E-servicing module to serve its customers electronically. Bajaj Allianz Life was ranked 26th in the Economic Times Most Trusted Service Brand Survey in 2009-10.
In 2010-11, the brand saw launch of one of the most prominent sporting camp for youth sponsored by a corporate – Bajaj Allianz Junior Football Camp. JFC successfully completed its fifth season in 2014-15 and helped more than 20 students get trained by FC Bayern Munich in the past five seasons. Some of the Bajaj Allianz JFC winners are now playing in national level football teams.
As time went by, it received accolades for the support the brand extended towards financial security. In Feb 2015, Bajaj Allianz Life Insurance was awarded as the “Best Life Insurance Company in the Private Sector” in BFSI Awards by World CSR Day and World CSR Congress in association with ABP News.
The Company has also been conferred the “BFSI Vision Editor’s Choice Award” for its contribution towards financial literacyat the Corporate Social Responsibility (CSR) Awards 2014. Bajaj Allianz Life, in its continued support for the game of football also participated as team sponsors for the Kerala Blasters FC in the 1st edition of the ISL held in 2014.
Bajaj Allianz Life Insurance has also been given CARE AAA rating for its financial stability and claims paying ability for two consecutive years (FY13 and FY14).
Importance of timely renewal of policy –
- Keep paying the renewal premium in time will help the policy to be inforce& Policy benefit continues till maturity.
- If keeping the policy always in force, RIDER benefits also will enhance the primary benefit of Sum Assured (For Eg Medical, Accidental Etc.)
- Fund will accumulate & perform in a good way according to the market volatility.
- In traditional policies BONUS will accrue for every year & while continuing for long period, Terminal bonus (If any) will also be paid to encourage the customer value for money.
- If the policy remains inforce, Loan / Partial withdrawal could also be taken to fulfill the short term goals & emergencies.
- When staying invested & keeping the policy inforce, will avoid the impact of getting surrender charges deducted, if discontinued in between.
- Also while keeping the inforce for a long term, will fulfill the dreams, in way like Children future Educations / Marriage & starting a business etc…
- Mutually beneficial for both customer and the organization.
- Prolonged and cordial relationship for the frontline force to make New Business easier.
Various channels for renewal collection –
Renewal Payment Process at CSC (Common Service Centers)
Enjoy the convenience of paying your renewal amount in Cash at across extensive network of more than 1,31,000 CSC neighboring outlets PAN India
Simple Steps for payment:
- Step 1: Walk in to any of CSC outlet
- Step 2: Provide the policy number and Policy holder date of birth to CSC outlet
- Step 3: hand over the cash to CSC outlet
- Step 4: take a printed acknowledgment from CSC outlet certifying receipt of premium payment