The Business Bytes
TBB BUREAU
BHUBANESWAR, MAR 12, 2024
Bajaj Allianz Life Insurance, a leading private life insurer in India, is revolutionizing the accessibility of life insurance in Odisha by harnessing the power of its vast network of Insurance Consultants (ICs). With a formidable presence boasting over 8,500 agents and 38 strategically positioned offices across Odisha, Bajaj Allianz Life is dedicated to simplifying and promoting life insurance as a versatile investment option in the region.
Despite increasing awareness of the crucial role life insurance plays in financial security, a significant gap in coverage persists across India, including Odisha. The Insurance Regulatory Development Authority of India’s annual report for 2022-23 reveals that life insurance penetration stands at a mere 3 percent nationwide, underscoring substantial untapped potential, especially in underserved areas. Odisha accounts for approximately 4.71 percent of the total policies sold nationally, highlighting the urgent need to raise awareness about the pivotal role of insurance in safeguarding families’ financial well-being.
Bajaj Allianz Life, with its extensive network of agents, is committed to bridging this gap. Supported by a robust multi-channel distribution system, a diverse and innovative product range, and an agile digital ecosystem, the company is strategically positioned to drive life insurance penetration in Odisha.
Sameer Joshi, Chief Agency Officer at Bajaj Allianz Life, emphasized the critical role of agents in driving insurance penetration in the country and Odisha, stating, “Life insurance is often perceived as complex, and customers prefer someone they can trust to guide them in making the right investment choices based on their specific life goals. In this scenario, Insurance Consultants or agents are indispensable. They understand customers’ needs and provide tailored suggestions. Hence, it’s crucial for us to equip and empower our agents with the requisite knowledge, innovative products, and agile processes to assist customers in achieving their life goals seamlessly.”
“As we focus on establishing a conducive ecosystem benefiting both customers and agents, I am confident that we can enhance insurance accessibility both nationally and in Odisha,” he added.
As of January 31, 2024, Bajaj Allianz Life achieved a Gross Written Premium (GWP) of Rs 16,790 crore, and its Assets under Management (AUM) crossed the Rs 1 lakh crore milestone, reaching Rs 1,06,858 crore. The company boasts a strong nationwide presence through its extensive distribution network comprising 513 branches, over 1,45,000 agents, and 82 institutional partners.
Joshi also highlighted the company’s innovative product offerings, including the First-of-its-kind dynamic life insurance plan, Bajaj Allianz Life ACE – a non-linked, participating, individual life insurance savings plan, and India’s first Diabetic Term Plan, designed to provide coverage for pre-diabetics and those with Type-II diabetes. Additionally, the company has introduced Small-Cap Fund and Dynamic Fund for its ULIPs, catering to diverse investment needs.
