Relationship beyond insurance group

Bajaj Allianz General Insurance - Wikipedia

relationship beyond insurance group

Building a Relationship Beyond Insurance – Video understand the true meaning of having a relationship that goes beyond getting business for the company. Bajaj Allianz General Insurance Co Ltd review- Relationship beyond insurance! Best company for if you got opportunities to join Bajaj Allianz. Bajaj Allianz General Insurance is a private general insurance company in India. The company is a joint venture between Bajaj Finserv Limited owned by the.

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The company believes that for transforming business you need to push boundaries and deliver beyond expectations. We have come up with initiatives that take our relationship with our customers beyond insurance. Features One-stop-shop app for purchasing as well as renewing policies Intimating and filing claims Accessing policy-related information and value added services Tracking claims and getting information on the company's branches, network hospitals and garages, among others.

The first thought in a woman's mind when she steps out of her house is invariably related to her safety. Something as minor as a puncture, a drained battery or misplaced keys can leave you stranded.

Features Spot assistance in case of a drained battery On spot repairs of technical issues like flat tyre and towing facility to the nearest garage Immediate medical, on spot assistance with paperwork, spot survey and legal advice for claims Option of urgent message relays to emergency contacts Assistance in locating emergency medical centres, fuel refills up to 3 litres and accommodation benefits in case of an accident away from the city.

Toll free number to avail the facility. MobiFuel is a free android mobile app to provide you on-the-go support to manage vehicle mileage and service records. Features Help users manage mileage To keep service and insurance records and assists with renewal reminders. Bajaj Allianz WeatherSafe has been created to help you stay safe and plan better through weather forecasts. One of the most significant emerging trends in the industry is digital transformation. Insurance companies today are harnessing digitization and mobile technology to improve distribution and processes, empower and engage with customers and also for analytics that will help in detecting frauds.

Besides digitization one of the positive trends in the industry is the rise in sale of retail health insurance policies. We hope that this trend continues and strengthens in the future. Q2 How is technology playing a role these days in customer acquisition as well as new product development and market expansion? Technology has changed the traditional buying behavior of consumers even when it comes to financial instruments.

Besides, social media chatter has started influencing purchase decisions. The industry has embraced this mega trend and is increasingly using digital capabilities to acquire and engage with the consumer and other eco-system participants.

Insurers are increasingly introducing self-service platforms, mobile apps and tablet based solutions to attract and retain customers. Today, we at Bajaj Allianz are using social media platforms like Twitter, Facebook as well as the popular messenger service Whatsapp to engage with our existing customers and reach out to new customers. Since technology has changed the way consumers make a purchase, insurers are now looking at creating products that are simple, involve minimal documentation and are more transparent so that it is easier for the consumer to make informed decisions and faster purchases.

However, we still have some ground to cover on the product development front. Digitized distribution models are helping us reach the customers' doorsteps with insurance solutions as well as remote areas that were earlier uncovered. We at Bajaj Allianz have been able to reach out to new markets last year due to our key initiative called Virtual Office. Virtual Office is an entire office run on a tablet via various applications.

We are slowly trying to do away with the brick and mortar model. Q3 Mis-selling and fraud are a common practice in the industry. What are the ways to curb them? Mis-selling and frauds have been an issue for the entire industry. Apart from creating dedicated cells in the company, digitized touch points and simpler and transparent products in future will help curb these practices. Today, data analytics is also proving to be an effective tool in the prevention of frauds.

It helps identify and detect fraudulent patterns and triggers which help the claims team refer all such cases for investigation.

Industry today needs simple de-jargonized products: Tapan Singhel, Bajaj Allianz General Insurance

Mis-selling will decline with an increase in digital sales interactions, clear communication and efforts by all players in the ecosystem to increase consumer awareness through all available forums. Social media must also be used for this purpose. Q4 Your company had launched an all-women branch in Pune some time back.

relationship beyond insurance group

What was rationale behind it and what has been the customer response so far? Do you also plan to have more such branches going ahead?

Realizing the large and untapped potential women offer, we came up with this platform - a dedicated branch to offer opportunities to women professionals, especially those who had to leave their careers due to family or personal commitments. The all-women insurance branches recruit and train only female agents and intermediaries.

We launched a pilot project in Pune to gauge its acceptance and workability.

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The project received an encouraging response in terms of participation and the revenue generated. Therefore, we have now replicated it in cities across India. Today, with 30 established branches and some more planned across the country, it is a key strategic initiative of the company. We believe that with their unique qualities of empathy, patience and their attachment to issues related to health and home, women we will be able to drive insurance product lines related to these.

Q5 How are you planning to grow the different segments, particularly health, automobile and home? In the Indian automobile insurance space we are one of the leading insurers. To accelerate growth, our main aim will be to increase our reach, especially in the Tier 2 and 3 cities, by expanding our distribution network. We will also be focusing on the two wheeler segment. In the home and health insurance space, growth drivers would be: Tapping new markets mainly in the remote corners of the country.

Awareness drives especially for home insurance, given that the penetration is dismal across the country. Coming out with simpler, innovative and need-based product variants.

relationship beyond insurance group

Product innovation in health and home segments has helped our growth in these lines earlier too.