Pune: Bajaj Allianz Life Insurance Company, one of the leading private life insurers in the country, continues on its growth trajectory, clocking an impressive 25% growth in individual rated new business premium in FY2018-19. The company’s growth in the individual rated new business premium has been higher than the industry which grew by 9% and the private life insurers’ that grew by 12.5%.
The Gross Written Premium (GWP) for Bajaj Allianz Life increased by 17%, at Rs 8,857 crore in FY2018-19 from Rs 7,578 crore in FY2017-18. The insurer’s renewals premium increased to Rs. 3,934 crore in FY2018-19, as compared to Rs. 3,287 crore in FY2017-18, a growth of 20%. Bajaj Allianz Life also saw an improvement in persistency across all the buckets over the past two years, which is indicative of satisfied customers and the continued effort to improve sales practices.
Commenting on the growth, Tarun Chugh MD & CEO, Bajaj Allianz Life Insurance, said, “This year we crossed several key milestones in our journey towards becoming India’s life goal enablers. Our focus on delivering customer delight, with innovative products and services enabled us to set new trends and benchmarks in the industry. Our multi-pronged approach on distribution has enabled us to reach many more Indians, this year. We’ll continue our focus on these areas and aim to offer more value-packed offerings to our customers to get their life goals done, with us.”
Bajaj Allianz Life’s business growth has been a result of its innovative and balanced product portfolio, combined with its new-age distribution model along with its agency model and growing partnerships. The company continues to invest in technology and increasing consumer awareness through its innovative marketing and branding initiatives. In the last year, Bajaj Allianz Life introduced a slew of innovative products which also contributed significantly towards this growth - Bajaj Allianz Life Goal Assure, its new-age online ULIP with one-of-its-kind ROMC (Return of Mortality Charge) feature, Bajaj Allianz Life Healthcare Goal, a critical illness product that provides cover against 36 critical illness, Bajaj Allianz Life LongLife Goal, a whole-life ULIP retirement plan and Bajaj Allianz Life PoS Goal Suraksha, a point of sale product offering instant issuances. The Goal Assure product has helped Bajaj Allianz Life become market leaders in the online ULIP space. Launched in February 2018, the online ULIP has clocked an annualized new business premium of 287 crore as on March 2019, and sold more than 30,000 policies.