Focussing on the NRI segment in a big way, Bajaj Allianz Life Insurance has charted out a customised segment approach with tailored life insurance solutions.
“The hype on Indian economy is much more among NRI population and we see a significant opportunity in this segment with interest shown to invest in Indian financial markets towards meeting their life goals,” Rajesh Krishnan, Chief Operations Officer, Bajaj Allianz Life Insurance told reporters here on Wednesday.
The company has come out with a diverse range of products that meet their savings, retirement and protection needs. A specialised team catering exclusively to NRI customers with a dedicated NRI desk, an informative NRI section on the company’s website, assisted and self service options are some of the initiatives taken by the company for a customer-first approach for the NRI segment, he said adding that countries such as US, UK and major Gulf countries like UAE, Saudi Arabia, Qatar are key focus areas.
Bajaj Allianz has recently opened a representative office in Dubai as a single touch point for easy and quick assistance for customers and the response has been encouraging especially from the GCC countries. According to him, Indian life insurance plans often standout as a preferred choice for NRI customers because of simple buying process, affordability, hassle-free claims process etc. Those planning to return to India for retirement are evincing more interest in exploring a range of options to secure a steady income through annuity plans or a pure life cover through a term plan.
With 4.56 crore lives covered, the company is growing at an individual rates new business (IRNB) of 24 per cent and hope to continue the growth momentum in the current year as well, Rajesh Krishnan said. It manages assets under management to the tune of over ₹98,700 crore with an individual claim settlement ratio of 99.04 per cent and a solvency ratio of 516 per cent.