Bajaj Allianz Life Insurance, one of the leading private life insurers in India, continues to enhance its distribution footprint across India and particularly in Tamil Nadu, to empower customers with value-packed life insurance plans. The Company employs a robust multi-channel distribution approach, with a particular focus on collaborative partnerships with financial institutions across the nation. This channel of business is referred to as Institutional Business within the company. Today, Bajaj Allianz Life Insurance has strategic partnerships with over 82 financial institutions in the country, which includes 33 leading banks. Notably, the Company has partnered with four prominent banks headquartered in Tamil Nadu like Tamilnad Mercantile Bank, Citi Union Bank, Karur Vysya Bank, and Equitas Small Finance Bank.
Commenting on the Company’s Institutional Business, Mr. Dheeraj Sehgal, Chief Distribution Officer, Institutional Business, Bajaj Allianz Life, said, "We are dedicated to fulfilling the long-term life goals of customers across segments and continue to invest in enhancing our product suite and services bouquet thereof. We believe that our robust technology architecture is among the finest in the industry, designed to ensure that both existing and new partners can seamlessly integrate with us and serve customers in an easy and secure manner."
Through strategic partnerships across the country, Bajaj Allianz Life has experienced strong growth, particularly over the last five years. In Tamil Nadu, Bajaj Allianz Life’s Institutional Business recorded a remarkable 52% growth in terms of IRNB for YTD December 2023. The number of policies (NOPs) sold also experienced a notable surge, with a 53% increase for YTD December 2023, indicating the growing affinity of customers toward the brand.
Bajaj Allianz Life, one of the India’s fastest growing private life insurer continues to invest in new products to meet the diverse needs of its customers and provides some of the most unique self-service options. Additionally, the Company has achieved an impressive claim settlement ratio of 99.04% and maintains a solvency ratio of 516% for the financial year 2022-23."