Bajaj Allianz General Insurance Company Limited is a joint venture between Allianz SE, the world’s leading insurer, and Bajaj Finserv Limited. The company received the certificate of registration from IRDA on 2nd May 2001 to conduct general insurance business in India. Bajaj Allianz General Insurance, today, is one of the largest private insurer in the industry with offices in over 1400 towns and cities. The company has been constantly expanding its operations to reach out to its customers.
Bajaj Allianz General Insurance caters to individuals across demographics of the country and the corporate sector with its wide range of products and services that go beyond insurance. The company is not only bringing insurance solutions to the customers’ doorstep but also improving insurance penetration, with its advanced digital and mobile applications. Today through its digital offices it has reached out to 1400 new Tier 2 and 3 towns across India. It is also growing the footprint of personal lines of insurance through its 35 All Women Branches across the country. Known for its claim and customer service levels, Bajaj Allianz has received iAAA rating from ICRA for 12 consecutive years, which indicates the company’s highest claims paying ability and a fundamentally strong position. The company has a strong focus on customer centricity and aims at delivering superior value with an excellent and caring experience for the customer. Today the company is taking its relationships with the customers beyond insurance, by offering them a plethora of digitized customer centric initiatives.
The company reaffirmed its strong financial position in the industry by posting 17% growth in revenue to Rs 11,097 crore in FY 18-19. The company’s net profit for the period stood at a handsome Rs 780 crores in FY 18-19. The company is the only insurer in Indian general insurance industry to have posted consistent profits since its inception in 2001. Bajaj Allianz General Insurance also reported a healthy Combined Ratio of 96.7% and a solvency of 255% in this period. This can be accredited to the company’s prudent underwriting norms, risk based pricing and a sound financial position.
Bajaj Allianz General Insurance has embraced digitalization as a primary enabler and has been working continuously on automation and digitization of its service offerings. It offers real time solution to its customers and partner via mobile applications and dedicated portals. The industry first initiatives by the company like artificial intelligence driven chatbot, app based instant motor claim settlement, proactive claim travel claim settlement through blockchain technology, cashless claim settlements, wellness app and portals, digital offices and mobile applications such as Eezee Tab and Insurance Wallet have set a benchmark in the industry. It is the first insurance company in the country to lay the foundation for usage based insurance through its telematics offering, Drive Smart.
The organization received the prominent Digital Insurer Award twice at the prestigious Asia Insurance Industry Awards 2017 & 2018. The company was recognized as The Iconic Brand of India 2018 by The Economic Times and received the prestigious National Award for Excellence in Cost Management from premier cost and management accounting body, Institute of Cost Accountants of India (ICAI). The company was also honoured as India’s Leading Private General Insurance Company by Dun & Bradstreet. It also won the prestigious Money Today Awards for the Best Motor Insurance Provider of the Year. The company has also been recognized as the AON Best Employers in India 2018 for its employee centric work culture and is listed among the top 15 BFSI Great Workplaces in India by the esteemed Great Place to Work Institute.