Bajaj Allianz Life Insurance to open 1,000 virtual sales offices across India

Business

BHUBANESWAR, MAY 17

Bajaj Allianz Life Insurance Company, one of the leading private life insurers in India, plans to open over 1,000 virtual sales offices across the country in next 18 months, said a senior executive of the company here today.

Talking to mediapersons at a press conference here, Manish Sangal, Chief Agency Officer, Bajaj Allianz Life Insurance said, “We have launched 14 virtual sales offices in Maharashtra on a pilot basis and our experience has been good. We plan to scale it up to over 1,000 across the country in the next 12-18 months.”

Elaborating on the first-of-its-kind initiative, Sangal explained that a virtual office is where digital machines are used by agents or sales officers of the company to provide the entire range of services such as obtaining premium payment certificates, procuring account statements, paying insurance renewal premiums and other services to the customers at their doorsteps, thus eliminating the need of brick-and-mortar branches.

Initially the virtual sales offices would be handled by trained marketing officers while agents would be allowed to handle the digital machine in a later phase, he added.

The company also plans to add 35,000 more new agents to its team of 70,000-odd existing agents during FY 2018-19, informed Sangal.

Bajaj Allianz Life Insurance Company, which reported a growth of 38 per cent on individual rated new business premium for FY 2017-18, eyes 45 per cent growth in the current financial year, said Sangal. The company also aims to touch 35 per cent growth rate on the total new business premium, he added.

Stating that the company is keen on expanding its business in Odisha, Sangal said, “Bhubaneswar and Cuttack continue to be our leading cities in the State, clocking a healthy growth of 39 percent over the last financial year. Going forward we are confident that this growth rate will be higher and our penetration will be deeper in the State.”

For FY 2017-18, Bhubaneswar and Cuttack saw a strong growth in market share of 39 percent and 12 percent, respectively, he added.

The company, which has Rs 610 crore assets under management (AUM) in Odisha, did Rs 74 crore business in the State in FY 2017-18 and targets Rs 120 crore business in the current financial year, said Sangal. It covered 16,652 lives with 17,018 policies in Odisha in FY 2017-18.

Bajaj Allianz has 40 branches and 6,360 agents across Odisha; and the company plans to take the number of agents to 10,000 by the end of the current fiscal though it does not have any plan to open any new branch, added Sangal.

 

 

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