Bajaj Allianz Life retail new business premium up 41% in December

Bajaj Allianz Life Insurance on Thursday reported 41 per cent jump in its retail new business premium in December 2020 at Rs 269 crore.

The life insurer's retail new business or the individual rated new business premium in December 2019 was Rs 191 crore.

"Company's focus on customers' needs and meeting the needs of their agents and sales force throughout the tough time helped the company become the fastest growing life insurer in December 2020 with 41 per cent growth in retail new business," it said in a release.

Bajaj Allianz Life’s agency channel was among the fastest growing agency channels with 23 per cent growth last month as compared to the year-ago period. It added over 3,000 agents in the period under review, the company said.

The overall new business premium during the month jumped by 64.2 per cent to Rs 686.80 crore as against Rs 418.32 crore in December 2019.

The company also had 36 per cent growth in number of policies (retail), which was the highest in the industry for the nine-month period ended December 31, 2020, it said.

In Maharashtra, Bajaj Allianz Life continued to show positive trends, the company said.

The pandemic brought about significant changes in the business environment for all industries, and to ensure that the company's insurance agents sustained income stream and stayed in touch with their customers, Bajaj Allianz Life took several measures, it said.

These included products to meet customers’ needs, digital assets to help agents do their business efficiently, and training sessions that ensured agents were able to move ahead in the new business environment, successfully.

The company rapidly adopted digital tools, and strengthened its processes to ensure customers’ life goals remained on track, it said.

The company has over 1 lakh agents including POSPs (point of sale persons) across India, who have written over 99,000 policies and garnered Rs 3,333 crore gross written premium for the period ended December 31, 2020.

"We have been able to strengthen our relationship with our agents over the last 9-10 months by continuously being there for them. They are one of our biggest stakeholders representing us to our customers.

"We ensured we supported them to stay in touch with their customers, have the right products to help their customers, and more importantly, be prepared in every way to operate and succeed in the new business environment," Sameer Joshi, Chief Agency Officer, Bajaj Allianz Life said.