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Insurance player records 46 per cent growth in Tamil Nadu
Bajaj Allianz Life Insurance, a leading private life insurer, registered 46% growth in new business premium in Tamil Nadu region for FY18-19, over the corresponding period last year.
The company recorded new business premium of Rs 147 crore in FY18-19 as compared to Rs. 101 crore in FY17-18. Over the year, it also saw a 49% increase in the number of individual policies sold in the southern state, to 9,030 in FY18-19 from 6,072 in FY17-18. It has covered 15,88,477 number of lives in the region in FY18-19.
Tarun Chugh MD & CEO, Bajaj Allianz Life Insurance, said, “Our multi-pronged approach on distribution has enabled us to reach many more Indians, this year. We’ll continue our focus in TN and aim to offer more value-packed offerings to our customers to get their life goals done, with us.”
He attributes the business growth as a result of innovative and balanced product portfolio, combined with its new-age distribution model along with its agency model and growing partnerships. The company continues to invest in technology and increasing consumer awareness through its innovative marketing and branding initiatives,” he added.
In FY18-19, it introduced a slew of products, which also contributed significantly towards this growth. These include Bajaj Allianz Life Goal Assure and Bajaj Allianz Life Healthcare Goal. Its goal assure product has enabled it to become market leaders in the online ULIP space, it said.