Insurance Agency channel drives Bajaj Allianz Life Insurer’s growth

Agency channel drives Bajaj Allianz Life Insurer’s growth

The company appointed 18,000 new insurance agents in FY 2016-17.
Rosevina Gonsalves Jun 26, 2017

Agents’ productivity has been one of the major issues for the life insurance industry. However, Bajaj Allianz Life Insurance successfully dealt with it by imparting high quality training to their new agents and putting in place a rigorous recruitment system for agents.

In FY 2016-17, Bajaj Allianz Life Insurance appointed 18,000 agents, who brought in new business premium of Rs257 crore in just a year.

Overall, the life insurer received around Rs867 crore from its agency distribution channel last fiscal.

Manish Sangal, Chief Agency Officer, Bajaj Allianz Life Insurance, said, “We have witnessed an increase of over 39% in new business premium collection, largely due to our agency channel.  Agent productivity has been growing and this has directly reflected in our business premium collection.”

Sharing how his company has increased productivity of its agents, he said, “We have put in place a rigorous agent recruitment system in which we recruit only serious agents. We have a few filter checks based on parameters such as age, educational background, location and economic background of the agents before appointing them.”

On trainings, he said that the company provides trainings in soft skills, story-telling skills and social media strategies to help them acquire new clients.”

Manish was talking to the media at the launch of their ethical ULIP plan called Future Wealth Gain. This ULIP does not invest in the companies which are engaged in liquor, gambling and tobacco.

Bajaj Allianz Future Wealth Gain is a non-participating plan with a regular and limited payment premium payment option.  The fund has mopped up more than Rs50 crore in 15 days.

Speaking about the newly launched ULIP, Tarun Chugh, MD & CEO, Bajaj Allianz Life Insurance, said, “Future Wealth Gain has been introduced with two variants, Wealth Plus and Wealth Plus Care, to help our customers achieve their financial goals throughout the various stages of their life, while also factoring in the expenses occurring on life-threatening disease like cancer. The product provides our customers the flexibility to choose from eight funds covering both equity and debt asset classes for investment.”

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