The product, from the stable of Bajaj Allianz General Insurance, has been developed in response to a demand identified by the industry and the government.
Bajaj Allianz General Insurance’s Tapan Singhel talks about his outlook on the industry, pricing on health and motor insurance, and growth.
The scheme will provide universal health insurance cover with a sum insured of Rs 5 lakh and the health insurance will be provided on family floater basis.
Under the sandbox method, entities can launch and test a product with a select group of people for a period of six months.
For the insurance industry, technological developments such as blockchain, artificial intelligence, telematics, cloud computing, the Internet of Things (IoT) and advanced analytics are providing new ways to improve efficiency. It has to some extent cut down the need for physical documentation and enabling real time settlement of claims by providing new avenues to measure, control and price risks.
Customers will be able to purchase the insurance-powered complete mobile protection plan at the same time as they buy the mobile phone for Rs 99 onwards
The stock is expensive, but for a reason. Investors cannot ignore this business of lending to the aspirational mass, which is in a sweet spot.
Under this agreement, Bajaj Allianz General Insurance will offer personal lines of insurance products such as health, personal accident, home, motor and travel along with commercial line of insurance products such as property, marine and engineering insurance, etc to the bank's customers, a joint statement said.
Health insurance can be your trusted health consultant and at the same time is a solid investment that will secure your savings that were accumulated for essential life goals
When it comes to pay, promotions, second careers or work conditions for blue-collared women workers, there is still a long way to go.
Tapan Singhel, MD and CEO of Bajaj Allianz General Insurance said that the government should make it mandatory for employers, both in the organised and unorganised sectors to provide health cover to all their employees.
Most non-life insurance companies have taken a hit on their profitability in the first half of the current fiscal owing to the rising underwriting losses and huge amount of paid claims, despite booking higher premium during the period.
Under the strategic agreement, Bajaj Allianz General Insurance will offer its industry leading general insurance products to the customers of Canara Bank, Bajaj Allianz said.
The private sector non-life insurer has already sold 6,000 such policies so far in 2016-17.
Private sector non-life insurer Bajaj Allianz General Insurance is looking at underwriting premium of Rs 100 crore in Haryana during the ongoing Kharif season under the Pradhan Mantri Fasal Bima Yojana (PMFBY)
HDFC Ergo-L&T General Insurance buyout, HDFC Life-Max Life merger and a potential Bajaj Finserv acquisition of Allianz's stake in its joint ventures may spill over and pave way for such mergers going ahead.
Bajaj Finserv shares touched record high of Rs 2,245.30, up 8 percent intraday Monday after a media report indicated that the company is likely to buy out German partner's stake in its insurance units.
The private sector non-life insurer had reported a net profit of Rs 144 crore in the corresponding period of the previous fiscal.
The policy also comes with a 24x7 roadside assistance service, along with a two-wheeler policy in the market. This service will be offered complimentary to women customers through the company's service provider during the first year of the launch.
The company had reported a consolidated net profit of Rs 347 crore in the same period last year. Bajaj Finserv Limited (BFS) is the holding company of Bajaj Finance (BFL), Bajaj Allianz General Insurance (BAGIC) and Bajaj Allianz Life Insurance (BALIC).
Riding high on motor and fire premia and government-run social security schemes, the general insurance industry grew 12.5 percent in the April-June quarter mobilising Rs 23,418 crore in premium income.
The company settled a record 28,000 claims of Rs 962 crore on account of the flood fury in Jammu and Kashmir and the cyclone on the eastern coast.
The board of the company has already approved a total of Rs 1800 crore of fund raising which includes up to Rs 1400 crore through QIP and Rs 400 crore through warrants to Bajaj Finserv which is the promoter company.
Sanjiv Bajaj, MD, Bajaj Finserv. says he says the big growth numbers this quarter came from Bajaj Finance and Bajaj Allianz General Insurance, whereas Bajaj Allianz Life insurance has seen a drop as the industry has contracted because of the number of new product regulations in the recent past.
Taking serious note of violation of claims servicing regulations by Bajaj Allianz General Insurance, insurance regulator Irda has asked it to 'scrupulously adhere' to the norms.