Bajaj Allianz Life Insurance Company, to achieve a four-fold growth with over Rs 3,000 crore premium collection in the next financial year, plans to focus on the western region and Gujarat in particular. | |
| Bajaj Allianz is a joint venture between Swiss insurance firm Allianz AG and automobile major Bajaj Auto. Bajaj Auto holds a 76 per cent stake in the venture. |
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| The company has recently expanded its presence in Gujarat by adding offices in Rajkot, Gandhidham, Bhavnagar, Mehsana and Jamnagar. |
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| "For the calendar year ended on December 31, 2004, Bajaj Allianz's Ahmedabad branch has excelled in performance by meeting all targets set for the year. Besides selling UnitGain policies, the Ahmedabad branch has made distinction in selling Keyman Insurance. The efforts of all our branches has contributed and helped us achieve the growth of our company. Bajaj Allianz has one of the best distribution models in the industry and will continue expanding in a similar manner. The company is eyeing at over 300 per cent growth in premium collection in the next financial year," said Sam Ghosh, country manager, Allianz and chief executive officer, Bajaj Allianz Life Insurance Company, on Thursday. |
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| Till December, the company has achieved a premium collection of Rs 426 crore and plans to close the current financial year with a premium exceeding Rs 750 crore and the next financial year with a premium collection of over Rs 3,000 crore. |
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| The company, with a capital base of Rs 250 crore, is among the leading private life insurance company in India. It has chalked out aggressive growth plans to enhance its market share in the country by investing in infrastructure, training and recruitment of agents amongst others. |
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| With an accelerated growth rate of 325 per cent, the company at present stands at the third position among the private life insurance companies from sixth position at the end of the last financial year. |
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| By the end of next financial year, the company aims at more than doubling its presence to over 500 cities and towns in India from the present level of 225 cities. |
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| The company also aims at enhancing agency managers from the present level of 2,000 to over 3,000 manager and over 20 per cent growth in agents at the present level stands at over 30,000. |
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| "Bajaj Allianz is poised for an accelerated growth in the market and has already become the fastest growing private life insurance company in India." |
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| Bajaj Allianz has a pan-India presence of office network in 225 cities of the country and is aided with a trained agency network of over 30,000 insurance consultants. |
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| "Bajaj Allianz has also forged strong bancassurance and corporate agency relationships and continues to build on new tie-ups for fast track growth and deep market penetration," said Sam. |
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| The company has launched a slew of need-based products to cater to each varied needs of the customer. |
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| Currently, the company has a product portfolio of 22 and more need-based products are in the pipeline. |
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| "We are at present working to launch a product for the working ladies and a health related product is also in the pipeline," said Sam. |
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