Bajaj Allianz Life Insurance has tied up with leading online insurance aggregator PolicyBazaar.com. The partnership is aimed at tapping the increasing opportunity in online insurance market.
Along with its online term plan iSecure, Future Gain, Life Long Assure and other products will soon be available for online sale on PolicyBazaar.com. Bajaj Allianz Life Insurance has been in the online insurance market and is looking forward to mutually tap the growth opportunity.
Anuj Agarwal, MD & CEO, Bajaj Allianz Life Insurance, said, "We have tied up with PolicyBazaar, as it has a proven track record in the online insurance sales space. We are hopeful of having mutual benefits with this partnership. Also, with PolicyBazaar's expertise, we are confident of witnessing growth in this segment. The online insurance market is poised to see a substantial growth in the coming years. So, we thought this would be the right time have such a partnership."
According to a recent study, the online insurance market reportedly stood at Rs 700 crore. The overall life insurance new annualized business is expected to grow 2 to 2.5 times by 2020 to Rs 1.25 lakh crore to 1.5 lakh crore. On the other hand, life insurance renewals expected to grow to Rs 5.5 lakh crore to Rs 7 lakh crore by 2020.
Yashish Dahiya, CEO & Co-founder, PolicyBazaar.com said that more and more people buying insurance online, such robust associations are of great benefit to consumers who can compare and buy the right insurance policy for themselves.