Bhubaneswar: Bajaj Allianz Life Insurance Company Ltd, one of the leading private life insurers of the country, on Thursday said it will strengthen its presence in the state in the current financial year.
Bajaj Allianz Life Insurance continues to enjoy a strong-hold in the East zone of the nation and has been one of the top five private life insurers in the state. For the 2017-2018 financial year, the key cities Bhubaneshwar and Cuttack saw a strong growth in market share of 39% and 12% respectively.
“Bhubaneshwar and Cuttack continue to be our leading cities in the state, clocking a healthy growth over the last financial year. Going forward, we are confident that this growth rate will be higher and our penetration will be deeper in the state,” said Chief Agency Officer, Bajaj Allianz Life Insurance Company.
The company reported a stellar growth of 38% on individual rated new business premium for FY 2017-2018. This is almost double of the industry growth rate that stood at 19% for the same period.
The company’s growth rate was highest amongst the top 10 private life insurers in the country.
On total new business premium too, Bajaj Allianz Life Insurance grew at a much faster pace at 29% as against the industry growth of 11%. Bajaj Allianz Life Insurance also saw its market share increase to 2.2% in FY2017-2018 as compared to 1.9% in FY2016-2017.
“The company clocked the fastest growth rate among the top private life insurers, and this has been a cumulative result of the several initiatives undertaken by the company. We have invested significantly towards being seen as the enablers of life goals, from introducing new products, enhancing customer engagement through technology upgrades and expanding our customer touch-points.
We are confident that these initiatives will help us further delight our customers, and strengthen our position as life goal enablers in the years to come,” said Sangal.