Bajaj Allianz Life Insurance coverage Firm managing director (MD) and CEO Tarun Chugh stated digital stored the corporate alive through the lockdown days. Bajaj Allianz is gaining market share within the non-public sector insurance coverage enterprise phase and has not seen any de-growth, he stated.
In July, the corporate noticed the weighted new enterprise premium go up by 29% and it’s taking a look at a snug August, Chugh stated.
The corporate is ready to see a restoration earlier anticipated due to the vary of know-how it places into use, Chugh stated. Know-how has additionally given Bajaj Allianz the choice to re-look on the infrastructure and the necessity for thus many branches, he stated.
The corporate will proceed to put money into customer-facing applied sciences and resolve actual world issues, Chugh stated. “Whatever digital we had, has worked for us.” All of the digital property had been there and the corporate solely had so as to add a buyer layer on it, he stated.
Life insurance coverage is offered head to head and this was badly hit due to the pandemic, impacting the client on-boarding course of, Chugh stated. Clients are reluctant to satisfy gross sales brokers and are more and more preferring digital assembly with the gross sales govt, however that is cumbersome as life insurance coverage shouldn’t be a straightforward product to grasp and desires a degree of human interplay, Chugh stated.
So, the corporate labored on a know-how that allowed it to mix know-how and the human aspect on a safe digital platform providing a face-to-face type of expertise, resolving problems with social distancing in buyer interplay. The gross sales app, Sensible Help, was piloted in Mumbai and Pune. After passable outcomes, it has been rolled out throughout the nation to do pre-sales, gross sales and post-sales.
The app is not going to change the gross sales staff or company drive, however allow them to develop gross sales. The corporate continues to rent and develop the gross sales staff. Bajaj Allianz employed 300 gross sales brokers within the final one month, Chugh stated. The Sensible Help app is getting used to coach its gross sales drive, with the corporate launching 4 merchandise within the final 4 months.