Bajaj Allianz Insurance To Seeks Rs 3,000 Crore New Business in The Ongoing Fical FY16

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Bajaj Allianz Life Insurance on Wednesday said it seeks Rs 3000 Crore new business in the ongoing fiscal and will focus on increasing its individual business to 50%.

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“We strive for Rs 3000 Crore new business in FY16. As for the Q3 period ended on December 15, we have achieved Rs 1672 Crore, a growth of 6% yoy,” Marketing Head of Bajaj Allianz, Subrat Mohanty said on the sidelines of an event on Thursday.

The share of individual business currently stands at 32%, which slid over the last few years by 50 percent, he informed. “We share an equal share of individual and group life insurance in the total business of the company, but in recent years it slipped mainly due to two factors,” he said.

IrDA regulations in 2010 ULIPs and breaking merger with Standard Chartered, which offer tremendous business are the main factors for falling in the individual share of the business, said Mohanty.

However, he said the life insurance company has taken the term three years, which will help the company to crawl back to the individual desired level 50%. The strategy includes the formation of a special individual sales team, which will offer products specific to their requirements, among other measures, to push retail customers.

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Bajaj Allianz Life employees said there are challenges for the industry remains 10-12 regulator IRDA regulations are expected as the insurance sector remains recognize their potential impact.

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