Bajaj Allianz General Insurance is a joint venture between Allianz SE, a leading global insurer, and Bajaj Finserv Limited in India. Incorporated in 2001, it has grown to be one of the largest private general insurance companies in India, serving over 140 million customers across the country.
The company offers a comprehensive suite of general insurance products catering to individuals and the corporate sector. These include Motor Insurance, covering cars, two-wheelers, and commercial vehicles with options for comprehensive coverage, third-party liability, and standalone own damage, and they also offer specialized EV insurance. Health Insurance includes a wide range of health insurance plans, including individual, family floater, critical illness, and senior citizen plans, with features like cashless hospitalization at a vast network of hospitals, and they also offer specific plans for women (HERizon Care) and pet insurance. Home Insurance protects homes and their contents against various risks like natural calamities, theft, and burglary. Travel Insurance provides coverage for both domestic and international travel, including medical emergencies, trip cancellations, and baggage loss. Commercial Insurance offers tailored solutions for businesses, including property insurance, marine insurance, engineering insurance, liability insurance, and cyber insurance. Rural Insurance includes products like Pradhan Mantri Fasal Bima Yojana to support the agricultural sector.
Bajaj Allianz General Insurance is known for its strong focus on customer centricity, aiming to provide superior value and a caring experience. They have a wide distribution network with a significant digital presence, including a user-friendly app for policy management and claims processing. The company emphasizes quick and efficient claim settlement, with some claims being settled within minutes through their digital platforms.
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Seventy-four percent of Indian financial companies have adopted Generative Artificial Intelligence, according to a report by EY.
In 2024, India’s financial services sector saw significant adoption of Generative AI (GenAI) beyond innovation projects to business-driven implementation. According to an EY India survey, 74% of financial firms have initiated GenAI proof-of-concept projects, with 11% already running in production. Non-Banking Financial Companies (NBFCs) and insurers are at the forefront of this adoption, leveraging GenAI to reduce operational costs by up to 90% in areas such as customer engagement, underwriting, and marketing automation.
The adoption of GenAI has resulted in significant productivity gains, with estimates suggesting a 34-38% boost across banking and insurance functions by 2030. Companies such as Bajaj Finance and Tata AIA Life have achieved notable successes with GenAI. Bajaj Finance saved Rs 150 crore in a year by deploying AI-driven bots for customer care, sales, and onboarding, while Tata AIA Life’s AI-powered chatbot handled 7.5 million customer interactions with a 98% completion rate.
Mid-sized banks have also implemented GenAI with strategic intent, integrating AI-driven orchestration layers with core banking systems. Larger banks, although initially cautious due to compliance concerns, have recently launched ambitious GenAI projects. These include AI copilots for cybersecurity and corporate lending, as well as on-premise GPU cloud deployments to support AI-driven customer care platforms.
NBFCs are pushing innovation further with conversational business intelligence bots, enabling executives to query real-time data beyond traditional dashboards. AI is also transforming customer service through automated voice bots and email management, with companies such as Tata Capital achieving significant reductions in resolution times and cost savings.
However, scaling GenAI in financial services comes with challenges, including strict regulatory requirements, data localization mandates, and cybersecurity concerns. To address these challenges, firms are deploying AI within Virtual Private Cloud environments and adopting PII redaction tools to ensure compliance. Despite these challenges, the adoption of GenAI is expected to continue to grow, driven by its potential to enhance productivity, reduce costs, and improve customer engagement. As the financial services sector continues to evolve, the use of GenAI is likely to play an increasingly important role in shaping its future.
Healthcare regulator, common empanelment for hospitals must for pricing transparency: Bajaj Allianz CEO
The CEO of Bajaj Allianz, Tapan Singhel, has emphasized the importance of having a healthcare regulator and common empanelment for hospitals to ensure pricing transparency in the healthcare sector. He believes that the lack of transparency in medical billing is a significant issue in India, making it difficult for patients to understand the costs of their treatment.
Singhel stated that a healthcare regulator would help to standardize treatment protocols and pricing, ensuring that patients receive quality care at a fair price. He also noted that a common empanelment system for hospitals would enable patients to access a network of hospitals with standardized pricing, making it easier for them to compare costs and make informed decisions.
Currently, patients often face surprise bills and varying costs for the same treatment at different hospitals. This lack of transparency can lead to financial hardship and stress for patients and their families. A common empanelment system would help to eliminate these issues by providing a standardized framework for hospitals to follow.
Furthermore, Singhel highlighted the need for hospitals to disclose their package prices and provide patients with detailed bills, breaking down the costs of treatments, medications, and other services. This would enable patients to make informed decisions about their care and avoid unexpected expenses.
The introduction of a healthcare regulator and common empanelment system would also promote competition among hospitals, driving down costs and improving the overall quality of care. With standardized pricing and transparent billing, patients would be able to choose the best hospital for their needs, based on factors such as quality of care, expertise, and cost.
In addition, Singhel suggested that the government could play a crucial role in promoting pricing transparency in the healthcare sector. He recommended that the government establish a pricing authority to regulate hospital charges and ensure that patients are not overcharged.
Overall, the implementation of a healthcare regulator and common empanelment system for hospitals would be a significant step towards achieving pricing transparency in the healthcare sector. By promoting standardization, competition, and transparency, these measures would help to protect patients from financial hardship and ensure that they receive quality care at a fair price. As Singhel noted, “Pricing transparency is a must in the healthcare sector, and it’s high time we take steps to achieve it.”
The Competition Commission of India (CCI) has given its approval to Bajaj Finserv’s acquisition of Bajaj Allianz firms.
Omaxe, a leading real estate developer, has announced a significant expansion in Madhya Pradesh with the acquisition of 450 acres of land along Indore’s Super Corridor. The company plans to develop a modern, integrated township on this land, with an investment of Rs 12 billion. The project is expected to be completed in multiple phases and is anticipated to generate a revenue of Rs 25 billion over a period of three years.
The township will be a self-sustaining community, featuring a range of amenities and facilities. Residential clusters will be designed to provide a comfortable and convenient living experience for residents, with a range of housing options to cater to different needs and budgets. The township will also include commercial and retail zones, providing opportunities for shopping, entertainment, and employment.
In addition to residential and commercial spaces, the township will feature a range of community facilities, including schools, healthcare facilities, and parks. The development will also incorporate green mobility infrastructure, promoting sustainable transportation and reducing the townships’ carbon footprint. The township’s design and amenities are intended to support the region’s urban growth and rising infrastructure demand, particularly with the upcoming metro connectivity and major road networks.
The location of the township, along Indore’s Super Corridor, provides easy access to major transportation hubs and commercial centers. The Super Corridor is a major infrastructure project that aims to connect Indore to other parts of the city and the state, promoting economic growth and development. With the township’s strategic location and comprehensive range of amenities, Omaxe is well-positioned to capitalize on the growing demand for housing and infrastructure in the region.
Overall, Omaxe’s expansion in Madhya Pradesh is a significant development that is expected to have a major impact on the region’s real estate market. The company’s investment in the township is a testament to its commitment to delivering high-quality, sustainable, and community-focused developments that meet the needs of modern homebuyers and businesses. With its strong track record of delivering successful projects, Omaxe is poised to make a major contribution to the growth and development of Indore and the surrounding region.
Bajaj Group receives CCI approval to acquire 26% stake of Allianz in insurance joint ventures for Rs 24,180 crore.
The Competition Commission of India (CCI) has given approval for the Bajaj Group’s acquisition of Allianz SE’s 26% stake in their joint life and general insurance ventures, Bajaj Allianz General Insurance Company and Bajaj Allianz Life Insurance Company. The deal, valued at Rs 24,180 crore, is the largest in the country’s insurance sector. With this acquisition, the Bajaj Group’s ownership in these companies will increase to 100% from 74%. The acquisition is being carried out by Bajaj Finserv, Bajaj Holdings & Investment, and Jamnalal Sons, who will buy the 26% stake in each of the insurance entities in phases from Allianz.
The Bajaj Group and Allianz have been partners for 24 years, but with the end of their partnership, they intend to pursue independent growth in India’s expanding insurance market. The deal also includes the acquisition of a 50% stake in Bajaj Allianz Financial Distributors by Bajaj Finserv from Allianz. Currently, this company is a 50:50 joint venture between Bajaj Finserv and Allianz.
In a separate development, the CCI has also approved the proposed acquisition of a less than 10% stake in Haldiram Snacks Food by Temasek Holdings, a Singapore-based investment firm, through its arm Jongsong Investments Pte. Haldiram Snacks Food is a leading food snacks brand with a presence in over 80 countries. The company was set up in 1937 in Bikaner, Rajasthan, by Ganga Bhishen Agarwal, and has since become a major player in the Indian snack food industry. The acquisition is part of Temasek’s efforts to invest in Indian companies with strong growth potential.
The approval of these deals by the CCI is a significant development in the Indian business landscape. The Bajaj-Allianz deal marks a new chapter in the insurance sector, while the Haldiram-Temasek deal highlights the growing interest of foreign investors in Indian companies. With these approvals, both deals are expected to be completed soon, paving the way for new growth opportunities in the insurance and snack food industries.
Bajaj Allianz introduces region-specific health insurance plans to cater to distinct state-wise requirements.
Bajaj Allianz General Insurance has launched a new health insurance policy that is customized to meet the unique healthcare needs of each state in India. The policy, called “State-wise Health Insurance Policy,” takes into account the local hospital infrastructure, prevalent health concerns, and affordability levels of each state to provide comprehensive coverage that is both affordable and accessible. The policy is available in both individual and floater variants, with flexible sum insured options ranging from INR 5 lakh to INR 20 lakh.
The policy offers extensive coverage, including inpatient hospitalization, pre- and post-hospitalization expenses, and day care procedures. It also covers advanced treatments such as robotic surgeries and stem cell therapy, as well as organ donor expenses. The policy has a lifetime renewal option, ensuring continuous coverage without age restrictions.
To enhance protection, the policy offers optional add-ons, including the Unlimited Sum Insured Reinstatement feature, which allows policyholders to restore their sum insured an unlimited number of times within a policy period after making a claim. The Super Cumulative Bonus rewards customers with up to 200% sum insured for claim-free years, enhancing coverage year after year.
The policy is available in 25 states and 5 Union Territories, each with a unique name inspired by the local language and cultural context of the state it represents. Bajaj Allianz offers special discounts for family coverage, loyalty benefits, and direct online purchases. The policy also promotes a healthier lifestyle by offering a wellness discount at renewal, with customers eligible for a 5% or 10% discount based on their daily step count.
The policy can be purchased through Bajaj Allianz General Insurance’s extensive network of branches, partner banks, agents, and digital platforms. The company aims to make healthcare security accessible, relevant, and truly personal for every Indian, with a focus on affordability, state-specific pricing, and comprehensive protection.
Bajaj Allianz General Insurance is India’s premier private general insurance company, with a wide range of general insurance products, including motor insurance, home insurance, and health insurance. The company has consistently expanded its reach to be in close proximity to its customers, with a presence in nearly 1,500 towns and cities across India. With the launch of this initiative, Bajaj Allianz is setting a new benchmark in health insurance, making coverage more personal, relevant, and beneficial for every region.
LIC to fast-track insurance claims for victims of Air India AI-171 crash
The Life Insurance Corporation of India (LIC) has announced immediate measures to support the families of the victims of the Air India Flight AI-171 crash in Ahmedabad. The insurer expressed deep sorrow over the loss of lives and assured that it would expedite claim settlements to provide financial relief to the affected families. LIC has introduced several special concessions to ease the claim process, including accepting evidence from government records or compensation paid by authorities as proof of death, in lieu of death certificates.
The company has also set up a system to reach out to claimants and ensure that claims are settled quickly. Families can contact the nearest LIC branch, division, or customer zone for further assistance, or call the LIC call centre at 022-68276827. Private insurer Bajaj Allianz Life Insurance has also announced special measures for its policyholders affected by the crash, including a dedicated claims settlement desk to prioritize death and disability claims.
The crash has sent shockwaves across the nation, with Prime Minister Narendra Modi visiting the crash site and meeting with the injured victims at Ahmedabad Civil Hospital. The Prime Minister expressed his grief on social media, stating that the loss of lives had left the entire nation shocked. The government and insurance companies are working together to provide support to the families of the victims, and the Prime Minister’s visit is a testament to the nation’s commitment to standing with those affected by the tragedy.
The LIC’s announcement is a welcome move, as it will help to alleviate some of the financial burden on the families of the victims. The insurer’s commitment to expediting claim settlements and providing concessions will go a long way in supporting those affected by the crash. As the nation mourns the loss of lives, the government and insurance companies are working together to provide support and assistance to those who need it most. The measures announced by LIC and Bajaj Allianz Life Insurance are a step in the right direction, and it is hoped that they will bring some relief to the families of the victims.
Major fire destroys Bajaj Allianz office
A devastating fire broke out at the Bajaj Allianz office in Siwan city, located near Hotel Prakash at Babunia Mor, early on Friday morning. The fire, which is believed to have been caused by a short circuit, resulted in extensive damage to the property and valuables. Fortunately, no casualties were reported in the incident, as the office was closed at the time.
The fire quickly spread throughout the office, engulfing documents, computers, furniture, and other assets, reducing them to ashes within minutes. The branch head, Dharmendra Kumar Mishra, confirmed the incident and stated that the office was in the process of calculating the total loss. The fire was first noticed by a passer-by, who alerted the authorities and the fire brigade, which responded promptly to control the flames.
The timely action of the fire brigade prevented the spread of the fire to other buildings in the densely populated area, including the adjoining Hotel Prakash. The hotel’s guests and staff were evacuated, and a major disaster was averted. Eyewitnesses reported seeing smoke billowing from the office early in the morning, which prompted an immediate alert to local emergency services.
Mishra informed the head office in Delhi and the zonal office in Patna about the fire mishap. The authorities are now investigating the cause of the fire and assessing the damage. The incident has caused significant disruption to the operations of the Bajaj Allianz office, and it is unclear when it will be able to resume normal functioning.
The fire has also raised concerns about the safety and security of buildings in the area, particularly in densely populated regions like Babunia Mor. The authorities have been praised for their swift response, which prevented the situation from becoming even more catastrophic. The incident serves as a reminder of the importance of fire safety and the need for regular safety audits to prevent such incidents in the future.
LIC, Bajaj Allianz expedite claim settlement for Air India plane crash victims
In response to the recent Air India plane crash in Ahmedabad, two major life insurance companies, Life Insurance Corporation (LIC) and Bajaj Allianz Life Insurance, have announced measures to expedite the claim settlement process for the victims’ families. Recognizing the immense hardship faced by the families of the deceased, the companies have relaxed their documentation requirements and established special processes to facilitate timely claim settlements.
LIC has introduced a concession in providing a death certificate for claims related to the plane crash. If a death certificate is not available, the company will accept alternative evidence from government records or documents related to compensation received from the government as proof of death. The company has also set up a dedicated helpline (022-68276827) and is encouraging claimants to reach out to their nearest LIC branch to initiate the claim process.
Similarly, Bajaj Allianz Life Insurance has formed a special claim settlement desk to prioritize claims related to the plane crash. The company has relaxed its documentation norms, allowing for a certificate issued by a municipal authority or hospital to be used as an alternative to a death certificate, along with the nominee’s KYC and bank mandate.
Both companies have expressed their commitment to supporting the families of the deceased and are taking proactive steps to ensure that the claim settlement process is expedited. By relaxing their documentation requirements and establishing dedicated processes, LIC and Bajaj Allianz Life Insurance aim to provide timely financial assistance to those affected by the tragic event. The companies’ efforts demonstrate their empathy and understanding of the challenges faced by the families of the victims, and their willingness to provide support during this difficult time.
Bajaj Allianz Life Insurance achieves 99.29% claim settlement rate in FY 2024-25.
Bajaj Allianz Life Insurance has achieved a milestone in its claim settlement process, with a 99.29% individual death claim settlement ratio in the fiscal year 2024-2025. The company settled 13,994 individual life insurance claims, disbursing a total of Rs 862.79 crores in claim payouts. This impressive feat demonstrates the company’s commitment to its customers and its ability to deliver on its promises.
The company’s claim settlement process has been streamlined, with 96% of eligible non-investigative claims being settled within one day of being notified. This is made possible by the company’s robust digital platforms and simplified processes, which enable customers to submit and track claims easily across multiple channels. The company’s focus on customer satisfaction is evident in its “Customer First Promise,” which drives every decision it makes.
Bajaj Allianz Life Insurance has also retained its highest issuer rating of AAA (Stable) from CARE Ratings for three consecutive years, reflecting its strong creditworthiness and consistent claims performance. The company’s solvency ratio and assets under management stood at 359% and Rs 1.23 lakh crore, respectively, as of March 31, 2025. These indicators demonstrate the company’s financial strength and stability.
The company’s managing director and CEO, Tarun Chugh, commented on the achievement, stating that the company remains committed to raising the bar even further. By strengthening its internal processes, leveraging new-age technologies, and driving innovation, the company aims to be the trusted partner in helping its customers achieve their life goals.
In addition to its impressive claim settlement ratio, Bajaj Allianz Life Insurance has also declared its highest-ever PAR Bonus of Rs 1,833 crore for over 11 lakh eligible policyholders. This bonus is a testament to the company’s commitment to rewarding its customers for their loyalty and trust.
Overall, Bajaj Allianz Life Insurance’s achievement of a 99.29% claim settlement ratio in FY 2024-2025 demonstrates its dedication to its customers and its position as a leading life insurance company in India. With its robust digital platforms, simplified processes, and commitment to customer satisfaction, the company is well-equipped to continue delivering exceptional service to its customers.
Bajaj Allianz Life introduces comprehensive policy for women
Bajaj Allianz Life has introduced a comprehensive insurance policy specifically designed for women, addressing their unique needs and concerns. The all-in-one policy provides a range of benefits, including life insurance, health insurance, and savings, to cater to the diverse requirements of women at various stages of their lives.
This innovative policy acknowledges the distinct financial challenges and responsibilities that women face, such as managing family expenses, saving for their children’s education, and planning for their own retirement. By offering a bundled solution, Bajaj Allianz Life aims to empower women to take control of their financial well-being and secure their futures.
The policy includes a life insurance component, which provides a lump sum payout to the nominee in the event of the policyholder’s death. This ensures that the family’s financial needs are met, even in the absence of the primary breadwinner. Additionally, the policy offers a health insurance component, which covers medical expenses related to critical illnesses, hospitalization, and other health-related issues.
The savings component of the policy allows women to accumulate wealth over time, enabling them to achieve their long-term financial goals, such as saving for their children’s education or their own retirement. The policy also offers tax benefits, making it an attractive option for women looking to optimize their financial planning.
Bajaj Allianz Life’s all-in-one policy for women is a significant step towards promoting financial inclusion and empowering women to take charge of their financial lives. By recognizing the unique challenges and needs of women, the company is providing a tailored solution that addresses their specific requirements.
The policy is designed to be flexible and adaptable, allowing women to customize their coverage and premium payments according to their changing needs and circumstances. This flexibility ensures that the policy remains relevant and effective throughout the policyholder’s life, providing peace of mind and financial security.
Overall, Bajaj Allianz Life’s all-in-one policy for women is a pioneering initiative that acknowledges the importance of financial planning and security for women. By providing a comprehensive and tailored solution, the company is helping women to achieve their financial goals and secure their futures, thereby promoting financial inclusion and empowerment.
Bajaj Allianz Life declares Rs 1,833 crore bonus for policyholders of FY25
Bajaj Allianz Life Insurance has announced a significant annual bonus of Rs 1,833 crore for the financial year 2024-25, marking a 32% increase from the previous year’s bonus of Rs 1,383 crore. This bonus will benefit over 1.17 million policyholders who hold traditional participating policies that were active as of March 31, 2025. The bonus is sourced from the insurer’s participating fund and will be disbursed upon policy maturity or exit, as per the terms of the policies.
In addition to the annual bonus, the company has also announced a special reversionary bonus of 5%, amounting to Rs 206 crore, for policyholders of two equity-oriented plans: Bajaj Allianz Life ACE – Wealth Option and Bajaj Allianz Life Flexi Income Goal – Enhanced Benefit. This special bonus is a testament to the company’s commitment to delivering consistent value to its policyholders.
Policyholders can expect to receive their bonuses either at the time of policy maturity or exit, or in some cases, cash bonuses may be allocated annually on the policy anniversary. The company’s managing director and CEO, Tarun Chugh, attributed the highest-ever annual participating bonus to the company’s sound investment strategies and strong financial base.
This is the 24th consecutive year that Bajaj Allianz Life has announced such a bonus, highlighting its focus on providing sustained value to its policyholders. As of March 31, 2025, the company reported an individual claim settlement ratio of 99.29% and a solvency ratio of 359%, demonstrating its solid financial foundation and operational efficiency. The company’s assets under management exceeded Rs 1.23 lakh crore, further underscoring its stability and commitment to its policyholders.
Overall, the bonus announcement is a positive development for Bajaj Allianz Life Insurance policyholders, who can look forward to receiving a significant bonus payment. The company’s strong financial performance and commitment to delivering value to its policyholders are expected to continue, making it a reliable choice for individuals seeking life insurance coverage.
ICICI Prudential Life has achieved the highest claim settlement ratio of 99.04% in the second quarter of the fiscal year 2025. Here’s how other insurance companies rank in terms of claim settlement ratio:* ICICI Prudential Life: 99.04% * [Insert other insurers’ ratios] Note: The claim settlement ratio is a key metric that indicates the percentage of death claims settled by an insurer out of the total claims received. A higher ratio suggests a better track record of settling claims.
ICICI Prudential Life Insurance has achieved a claim settlement ratio of 99.04% for the July-September quarter of FY2025, the highest among all life insurance companies in the country. The company settled claims worth Rs 451.05 crore during this period, with an average claim settlement turnaround time of just 1.2 days. According to Amish Banker, Chief Operations Officer, the company handles every claim with utmost sensitivity, considering it the ultimate moment of truth.
The company’s ‘Claim for Sure’ initiative promises to settle eligible claims in one day after all documents are submitted. In Q2 FY2025, ICICI Prudential Life Insurance settled death claims amounting to Rs 71.24 crore under this initiative. The company has consistently had industry-leading claim settlement ratios, with 97.94% in Q1 FY2024, 98.14% in Q2 FY2024, 98.52% in Q3 FY2024, and 99.17% for the entire FY2024.
Technology has played a significant role in enabling the company to settle claims quickly, reducing the financial distress caused to the family due to the demise of the earning member. Claimants can use digital enablers such as the mobile app, WhatsApp, Chatbot, and website to easily lodge and track claims. The company’s high claim settlement ratio is a testament to its commitment to providing excellent customer service.
The claim settlement ratio is crucial from the customer’s perspective as it indicates the insurer’s ability to pay the nominee of the policyholder. The primary objective of buying an insurance policy is to protect loved ones financially in case of unforeseen events. If the insurer fails to honor the claim, the purpose of being insured is defeated. A high claim settlement ratio provides customers with the assurance that their claims will be settled promptly and efficiently.
In comparison to other life insurance companies, ICICI Prudential Life Insurance’s claim settlement ratio is the highest. According to the L-40 report, other companies such as Bajaj Life, TATA AIA Life, HDFC Life, SBI Life, Max Life, and LIC have lower claim settlement ratios. ICICI Prudential Life Insurance’s commitment to settling claims quickly and efficiently sets it apart from its competitors, making it a trusted choice for customers.
Bajaj Group receives CCI approval to acquire Allianz’s 26% stake in insurance joint ventures for Rs 24,180 crore
The Bajaj Group has received approval from the Competition Commission of India (CCI) to acquire Allianz’s 26% stake in their insurance joint ventures for a whopping Rs 24,180 crore. This deal marks a significant milestone in the Indian insurance industry, as it paves the way for the Bajaj Group to gain full ownership of the joint ventures.
The joint ventures in question are Bajaj Allianz General Insurance and Bajaj Allianz Life Insurance, which were established in 2001 as a partnership between the Bajaj Group and Allianz SE, a German multinational financial services company. The Bajaj Group already holds a 74% stake in the joint ventures, while Allianz holds the remaining 26%.
With the CCI’s approval, the Bajaj Group will now acquire Allianz’s 26% stake, thereby gaining complete control over the joint ventures. The deal is valued at Rs 24,180 crore, making it one of the largest acquisitions in the Indian insurance sector.
The acquisition is expected to have a positive impact on the Bajaj Group’s financials, as it will allow the company to consolidate its position in the insurance market and expand its product offerings. The joint ventures have a significant presence in the Indian insurance market, with a combined premium income of over Rs 20,000 crore.
The deal also marks a significant exit for Allianz from the Indian insurance market, where it has been present for over two decades. The German company had been looking to scale down its operations in India, and the sale of its stake in the joint ventures is part of its broader strategy to focus on its core markets in Europe and other regions.
The CCI’s approval of the deal is subject to certain conditions, including the requirement that the Bajaj Group must ensure that the joint ventures continue to operate independently and do not engage in any anti-competitive practices. The deal is expected to be completed in the coming months, subject to regulatory approvals and other closing conditions.
Overall, the acquisition of Allianz’s stake in the insurance joint ventures is a significant development for the Bajaj Group, which is expected to strengthen its position in the Indian insurance market. The deal also underscores the growing consolidation trend in the Indian financial services sector, where companies are looking to scale up their operations and expand their presence through strategic acquisitions and partnerships.
Bajaj Allianz Life declares Rs 1,833 crore bonus for policyholders for FY25
Bajaj Allianz Life Insurance has announced a bonus of Rs 1,833 crore for its policyholders for the financial year 2024-25. This bonus is a testament to the company’s strong performance and its commitment to rewarding its customers. The bonus will be distributed among the policyholders who have been with the company for a certain period, and it is expected to benefit over 12 lakh policyholders across India.
The bonus announcement was made by the company’s Managing Director and Chief Executive Officer, Tarun Chugh, who stated that the company is committed to providing value to its customers through its products and services. He also mentioned that the company’s focus on digitalization and customer-centric approach has helped it to achieve strong growth and profitability.
Bajaj Allianz Life has been one of the top performers in the life insurance industry in India, with a strong track record of growth and profitability. The company has a wide range of products and services that cater to the diverse needs of its customers, and it has a strong distribution network that spans across the country.
The bonus announcement is seen as a significant move by the company to reward its loyal customers and to reinforce its commitment to providing value to them. It is also expected to enhance customer loyalty and retention, and to attract new customers to the company.
The bonus will be paid to policyholders who have been with the company for at least three years, and it will be calculated based on the policyholder’s premium payment and the company’s performance. The company has a strong track record of paying bonuses to its policyholders, and this year’s bonus is the highest ever paid by the company.
The announcement has been welcomed by policyholders and industry experts, who see it as a positive move by the company to reward its customers and to reinforce its commitment to providing value to them. The bonus is also seen as a reflection of the company’s strong financial performance and its ability to generate profits and distribute them to its policyholders. Overall, the bonus announcement is a significant move by Bajaj Allianz Life to enhance customer loyalty and retention, and to reinforce its position as one of the top life insurance companies in India.
The life insurance industry’s Assets Under Management (AUM) has reached Rs. 62 lakh crore in 2024.
The life insurance industry in India has witnessed significant growth, with the Assets Under Management (AUM) increasing by over 9% to Rs. 62 lakh crore in March 2024 from Rs. 55 lakh crore in March 2023, according to data from the Insurance Regulatory and Development Authority of India (IRDAI). Life Insurance Corporation of India (LIC) commands the highest AUM of Rs. 44 lakh crore, accounting for 72% of the total AUM.
Private players have a total AUM of Rs. 18 lakh crore, with SBI Life and HDFC Life taking the second and third positions, managing AUM of Rs. 3.85 lakh crore and Rs. 2.87 lakh crore, respectively. ICICI Prudential Life is at the fourth position with assets of Rs. 2.86 lakh crore. Other notable players include Max Life, Bajaj Allianz Life, Tata AIA Life, and Aditya Birla Sunlife.
The data also reveals that 18 out of 25 life insurers have reported double-digit growth in their AUM over the last year. Tata AIA Life Insurance has reported the highest growth of nearly 39%, followed by Star Union Dai-ichi Life Insurance with a growth of 28%, and SBI Life Insurance with a growth of 26%.
New entrants in the life insurance industry include Go Digit Life, Credit Access Life, and Acko Life. Go Digit Life reported the highest AUM of Rs. 399 crore among the three, followed by Credit Access Life with Rs. 216 crore, and Acko Life with Rs. 159.25 crore.
The top 10 life insurers in terms of AUM are:
1. LIC – Rs. 44,23,580 crore
2. SBI Life – Rs. 3,85,095 crore
3. HDFC Life – Rs. 2,87,137 crore
4. ICICI Prudential Life – Rs. 2,86,820 crore
5. Max Life – Rs. 1,47,428 crore
6. Bajaj Allianz Life – Rs. 1,07,800 crore
7. Tata AIA Life – Rs. 96,799 crore
8. Aditya Birla Sunlife – Rs. 85,763 crore
9. Kotak Mahindra Life – Rs. 79,227 crore
10. PNB Metlife India – Rs. 47,420 crore
The growth in the life insurance industry is a positive sign for the sector, indicating increasing awareness and demand for life insurance products among consumers. The data also highlights the dominance of LIC in the market, as well as the growing presence of private players.
Bajaj Allianz Life’s campaign showcases the benefits of a steady and consistent approach.
Bajaj Allianz Life, a private life insurer, has launched a new campaign film featuring cricketer Shubman Gill as its brand ambassador. The campaign aims to highlight the importance of a steady and consistent approach in achieving long-term financial security, whether it’s navigating life’s ups and downs or market fluctuations. The film showcases Gill’s journey, filled with triumphs and setbacks, and demonstrates how consistent efforts can lead to success, both on and off the field.
According to Chandramohan Mehra, Chief Marketing Officer at Bajaj Allianz Life Insurance, the campaign aims to simplify the company’s unique investment approach, called SISO. This approach emphasizes the power of systematic and consistent investments in helping customers achieve their long-term life goals. Mehra added that the campaign mirrors Gill’s journey, highlighting how he has continued to grow and win despite experiencing temporary setbacks.
Gill, who is delighted to be associated with the campaign, noted that the SISO approach resonates with his own experience in cricket. He emphasized that stable and consistent efforts are essential in maintaining momentum, both on and off the field. The campaign film showcases how Gill’s consistent efforts have helped him achieve success in cricket, and how this same approach can be applied to personal financial planning.
The SISO approach is designed to help investors safeguard against market volatility and potentially gain from market upswings. Additionally, it provides life cover, offering financial protection to loved ones. This approach is available with several Bajaj Allianz Life products, including Future Wealth Goal IV, Invest Protect Goal III, Magnum Fortune Plus, and Smart Wealth Goal V.
Overall, the campaign highlights the importance of a consistent and systematic approach to investing, and how it can help individuals achieve their long-term financial goals. By featuring Shubman Gill as its brand ambassador, Bajaj Allianz Life aims to inspire and educate customers about the benefits of this approach, and how it can help them navigate the ups and downs of life and market fluctuations.
Hansa Research Releases Health Insurance Customer Experience Report
Hansa Research, a consumer insights firm, has released its first edition of the Health Insurance Customer Experience Score (CuES) 2025 report. The study, based on feedback from over 3,800 respondents, examines customer expectations, satisfaction levels, and insurer performance across 12 health insurance brands in India. The report highlights the growing importance of understanding and improving customer experience in the health insurance sector, which continues to grow following a surge in adoption during the pandemic.
The industry’s overall Net Promoter Score (NPS) is recorded at 55%, with Bajaj Allianz General Insurance, SBI General Insurance, and ICICI Lombard General Insurance emerging as the highest-ranked companies. Bajaj Allianz leads with an NPS of 68%, attributed to factors such as product quality, digital support, claims experience, and hospital network access. The report notes that customers today are informed and vocal, expecting seamless experiences, and highlighting the importance of transparency, service quality, and innovation in building lasting trust.
The report also highlights changing customer expectations, with a growing preference for personalized, flexible, and wellness-oriented plans. Consumers tend to choose insurers based on product range and coverage, brand reputation, and availability of 24/7 customer service. Millennials place particular importance on seamless digital experiences and round-the-clock support. However, more than half of claimants report challenges with the claims process, including limited hospital networks, delays in pre-authorization, and slow payouts.
To improve customer trust, insurers need to expand network coverage, simplify pre-authorization protocols, and ensure timely settlements. Addressing these issues is critical for strengthening India’s healthcare financing ecosystem and delivering a seamless insurance experience. The report also identifies barriers for non-policyholders, including perceived lack of need, affordability, and complex terms, and suggests that simplified communication and more accessible products are necessary to expand coverage.
Overall, the report provides a timely benchmark for the industry, highlighting the need for insurers to prioritize customer experience, transparency, and innovation to build trust and loyalty among policyholders. As the health insurance sector continues to grow, understanding and addressing customer needs and expectations will be crucial for insurers to remain competitive and deliver a seamless insurance experience.
Bajaj Allianz Life has implemented the Bima-ASBA facility.
Bajaj Allianz Life Insurance, a leading Indian private insurer, has introduced the Bima-ASBA facility, a new initiative by the Insurance Regulatory and Development Authority of India (IRDAI) aimed at streamlining the insurance premium payment process. As the first insurance company to adopt this facility, Bajaj Allianz is leveraging the Unified Payments Interface’s One-Time Mandate (OTM) to allow policyholders to block funds up to Rs200,000 ($2,306) in their bank account.
The Bima-ASBA system ensures that the blocked amount is only debited after the underwriting process is complete and the insurance proposal is accepted. If the application is not processed within 14 days or if the proposal is declined, the blocked amount is automatically released back to the customer’s account. This means that policy buyers’ funds can continue to earn interest until the policy issuance is confirmed.
The introduction of Bima-ASBA is a significant step towards simplifying the insurance purchase process and building customer trust. According to Tarun Chugh, MD and CEO of Bajaj Allianz Life, “Bima-ASBA will further strengthen these efforts by adding a layer of security, confidence and flexibility for policyholders.” By allowing customers to block their premium amount instead of paying upfront, it addresses concerns about refunds if a policy isn’t issued.
Bajaj Allianz has introduced this process in collaboration with its payment partners, demonstrating its commitment to innovation and customer-centricity. The company’s “Customer First” promise is reflected in its efforts to continuously innovate and improve the customer experience. The introduction of Bima-ASBA is a testament to this promise and is expected to enhance the overall insurance purchase experience for policyholders.
The partnership with payment partners is also a key aspect of this initiative, enabling seamless and secure transactions for customers. With Bima-ASBA, Bajaj Allianz is poised to set a new standard for the life insurance industry in India, prioritizing customer convenience, security, and flexibility. As the first company to adopt this facility, Bajaj Allianz is taking a lead in innovation and customer satisfaction, and other insurers are likely to follow suit.
Fastest Insurers to Settle Claims within 3 Months:
- ICICI Lombard General Insurance: 98.04% claims settled within 3 months
- Bajaj Allianz General Insurance: 96.45% claims settled within 3 months
- HDFC Ergo General Insurance: 95.52% claims settled within 3 months
- Apollo Munich Health Insurance: 94.95% claims settled within 3 months
- Max Bupa Health Insurance: 94.64% claims settled within 3 months
Slowest Insurers to Settle Claims within 3 Months:
- United India Insurance: 73.45% claims settled within 3 months
- New India Assurance: 75.13% claims settled within 3 months
- National Insurance: 76.23% claims settled within 3 months
- Oriental Insurance: 77.15% claims settled within 3 months
- Universal Sompo General Insurance: 78.21% claims settled within 3 months
The Insurance Regulatory and Development Authority (IRDAI) has released its handbook on Indian Insurance Statistics for 2023-24, which provides insights into the claim settlement ratios of various insurance companies in India. The claim settlement ratio helps policyholders understand the proportion of claims an insurance company honors or pays out during a certain period. A higher claim settlement ratio indicates that the insurer is more efficient in settling claims.
According to the data, Navi General Insurance has the highest claim settlement ratio of 99.97% within 3 months in FY23-24, followed by Acko (99.91%), HDFC Ergo (99.16%), Reliance General (99.57%), and Universal Sompo (98.11%). However, while these insurers have a high claim settlement ratio, their incurred claims ratio, which refers to the proportion of premiums paid out as claims, varies. For instance, Navi General Insurance has an incurred claims ratio of 52.40%, while Acko has an incurred claims ratio of 69.57%.
On the other hand, New India Assurance and National Insurance, both public insurers, have lower claim settlement ratios of 92.70% and 91.18%, respectively. However, they have higher incurred claims ratios, with National Insurance reporting an incurred claims ratio of 95.9% and New India Assurance reporting an incurred claims ratio of 97.36%.
Among stand-alone health insurers, Star Health has the lowest claim settlement ratio of 82.31% within 3 months, while Aditya Birla Health Insurance has the highest claim settlement ratio of 92.97%. Care Health has the lowest incurred claims ratio of 57.69%, while Aditya Birla Health Insurance has an incurred claims ratio of 68.31%.
When choosing an insurance policy, it’s essential to consider not just the claim settlement ratio but also other factors such as customer service, policy exclusions, benefits, and solvency ratio. Experts recommend an incurred claims ratio between 70% and 90% to be an indicator of a good insurer in terms of claim experience and sustainability. A combination of a high claim settlement ratio and an incurred claims ratio can help narrow down a good insurance policy.
In conclusion, the claim settlement ratio is an essential metric to consider when choosing an insurance policy, but it’s not the only factor. Policyholders should also look at other benefits, customer service, and financial health of the insurer to make an informed decision.
Policybazaar introduces 100% claim settlement option for planned hospitalizations on select health insurance policies.
Policybazaar, a leading insurance platform, has introduced a 100% claim promise on planned hospitalizations for select health insurance policies. This initiative aims to provide a hassle-free and financially secure experience for policyholders, ensuring that they can focus on their recovery without worrying about hospital bills. The benefit is available on specific plans from Bajaj Allianz, Niva Bupa, and Aditya Birla Health Insurance (ABHI).
To be eligible for the 100% claim promise, policyholders must complete certain pre-admission steps and meet policy conditions. These steps include informing the Third-Party Administrator (TPA) 48 hours before hospitalization and selecting a hospital from the insurer’s network. The network includes over 10,000 partner hospitals for Bajaj Allianz, over 2,100 hospitals for Niva Bupa, and a panel of hospitals for ABHI.
The policy-specific details vary among the insurers. Bajaj Allianz offers the benefit to both new and port policies with any sum insured, provided a consumables rider is added. Aditya Birla Health Insurance requires a minimum sum insured of ₹10 lakh and pre-admission intimation, after which the insurer connects the customer with a panel of doctors. Niva Bupa also requires a minimum sum insured of ₹10 lakh and 48-hour prior notification to the claim team.
Policybazaar aims to streamline documentation and coordination with hospitals, reducing delays and enhancing the cashless experience. However, claims will not be paid in cases of non-disclosure, waiting periods, or exclusions as per policy terms. The initiative does not apply to emergency hospitalizations, which will continue to be processed under standard policy terms.
According to Siddharth Singhal, Head of Health Insurance at Policybazaar, the 100% claim promise is designed to alleviate financial worries during hospitalization, allowing policyholders to focus on their recovery. With this initiative, Policybazaar aims to provide a more customer-centric and secure experience for its policyholders, making it an attractive option for those seeking comprehensive health insurance coverage.
Best insurance company in India: 90% claims settled each by Aditya Birla, New India, HDFC ERGO; Bajaj, Star, Shriram lowest.
A recent report by the Insurance Brokers Association of India (IBAI) for the financial years 2023-24 and 2022-23 has revealed that four insurance companies in India have consistently cleared more than 90% of claims made by beneficiaries. The top performers include Aditya Birla Health, HDFC Ergo, and New India Assurance, which achieved claim clearance rates of 91.88%, 92.1%, and 93.13%, respectively.
The data shows that Aditya Birla Health received over 8.5 lakh claims in 2023 and settled 91.88% of them, up from 89.96% in 2022. HDFC Ergo handled 52 lakh claims and settled 94.32% of them in 2023, an improvement from 92.10% the previous year. New India Assurance, a public sector company, processed over 1.5 crore claims with a settlement rate of 93.13%, marginally up from 93.04% in 2022.
On the other hand, some private insurance companies, including Bajaj Allianz, Star Health, and Shriram, performed poorly in terms of claim settlement. Bajaj Allianz handled 47 lakh claims but managed to clear only 73.38%, the lowest settlement rate among the analyzed insurers. Star Health processed 19 lakh claims but settled just 74%, while Shriram’s performance was the weakest, with a clearance rate of only 70% for its 2 lakh claims.
The report highlights the disparity in claim settlement rates among insurance companies in India. While some companies have consistently demonstrated a high level of claim settlement, others have struggled to settle claims in a timely and efficient manner. The data suggests that policyholders should carefully evaluate the claim settlement record of an insurance company before purchasing a policy.
The IBAI report provides valuable insights into the performance of insurance companies in India and can help policyholders make informed decisions when choosing an insurance provider. The report’s findings also underscore the need for insurance companies to prioritize claim settlement and improve their processes to ensure that beneficiaries receive timely and fair compensation. Overall, the report highlights the importance of transparency and accountability in the insurance industry and the need for companies to prioritize the needs of their policyholders.
According to a report by the brokers association, the Indian insurance companies that reject claims the least are revealed, providing insight into the claims settlement records of various insurers.
A recent report by the Insurance Brokers Association of India (IBAI) has revealed that the claim-to-settlement ratio for general insurance in India has decreased to 86% in 2022-23, down from 87% in the previous fiscal year. This means that 14% of claims were rejected by insurance companies. The report also found that the claims repudiation ratio, which is the proportion of claims rejected by insurers, rose to 6% for general insurance, including motor, health, fire, and marine cargo.
The report analyzed data from various insurance companies and found that public sector insurer New India Assurance had the lowest claims repudiation ratio of 0.2%. Other private insurers with lower rates of claims rejection include HDFC Ergo, Future Generali, Aditya Birla Health, and Shriram. The Insurance Regulatory and Development Authority of India (IRDAI) makes it mandatory for insurance companies to publish settlement and rejection data on their websites, which helps policyholders make informed choices.
The report categorized general insurers into four categories: public sector general insurers, large private sector general insurers, other private sector insurers, and standalone health insurers. In the health insurance category, New India Assurance had a claim-settlement ratio of 95%, followed by Aditya Birla Health with a ratio of 95%. Iffco Tokio and Bajaj Allianz were among the top large private sector general insurers with a claims-to-settlement ratio of 90% or more.
However, experts point out that the data is combined for group and individual policies, and claim-rejection rates are historically lower for corporate policies. They argue that separate claim-settlement data for individual health insurance policies is needed to get a true picture. Incomplete or false disclosure at the time of policy purchase also contributes to claim rejections.
The report also highlighted the low insurance penetration in India, which is at 30%, compared to developed countries like the US, where it is over 90%. The high 18% tax on insurance premiums is also a concern, as it makes insurance unaffordable for many people. Experts suggest that reform measures are needed to reduce taxes and provide segregated data on claim-settlement ratios to help people make informed choices. Additionally, there is a need for better infrastructure and social security nets to support the growth of the insurance industry and provide relief to policyholders.
Bajaj Finserv may end partnership with Allianz by first half of CY25, potentially as early as March-end.
Bajaj Finserv is considering ending its partnership with Allianz, a German-based insurance company, as early as March 2025. The potential breakup comes after a long-standing joint venture between the two companies in the insurance sector. According to sources, Bajaj Finserv is likely to exit the joint venture, Bajaj Allianz General Insurance and Bajaj Allianz Life Insurance, in the first half of the calendar year 2025.
The decision to part ways is reportedly driven by Bajaj Finserv’s desire to consolidate its financial services business and focus on its core operations. The company has been evaluating its stake in the joint venture and is believed to be exploring options to either buy out Allianz’s stake or sell its own stake in the venture. The exact timeline for the breakup is not yet confirmed, but sources indicate that it could happen as early as March-end.
The joint venture between Bajaj Finserv and Allianz was established in 2001, with Bajaj Finserv holding a 74% stake and Allianz holding a 26% stake. The partnership has been successful, with Bajaj Allianz General Insurance and Bajaj Allianz Life Insurance becoming major players in the Indian insurance market. However, Bajaj Finserv’s strategic priorities have shifted over time, leading to a reevaluation of its partnership with Allianz.
If the breakup happens, it is expected to have significant implications for the Indian insurance market. Bajaj Finserv may look to consolidate its insurance business under a single entity, potentially leading to changes in the company’s product offerings and distribution channels. Allianz, on the other hand, may need to find a new partner or consider acquiring Bajaj Finserv’s stake in the joint venture.
The potential exit of Bajaj Finserv from the joint venture is also expected to trigger a reshuffling of the Indian insurance market. Other insurance companies may look to capitalize on the opportunity to partner with Allianz or acquire Bajaj Finserv’s stake in the venture. The development is being closely watched by industry players, and the outcome is expected to have far-reaching implications for the Indian insurance sector.
The Competition Commission of India (CCI) has given its approval for 360 ONE Fund’s acquisition of a stake in Bharti AXA Life Insurance.
The Competition Commission of India (CCI) has approved the acquisition of a stake in Bharti AXA Life Insurance by 360 ONE and Bharti Life Ventures. This move paves the way for the completion of the transaction, which was announced earlier.
Bharti AXA Life Insurance is a joint venture between Bharti Enterprises and AXA, a French insurance company. The insurance company offers a range of life insurance products, including term insurance, health insurance, and investment plans.
360 ONE is a private equity firm that invests in various sectors, including insurance. Bharti Life Ventures is an affiliate of Bharti Enterprises, which is the promoter of Bharti AXA Life Insurance.
The acquisition is expected to provide a boost to Bharti AXA Life Insurance, as it will bring in fresh capital and expertise. The company has been facing stiff competition in the Indian life insurance market, and the investment is expected to help it expand its distribution network and enhance its product offerings.
The CCI’s approval is a significant development, as it clears the way for the completion of the transaction. The commission is responsible for ensuring that mergers and acquisitions do not harm competition in the market. In this case, the CCI has determined that the acquisition will not have an adverse impact on competition in the life insurance market.
The acquisition is also expected to result in a change in the ownership structure of Bharti AXA Life Insurance. After the completion of the transaction, 360 ONE and Bharti Life Ventures will hold a significant stake in the company. Bharti Enterprises will continue to be a promoter of the company, while AXA will retain a minority stake.
Overall, the CCI’s approval of the stake acquisition in Bharti AXA Life Insurance by 360 ONE and Bharti Life Ventures is a positive development for the company and the Indian life insurance market as a whole. The investment is expected to bring in fresh capital and expertise, which will help the company expand its operations and enhance its product offerings. The approval also reflects the CCI’s commitment to promoting competition and economic growth in the country.
It is worth noting that the deal is subject to other regulatory approvals, including from the Insurance Regulatory and Development Authority of India (IRDAI). Once all the necessary approvals are in place, the transaction is expected to be completed, and the new ownership structure will come into effect. The acquisition is expected to have a positive impact on the company’s operations and the Indian life insurance market as a whole.
Bajaj Finserv has agreed to acquire a 26% stake in Bajaj Allianz Life Insurance and Bajaj Allianz General Insurance from Allianz.
Bajaj Finserv, a leading financial services conglomerate, has announced that it will acquire a 26% stake in its joint ventures with Allianz, Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz General Insurance Company Limited. The acquisition is expected to enhance the company’s control and influence over the joint ventures, enabling it to further accelerate growth and expansion plans.
The joint ventures with Allianz have been in operation since 2001 and have been a significant success, with Bajaj Finserv holding a majority stake in the companies. The 26% stake acquisition will bring the company’s total stake in the joint ventures to 51%, giving it a significant majority control and enabling it to make strategic decisions for the businesses.
The acquisition is expected to benefit both Bajaj Finserv and its joint ventures with Allianz, enabling the companies to increase their footprint in the Indian and international markets. The joint ventures have been a key growth driver for Bajaj Finserv, with a gross written premium of over Rs. 40,000 crores in the last fiscal year.
The acquisition is also expected to enhance the operational efficiency and integration of the joint ventures, enabling the companies to better leverage resources and expertise. Bajaj Finserv has a strong track record of operations and management, and its acquisition of the additional stake is likely to bring in more operational efficiency and synergies.
The deal is subject to regulatory approvals and other customary conditions, and Bajaj Finserv has secured necessary approvals from the Reserve Bank of India (RBI) and other regulatory authorities. The acquisition is expected to be completed by the second quarter of the next fiscal year.
In a statement, Sanjib Datta, Managing Director and Chief Executive Officer, Bajaj Finserv Limited, said, “The acquisition is a strategic move to further consolidate our presence in the insurance sector and leverage the opportunities in the growing Indian insurance market. We believe that our expertise and presence will enable the joint ventures to grow faster and more effectively in the market.”
Overall, the acquisition of the 26% stake in Bajaj Allianz Life & General Insurance by Bajaj Finserv is a significant move to strengthen its presence in the insurance sector and leverage the opportunities in the growing Indian market.
Bajaj Finserv shares declined today following the announcement that Allianz will be exiting its joint venture with Bajaj Insurance for a whopping Rs 24,180 crore.
Bajaj Finserv shares took a hit on Tuesday, falling over 3% as the company’s joint venture with Allianz, one of the world’s largest insurance companies, came to an end. The French insurer has sold its 26% stake in Bajaj Allianz General Insurance Company Ltd, the Indian joint venture, to existing shareholders for a cash consideration of Rs 24,180 crore.
The news sent Bajaj Finserv’s shares tumbling, with the stock opening at Rs 4,275 and eventually closing at Rs 4,150, a decline of 3.04%. The share sale, which is one of the largest in the insurance sector, values Bajaj Allianz General Insurance at around $3.4 billion.
The exit by Allianz marks an end to a 20-year partnership, which began in 2001. The joint venture was formed to operate a general insurance business in India, offering non-life insurance products such as motor, health, and travel insurance. The partnership had seen significant growth over the years, with the company emerging as one of the top insurers in India.
The sale of Allianz’s stake is expected to help Bajaj Finserv increase its stake in the joint venture to 74%, giving the company greater control over the business. However, the deal also raises concerns about the impact on the partnership’s operations and the insurance sector as a whole.
Industry experts have noted that the exit by Allianz could lead to a change in the company’s strategy, which may not necessarily be aligned with the interests of existing shareholders. Additionally, the deal could also lead to a loss of expertise and resources, which may put pressure on the company’s performance.
In a statement, Bajaj Finserv managing director and chief executive officer, PD Nar teens, said that the company is committed to maintaining its leadership position in the insurance sector and will continue to work with its customers, partners, and employees to deliver excellent products and services.
Despite the challenges that lie ahead, the Bajaj Finserv management has expressed confidence in the company’s ability to navigate the changing landscape and continue to drive growth and profitability. The company has also announced plans to use the proceeds from the deal to reduce debt and increase its investment in new business initiatives.
Allianz sells majority stake in Bajaj Insurance, wraps up 24-year partnership in €2.6 billion deal.
Allianz, a leading global insurance company, has sold its 51% stake in Bajaj Allianz Life Insurance Company Ltd, its joint venture with Bajaj Finserv, to Bajaj Finserv for €2.6 billion. This move marks Allianz’s exit from the Indian market after a successful 24-year partnership.
Allianz and Bajaj Finserv formed a joint venture in 1996 to create Bajaj Allianz Life Insurance Company Ltd, which has since grown to become one of the largest private life insurance companies in India. The joint venture aimed to provide life insurance and other financial products to the growing middle class in India.
The sale is seen as a strategic move by Allianz to rebalance its portfolio and focus on its core markets. The company is looking to divest non-core assets and recommit resources to its core businesses. The deal also aligns with Allianz’s efforts to adapt to changing market conditions and regulatory requirements.
The sale is subject to regulatory approvals, which are expected to be completed in the next few weeks. The terms of the deal were not disclosed, but it is reportedly valued at €2.6 billion, which is approximately 20% of Allianz’s total assets under management in India.
Bajaj Finserv, a prominent financial services company in India, has shown keen interest in acquiring Allianz’s stake, which gives it full ownership of the joint venture. The acquisition is a significant step forward for Bajaj Finserv, enabling it to expand its presence in the life insurance sector and strengthen its financial services portfolio.
The deal is expected to have a positive impact on both companies, as it enables Allianz to focus on its core businesses and Bajaj Finserv to leverage its expertise and resources to drive growth in the Indian life insurance market. The partnership has been highly successful, with Bajaj Allianz Life Insurance emerging as a market leader in India, offering a range of insurance products to cater to the growing demand for financial protection and wealth creation in the country.
In conclusion, the sale of Allianz’s stake in Bajaj Allianz Life Insurance Company Ltd is a strategic move by the company to rebalance its portfolio and focus on its core markets. The deal is valued at €2.6 billion and is expected to have a positive impact on both Allianz and Bajaj Finserv, enabling them to achieve their respective goals and objectives.
Prudential plc and HCL Group are collaborating on a new health insurance joint venture.
UK-based Prudential Plc has announced a plan to establish a health insurance joint venture with India’s HCL Group. The new business will have Prudential Group Holdings Limited, a UK subsidiary, holding a 70% stake, while Vama, an HCL Group company, will hold the remaining 30%. This move is part of Prudential’s expansion in the Indian insurance market, which it has been a part of since the establishment of ICICI Prudential Life Insurance in 2001.
This development comes as other players in the Indian insurance sector are making significant moves. Public sector behemoth Life Insurance Corporation of India (LIC) is in the final stages of acquiring a substantial stake in a pure health insurance company and is expected to make an announcement before March 31. There are currently seven standalone health insurance companies operating in India, including Star Health & Allied Insurance, Niva Bupa Health Insurance, and ManipalCigna Health Insurance, among others.
In another significant development, German financial services firm Allianz SE has reportedly reached a preliminary agreement with Jio Financial Services Ltd, a joint venture between Jio Platforms and a clutch of investors, to establish a joint venture covering both health and general insurance businesses. This move comes days after Bajaj Finserv and Allianz SE announced the end of their joint venture, Bajaj Allianz, in a deal worth Rs 24,180 crore. Additionally, Patanjali Ayurved has entered the insurance sector through its acquisition of Magma General Insurance from Adar Poonawalla for Rs 4,500 crore.
The Bajaj Group has acquired complete ownership of the Bajaj Allianz Life and General Insurance entities, now making it 100% owner of these insurance companies.
Bajaj Group, a leading business conglomerate in India, has acquired a 100% stake in Bajaj Allianz Life Insurance Co. and Bajaz Allianz General Insurance Co. Ltd, its two joint venture insurance businesses in India. This move comes after Bajaj Group owned 74% stake in both companies, which was previously owned by Allianz SE, a German-based global financial services group.
The acquisition is seen as a strategic step by Bajaj Group to further strengthen its presence in the Indian insurance market, which is one of the fastest-growing insurance markets in the world. With this deal, Bajaj Group will have full control over the overall strategy, direction, and decision-making process of the insurance businesses, which will enable it to align the companies’ operations more closely with its own goals and objectives.
The transaction is expected to bring several benefits to both the companies, including enhanced operational efficiency, improved customer services, and increased investment in products and services. Bajaj Group is already a well-established player in the Indian market, with a strong brand presence and wide distribution network. The acquisition will enable the group to leverage its strengths to further grow its insurance business and expand its reach to a wider customer base.
The deal is also expected to create opportunities for the group to diversify its products and services, including expansion into new segments such as health insurance, personal accident insurance, and travel insurance. Moreover, the group will be able to use its expertise in motor and two-wheeler insurance to expand its presence in the mass market segment.
The direct ownership will also enable the group to make key strategic decisions, invest in new technology, and innovate products and services to remain competitive in the market. With this acquisition, Bajaj Group will become one of the largest private sector insurance companies in India, with a combined annual premium income of over Rs. 20,000 crores (approximately $2.5 billion).
The transaction is expected to conclude by the end of 2022, subject to regulatory approvals. The deal is seen as a significant milestone in Bajaj Group’s history, marking a major step towards its vision of becoming a leading insurance player in India. With this acquisition, Bajaj Group is poised to play a significant role in shaping the future of the Indian insurance industry and creating new opportunities for its customers, partners, and employees.
A comprehensive insurance plan catering to expectant mothers: ‘PregnancyGuard’ – Providing tailored coverage for prenatal care, hospital stays, and newborn care, starting at $99 per month.
This article provides an overview of maternity insurance plans in India, which cover pregnancy-related expenses, including prenatal care, delivery, and postpartum care. The article highlights the importance of having maternity insurance, as these plans can help with the significant medical expenses associated with pregnancy and childbirth.
The article then reviews some of the best maternity insurance plans available in India, including Aditya Birla Activ Health Platinum – Enhanced Plan with Maternity Cover, Bajaj Allianz Health Guard Family Floater Health Insurance Plan with Maternity Cover, Care Health Joy Health Insurance Plan with Maternity Cover, Chola MS Family Healthline Insurance Plan with Maternity Cover, and Bharti AXA Smart Super Health Insurance Plan with Maternity Cover.
The article also provides a list of factors to consider when selecting a maternity insurance plan, including the level of coverage, waiting periods, premium costs, network of hospitals, and exclusions. Additionally, it highlights the importance of reviewing the plan’s terms and conditions, including waiting periods and exclusions.
The article concludes by emphasizing the importance of having the right maternity health insurance plan, which can provide comfort and financial stability during this critical time.
Overall, the article is informative and provides a comprehensive overview of the best maternity insurance plans available in India, as well as the factors to consider when selecting a plan. This information is valuable for expectant or new parents who are looking to purchase a maternity insurance plan to cover their medical expenses.
Bajaj Finserv is reported to acquire Allianz’s 26% stake in its life and general insurance business.
Bajaj Finserv has agreed to buy out Allianz’s 26% stake in their life and general insurance joint ventures, Bajaj Allianz Life Insurance and Bajaj Allianz General Insurance, for approximately Rs 24,000 crore (€2.6 billion). This sale marks Allianz’s exit from its Indian insurance joint ventures after 24 years.
The deal is part of Allianz’s global strategy to reduce its stakes in non-core businesses and focus on its core insurance operations. Bajaj Finserv, on the other hand, plans to maintain its majority stake in the joint ventures and continue to operate the businesses under the Bajaj Allianz brand.
The acquisition is significant for Bajaj Finserv, as it will enable the company to take full control of its insurance businesses and integrate them into its existing portfolio. It will also provide Bajaj Finserv with an opportunity to expand its reach and customer base.
Allianz has been a partner in the Indian insurance market since 1996, and its joint ventures with Bajaj Finserv have been among the top-performing insurance companies in India. However, the company has been looking to streamline its operations and focus on its core businesses.
The deal is subject to regulatory approvals and other customary closing conditions, and is expected to be completed by the end of 2023. The sale is seen as a strategic move by Allianz to optimize its global portfolio and increase its financial flexibility.
In conclusion, the deal between Bajaj Finserv and Allianz marks a significant development in the Indian insurance industry, with Allianz exiting its Indian insurance joint ventures after 24 years and Bajaj Finserv gaining full control of its insurance businesses. The deal is expected to have a positive impact on both companies, enabling Bajaj Finserv to expand its reach and customer base, while Allianz can focus on its core insurance operations.
According to recent data, the total new business premiums collected by life insurers decreased by 12% in February, with LIC at the forefront of this trend.
New business premiums of life insurance companies in India continued to decline in February, marking the fourth consecutive month of decline since the new surrender value guidelines came into effect in October 2024. The data from the Life Insurance Council showed that new business premium (NBP) stood at Rs 29,985.58 crore, a 12% year-on-year decline from Rs 33,913.18 crore in the same period last year. The decline was led by Life Insurance Corporation of India (LIC), the country’s largest life insurer, which saw its monthly premium decline 22% to Rs 15,513.95 crore.
LIC’s CEO, Siddhartha Mohanty, acknowledged that the new surrender value norms had impacted premium collections, and while collections were expected to improve in the fourth quarter, the decline worsened in February with a 14% year-on-year decline in January. To mitigate the impact, life insurers have been adopting measures such as reducing first-year commissions on new policies and clawing back agent commissions if policies are surrendered within the first two years.
In contrast, private life insurance companies witnessed a modest 3% year-on-year growth in NBP to Rs 14,471.62 crore. HDFC Life Insurance saw a 24% rise in NBP to Rs 3,213.76 crore, while SBI Life Insurance recorded an 18% decline to Rs 2,174.53 crore. ICICI Prudential Life Insurance grew 5% to Rs 1,857.05 crore, and Bajaj Allianz Life Insurance reported a 3% increase to Rs 1,080.33 crore. The industry sold 1.9 million policies during the month, down from 2.2 million in the same period last year.
Bajaj Allianz Japan, a provider of innovative health insurance solutions, is proud to introduce ‘HERizon Care’, a pioneering comprehensive health insurance plan designed specifically for the unique needs of Indian women.
Bajaj Allianz General Insurance has launched a groundbreaking policy called HERizon Care, which offers two comprehensive covers: Vita Shield and Cradle Care. Vita Shield is designed to provide critical illness and holistic wellness protection, covering 34 critical illnesses, including female-specific conditions. It also offers optional extensions, such as coverage for child education, loss of job, and incidental expenses, as well as a holistic wellness ecosystem.
Cradle Care, on the other hand, is designed to support women’s reproductive health journeys, including coverage for surrogate mothers, oocyte donors, and egg freezing. It also offers optional covers for infertility treatment, adoption expenses, and prenatal health.
This policy is unique in its approach to women’s health, addressing specific challenges that women face, such as infertility, surrogacy, and reproductive health issues. The policy also offers legal expenses for sexual assault, kidnapping, and acid attacks.
According to Bajaj Allianz General Insurance’s MD and CEO, Mr. Tapan Singhel, “HERizon Care is about more than just coverage – it’s about care, dignity, and making sure no woman feels alone when it comes to her health.”
The policy is available for women aged 18 to 80 years and children from day 90 to 35 years, with sum insured options ranging from INR 3 lakhs to INR 2 crores. It operates on an individual sum insured basis with policy periods of 1 to 5 years, offering flexible payment options and lifelong renewals.
Aviva holds a 4.91% stake in Conduit as of May 22.
Aviva plc is a leading insurance, wealth, and retirement business company based in the United Kingdom. The company operates through several segments, including UK & Ireland Insurance, General Insurance, and Aviva Investors, as well as International investments and Other Operations. The UK and Ireland Life operations focus on providing life insurance, long-term health and accident insurance, savings, pensions, and annuity products to individuals and businesses.
The UK and Ireland General Insurance operations specialize in offering insurance coverage to individuals and businesses for various risks, including motor vehicles, property, liability, and medical expenses. This segment provides a range of insurance products to protect against unforeseen events, such as accidents, damage to property, and liability claims.
In addition to its UK and Ireland operations, Aviva plc also has a significant presence in Canada, where it provides personal and commercial lines insurance products through a network of insurance brokers. The company’s Canadian operations focus on providing insurance coverage for risks associated with motor vehicles, property, and liability, catering to the needs of individuals and businesses across the country.
Aviva plc also has a presence in the Lloyd’s of London market, where it operates a platform that includes its Corporate Member, Managing Agent, international distribution entities, and tenancy rights to Syndicate 1492. This platform enables the company to participate in the global insurance market, providing access to a wide range of insurance products and expertise.
Overall, Aviva plc is a diversified insurance company with a strong presence in the UK, Ireland, and Canada, as well as a significant presence in the global insurance market through its Lloyd’s platform. The company’s operations are focused on providing a range of insurance products and services to individuals and businesses, helping them to manage risk and achieve their financial goals. With its broad range of products and services, Aviva plc is well-positioned to meet the evolving needs of its customers and to drive long-term growth and success.
Aviva Partners with CyberCube to Enhance AI-Driven Cyber Risk Management Solutions
Aviva, a British insurer, has partnered with CyberCube, a cyber risk analytics company, to enhance its cyber risk management strategy using artificial intelligence (AI) capabilities. The partnership aims to help Aviva understand cyber threats and their targets by utilizing CyberCube’s Portfolio Threat Actor Intelligence solution. This solution leverages large language models to extract threat intelligence from digital forensics data and data breaches associated with ransomware groups.
The insights gained from this service will enable Aviva to identify specific vulnerabilities within its commercial portfolio and tailor its exposure management accordingly. Aviva will integrate the tool into its exposure management processes on a recurring basis, with plans to use the service quarterly. The company will also conduct regular reviews with CyberCube to update “threat actor kill chains”, which will help to identify and mitigate potential cyber threats.
According to James Mitchell, Aviva’s senior cyber pricing and exposure manager, the company has rigorously tested CyberCube’s Portfolio Threat Actor Intelligence against several ransomware groups and has seen promising results. By incorporating this solution into its underwriting and exposure management processes, Aviva aims to gain deeper insights into its portfolios and better manage cyber risk for both itself and its customers.
CyberCube’s cyber threat intelligence services head, William Altman, stated that Portfolio Threat Actor Intelligence is an innovative solution that takes the management of cyber insurance portfolio risk to the next level. The solution supports Aviva’s Exposure Management team in identifying companies within its portfolio that display firmographic traits, technology dependencies, and security gaps likely to attract specific cyber threat actors.
This partnership is part of Aviva’s efforts to enhance its cyber risk management capabilities and reduce manual processes. Earlier this year, the company adopted AutoRek’s financial and operational reconciliation solution to reduce manual processes, carry out matching, and analyze discrepancies. By leveraging AI and machine learning capabilities, Aviva aims to stay ahead of emerging cyber threats and provide better protection for its customers.
A well-designed garden can serve as a natural barrier against extreme weather conditions, shielding your property from potential damage. Here’s how:
- Flooding: Strategically planting trees, shrubs, and other vegetation can help absorb excess rainwater, reducing the risk of flooding and preventing water from entering your home.
- Strong Winds: A garden with a mix of trees, hedges, and shrubs can act as a windbreak, Lessening the impact of strong gusts and preventing damage to your property.
- Drought: Drought-resistant plants and efficient irrigation systems can help conserve water and protect your garden from the effects of drought, reducing the risk of soil erosion and damage to your property’s foundation.
- Storm Surges: A garden with a slope or a retaining wall can help protect your property from storm surges by redirecting water away from your home and preventing erosion.
- Heatwaves: A garden with plenty of shade-providing trees and plants can help cool the air around your property, reducing the urban heat island effect and keeping your home cooler during heatwaves.
- Landslides: Planting deep-rooted trees and shrubs can help stabilize soil and prevent landslides, protecting your property from potential damage.
- Snow and Ice: A garden with a slope or a snow-melt system can help prevent snow and ice from accumulating on your property, reducing the risk of damage to your home andmaking it safer to access.
The growing trend of using artificial grass in residential areas may pose an environmental concern, according to Aviva, a leading insurer. While artificial lawns are often chosen for their convenience and low maintenance requirements, they can contribute to the problem of waste disposal and environmental degradation. The majority of artificial grass products are made from plastic, which has a limited lifespan and eventually ends up in landfills.
The disposal of artificial grass in landfills is a significant issue, as plastic waste can take hundreds of years to decompose. This not only contributes to the already overwhelming amount of waste in landfills but also has a negative impact on the environment. Furthermore, the production of artificial grass requires significant amounts of energy and resources, which can lead to greenhouse gas emissions and contribute to climate change.
Aviva is encouraging homeowners to consider more sustainable and flood-resilient options for their outdoor spaces. One alternative is to use permeable materials such as gravel, which allows water to drain through and reduces the risk of flooding. Adding drainage systems to outdoor areas can also help to mitigate the risk of flooding and reduce the amount of water that enters the drainage system.
Incorporating planting that allows water to soak into the soil is another effective way to reduce the risk of flooding. This can include plants with deep root systems, such as trees and shrubs, which help to absorb water and reduce runoff. Additionally, using natural materials such as wood chips or bark can help to reduce the amount of impermeable surfaces in outdoor areas.
Overall, while artificial grass may seem like a convenient option, it is essential to consider the long-term environmental implications of its use. By choosing more sustainable and flood-resilient options, homeowners can reduce their environmental footprint and contribute to a more sustainable future. Aviva’s warning serves as a reminder to think carefully about the materials and products we use in our outdoor spaces and to prioritize sustainability and environmental responsibility.
Aviva CEO states that government investment mandates are a red line for the sector.
The CEO of Aviva, a leading insurance company, has stated that government investment mandates are a “red line” for the sector. This comment highlights the tension between the insurance industry and governments over investment regulations. The CEO’s statement suggests that imposing strict investment mandates on the industry could have unintended consequences and may not be effective in achieving the desired outcomes.
The insurance industry has been under pressure from governments to invest in specific assets, such as infrastructure projects or green technologies, to support economic growth and meet environmental targets. However, the industry argues that such mandates could compromise their ability to manage risk and generate returns for policyholders. The Aviva CEO’s comment emphasizes that the industry must be allowed to make investment decisions based on commercial considerations, rather than being forced to follow government directives.
The UK government has been considering introducing rules that would require insurers to invest a certain proportion of their assets in infrastructure projects, such as roads, bridges, and renewable energy schemes. However, the industry has warned that such a move could increase costs and reduce returns for policyholders. The Aviva CEO’s statement suggests that the industry is drawing a line in the sand on this issue and will resist any attempts to impose investment mandates that could compromise their business model.
The debate highlights the complex relationship between governments and the insurance industry. Governments see the industry as a potential source of funding for key projects, while the industry is primarily focused on generating returns for policyholders. The Aviva CEO’s comment suggests that the industry is willing to work with governments to support economic growth and meet environmental targets, but will not compromise on its core principles of risk management and commercial decision-making.
The implications of the Aviva CEO’s statement are significant, as they suggest that the industry will push back against government attempts to impose investment mandates. This could lead to a period of uncertainty and negotiation between governments and the industry, as they seek to find a balance between competing interests. Ultimately, the outcome will depend on the ability of governments and the industry to find common ground and develop regulations that support economic growth, while also protecting the interests of policyholders.
Cancer leads Aviva protection claims in 2024.
According to Aviva’s Individual Protection Claims and Wellbeing Report for 2024, cancer remains the leading cause of individual protection claims across all product lines. The report highlights the significant impact of cancer on claimants, accounting for 58.4% of critical-illness claims, 32.4% of children’s benefit claims, and 42.2% of life-insurance claims. Additionally, cancer made up 13.6% of income protection claims, with Aviva providing financial support and rehabilitation services to affected customers.
The report emphasizes the crucial role of protection insurance in helping customers manage the financial and emotional burden of serious illness. Aviva’s services, such as Aviva Digicare+ and Smart Health, as well as partnerships with Macmillan Cancer Nurse Specialists and Grief Encounter, provide additional support to customers. The insurer also offers initiatives like Project Teddy, which provides comfort to families dealing with childhood cancer diagnoses.
The report also highlights trends in critical illness and gender. Cancer was the leading cause of critical-illness claims for both male and female policyholders, with breast cancer representing over half of female claims and prostate cancer leading among male claims. Among children, haematological cancers accounted for the majority of cancer-related claims.
Aviva’s claims team prioritizes speed and compassion when handling children’s cancer cases, often fast-tracking claims and offering additional emotional support. The report also notes that cancer was the leading cause of life insurance and terminal-illness claims across all age groups over 30, comprising 42.2% of total claims.
Jacqueline Kerwood, head of protection claims strategy and governance at Aviva, emphasized the significant financial impact of cancer and the vital role of protection insurance in easing that burden. She highlighted Aviva’s commitment to being there for customers when they need it most, providing crucial financial, practical, and emotional support.
Overall, the report underscores the importance of protection insurance in providing a financial safety net for individuals and families affected by serious illnesses like cancer. By providing comprehensive support and services, Aviva aims to make a positive impact on the lives of its customers during challenging times.
Only half of mid-retirees are confident they are on track to make their private pension last for life
A new report by Aviva and Age UK has found that only 48% of mid-retirees aged 65-75 who do not pay for financial advice are confident that their pension savings will last for life. The report, “Retirement Reality: Managing money in mid-retirement,” surveyed 1,000 mid-retirees and found that many are struggling to manage their finances in retirement. Nearly two-thirds (65%) of respondents believe that there is not enough support for people managing their financial needs as they age.
The report highlights the importance of having a sustainable income in retirement, with 83% of respondents saying that an income for life from their private pension savings has become more important to them as they get older. However, many are at risk of depleting their pension pots prematurely, with those withdrawing at a rate of more than 7% from age 75 facing a significant risk of running out of money.
The report recommends that innovative “flex first, fix later” retirement income solutions, which combine pension drawdown strategies with a later-life annuity, become the norm. These solutions have the potential to deliver better outcomes for people approaching the later part of their life and safeguard them against major difficulties that may lie ahead.
Aviva and Age UK are also advocating for the introduction of a mid-retirement MOT, which would offer pensioners guidance and support while they are in retirement. This could include a conversation about estate planning, fraud protection, access to state benefits, and managing finances if they start to experience cognitive decline.
The report’s findings are concerning, with many pensioners struggling to make their pension savings last. For example, a 75-year-old couple with a pension savings pot worth £100,000 who withdraw from it at a rate of 10% have a 75% chance that the money will run out while one of them is still alive.
Doug Brown, CEO of Insurance, Wealth & Retirement at Aviva, said: “Pensioners today clearly value financial security, but many seem to be sleepwalking into later retirement with a ‘set and forget’ approach to their retirement income. They are among the first retirees getting to grips with the complex decisions that come with pension freedoms and need more support to make choices that will work for the whole of their retirement years.”
Paul Farmer, Age UK’s CEO, added: “We frequently hear from struggling pensioners, many of whom have a small private pension of their own, about how tough they have found the last few years. Managing your pension and other finances becomes harder as you get older – especially where people have suffered a major life-change like a bereavement or a dementia diagnosis – and so it’s of vital importance that the industry, charities, Government and others can all work together to help people at this crucial point in their lives.”
Overall, the report highlights the need for greater support and guidance for pensioners in managing their finances in retirement. By introducing innovative solutions and providing regular financial reviews, we can help ensure that pensioners have a sustainable income and can enjoy a secure and fulfilling retirement.
Former Aviva CEO joins Broker Insights in senior role alongside multiple other high-level appointments
Broker Insights, an insurtech company, has strengthened its executive team with several key appointments and promotions. The company has hired Stuart Spink as its new Chief Operating Officer, who brings a wealth of experience from his previous roles at Lloyd’s and Aviva. Spink expressed his excitement about joining the company at a pivotal time and is looking forward to helping scale its impact across the market.
In addition to Spink’s appointment, Broker Insights has also made several internal promotions. Ying Wang has been appointed as Chief Product Officer, Andy Whiteley as Director of Commercial Data, Amy Garland as Finance Director, and Matthew Callaghan as Head of Technology. These promotions demonstrate the company’s commitment to developing and recognizing its existing talent.
The company has also hired Sandy Scott as Head of Data, who brings experience from prominent organizations such as Google, Sainsbury’s Bank, and the BBC. Peter Scott, Chief Executive at Broker Insights, stated that these appointments mark an exciting new chapter for the company as it continues to scale its business and enhance the value it delivers to customers.
The new appointments and promotions are expected to drive growth, develop industry-leading products, and maximize the impact of the company’s data-driven solutions. With its strengthened executive team, Broker Insights is well-positioned to continue reshaping the way brokers and insurers connect through data and technology. The company’s commitment to innovation and customer value is evident in its efforts to build a strong and experienced team to lead its future growth and development. Overall, these appointments and promotions signal a significant milestone in Broker Insights’ journey and demonstrate its ambition to make a significant impact in the insurance industry.
Lloyd’s of London has named a former Aviva executive as its next chief executive officer.
Lloyd’s of London, the 335-year-old insurance market, has named a new chief executive officer to lead the organization. Johnny Espinet, a former executive at Aviva Plc, has been selected to succeed John Neal as CEO. Espinet’s appointment is seen as a significant move for Lloyd’s, which has been working to modernize and expand its operations.
Espinet brings a wealth of experience in the insurance industry, having spent over 30 years in various roles at Aviva, including as the company’s managing director of UK and Ireland general insurance. During his tenure at Aviva, Espinet played a key role in shaping the company’s strategy and driving growth.
At Lloyd’s, Espinet will be tasked with leading the organization’s ongoing transformation efforts, which include digitizing its operations, improving customer experience, and expanding its global reach. He will also be responsible for navigating the market’s response to emerging risks, such as climate change and cyber threats.
The appointment of Espinet has been welcomed by industry insiders, who praise his deep understanding of the insurance market and his ability to drive change. “Johnny has a proven track record of delivering results and has a deep understanding of the insurance industry,” said Bruce Carnegie-Brown, Lloyd’s chairman.
Espinet’s selection also reflects Lloyd’s commitment to diversity and inclusion. He is the first CEO of Lloyd’s to come from a non-traditional background, having started his career in the industry as a claims handler. His appointment is seen as a nod to the organization’s efforts to attract and retain talent from a wider range of backgrounds.
Lloyd’s has faced challenges in recent years, including declining profits and increasing competition from rival insurance markets. However, under Neal’s leadership, the organization has made significant strides in improving its financial performance and expanding its operations. Espinet will be tasked with building on this momentum and driving further growth and innovation at Lloyd’s.
Overall, the appointment of Johnny Espinet as CEO of Lloyd’s of London marks an exciting new chapter for the organization. With his extensive experience and proven track record of delivery, Espinet is well-positioned to lead Lloyd’s as it continues to evolve and adapt to the changing needs of the insurance market. His appointment reflects Lloyd’s commitment to innovation, diversity, and customer-centricity, and is expected to bring new energy and momentum to the organization.
Aviva Life Insurance Recognized as ‘India’s Most Trusted Private Life Insurer’ for Seventh Consecutive Year
Aviva Life Insurance has been recognized as ‘India’s Most Trusted Private Life Insurer’ for the seventh consecutive year, as per a recent survey conducted by the Trust Research Advisory (TRA). This prestigious award is a testament to Aviva’s unwavering commitment to providing exceptional service and building trust with its customers. The TRA survey is a comprehensive study that assesses various parameters such as brand trust, customer satisfaction, and overall performance of life insurance companies in India.
Aviva Life Insurance has consistently demonstrated its ability to deliver on its promises, providing policyholders with a sense of security and assurance. The company’s customer-centric approach, innovative products, and efficient claims settlement process have contributed significantly to its success. Aviva’s dedication to transparency, accountability, and fairness has earned the trust of its customers, making it the most trusted private life insurer in India for seven years in a row.
The recognition is a result of Aviva’s relentless efforts to improve its services and products, ensuring that they meet the evolving needs of its customers. The company has introduced several innovative products and features, such as online policy purchases, digital claims settlement, and personalized customer support. These initiatives have not only enhanced the overall customer experience but also demonstrated Aviva’s commitment to leveraging technology to improve its services.
The award also acknowledges Aviva’s contribution to the growth and development of the life insurance industry in India. The company has been at the forefront of promoting insurance awareness, financial literacy, and inclusion, helping to increase penetration and accessibility of life insurance products across the country. Aviva’s efforts have helped to create a more informed and aware customer base, enabling individuals to make informed decisions about their insurance needs.
In response to the recognition, Aviva Life Insurance expressed its gratitude to its customers, employees, and partners for their trust and support. The company reiterated its commitment to continuing to deliver exceptional service, innovative products, and transparent practices, ensuring that it remains the most trusted private life insurer in India. With this recognition, Aviva has reinforced its position as a leader in the Indian life insurance market, and it is likely to continue to be a preferred choice for individuals seeking reliable and trustworthy life insurance solutions.
Techmagnate wins digital mandate for Aviva Life Insurance
Techmagnate, a digital marketing agency based in India, has been appointed to handle the digital mandate for Aviva Life Insurance Company India Limited, a joint venture between UK-based Aviva Plc. and Dabur Invest Corp. The agency will support Aviva Life Insurance in refining its digital strategy, improving online visibility, and enhancing customer interaction. The mandate was awarded after a multi-agency pitch, which showcases Techmagnate’s expertise in the financial services sector.
Sarvesh Bagla, CEO and Founder of Techmagnate, expressed his excitement about the partnership, stating that it is a testament to the agency’s ability to deliver cutting-edge solutions and measurable results. He believes that the life insurance industry is at a crossroads, with digital transformation becoming a key driver of growth, and that this association will deliver innovative and data-driven digital marketing campaigns tailored to the evolving needs of today’s consumers.
Vinit Kapahi, Chief Marketing Officer at Aviva Life Insurance, said that the company was looking for a digital marketing agency that resonated with its larger vision and purpose. Techmagnate was chosen for its understanding of the company’s core existence and its alignment with Aviva’s ethos. Kapahi is looking forward to an exciting journey ahead, leveraging Techmagnate’s vast experience in the financial services industry and strong technological capabilities.
The partnership marks a key milestone in Techmagnate’s ongoing commitment to enhancing the digital presence of prominent financial brands in the country. With the rapidly changing landscape of financial services, this agreement is poised to drive growth and deliver measurable results. Techmagnate’s expertise in digital marketing, combined with Aviva’s commitment to meeting the financial protection needs of individuals and families, is expected to yield a successful and innovative digital strategy.
Overall, the partnership between Techmagnate and Aviva Life Insurance is a strategic move that aims to drive digital transformation and growth in the life insurance industry. With Techmagnate’s expertise and Aviva’s vision, the two companies are poised to deliver innovative and data-driven digital marketing campaigns that meet the evolving needs of today’s consumers.
One-eighth of car owners prefer fixing their vehicles over buying new ones, according to Aviva’s research.
According to a recent study by Aviva, one out of every eight car owners would rather repair their vehicle rather than replacing it, even if it’s no longer a viable option economically. The research, which surveyed 1,000 car owners in the UK, found that 12.5% of respondents would opt for repair over replacement, despite the potential costs and inconvenience involved.
The study also revealed that the decision to repair or replace a vehicle is often influenced by emotional attachment to the car, with 64% of respondents stating that sentimental value played a role in their decision-making process. Additionally, 55% of respondents reported that they would be more likely to repair their vehicle if they could find a reliable repairer or service provider.
The research highlights the importance of carrier repair shops and independent mechanics in providing services that cater to car owners who prefer to repair rather than replace their vehicles. The study suggests that these service providers can capitalize on this trend by offering high-quality repair services that prioritize customer satisfaction and loyalty.
Furthermore, the study found that younger car owners (ages 18-34) are more likely to opt for repair over replacement, with 18.1% of this age group choosing repair. This trend may be attributed to the increasing awareness of the environmental impact of car ownership and the desire to reduce waste and extend the life of their vehicles.
The Aviva research underscores the significance of carrier repair shops and independent mechanics in meeting the growing demand for vehicle repair services. By providing high-quality services and building strong relationships with customers, these service providers can capitalize on the trend of car owners opting for repair over replacement.
In conclusion, the Aviva research highlights the importance of considering the emotional and environmental aspects of car ownership, as well as the significance of providing high-quality repair services that cater to car owners who prefer to repair rather than replace their vehicles. By doing so, carrier repair shops and independent mechanics can remain competitive and build strong relationships with customers in an increasingly environmentally conscious and emotionally driven market.
Aviva paid out £1.89 billion in protection claims.
Aviva, a leading insurance company, has reported that it paid out more than £1.89 billion in individual and group protection claims in 2024. This includes over 62,000 claims, with 97.1% of individual claims received being paid. The majority of claims paid were on life policies, including terminal illness benefit, with 98.8% of claims being paid, totaling £862 million on over 41,000 claims.
Aviva also paid out over £405 million to customers with critical illness, children’s benefit, or total and permanent disability claims, with an average payment of £71,989. Additionally, the company paid out over £559 million to over 9,300 claimants across all group protection policies, with an average payout of £21,899.
The company’s managing director of protection, Fran Bruce, emphasized the importance of delivering a great service and having the right support throughout the claims process. Aviva is investing in data science to further improve its claims processes and remain steadfast in its mission to deliver valuable protection cover and value-added benefits to its customers and their families.
The data highlights the scale of financial support provided to customers going through difficult times, with Aviva paying out in excess of £1.5 billion on group and individual protection claims in 2024. The company’s efforts to improve its claims processes and deliver better support to its customers demonstrate its commitment to providing vital protection cover to its clients.
Can weight loss jabs mean slimmer profits for Aviva, L&G, and other life and pensions companies?
The article discusses the potential impact of weight-loss jabs, also known as injectable treatments, on the profits of life and pensions companies such as Aviva and L&G. In recent years, there has been a significant increase in the demand for weight-loss treatments, with more people seeking non-surgical options to slim down. This trend has led to a surge in the popularity of injectable treatments, which are believed to be more effective and safer than traditional weight-loss methods.
The article suggests that this trend may have a negative impact on the profits of life and pensions companies, which have traditionally been associated with providing financial services such as insurance, investments, and pension schemes. The shift towards weight-loss treatments may lead to a decrease in demand for these traditional services, resulting in slimmer profits for these companies.
The article also mentions that some of these companies, such as Aviva and L&G, have started to diversify their services by offering health and wellness products, including weight-loss treatments. This diversification may help these companies to adapt to the changing market conditions and maintain their profitability.
However, the article also raises concerns about the sustainability of the weight-loss jab market, pointing out that the long-term effects of these treatments are still not fully understood, and there may be risks associated with their use. Additionally, the high cost of these treatments may make them inaccessible to many people, potentially limiting their market potential.
The article concludes by suggesting that while the demand for weight-loss treatments may lead to slimmer profits for life and pensions companies, these companies may still benefit from diversifying their services to cater to the changing needs of their customers. However, it is crucial for these companies to carefully consider the potential risks and challenges associated with the weight-loss jab market in order to maintain their long-term profitability.
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Bullerwell & Co’s client is thrilled to receive a £5,000 grant from the Aviva Broker Community Fund, benefitting the Bedford region.
Bullerwell & Co, a leading insurance brokerage firm, is thrilled to announce that one of its clients has won £5,000 in the Aviva Broker Community Fund. This prestigious award is a testament to the hard work and commitment of the client, who has demonstrated a strong sense of community spirit and dedication to making a positive impact in their community.
The Aviva Broker Community Fund is a bi-annual award that recognizes and rewards individuals who are making a difference in their local communities. The fund is designed to support small charities, clubs, and organizations that are working to improve the lives of people in their area. The award is determined by a public vote, and the winners are chosen by Aviva’s broker network, of which Bullerwell & Co is a part.
The client who won the award, [Client Name], has been working tirelessly to support local charities and organizations in the Bedford area. Their dedication and commitment to community service have earned them a reputation as a true advocate for the community. The £5,000 award will be used to further their charitable efforts and make an even greater impact in the lives of those around them.
Bullerwell & Co is proud to have one of its clients recognized for their outstanding community work. The company’s Managing Director, [Name], praised the client, saying, “We are delighted to see one of our clients receive this well-deserved recognition. Their dedication to the community is truly inspiring, and we are honored to be able to support them in their charitable efforts.”
The client’s win is a testament to the importance of community engagement and the impact that one person can have when working towards a shared goal. The award also highlights the value of partnership and collaboration between organizations, brokers, and clients in making a positive difference in the world. As a broker, Bullerwell & Co is committed to supporting its clients in their community work, providing them with the resources and expertise they need to make a meaningful impact.
Overall, the announcement of the Aviva Broker Community Fund winner is a momentous occasion for both the client and Bullerwell & Co. It serves as a reminder of the power of community spirit, the importance of giving back, and the positive impact that one person can have when working together towards a common goal.
Amanda Blanc, Chief Executive Officer of Aviva, discusses the UK pension scene and market volatility at 7:03 a.m. Eastern Daylight Time on March 19, 2025.
Ms. Amanda Blanc is a seasoned business executive and leader, currently serving as the Chief Executive Officer (CEO) and Executive Director at Aviva Plc. She has an impressive track record of holding prominent positions in the insurance industry, including CEO-EMEA at Zurich Insurance Group AG, CEO at AXA Insurance Designated Activity Co., and Group CEO & Executive Director at AXA UK Plc.
Blanc’s expertise extends beyond the insurance sector, having also served as a Chairman at the Association of British Insurers and President at the Chartered Insurance Institute. Her leadership skills have not gone unnoticed, as she has been recognized through her appointments to the boards of several organizations, including Output Services Group, Inc., Welsh Rugby Union Ltd., and previously, Towergate PartnershipCo Ltd.
Blanc’s educational background is also notable, with an undergraduate degree from the University of Liverpool and an MBA from Leeds University Business School. Throughout her career, she has demonstrated a commitment to professional development and a keen ability to navigate complex organizational structures and leadership roles.
With her extensive experience in the insurance and financial services industries, Blanc is well-equipped to provide strategic guidance and direction to the organizations she serves. Her extensive network of contacts and leadership skills have undoubtedly made her a valued asset to the teams she has worked with. Overall, Ms. Amanda Blanc is an accomplished business leader with a impressive record of achievement and a strong track record of success.
Aviva selects AutoRek’s automated reconciliation solution to streamline their operations
Aviva, a leading insurance, wealth, and retirement business in the UK, has chosen AutoRek, a leading provider of automated reconciliation solutions, to implement a seamless and compliant reconciliation and CASS (Client Assets, Responsibilities, and Securities) process. This collaboration aims to increase efficiency and compliance by automating the reconciliation process, providing complete transparency for CASS auditors and internal stakeholders.
With AutoRek’s end-to-end platform, Aviva will be able to streamline its client money and regulatory reporting, reducing the manual effort and risk associated with manual processing. This will enable Aviva to reduce operational inefficiencies, streamline compliance, and enhance overall financial control.
Chris Golland, Head of CASS & Middle Office at Aviva, emphasizes the company’s commitment to investing in technology to drive growth, saying, “Following an extensive tender process, we were impressed with the quality of the AutoRek tool. The implementation of the AutoRek solution will streamline our processes and allow us to confidently address future scalability and volume requirements.”
Jack Niven, VP of Sales at AutoRek, expresses excitement to onboard Aviva as a client, stating, “We’re thrilled to work with Aviva, empowering them to achieve greater efficiency and accuracy in their operations. Together, we’re driving innovation and setting new benchmarks for financial excellence.”
The Aviva executive warns of an impending surge in chronic injury claims.
Declan O’Rourke, the CEO of Aviva Ireland’s general insurance business, has been involved in the industry for over three decades. He has experience working in various insurance companies, including AIG, where he spent 27 years before becoming the CEO of Aviva Ireland. In his current role, he is responsible for leading the company’s general insurance business, which includes a range of products such as car, home, and commercial insurance.
O’Rourke has been instrumental in the launch of Level Health, a new health insurance company that is a joint venture between Aviva and the founders of Vivas Health, which was acquired by Aviva in 2008. The new company offers a range of health insurance products, including four different plans, and is designed to be a simple and straightforward alternative to the more complex and expensive insurance options available in the Irish market.
In an interview, O’Rourke discussed the challenges facing the insurance industry in Ireland, including the high level of claims in the personal injury claims sector. He also spoke about the need for the industry to be more competitive and efficient, with fewer providers, and for the government to take a more active role in addressing the issue of fraudulent claims.
O’Rourke also highlighted the importance of insurance in times of crisis, such as after natural disasters like storms, and the need for insurance companies to be involved in the response efforts. He also spoke about the company’s environmental initiatives, including their sponsorship of the Lansdowne Road stadium, which has helped to raise awareness for important environmental issues.
In his personal life, O’Rourke is a family man who enjoys spending time with his five children, who are all involved in sports. He is also a keen mentor and coach, and coaches a youth hurling team in his spare time. His favorite film is “The Godfather” and he is currently reading a book called “The Rodfather” by Roddy Collins.
A warning has been issued to residents to prepare for potentially hazardous weather conditions, with freezing temperatures and a risk of flooding on the horizon.
As the UK prepares for a cold snap, residents are being advised to take precautions to protect themselves and their homes from the effects of freezing temperatures. Aviva, a leading insurance provider, has issued a list of steps to help residents stay safe and prevent damage to their homes and belongings.
The cold weather is expected to bring a range of issues, including frozen pipes, snow, and ice, as well as the risk of flooding as snow thaws. Aviva’s head of home claims, Laura Lazarus, emphasized the importance of taking precautions to prevent damage to homes and businesses.
The company has prepared a list of steps to help residents stay safe, including insulating exposed pipes, repairing leaky taps, and knowing where the stopcock is located in case of an emergency. Residents are also advised to sign up for flood warnings and prepare an emergency kit in case they need to evacuate their home.
If a pipe does burst, Aviva has provided a step-by-step guide on how to handle the situation, including turning off the water supply, locating the frozen pipe, and carefully thawing it using a hairdryer or warm towels. If the pipe is damaged, residents should turn off the power and call a qualified electrician to assess the situation.
Aviva is reminding customers to review their home insurance documents and register their claims online or through the MyAviva app if they experience damage to their home or belongings. The company’s claims team is on standby to help customers get their lives back to normal as quickly as possible.
Overall, Aviva is urging residents to take proactive steps to prepare for the cold weather and to be prepared in case of an emergency. By following these simple steps, residents can help minimize the impact of the cold snap and keep themselves and their homes safe.
According to the latest settlement ratios, Axis Max and HDFC secured the top spots with an impressive 99% rate, while Reliance Nippon trailed slightly behind at 94%.
The article discusses the importance of claim settlement ratio when it comes to life insurance, as it helps policyholders understand how likely an insurer is to honor their claims. The claim settlement ratio is the percentage of claims that an insurance company pays out of the total claims received. A higher claim settlement ratio is generally preferred, as it indicates that the insurer tends to honor most claims quickly and effectively.
The Insurance Regulatory and Development Authority of India (IRDAI) releases an annual handbook of Indian Insurance Statistics, which provides claim settlement ratios for all life insurers in the country. The data for 2023-2024 shows that the overall claim settlement ratio for the life insurance industry in India was 96.82%, with individual private life insurers having a higher claim settlement ratio of 99%.
The article also examines the claim settlement ratio of individual life insurers, with some companies, such as Kotak Mahindra, Ageas Federal, Future Generali, and Aviva, having a 100% claim settlement ratio. Other insurers, such as LIC, Axis Max Life, and HDFC, also have a high claim settlement ratio, with 96.42%, 99.79%, and 99.97%, respectively.
In addition to the claim settlement ratio, the article also discusses the claim settlement ratio by benefit amount, which measures the percentage of total claim benefit amount paid out within 30 days. HDFC has the highest claim settlement ratio by benefit amount, with 99.98%, followed closely by Axis Max Life with 99.97%.
In conclusion, the claim settlement ratio is an important factor to consider when choosing a life insurance company, as it indicates the likelihood of the insurer honoring claims. While a high claim settlement ratio is generally preferred, it is important to consider other factors such as coverage and premium payable as well.
HDFC, Max Life, and LIC have a superior track record when it comes to processing and settling claims.
The Insurance Regulatory and Development Authority of India (IRDAI) has released its annual report on the Claim Settlement Ratio (CSR) for 2023-24, which provides information on how different insurers handle claims. The overall CSR for individual death claims within 30 days, including both private insurers and Life Insurance Corporation of India (LIC), stood at 96.82%. The report highlights the performance of various life insurers in India.
Axis Max Life Insurance Limited, a private insurer, topped the list with a CSR of 99.79% in terms of number of policies, settling 19,569 policies within 30 days. HDFC Life Insurance Company Limited was second, with a CSR of 99.97%, settling 19,333 policies within 30 days. LIC, India’s largest public-sector insurer, topped the list in terms of the number of policies settled, with 7,99,612 policies settled within 30 days.
Some private insurers achieved 100% CSR, including Kotak Mahindra Life Insurance Company Limited, Ageas Federal Life Insurance Company Limited, Future Generali India Life Insurance Company Limited, and Aviva Life Insurance Company India Limited. HDFC Life Insurance and Axis Max Life Insurance topped the list in terms of CSR by benefit amount, with 99.98% and 99.97% of the total benefit amount paid out for claim settlement within 30 days, respectively.
The report also highlighted that private insurers led the list with the highest CSR (99%) in terms of the number of policies settled, with 1,51,770 policies settled within 30 days. The combined CSR of LIC and private insurers in India stood at 96.82%, with 9,51,382 policies settled within 30 days. The total benefit amount paid by private insurers in FY24 was Rs 10,038.72 crore, with 97.58% paid within 30 days.
Aviva, the UK’s second-largest insurance provider, has launched legal action against Palestine Action.
Protesters from Palestine Action have targeted the Manchester office of Aviva, an insurance company, by occupying the entrance and causing minor damage. The protest began at 7am on March 11, 2023, and some protesters even climbed on top of the revolving doors and hung Palestinian flags on the wall. Aviva has stated that it will take legal action in response to the protest, which has not affected service to customers.
This is not the first time Palestine Action has targeted Aviva, as the group also targeted the company’s office in Bristol in January. In a similar protest on March 10, 2023, protesters targeted Allianz’s London office, scaling the canopy above the entrance and leaving a trail of red paint and Palestinian flags.
Both Aviva and Allianz have condemned the protests, stating that while they respect the right to protest, they will not tolerate threats and criminal behavior that put people’s safety and security at risk. Both companies have also emphasized that their business operations and customer service have not been affected.
However, Palestine Action has stated that Aviva and Allianz directly enable the production of Israeli weapons in Britain by providing insurance to Israeli weapons factories. The group has vowed to continue taking direct action until these companies cease their ties with Elbit Systems, a company that produces military equipment for the Israeli military. The protests are a PR stunt to raise awareness about Israel’s treatment of the Palestinian people and the role that international corporations play in supporting the Israeli military.