Bajaj Allianz Life Insurance Company Limited

Bajaj Allianz Insurance Life Company Limited, established in 2005, is dedicated to helping individuals achieve their life goals. It offers valuable and innovative products that are easy to understand and purchase, catering to various needs such as protection, wealth creation, retirement solutions, etc. Beyond products, it provides tech-enabled services and service touchpoints, ensuring accessibility for its customers.

As a joint venture between Bajaj Finserv Limited, a leading non-banking financial institution in India, and Allianz SE, an established global insurer and asset manager, Bajaj Allianz Life Insurance Company Limited combines expertise and resources. With a focus on innovation and customer-centricity, it has become one of the fastest-growing life insurers in India. In recent years, it has created massive shifts in the life insurance industry through initiatives like SmartAssist, QR-code-enabled branch services, etc, delivering unique features and enhancing customer experience.

During the financial year from April 2022 to March 2023, Bajaj Allianz Life Insurance Company Limited issued 6,13,528 policies and received 7,31,810 claims.

Awards & Recognition

Bajaj Allianz Life Insurance Company Limited has received several prestigious awards and recognitions for its outstanding performance and contributions to the insurance industry -

• At the Future of Insurance Summit and Awards 2023, organised by UBS Forums Private Limited, Bajaj Allianz Life Insurance Company Limited was honoured as the “Best Life Insurance Company of the Year” - highlighting its overall business excellence.

• Bajaj Allianz Life Insurance Company Limited has also been recognised by Kincentric as the “Best Employer India 2022” and the “India Best Employer Club 2023” - underscoring its commitment to a people-first culture, fostered through organisational agility, engaging leadership, and a focus on talent development.

• At the 16th edition of Customer Fest Show 2023 (CX Special Edition), Bajaj Allianz Life Insurance Company Limited received the “Best Marketing Technology Stack of the Year'' award for its project on the Customer Data Platform (CDP) and was awarded “Best Use of Conversational Bot/Tool to Enhance Customer Experience” for the WhatsApp enhancements it introduced.

• The 16th edition of Customer Fest Show 2023 (CX Special Edition) acknowledged the company with the “Best Contactless Service Experience” award for its commitment to providing contactless service experiences and leveraging digital assets to enhance customer interactions and “Best Use of Webchats/AI/Robotics to Enhance Customer Experience” award for its utilisation of AI/NLP technology to offer customers an automated conversation medium.

Claim Settlement Ratio

Claim Settlement Ratio (CSR) is a key measure to assess how well an insurance company handles claim settlements. In the fiscal year 2021-22, Bajaj Allianz Life Insurance Company Limited achieved an impressive CSR of 99.02%. This means that they successfully resolved the majority of the claims they received, showcasing their proficiency in claims settlement. Another important aspect to consider is the Claim Amount Settlement Ratio, which stood at 93.45% during the same period. This ratio indicates the proportion of the claim amount they received that they paid out.

When evaluating an insurance company, it is important to analyse its CSR track record over the years. An insurer maintaining a high CSR steadily signifies their efficiency and reliability in settling claims.

Solvency Ratio

The Solvency Ratio is a measure that indicates the financial strength and stability of an insurance company. In India, the Insurance Regulatory and Development Authority (IRDAI) has set a minimum solvency ratio of 150% for insurance companies. This requirement ensures that companies have sufficient resources to fulfil their commitments.

As of March 31, 2023, Bajaj Allianz Life Insurance Company Limited proudly maintains an impressive solvency ratio of 516%. This indicates that it is in a solid financial position, exceeding the IRDAI's minimum requirement by a significant margin. It has ample financial capacity to fulfil its financial responsibilities smoothly.

Customer Service

• Toll-free Number
  If you have any questions or need help regarding your insurance policies, feel free to reach out to Bajaj Allianz Life Insurance Company Limited's customer service team through their toll-free number:1800-209-4040.

• E-mail
  For queries or concerns, you can also contact Bajaj Allianz Life Insurance Company Limited's customer support team by sending an email tocustomercare@bajajallianz.co.infor any queries, concerns, etc.

You can get in touch with Bajaj Allianz Life Insurance Company Limited through various alternative communication channels as well –

• Twitter: https://twitter.com/BajajAllianzLIC
  

• Facebook: https://www.facebook.com/bajajallianzlifeinsuranceltd

• WhatsApp: 8806727272.

Other Important Links

• You can manage your Bajaj Allianz Life Insurance Company Limited account effortlessly by visiting https://bajajallianzlifeonline.co.in/CustomerPortal/logon/index.jsp#!/register1.

• You can track the status of your policy by visiting https://webtracker.bajajallianz.com/PROPOSALTRACKER/Appln_Track/index.html#/.

• You can keep tabs on the status of your claim by visitinghttps://la.bajajallianzlife.com/pre-login-services/quick-links-services?cardTitle=Claim%20Center.