As the lead life insurer under the State Insurance Awareness plan in Maharashtra, allotted by the Insurance Regulatory and Development Authority of India (IRDAI), ABSLI organized the camp in various locations across Pune, including Ambegaon, Rajgurunagar, Shirur, Chakan, Wagholi, Manjir, Uruli Kanchan, Phursungi, and Saswad. The primary objective of the activity was to raise awareness about the significance of life insurance.

The camps enabled the participants to avail free health check-ups, conducted by a team of medical staff from various Govt. and Non-Govt. health care units in Pune. ABSLI also distributed informational materials highlighting the various benefits of life insurance and ways to secure one’s financial future through appropriate insurance options. The insurance awareness camp in Pune witnessed an impressive turnout, with over 2,000 individuals in attendance.

To make education about life insurance relatable and engaging, ABSLI organized a series of street play performances in multiple neighborhoods of the city, which garnered hundreds of viewers. These street plays were thoughtfully crafted to resonate with one’s everyday life and effectively conveyed the importance of life insurance and its role in securing one’s financial future.

Aditya Birla Sun Life Insurance’s initiative to organize a free health check-up and insurance awareness camp in Pune, Maharashtra, is a commendable effort to raise awareness about the significance of life insurance and its role in securing one’s financial future. The event’s success and the impressive turnout are a testament to the importance of such initiatives in promoting insurance awareness and inclusion in the country.

As a part of IRDAI’s State Insurance Plan to promote insurance awareness, reach, and inclusion in the entire country, ABSLI will continue to organize such insurance awareness campaigns in and around Maharashtra throughout the year to ensure that people have adequate access to valuable information about its importance and its role in safeguarding and protecting one’s financial future. ABSLI recently organized a successful health check-up camp in Kolhapur, and similar activities are in the pipeline for Satara and Sangli.

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The Health Management Services aim to empower Bajaj Allianz Life’s valued customers with not only financial protection but also proactive health management tools. Policyholders can consult qualified medical professionals remotely, offering them immediate access to medical expertise. They have access to a range of network discounts applicable to medicines, lab test bookings, outpatient consultations, and in-patient hospitalizations, reducing their annual healthcare expenditures.

Rajesh Krishnan, Chief Operations Officer, Bajaj Allianz Life Insurance, said, “At Bajaj Allianz Life, we take pride in enabling life goals for our customers, hence our product propositions are constantly evolving according to customer needs. Making Health Management Services available along with Bajaj Allianz Life eTouch was only a natural extension of our promise toward customers’ holistic well-being. These services help in easy and quick access to medical consultation, thereby aiding our customers in their financial and health objectives, all conveniently integrated into one place. Our goal is to have a bouquet of such propositions that our customers can avail from, in line with our customer-first philosophy.“

The Health Management Services offer two Doctor Insta consultations per month, access to healthcare professionals through teleconsultations, and network discounts on medicines, lab test bookings, outpatient consultations, and in-patient hospitalizations.

Bajaj Allianz Life Insurance continues its journey of transformation through its products and tech-enabled state-of-the-art services to enhance customer delight. The company now serves over 4.6 crore individual and group customers and manages Assets Under Management to the tune of over Rs. 96,894 crores with an Individual Claim Settlement Ratio of 99.04% and a Solvency Ratio of 516%.

Bajaj Allianz Life Insurance’s Health Management Services are a step towards providing an ecosystem for holistic well-being to its customers. The services offer an array of benefits, including doctor consultations and network discounts, reducing annual healthcare expenditures. The company’s commitment to providing innovative life insurance products and seamless service platforms enabled through the latest technologies is evident in its product propositions.

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The products offered by Bajaj Allianz Life Insurance include term, savings, retirement, and investment plans. The insurer will also offer South Indian Bank’s customers an extensive range of services to ensure they have a seamless experience, including customer service on WhatsApp, LifeAssist- the insurer’s dedicated app, a website in over 10 languages, a call center, and more.

Mr. Dheeraj Sehgal, Chief Distribution Officer- Institutional Business, Bajaj Allianz Life Insurance, said, “Bajaj Allianz Life and South Indian Bank have shared goals of empowering customers with a strong financial portfolio. This partnership will enable us to harness our combined reach and offer customers with investment and risk mitigation products all under one roof.”

Sanchay Kumar Sinha, CGM & Country Head- Retail Banking Department, South Indian Bank, said, “We are excited to partner with Bajaj Allianz Life Insurance, a trusted name in the life insurance industry, and provide their diverse range of life insurance solutions across our touchpoints. Through this alliance, we aim to strengthen our commitment to financial inclusion by making comprehensive insurance coverage easily accessible by all.“

Bajaj Allianz Life Insurance now serves over 2.82 crore individual customers and many more through its Group plans. The company manages Assets Under Management to the tune of over Rs. 95,, 317 crores with an Individual Claim Settlement Ratio of 99.04% for FY 2022-23 and a Solvency Ratio of 516% as on 31st March 2023.

The partnership between Bajaj Allianz Life Insurance and South Indian Bank is expected to empower customers with long-term financial goals and provide them with a seamless experience.

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Singh’s leadership will be instrumental in harnessing the power of emerging technologies, optimizing operational efficiencies, and further enhancing Aviva’s digital products and services. He will report directly to Asit Rath, CEO & MD, and take over the Product and technology responsibility, previously handled by Kunal Anand, Chief Operations and Customer Services Officer.

Asit Rath, CEO & MD, of Aviva India, said, “We are pleased to welcome Gyan to the Aviva India family. He brings exceptional leadership qualities and a profound understanding of the technology landscape. As we continue to invest in cutting-edge technology, Gyan’s leadership will be instrumental in helping us deliver innovative solutions that meet the evolving needs of our customers.“

Gyanendra Singh has over 20 years of experience in BFSI technology development, with expertise in application development, data engineering, business intelligence, platform engineering, Info Sec, various Artificial Intelligence disciplines, and vendor management. Prior to joining Aviva India, Singh was the CTO at Toffee Insurance, where he scaled and built Digital Insurance distribution and Auto loan aggregation capability. Prior to that, he was Director, Technology Development at BlackRock India & Singapore, and Product Delivery Head at Polaris Financial Technology.

Aviva Life Insurance Company India Limited is a joint venture between Dabur Invest Corp and Aviva International Holdings Limited, a UK-based insurance group. Aviva International has been associated with India since 1834.

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As a prominent direct insurance broker, Lord’s Mark Insurance Broking is currently engaged in discussions with a multinational insurance company to establish an innovative partnership to deliver comprehensive insurance services.

Commenting on the launch Mr. Raghav Santosh, Managing Director of Lords Mark Insurance Broking Services Pvt. Ltd. “Within India, a mere 6% of individuals currently possess Insurance policies or coverage, indicating a substantial 94% segment that remains untapped. Our principal objective is to impart knowledge while creating awareness of the insurance options. Through Bimaakavach, our strategic initiative seeks to penetrate this vast potential market given the medium of digital-ease. We are delighted to launch such a platform that will cater to the holistic needs of the clients with an array of suitable insurance policies.’’

The innovative portal, Bimaakawach epitomizes simplicity, convenience, and comprehensive insurance coverage, the portal’s payment options are equally hassle-free, offering multiple choices such as UPI, Pay Phone, Google Pay, internet banking, debit card, and credit card, making transactions convenient for users. The portal is also accessible to individuals who are unemployed or underemployed, offering them an opportunity to generate income through the role of Point of Sale Person (POSP). This initiative aligns with our commitment to social responsibility by providing employment opportunities to people living in remote areas of India.

Lords Mark Insurance Broking Services Pvt. Ltd. is dedicated to enhancing their portal’s offerings further, with plans to incorporate free insurance news bulletins and a self-risk assessment window. The platform will also feature comprehensive company-wise and product-wise policy comparisons, enabling users to make informed decisions based on risk coverage and pricing. In the near future, we will be introducing premium funding options for clients with a strong credit history who may be facing liquidity constraints that prevent them from timely policy renewals or purchases. The company’s expertise lies in providing insurance services under the categories of Term Insurance, Investment Plans, Vehicle Insurance, Health Insurance, marine & hull insurance, property insurance, contractor all-risk cover, and other liability insurance. A separate vertical is also working for Agriculture Insurance like as crop insurance and cattle insurance to inculcate the insurance culture in rural areas.

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BENGALURU: Max Life Insurance Company Ltd. (“Max Life” / “Company”) announces its partnership with DCB Bank Ltd. (DCB Bank/ the Bank), a new-generation private sector bank in India. Through this collaboration, Max Life and DCB Bank will provide a variety of life insurance products to the Bank’s customers, including term, savings, and retirement plans, allowing them to protect their financial future and expand their investment portfolio.

DCB Bank is a new-generation private sector bank with 427 branches across India with contemporary technology and infrastructure, including state-of-art Internet banking for personal and business banking services. The business tie-up will offer Bank customers access to Max Life’s protection and long-term savings solutions, offering financial stability for themselves and their families.

V. Viswanand, Deputy Managing Director, Max Life said, “We are delighted to join forces with DCB Bank as part of our growing Bancassurance network. DCB Bank’s customer-centric approach and widespread reach make them an ideal partner for Max Life. Through this collaboration, we aim to provide superior customer experience by offering top-notch products, digital servicing, and an omni-channel approach.”

Praveen Kutty, Head of Retail Banking, at DCB Bank, said, “DCB Bank’s tie-up with Max Life will pave the way for adaptable, and varied life insurance products for our customers. Through this partnership, we aim to empower our customers by providing them with innovative and flexible life insurance products that cater to their needs. We are confident that Max Life’s bouquet of customized need-based products, along with the Bank’s growing reach and strong technology capabilities, shall improve insurance penetration across the branch network.”

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To tackle hefty medical bills and minimize out-of-pocket spending Health Insurance becomes essential. Understanding its significance, nowadays, an increasing number of people opt for Health Insurance. Yet there are many people who still hesitate to invest in Health Insurance. The reason for this hesitation can be attributed to various misconceptions revolving around claim settlement by Health Insurance companies, among others. Hence it is essential to know about how the claim process works, what are the different types of claims, etc. as this will help minimize last-minute hassles.

There are two types of claims in Health Insurance – Cashless Claims and Reimbursement Claims. Knowing how each one of them works will come in handy at times of need.

Cashless Claim

It is a type of Health Insurance claim in which the Insurance company will directly settle with the hospital. Thus policyholders do not have to spend for medical bills out-of-pocket. The cashless claim can be availed for both planned hospitalization as well as emergency hospitalization. But it is crucial to remember that such a claim can be availed only if the treatment is taken in a Network Hospital. This is where many people face troubles during claim settlement.

Every Health Insurance company has tie-ups with a group of hospitals known as Network Hospitals. These hospitals will usually be listed on the official website of the respective Health Insurance companies. People can also get such information from intermediaries and Health Insurance agents.

For planned hospitalization, the policyholder can inform the insurer about the hospital admission typically from forty-eight to seventy-two hours in advance. However, no prior information needs to be given to the insurer in case of emergency hospitalization. But it must be communicated to the insurer within 24 hours of the hospital admission.

A cashless claim facility is indeed one of the biggest benefits in Health Insurance. While purchasing a Health Insurance policy, it is wise to choose an insurer that has a wide network of hospitals as people do not have to have a hard time finding the company’s network hospitals to avail of cashless treatment. In that regard, Star Health and Allied Insurance Co Ltd. have an extended network of over 14,000+ Network Hospitals spread across the country ensuring quality health care to people. It is important to know that cashless hospitalization is available for Group Health Insurance policies as well.

Reimbursement Claim

There may be times when people have to undergo treatments in non-network hospitals either due to some situations or lack of awareness. These are the hospitals with which the Health Insurance companies do not have tie-ups, and people cannot avail of cashless treatment facilities in those hospitals. However, still they are eligible to make claims in the form of reimbursements. The policyholder initially has to pay the hospital bills and request for reimbursement by submitting necessary documents including the proof of hospital bills as required by the insurer.

To sum up, knowledge about Health Insurance claims is crucial to avoid claim rejections and other claim-related troubles. Cashless claims can come in handy when getting admitted to network hospitals, whereas, in case of hospital admission in non-network hospitals, the policyholders can get coverage in the form of reimbursements. To avoid any last-minute hassle and rejection of cashless claims, it is better to check the network hospitals in and around your locality.

Photo by Lesly Juarez on Unsplash

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INDIA: ICICI Lombard General Insurance and ICICI Prudential Life Insurance have jointly launched an insurance solution, ‘iShield’, which will provide customers with both health and life insurance. iShield will enable customers to take care of expenses required for medical treatments. Besides, it will also provide a lump sum amount to the family in case of the unfortunate demise of the policyholder.

The health insurance component covers expenses related to hospitalization, day-care treatments, pre and post-hospitalization, and homecare treatment, to name just a few. On the other hand, the life insurance cover will continue till the age of 85 ensuring the family has sufficient financial resources to continue with their lives.

Health ailments and the risk of loss of life pose the greatest threat to customers and their family’s financial security. The twin benefits of health and life insurance, offered by this solution, make this a must-have to ensure financial security.

iShield, with its two-in-one benefit, will provide customers the convenience of managing their health and life insurance needs through a single proposition instead of purchasing separate products for each of them. Customers can easily purchase this solution by filling in a single application and undergoing a medical check-up. Besides the vast agent network, multiple easy-to-use touchpoints such as the company website or the mobile app will provide customers with a hassle-free purchase and premium payment experience.

Speaking on the launch of the product, Sanjeev Mantri, Executive Director, ICICI Lombard said, “iShield is a one-of-its-kind offering that is synergistic in capabilities and shares the brand values of ICICI Prudential Life Insurance and ICICI Lombard. The overarching principle that we have kept in mind while designing this solution is to provide customers with a comprehensive dual benefit of health and life insurance solutions along with a seamless single-window customer experience. We aim to provide customers with a cover that provides them and their families complete security for physical and financial well-being. Our expertise in health insurance combined with ICICI Prudential Life’s proficiency in life insurance will ensure that the customer is given the best of both worlds.”

Amit Palta, Chief Distribution Officer, ICICI Prudential Life Insurance said, “We are delighted to partner with ICICI Lombard General Insurance to offer ‘iShield’, an innovative proposition which addresses the two topmost insurance needs of customers, – health and life. The pandemic has exposed the fragility of human life and disrupted the financial savings of families. This comprehensive proposition will enable customers to ensure the family’s financial savings are not depleted due to medical treatment or the untimely demise of the breadwinner. Our approach to product development centers on addressing the stated and latent needs of customers. We understand that customers prefer a single product that can address their health and life insurance needs. Both ICICI Lombard General Insurance and ICICI Prudential Life Insurance are organizations built on the ethos of customer-centricity. The digital platforms of both partners are geared to offer customers a hassle-free and quick buying experience.“

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The sessions were graced by Mr. Ramesh Iyer, Vice Chairman, and MD, Mahindra Finance,  Guest of Honour Mr HO Suri, Managing Director, IFFCO Tokio along with Mr. Manish Raj Singhania, President, FADA; Mr CS Vigneshwar, Vice President FADA, Mr. Sai Giridhar, Secretary – FADA; Mr Amar Jatin Sheth, Treasurer FADA and Mr. Sachin Mahajan, State Chairperson Maharashtra led the sessions along with other FADA dignitaries and some of the industry leaders from Finance & Insurance sector.

Expressing his gratitude to the distinguished guests and appreciating the role played by the insurance and finance sectors in shaping the automobile industry and helping to revive it, Mr. Manish Raj Singhania, President of FADA, said, “Finance & Insurance (F&I) has always been the foundation of the Indian economy and the sector has significantly aided in the expansion of the Indian auto industry and the dealer network in recent years. Dealerships are a dynamic industry that frequently needs financial support; the finance and insurance sectors have consistently provided us with the greatest assistance possible. The insurance and financial sectors are crucial in reviving industrial confidence on both the supply and demand sides.  FADA as an association, with efficient use of technologies, aims to make finance and insurance more accessible, affordable, and future-ready to catalyze a resurgence in vehicle purchases and thus bolster our auto sales. We together aim to adopt practices that support both the dealer in maintaining a comprehensive vehicle line-up and the financier in ensuring their investment is safeguarded.”

He further added, “As a responsible association, FADA stands committed to addressing various obstacles that the auto industry faces today such as rising interest rates, slow-moving vehicle inventory build-up at dealerships, supply chain constraints, the increased cost of funds and the ever-evolving IRDAI norms. The association also actively works towards complex factors in banks and finance companies wherein FADA urges  them not to extend the inventory cycle beyond 60 days, keeping in view the precarious nature of inventory management and the necessity for quick stock turnover.”

Power Panel I: Financing the Future of Auto Retail: Smart Strategies for Growth and Profitability

The first power panel highlights how the automotive industry’s dynamics are evolving along with the changes happening in the financial market. The panel focuses on important industry issues that are being addressed along with various ongoing challenges and smart strategies adopted for the growth and profitability of the future. Also, the panel describes the role of mergers and acquisitions in sharing the industry’s needs by offering opportunities, cost savings, and synergies further contributing to a stronger and more resilient industry.

The power panel 1 was moderated by Mr. Ketan Thakkar, Group Business Editor, Autocar India & Autocar Professional along with industry stalwarts like Mr. Lavesh K Sardana, Country Head-Retail Assets & Debt Management, Yes Bank, Mr. Parveen Naruka, Head Sales, Kuwy, Mr. Raul Rebello, Chief Operating Officer, Mahindra Finance, Mr. Vikas Pandey, Sr. Executive Vice President HDFC Bank and Mr. Sharvik Shah, State Chairperson, Rajasthan & Director, Rajesh Motors (Auto) Pvt Ltd

Power Panel II: Insurance Innovation for Auto Retail: Challenges, Regulations, and the Path to Comprehensive Coverage

The second power session focused on the Automotive Industry and Vehicle Insurance. The session discussed how vehicle Insurance has developed into a more significant option for business owners to maintain a longer relationship with their customers. The panelist discussed the ongoing challenges, government regulations, innovative solutions to address the problems, and the path to comprehensive insurance coverage for customers. Innovative strategies such as ‘cross–selling’ and ‘Umbrella Policy’ were an important aspect of the session which can benefit the industry by maximizing the revenue, both for auto dealers and insurance companies, by diversifying their offerings further creating a more robust and sustainable business model.

The panelists for Power Panel 2 were Mr. Amit Sureka, Joint President-Motor Business, HDFC ERGO General Insurance, Mr. Nitin Khanna, Business Head, ICICI Lombard General Insurance, Dr. Sandeep Dadia, CEO and Principal Officer, Aditya Birla Insurance Brokers Ltd, Ms. Sreedevi Nair, General Manager, New India Assurance Co. Ltd., Mr. Vedanarayanan Seshadri, Managing Director & Principal Officer, Mahindra Insurance Brokers Ltd., Dr. MP Shyam, Executive Member FADA & Managing Director, Advaith Motors Pvt Ltd, and the session was Mr. Amit Roy, Partner at PwC – Insurance & Allied Businesses

The Finance & Insurance summit was further extended to FADA Golden Dealership Awards 2023 to celebrate the legacies of dealerships that have been in existence for over fifty years along with the FADA Dealership Excellence Awards, a recognition equivalent of the Oscars in the Auto Retail Industry.

Enlightening the event, a motivational session was also held wherein Mr. Shekhar Suman, actor, anchor, and producer shared his wisdom and experience along with Mumbai’s iconic Dabbawalla’s grace the summit highlighting their ingenious model of process management and quality assurance, further motivating the auto industry to work on similar principles.

The objective of the summit was to bring industry leaders together at one platform to explore future trends. The summit and award ceremony witnessed the participation of over 275 auto retailers and delegates representatives from the Maharashtra region.

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PUNE: Bajaj Allianz Life, one of the leading private life insurers, has announced the opening of its first representative office in Dubai, UAE. The expansion of its presence in the region is in line with the Company’s strategy to deliver on its Customer First promise to its NRI customers based in Dubai and the GCC region.

The Company’s representative office will enable any customer to walk in and experience a seamless customer service journey. Customers with Bajaj Allianz Life’s products, ranging from protection, investments, savings, and retirement, will now find it easier, simpler, and faster to resolve their queries and receive any relevant updates. With a sizeable NRI customer base in the GCC region, the Company will focus on offering unhindered service with regard to the customer’s policy as well as resolving queries related to fund values and more.

Commenting on the Company’s international expansion, Mr. Tarun Chugh, MD & CEO, of Bajaj Allianz Life Insurance said, “GCC’s sizable NRI community is of pivotal importance to us, and we are glad to have had the opportunity to be present there through our new office. The Company is geared to offer customers a seamless experience and ensure their life goals journey remains on track. With our Customer First focus, we are glad to extend our service in the region through empowered teams, the latest technologies, and contextual innovations to ensure every engagement our NRI customers have with us is a delight. I’m confident that we will continuously invest in this proposition to ensure we remain the preferred life insurer of our NRI customers.”

The opening of the representative office in Dubai marks an important milestone in Bajaj Allianz Life’s growth strategy and demonstrates the Company’s commitment to better serving its customers in the Gulf market.

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