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Interview of Mr Kamesh Goyal, CEO,
Bajaj Allianz General Insurance Company
In what way will your recently announced tie up
between your life and general insurance companies and BHW
Birla Home Finance benefit the masses?
The tie-up would benefit the masses as both the customers
can get insurance products and home loans under a single
umbrella. BHW Birla Home Finance would be selling life and
general insurance products to their customer base and thus
they need not go anywhere else for their insurance needs.
Such cross selling is already underway in case
of a number of life insurance/leading home finance companies.
How different is your tie up and what additional benefits
will it bring for customers?
The success of such tie-ups would have to be viewed in
totality. Bajaj Allianz General Insurance has tie-ups with
as many as 10 major banks and are running successfully.
We have also launched customized and exclusive products
for some of these banks, which have been very popular like
K-Home Secure and K-Health Care for Karnataka Bank customers
and similar customized plans for Jammu & Kashmir Bank
account holders.
We would plan such customized and exclusive products for
BHW Birla Home Finance customers also.
Will the tie up enable life insurance companies
to also cross sell home finance products and vice versa?
Our relationship and our tie-up with BHW Birla Home Finance
is that of corporate agency which allows them to sell Bajaj
Allianz life insurance products to their customers by which
they can increase their fee-based income.
What extra benefits will the tie up bring for
your existing
customers?
We are working on the details and would launch exclusive
products with benefits very shortly.
What kind of never-before customized products
are in the offing for customers?
There are several products, which can be offered as a
customized and exclusive products for their customers.
You have recently launched 'Nischint' a personal
accident insurance product. How different is it from the
already available products in the market?
The newly launched product 'Nischint' is in association
with A R Insurance brokers, is a customized product to cover
all accidental risks even the loss/termination of employment
due to accident.
This unique product is bundling of pure Personal Accident
cover and Hospital Cash. The product is available in the
market.
Bajaj Allianz has also decided to set up its own
TPA. In what way will it reduce the hassles otherwise faced
by customers when it comes to dealing with TPAs?
Bajaj Allianz has started a Health Insurance Administration
cell to handle some of the large corporates on an experimental
basis. We feel this is a small step to provide a customized
service to our clients. Since our system is still on an
experimental basis, it is too early to discuss about its
success or failure. But we are sure that most of the hassles
faced by our clients can be reduced if the system is managed
by us.
What is your target for this fiscal?
Bajaj Allianz is targeting a premium income of Rs.750
crores by the end of this fiscal. Bajaj Allianz has crossed
Rs.400 crore by the end of September 2004.
What innovative policies do you have in your product
range?
Bajaj Allianz has recently launched a product 'Shubh Yatra'
for
domestic travelers in India. This unique product covers
all accidental emergencies including hospitalization and
protecting the house against fire and burglary, when the
travelers are away for business or pleasure.
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