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" We will settle motor claims within
a week" - Sam Ghosh, CEO, Bajaj Allianz Insurance.
1. How different are your non-life products from other
companies? What is your product USP?
We have been offering tariff as also non-tariff (14) products.
The products we have started with are those already available
in India. Additionally we have introduced a Hospital Cash
product. As regards our USP - we have to look at each product
separately. For e.g. in case of Motor insurance our USP is:-
- Issuance of policies at point of sale (e.g. dealers premises)
- Cashless claims settlement if vehicle is sent to our
authorised dealers.
In most non-tariff products we offer either lower premium
or better benefits at the same premium in comparison to the
public sector insurance companies.
2. A number of never-before products have entered the
market such as covers against hacking etc. Do you plan to
introduce any such innovative covers? When?
We have the following innovative products - Hospital Cash
(which gives a daily cash amount for the number of days spent
in the hospital. Besides we have - Directors & Officers liability
policy and Motor Dealers package policy. We are in the process
of introducing Credit insurance and a credit shield product
soon.
3. How many more covers do you plan to introduce in future?
During the course of this financial year we plan to introduce
another 10 products.
4. Within how much time will your company settle claims?
In the case of most simple claims, we plan to settle them
within a week.
5. How do you plan to go about selling motor insurance?
We will be selling motor insurance through motor dealers,
direct sales agents, finance companies, banks and corporate
agents.
6. Do you plan to introduce health covers?
We have already introduced and are selling Hospital cash
Product. Additionally, we also have a Hospital indemnity product,
which is initially being given to corporate customers but
will soon be rolled out to the retail market.
7. Do you plan to tie up with any TPAs? When?
We have tied up with one and are in discussion with the
others. Our plans are to tie up with third party administrators
(TPAs) who are strong in their geographic area.
8. How many agents do you have on your roll? How many
do you plan to recruit in future?
We are not recruiting and training individual agents. As
regards corporate agents we have around 170 working for us.
9. Which are the other distribution channels you plan
to try?
e are presently using our motor dealer network. Additionally
we are also trying to rope in travel agents, accountants,
chambers of commerce etc.
10. Entering multiple partnerships have become fairly
common to capitalize on the vast network. What are your plans?
We have already tied up with various finance companies and
banks for distribution of our products.
11. How many policies have you sold so far and what is
your target for this fiscal?
We have so far sold about 45000 policies in total. We plan
to sell around 130,000 to 150,000 policies by the end of this
financial year. The premiums received have been roughly 50
percent from the retail business and about 50 per cent from
corporate business.
12. Frauds in claim settlements is common and more so
in motor insurance. Several companies plan to employ loss
adjusters in place of surveyors who would come from diverse
fields to verify claims. How do you plan to reduce frauds?
In case of motor vehicle claims, motor vehicles need to
be taken to only authorized garages which are currently only
motor dealers garages. This can reduce frauds considerably.
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