Bharti AXA General Insurance to Re-define Customer & Partner centricity post reaching landmark of Rs 1,000-crore Annual GWP in just over 4 years
- Over 3 lakh claims paid and over 2 million policies
- Empathetic Service at Fingertips and Fair, Friendly & Fast Claims settlement to be their future strategy to Re-define insurance in India
- Grow Partners by enhancing their capability to prospect & serve customers through Customer Relationship Management
- Focus on diversifying product mix by exponentially growing Commercial Lines of business
Mumbai, 27thNovember, 2012: Bharti AXA General Insurance Company Ltd, one of the fastest growing general insurance companies in India, has reached a major milestone by crossing the landmark figure of INR 1,000-crore in Gross Written Premium (GWP) for calendar year 2012.
Bharti AXA GI is the fastest ever multi-line general insurance company in the country to reach INR 1,000 crore landmark. This accomplishment has further consolidated its position in the general insurance since its inception in August 2008.
This significant achievement has been made possible by Bharti AXA General Insurance’s innovative products like Health, Zero Depreciation Add-Ons with Motor Product and Health Critical Illness benefit product that covers the maximum number of Critical Illnesses. The claims servicing, where it is paid over 3 lakhs claims since inception, has been instrumental in Bharti AXA general insurance gaining trust and confidence from its consumers & partners.
Future Market strategy
- Empathetic service delivery at the finger tips to customers & partners: including instant policy issuance, claims tracking, personalised claims handler services and service guarantees to redefine general insurance
- Invest in state of art CRM technology to improve the value proposition to partners via Customer Profiling & Customer Life Stage analysis
- Grow Commercial Lines by focusing on Marine & Project insurance, Package policies and focus on SME by leveraging the technical capabilities of the award winning Risk Engineering team
Commenting on crossing the milestone at the press conference, Dr. Amarnath Ananthanarayanan, CEO & MD, Bharti AXA General Insurance, said, “In just four years, we have built the trust of 2 million customers to become one of the fastest growing multiline general insurance companies in India. I sincerely thank our customers for showing confidence in us as well as sincerely appreciate the efforts of our partners and my colleagues who have helped us cross the INR 1,000-cr in GWP this year. We will focus on re-defining service levels, enhance partner capability & exponentially grow our Commercial Lines of business to become the preferred general insurance company in India.”
Despite being a late entrant (20thplayer) into the GI market, Bharti AXA GI has found a place because of its innovative approach. The company, which has focused on growing aggressively at over 45 % from 2011 to 2012, aims to consolidate and continue the momentum for the financial year 2013. This
includes portfolio improvement by maintaining consistency in service, moving from being a product player to providing innovative solutions, and focusing on the underserved segment, especially in tier- II and III cities.
Sampath Kumar, Chief Financial Officer, Bharti AXA General Insurance, said, “The year 2012 has been an eventful one for us as we crossed the magical figure of INR 1,000-crore mark. This achievement means a lot to us and we as an organization will look forward to grow our endeavours in all channels and elevate our business to higher levels with an expected growth rate of around 30% in the calendar year 2013.”
General Insurance Outlook for 2013
GI Sector Opportunities
- Upward price revision for declined risk pool for Third-Party commercial vehicles or Dis-mantling of Declined pool
- Revision of the Motor Vehicle Act with limitations of amount and time period for filing claim for Third-Party liability
- Abolition of Compulsory Cessions to GIC Re
- Open architecture for Bancassurance
- Un-tapped Health insurance, Semi-Urban & Rural market
- Rates for Commercial Lines & Group Health moving upwards
GI Sector Threats
- Automobile Sector, Infrastructure Growth & Overall Economy Slowing Down
- Interest Rates expected to move down affecting investment income
Bharti AXA GI already has a wide range of products in its repertoire. The product range of 58 products caters to customers small and large; rural to semi-urban to urban; private individuals to commercial and from small enterprises to large industries. For each segment an ensemble of products has been conceived and designed to meet the varying needs of the customers.
Brief look at Bharti AXA General Insurance: Business update
- Over 2 Million policies sold and over 3 lakh claims settled since inception
- Top three contributors to the overall business are Motor insurance at 68%, followed by Health and Personal Accident at 21% and Commercial Lines at 11% for calendar year 2012
- In terms of zonal contributions, the West leads with 35%, followed by the North at 32%, the South at 27% and the East at 6% for calendar year 2012
- Tie-ups for cashless settlements with over 3,800 hospitals and 2,000 car garages across India.
For more details please contact
Atul Malikram
9827092823