Page 12 - Insurance Times November 2019

Private Life Insurance

News

M Pallonji likely to exit SBI Life Insurance increases to Rs 872 cr after Q2 results
SBI Life Insurance Company grew 3.91% to Rs 872.50 after the insurer declared
from PNB MetLife India its Q2 figures. New Business Premium (NBP)
Insurance jumped 40% to Rs 7,820 crore in the first half of
the year ending March 2020 (H1 FY2020) over Rs
5,570 in H1 FY2019.
The insurer said that it gained a leadership posi-
tion in Individual NBP amongst private life insurers with a growth of 30% and
market share of 22.3%. Renewal Premium (RP) soared 33% to Rs 9,120 crore
in H1 FY2020 compared with Rs 6,870 in H1 FY2019.
The Gross Written Premium (GWP) surged 36% to Rs 16,940 in H1 FY2020 as
The M Pallonji Group, the PNB against Rs 12,440 in H1 FY2019. The operating expense ratio fell to 6.5% in H1
MetLife India Insurance Company’s FY2020 over 7.8% in H1 FY2019.
largest shareholder at the time of in-
Using the effective tax rate system, the Indian Embedded Value (IEV) jumped
corporation in 2001, is now looking 24% to Rs 26,150 in in H1 FY2020 as against Rs 21,170 in H1 FY2019. The Value
to dilute its entire shareholding in
of New Business (VoNB) grew 33% to Rs 940 crore in H1 FY2020 compared with
the firm. The sources informed that Rs 710 crore in H1 FY2019. The New Business (VoNB) margin improved to 20.2%
the conglomerate is exploring an
in H1 FY2020 over 19.2% in H1 FY2019.
exit and is looking to sell its 17.15%
stake held by its flagship company Bajaj Allianz Life Insurance launches all new video call-
M Pallonji & Company Pvt.
ing service i-SERV
“M Pallonji & Company entered the
company 18 years back and is the Bajaj Allianz Life Insurance has recently launched i-SERV, a first-of-its-kind video
calling service within the life insurance industry. The insurer
oldest existing non-promoter share-
holder along with J&K Bank. It is has designed i-SERV in order to enhance the customer ex-
perience and provide swift resolutions to their queries.
now keen on an exit due to its de-
Customers need to head to the video booth (kiosk) and con-
layed IPO plans and uncertainty
nect with a Bajaj Allianz Life customer service representa-
around the exact timing of its listing.
tive on a video call. i-SERV offers a wide range of services and covers almost all
The expected valuation for their
stake is between Rs 2,000 crore and the transactions currently offered at a branch physically. This service is available
to customers across 125 Bajaj Allianz Life branches in 112 cities.
Rs 2,500 crore,” said a source.
Kayzad Hiramanek, Chief - Operations and Customer Experience, Bajaj Allianz
Another source said private equity
Life said, “In the digital era, we have ensured to include a human element while
players, keen on the domestic life in- managing our customer experience journey. i-SERV, a simple yet effective so-
surance segment, are likely to ex-
lution, is another step in that direction. Customers will not only get their que-
press interest in this proposed trans-
ries resolved in a couple of clicks, but also have a human interface while doing
action.
so, which we believe is essential in getting our customer service goals done.”
12 The Insurance Times, November 2019