Page 16 - Insurance Times January 2023

New business premium of cent in the past three months. Analysts that, there's this company which has
said increased activity after a constantly been keeping customer and
life insurers up 30% in
slowdown in business in October due to the distributor needs as the central
November the festival season could be the reason point of focus and we have
for higher growth in November. transformed our talent pool, our
Life insurance companies reported a 30
technology, our processes, innovated
per cent year-on-year (YoY) growth in
Bajaj Allianz Life eyeing
new business premiums (NBP) in our products keeping these two
more bank partnerships entities at the centre of everything
November due to good performance
that we've done so far and, hence, we
by Life Insurance Corporation (LIC), Bajaj Allianz Life Insurance Company,
call ourselves Bespoke Bank
even as private insurers saw their is now doubling down on its
Assurance".
premium growth moderating. bancassurance play that has paid rich
dividends over the last five years, Sehgal highlighted that BALIC's
The new business premium as per
propelling the share of its institutional institutional business growth have
IRDAI data was to the tune of Rs
business in its overall revenue mix from recorded 5 year (FY17 to FY22)
35,458 crore in November, up 30 per
about 8 per cent in 2017 to 51 per cent compounded annual growth rate
cent YoY.
in 2022, a top company official said. (CAGR) of 67 per cent (on individual
While private sector insurers reported
IRDAI's recent regulatory move to rated new business).
marginal growth of 2 per cent YoY to
widen the open architecture for
Rs 11,426 crore, LIC's NBP soared 51 LIC launches WhatsApp
bancassurance - allowing a bank to
per cent YoY to Rs 24,032 crore during
distribute products of 9 insurers (earlier service
the same period.
3) in each of life, General and health Life Insurance Service (LIC) has started
LIC's growth in NBP was mostly driven
segments - has prompted BALIC to to provide its service on popular
by group single premiums, which were
scout for more bank tie-ups and keep
communication app WhatsApp. All the
up almost 70 per cent YoY in
the growth momentum growing to
registered LIC policy holders can avail
November.
scale newer heights, Dheeraj Sehgal,
the services in the comfort of home
LIC is the largest player in the group Chief Distribution Officer-IB, told.
and at their fingertips. LIC has
single premium market.
"We already have partnerships with 24 informed about this new development
However, on an annualised premium banks. But this does not mean we will in a Press release.
equivalent (APE) basis, private sector rest on our laurels. We will continue to Policyholders who have registered their
life insurance companies grew 21 per be focused on growth, stay very very
Policies on the LIC Portal will be able
cent, following a 3-11 per cent growth hungry for partnerships and continue
to make use of these services on
over the past three months. to innovate", Sehgal said. WhatsApp by saying 'Hi' on Mobile No.
Likewise, LIC's premium on an APE "We will continue to scout for more 8976862090. The service will be
basis was up 30 per cent YoY in partnerships. What we're there to beneficial to customers and can help to
November, as opposed to 11-15 per showcase to the distribution industry is make the organisation digital-orient.
The Insurance Times January 2023 13