Page 13 - Insurance Times December 2019

Private Life Insurance

News

Reliance Nippon Life ex- Bajaj Allianz joins hands with Axis to sell insurance
pects to achieve double- products
In a bid to give a boost, Bajaj Allianz Life has signed a bancassurance agree-
digit growth in next 5 ment with Axis Bank. Bajaj Allianz had, also entered
years into a partnership with Syndicate Bank in August.
Reliance Nippon Life Insurance has Speaking on the occasion, Tarun Chugh, Managing Di-
recently said rector & CEO, Bajaj Allianz Life, said, “Our growth mo-
that it antici- mentum will be further fuelled by bank partnerships,
pates double- and I believe they’ll play a key role in doing so for
digit growth the next few years.”
within the
next five years. Max Life Insurance plans to expand Max Life Innovation
Ashish Vohra, Chief Executive Of- Labs' scope
ficer, said, "The recent sluggishness Max Life Insurance Co. Ltd is expanding its insurtech accelerator programme
in the premium growth for Reliance Max Life Innovation Labs' scope to include
Nippon Life Insurance is just a blip distinct business challenges and bringing on
and a result of a thought-out strat- board strategic ecosystem partners to pro-
egy."
vide mentoring and business support to
"We are optimising several levers. startups.
We are optimising for sales growth,
It is presently now expanding the scope of fo-
profitability growth, quality, consis-
cus areas to include new challenges inclusive
tency and for customer retention. In
the last 3-4 months, the company of speech recognition, document parsing, al-
has decided to slow down some seg- ternate to conventional medical tests and integrated financial view for cus-
ments,” Vohra added. tomer.
"The industry growth rate at this Business teams at Max Life have identified additional use cases that will allow
time is above 10 percent. My view the participants in order to build scalable solutions by leveraging new age tech-
is that we will deliver broadly an nologies such as artificial intelligence, blockchain, internet of things, big data
industry growth rate kind of a pre- to facilitate greater novelty in the insurance sector.
mium delivery. I think in the next Max Life, under this team, is inviting disruptive startups and out of the box
few years, a sustainable growth rate thinkers to partner with them in creating futuristic techbased solutions for Max
would be equal to an industry Life in a rapidly advancing life insurance industry. Prashant Tripathy, CEO and
growth rate. My view on industry Managing Director, Max Life said in a statement, “Since the launch of the ac-
growth rate is somewhere between celerator programme, we have received eager responses from startups which
10 percent and 15 percent kind of a has led us to expand the scope of problem areas and initiate partnerships that
number," he stated. shall expand the reach of the programme further.”

The Insurance Times, December 2019 13