Page 33 - Banking Finance August 2017

INTERVIEW

Insurance, we have been encouraging this with slew of costs along with increasing incidence of new and fatal
initiatives like #TweetInsurance, Motor OTS, Travel Ezee, diseases. We have been participating in government
etc. which makes policy purchase more simpler and easier schemes and introducing policies that not only cover
for customers. treatment through modern medicines but also traditional
treatment like Ayurveda, Homeopathy, Unani, etc. Thus,
How has been your performance in current fiscal providing them with a holistic health cover.
and what business you are eyeing in the next
fiscal? Any other development you would like to share.
Bajaj Allianz General Insurance achieved growth at 30.9% Efficiencies in customer service has to move up, reach has
in FY 16-17 while industry grew at 29.7%. We have been to grow, distribution has to be strong and it has to multiply
the most profitable private insurer with a Profit after Tax at a very fast rate.
(PAT) of Rs. 728 crore with the highest solvency ratio of 261% Y We plan to make every process digital
and combined ratio of 96.8%. Y Empower our customers and channel partners with low
cost solutions.
Rising awareness levels coupled with increased disposable
Y To be present in the remotest corner of the country by
income for Indians has led more people to buy health and
providing customers with customized insurance
home insurance. In the next few years we will see these two solutions that meet their requirement.
lines of business to be a significant contributor in our
Y Provide the Indian consumers with innovative and easy
insurance business. The company is committed to work
to understand insurance products, thereby improving
towards creating more awareness on these subjects. We are
the penetration for personal lines of business like Health
actively reaching out to more tier 2 and 3 towns, and also
and Home Insurance in the country.
working on creating innovative and need based products in
home and health space. Y Create platforms for our customers and channel
partners so that they can be in touch with us on a real
There is heated competition in Health and Motor time basis and can enjoy ease of transaction
Segment. Your views about potentiality of the Y Bring in more efficiencies in our claim settlement
segment and focus of your company. procedures to further reduce TAT's on claim settlement
Motor Insurance has always been one of the key drivers for for all lines of businesses
our company and for the industry as well since it is Y To improve penetration of personal lines of business like
mandatory to have a motor insurance as per government health and home insurance
regulation. Although we have been working towards making
the process simpler for our customers by leveraging About Tapan Singhel
technology to enhance customer experience. Our
DriveSmart feature uses telematics and is based on pay as A celebrated voice in the BFSI sector, he has over two and
you drive concept. It monitors and gives real time feedback a half decades of rich experience in the insurance indus-
to our customers on their driving habits. We have recently try. He has been with Bajaj Allianz since its inception in
launched Motor OTS where the customer can self-inspect 2001 and was an integral part of the team starting up the
the claim through our Insurance Wallet app and the claim insurance business in the retail market. Mr. Singhel has
is settled within 20 minutes if all the relevant documents been involved in various international projects like setting
are shared. up of retail business for Allianz in China and Bancassurance
development in the Asia-Pacific region. Based out of the
Health insurance is one of the most prominent segments and
company’s headquarters in Pune, he leads the company’s
is expected to grow significantly. The major triggers for
overall growth strategy.
customers to buy health insurance are rising healthcare

BANKING FINANCE | AUGUST | 2017 | 33

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