Bajaj Allianz Life strengthens agency channel

By: |
January 19, 2021 12:30 AM

The company's agency channel has become one of the the fastest-growing channels with a 23% year-on-year growth in December. The company added over 3,000 agents in the month alone.

Bajaj Allianz has 1,07,979 insurance agents pan India with average ticket size at Rs 63,165.Bajaj Allianz has 1,07,979 insurance agents pan India with average ticket size at Rs 63,165.

Bajaj Allianz Life Insurance recruited 15,000 agents between August and December 2020 across 500 locations in the country. Recruitment of the agency force picked up after a gap of five months because of the challenges of on-boarding agents during the lockdown, Sameer Joshi, chief agency officer, Bajaj Allianz Life, said.

The company’s agency channel has become one of the the fastest-growing channels with a 23% year-on-year growth in December. The company added over 3,000 agents in the month alone.

Bajaj Allianz has 1,07,979 insurance agents pan India with average ticket size at Rs 63,165. The company’s over one lakh agents, including point of sale persons, had written 99,940 policies and garnered Rs 3,333 crore gross written premium for FY21 till December.

During the pandemic, it became difficult to meet customers in person, so the company had to make interventions through digital tools for ensuring agency connect with customers, Joshi said.

“These initiatives helped the company become the fastest-growing life insurer in December with a 41% growth in retail new business, compared with the same month in 2019. The company reported a 36% growth in the number of policies, which was the highest in the industry for the nine-month period ended December 31, 2020,” Joshi said.

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