Bajaj Allianz Life continues to deliver on its Customer First promise in FY24

– Posts 99.23% Claim Settlement Ratio

Bengaluru, 27 May, 2024: Bajaj Allianz Life Insurance, one of India’s leading private life insurers, has demonstrated its unwavering commitment to policyholders with a Claim Settlement Ratio of 99.23% for the fiscal year 2023-24. This figure underscores the Company’s dedication to provide prompt and reliable support during the toughest times a nominee faces and ensuring all policyholders that the Company will continue to stand by their family and keep their Life Goals on track. The Claim Settlement Ratio is a crucial metric that gives customers a sense of how an insurance company honours its policyholders’ claims.

“To stay true to our promise of Customer First, Bajaj Allianz Life has continuously invested towards enhancing processes and empowering its people. Our moment of truth on these investments is when our policyholder’s family member comes forth for a claim. Our latest Claim Settlement Ratio reflects that we are moving ahead in the right direction. Our focus will remain on further enhancing these experiences, leverage new-age tech and innovations to remain our policyholders’ most trusted Life Goals enabler”, said, Tarun Chugh, MD & CEO, Bajaj Allianz Life.

Bajaj Allianz Life has displayed sustained growth over the years, and while their investments in processes have helped business grow it has also helped the Company settle claims faster. The Company has consistently enhanced its claims settlements through various efforts like assistance by experts to family members who can educate and assist them throughout the process, continuous communications with the claimant to keep them updated on the status of their claims and so on.

Bajaj Allianz Life continues to keep its promise to customers, and it is reflective through a few milestones. For the period FY 2006 to FY2024, Bajaj Allianz Life settled over 2.8 lakh individual claims, amounting to a total payout exceeding INR. 6400 crores. Other key parameters reflecting the strength of a life insurance company is the rating provided by third party experts. Bajaj Allianz Life has enjoyed a AAA Stable Rating awarded by CARE for four consecutive years now which underlines the Company’s strong performance across various business metrics and strengthens its position as the preferred life goals enabler.

About Bajaj Allianz Life Insurance

Bajaj Allianz Life Insurance is one of India’s leading and fastest growing private life insurers. The company is a partnership between two powerful and successful entities in their own right – Bajaj Finserv Limited, one of India’s most diversified non-banking financial institutions and Allianz SE, one of the world’s leading asset manager and insurer. The Company commenced its journey in 2001, and today delivers its promise of Life. Goals. DONE through innovative value-packed insurance products that are backed by a robust tech and digital ecosystem. Bajaj Allianz Life Insurance continues its journey of transformation through its products and tech-enabled state-of-the-art services to enhance customer delight.

Bajaj Allianz Life now serves over 4.19 crore (as on 31st March, 2024) individual and group customers. The Company has a large distribution network of 534 branches (as on 31st March, 2024) over 1,50,841 lakh agents (as on 31st March, 2024), a comprehensive set of trusted partners, and its proprietary sales channels (online and offline). Bajaj Allianz Life Insurance manages Assets Under Management to the tune of over Rs. 1,09,829 crores (as on 31st March 2024) with an Individual Claim Settlement Ratio of 99.23 % and a Solvency Ratio of 432% (as on 31st March 2024).