Bajaj Allianz Life lines up 2 product launch every month

Bajaj Allianz Life Insurance Company has lined up a couple of product launches every month in the new regulatory regime for life products which began this month.

“We have about 16 products in the market now, eight each in individual and group segments. There are products which have been approved by the regulator while some are expected to be approved. We adopt a phased launch,” Rituraj Bhattacharya, Head – Product and Market Management told Business Line here.

Pension products The company is also expecting approval for two pension products which would be launched very soon. On the changes in the bancassurance norms allowing banks to function as insurance brokers (they are corporate agents as of now), he said his company was positive about the change.

“We are a non-bank promoted insurance company and any new bank will be an ideal partner. We are still evaluating all options,” he said. At present, Bajaj Allianz has relationship with over 100 banks in different categories.

Besides the tied-agency model, its Web-based marketing is also being ramped up. “Every month, our portal is registering time visits. We are also clustering products to suit requirements of different customers,” he said.

Web-based sales The scope for Web-based marketing is huge as it accounts for only about two per cent of total business, he pointed out. Most Web-based enquiries are seen in the life insurance segment related to the optimum insurance cover one should buy and retirement corpus.