Bajaj Allianz General Insurance Company Limited
It is a joint venture between Bajaj Finserv Limited (recently demerged from Bajaj Auto Limited) and Allianz SE. Both enjoy a reputation of expertise, stability and strength.
Bajaj Allianz received the Insurance Regulatory and Development Authority (IRDA) certificate of Registration on 2nd May, 2001 to conduct various businesses (including Health Insurance business) in India. The Company has an authorized and paid up capital of Rs 110 crores. Bajaj Finserv Limited holds 74% and the remaining 26% is held by Allianz, SE.
As on 31st March 2016, Bajaj Allianz continues to be one of the most financially robust insurers in the industry by maintaining its growth as well as profitability. The company has made a profit before tax of Rs. 771 crore and emerged as the most profitable insurer recording a profit after tax of Rs.564 crore. The company reported a GWP of Rs. 5901 crore, which has grown by 11.3% compared to the last fiscal, despite claims post Chennai Floods.
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For the 10th consecutive year, Bajaj Allianz General Insurance has received iAAA rating from ICRA, indicating the highest claims paying ability and a fundamentally strong position in the industry. The first accreditation was received in 2005-06 and the company has maintained this rating since then
Bajaj Allianz General Insurance was recognised as the Aon Best Employer 2016 highlighting the company's excellence in promoting a transparent culture and healthy work environment along with designing employee friendly policies. The award was an outcome of the Aon Best Employers 2016 Study which was conducted in partnership with Businessworld and Bloomberg TV. Bajaj Allianz GIC was chosen as one of the best Health Insurance Providers of the Year by Outlook Money Awards 2015, for best-in-class and innovative products and services and exceptional claims management processes
Bajaj Allianz General Insurance was conferred the Economic Times Best Corporate Brand Award as an outcome of Economic Times Best Brands Survey 2016 identifying the company as one of the best brands according to the consumers in urban India. The company was recognized as the Most Admired Health Insurance Company of the Year by Pharma Leaders Power Brands Awards 2015 recognizing its contribution in the health insurance space and exceptional claim settlement services to our customers.
Bajaj Allianz GIC was ranked 2nd amongst top health insurance brands in the country on the basis of customer loyalty according to a syndicated survey conducted by Indian Market Research Bureau (IMRB). Bajaj Allianz General Insurance awarded The Silicon Valley Business Award 2015 under the categories Best Financial app and Best overall app categories for its innovation - Insurance Wallet. The awards recognize the leading companies and world-class brands which are leveraging apps and innovative technology devices as a part of their broader cross-platform business strategies.
Bajaj Allianz GIC was awarded the Claims Award Asia 2015, for the third consecutive year, this time under the categories of Insurer Claims team of the Year for claim settlement during J & K floods and Claims Innovation of the Year for introducing innovative claim settlement practices in health claims. Previously, the company had won the Insurer Claims Team of the Year Award 2014 for superior Health Claim Management practices and Claims Innovation of the Year Award 2013 for introducing Tablet Based Application for settlement of Motor Claims.
Click here for more information on the awards won by Bajaj Allianz GIC.