Bajaj Allianz joins hands with UAE Exchange
Kochi, Mar 2: Leading private sector insurance company Bajaj Allianz has tied up with financial service provider UAE Exchange to distribute its life and non-life insurance products all over India.
Announcing the tie-up at a press conference here last evening, Bajaj Allianz Life Insurance Co. CEO Sam Ghosh hoped the collaboration between Bajaj Allianz, the largest private insurance company, and UAE Exchange, which has a network of more than 190 offices all over India, would produce great synergy to provide customer-friendly insurance products to the public.
Describing Bajaj Allianz as the fastest growing private life insurance company in India, Mr Ghosh said its growth rate was well over 300 per cent. The company had a market share of 27 per cent among private insurers and 7.3 per cent overall (including LIC). The company was aiming at a 15 per cent overall market share by next year.
Bajaj Allianz had done new business worth Rs 1680 crore during April, 2005 to January, 2006, compared to Rs 406 crore during the previous corresponding period. The company, which had 550 branches all over the country, had sold over one million insurance policies, he added.
Mr V George Antony, country manager, UAE Exchange, said the tie-up would be in the form of a corporate agency, with Bajaj Allianz providing qualified executives in each of the UAE branches to generate business and service the customers.
UAE Exchange, a leading financial service provider, specialised in remittances and money changing services. It conducted nearly 5,000 transactions per day all over India and remitted nearly Rs 650 crore to the country every month. The company was now diversifying into tourism promotion and online stock exchange trading and was in the process of securing the RBI license as an authorised foreign exchange dealer, Mr Antony said.
On the tie-up with Bajaj Allianz, he hoped the collaboration would help to make the private sector insurer emerge as the market leader, overtaking even the LIC.