Hyderabad: The insurance sector is in a race to digitise itself but Bajaj Allianz Life Insurance hopes to have taken a lead with its digital offerings, according to an official here on Monday.
Speaking to the media, Bajaj Life Insurance’s appointed actuary Saisrinivas Dhulipala said, “We have made considerable effort to digitise our offerings with applications, chatbots, friendly UI and multiple e-verification methods including Aadhaar.”
Bajaj Allianz hopes that the effort made in the digitalisation will help it to grow at similar pace to last year.
The firm had easily outpaced the industry’s average growth rate of 19 per cent in FY18 and hopes to grow at a similar pace this year also, according to Mr Dhulipala.
“We grew at 29 per cent last fiscal compared to the industry average of 19 per cent. We will attempt to grow at a similar pace this year also,” he said.
When quizzed about the number of pending products with the sectoral regulator, Mr Dhulipala said, “Currently, we have two products pending with the IRDA. We expect to get the approval soon for both the products. We will provide more details when we get the approval.” The company in year till date has mopped up Rs 411 crore in new business premium.
