Bajaj Allianz Life, a joint venture between Bajaj Finserv and Germany-based Allianz, continues to bolster its presence among NRIs, reflecting their trust in India’s economic narrative and the company’s innovative approach to insurance.
Bajaj Allianz Life Insurance has reported a significant surge in demand for its products among Non-Resident Indians (NRIs), with the UAE, USA, UK, Qatar, and Saudi Arabia emerging as its top markets, reported thehindubusinessline.com.
This growing interest highlights the appeal of India’s financial services sector among NRIs seeking security and investment opportunities.
Rajesh Krishnan, Chief Operations & Customer Experience Officer at Bajaj Allianz Life Insurance, emphasized the company’s tailored approach to serving the NRI segment. “We have a dedicated team and a segmented strategy to cater to NRIs. Our representative office in Dubai, launched a year and a half ago, has been warmly received by the NRI community. Many NRIs are drawn to India’s financial services sector, as the Indian growth story resonates strongly with this demographic,” he noted.
The United States has emerged as a key market, driven by wealthy professionals who show a keen interest in insurance products. Krishnan observed a trend of tech professionals exploring a return to India, citing geopolitical shifts as a contributing factor. “NRIs also see value in investing back home. The cost of purchasing a term policy in India is significantly lower compared to global insurers, making it an attractive option,” he added.
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To enhance the customer experience, Bajaj Allianz Life offers products specifically designed for NRIs, including Unit Linked Insurance Plans (ULIPs) and solutions that support investment in Indian markets
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The company actively incorporates customer feedback to refine its offerings.
A key differentiator for Bajaj Allianz Life is its innovative video call center, which connects NRI customers with Indian representatives. This initiative has gained immense popularity, fostering trust and a sense of familiarity. Additionally, the insurer provides medical test facilities across 40 countries, with home-based testing available in 20 of them.
As of September 2024, Bajaj Allianz Life has served over 4.18 crore individual and group customers and manages assets worth ₹1.23 lakh crore. Its robust distribution network spans 560 branches, 1.59 lakh agents, and 372 institutional partners, including 35 banking partners across India.
Krishnan reiterated the company’s customer-centric ethos, underpinned by technology-driven solutions. “We prioritize customer benefits across products, processes, and services, ensuring ease of business through digital platforms,” he said.
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