PR Newswire | 12 Mar, 2014
BANGALORE: Bharti AXA General Insurance (GI) Company Ltd, one of the fastest growing multi-line general insurance companies in India, and recently proclaimed the 'Best General Insurance Company' in the private sector by the World HRD Congress at the BFSI Awards 2014, today announced its intent to grow and consolidate its position in 2014, at the company's Annual Group Press Conclave. As part of its growth plan, the company will focus on becoming more customer and partner centric by introducing new products, deeper penetration in existing markets, reaching out to new markets and segments as well as differentiated services and digital offerings.
As part of their go-to market strategy in 2014, the company is aggressively looking at a multi-pronged approach which involves
Growing distribution in smaller cities
Deeper penetration in motor segment leveraging add-ons
Growing commercial lines with special focus on liability
Growing retail health through both the agency and digital
Health service differentiation with rollout of dedicated claims handler to group health customers
Overall service differentiation using digital - launch of dedicated portals for partners, My Bharti AXA Partner, and customers, My Bharti AXA Customer.
The company aims to open 29 branches across the width and length of the country in 2014, after applying for the necessary regulatory approvals, with the objective of deepening its reach and distribution in tier II and tier III markets. The planned locations are included in the press release.
Alongside the existing add-ons, it offers for its motor segment, Bharti AXA GI plans to introduce new, customized offerings for dealers like Motor Trade Road Transit, Motor Trade Internal, Motor Trade External which will provide protection for vehicles being transported from the manufacturer to the dealer, use of the vehicle within the dealer's premises and outside the dealer's premises. It is also looking at introducing specific add-ons for the retail segment, like key replacement cover, engine and gear box protection cover and towing charges cover, subject to regulatory approvals. The company is also providing increased value propositions to customers through add-on bundles that go beyond protection of the vehicle, to also cover the passengers in the vehicles.
For the year 2014, the company also plans to file two new products in the health insurance segment - SmartSimple Health Insurance, aimed at wider penetration of health insurance, and SmartSuper Health Insurance, targeted at HNIs who look for a comprehensive policy with additional benefits. The year will also mark Bharti AXA GI's entry into the travel insurance segment with three variant products aimed at corporates, individuals/families, and students respectively, subject to regulatory approval. Its innovation on health insurance claims servicing, the dedicated claims handler, the recipient of two industry awards, currently available to individual health customers, will also be extended to group health customers from April 2014.
Addressing the media, Dr Amarnath Ananthanarayanan, MD and CEO, Bharti AXA General Insurance said, "In a tough economic environment, we are one of only two "top 10" private players who have shown consistency in performance and have maintained our market share, while improving our combined operating ratio. Being awarded the Best Private General Insurance Company of the Year 2014 has motivated us to work harder to improve and achieve excellence across product development, service levels, distribution expansion, claims management and all other spheres. We are collectively adapting to changing trends in the country and as a result of this we have made quick in-roads into the digital space as well. We will continue to strive hard in providing product and service innovation to our customers. Through the process of continuous improvement, we will focus on re-defining service levels, enhancing partner capability and exponentially growing our commercial lines of business to become the preferred general insurance company in India."
In a quick move to ride the digital revolution, Bharti AXA GI has embarked on a comprehensive digital drive to harness the power of technology to provide best-in-class services to its customers and partners. It will be launching two dedicated portals for customers and partners. While My Bharti AXA Partner will provide for easy inter-operability for partners through the open architecture framework enabling easy access to product, pricing, processing etc., My Bharti AXA Customer will provide customers access to policy details like renewal period, policy schedules as well as option to edit personal details. For customers, it will also look deeply into telematics, an application of technology for customized pricing and plans. With its recently launched e-commerce enabled web platform, Bharti AXA GI increases its reach and accessibility to its customers across the country. It also added a customized suggestion/feedback mechanism for continuous innovation and improvement last month. This can be viewed at http://www.bharti-axagi.co.in/suggestions/.
Innovation being part of the company's DNA, the company was one of the first to launch innovative motor add-ons like hospital cash cover, medical expenses reimbursement cover and ambulance charges cover as part of its motor insurance offering, with the aim of going beyond the vehicle and address the needs of the passengers within. Through its risk engineering offering under commercial insurance, Bharti AXA GI has implemented the use of modern technological tools like GPS, satellite earth images, Nat Cat Hazard mapping software, etc. in pre-acceptance surveys for risk assessment.
Bharti AXA GI also won a handful of awards early this year, namely Editor's choice award for service innovation at Banking Frontier's Finnoviti 2013, Best Private General Insurance Company of Year 2014 by World HRD Congress at the BFSI awards, Viral Campaign of the Year for the Working Patient series and Best Integreted Campaign of the Year for the Lifestyle Protection Campaign at the Social Media Awards 2014 powered by CMO Asia. These awards are a reflection of the company's strong foundation to deliver the best to its customers.
Brief look at Bharti AXA General Insurance: Business update
Over 41 lakh policies sold and over 5.8 lakh claims settled since inception
Top three contributors to the overall business are Motor insurance at 73.2%, followed by Health and Personal Accident at 13.3%and Commercial Lines at 11.2% for the period April - December 2013
Tie-ups for cashless settlements with over 4300+ hospitals and 1800+ garages across India
Bharti AXA General Insurance:
Bharti AXA General Insurance Company Ltd is a joint venture between Bharti Enterprises, a leading Indian business group and AXA, a world leader in financial protection. The joint venture company has a 74% stake from Bharti and 26% stake of the AXA Group. Presently, the organization has cashless facilities in over 3900 network hospitals and over 1800 garages as well as 24/7 claims registration through multi-modal channels like e-mail and SMS. The organization commenced national operations in August 2008 and currently has 58 branch offices across the country. The company has had a capital infusion of over INR 900 crores so far. Bharti AXA General Insurance is the only Indian company in the Life & General Insurance category to have been nominated for and won the "Risk Manager of the Year" award at the Asia Insurance Industry Awards 2011. The organization was also awarded the prestigious "Personal Lines Growth Leadership Award 2011" at the India Insurance Awards 2011 and the "Best Product Innovation Award" and "Commercial Lines Growth Leadership Award" at India Insurance Awards 2012. It won the "Best Employer Brand" award at the IPE BFSI Awards 2012 and "Claims Initiative of the Year" award at Star of the Industry Awards 2012. In the year 2013, the company was conferred Editor's choice award for service innovation at Banking Frontier's Finnoviti Awards. With continued excellence, the company was awarded Best Private Insurance Company - General, 2014 by the World HRD Congress. Best Integrated Campaign of the Year and Viral Campaign of the year at the Social Media Awards are two more feathers that the company added to its hat in the year 2014. Further, it is also the first organization in the GI Industry to receive dual certifications of ISO 9001:2008 and ISO 27001:2005 within the first year of operations in 2009 and subsequently re-certified in 2012 for further 3 years.
Primary Media Contact: Harshita Nair, harshita.nair@bharti-axagi.co.in, 91-9535545998
Secondary Media Contact: Subhasish Mohanty, subhasish.mohanty@mslgroup.com, 91-9845094166
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