India’s Leading BFSI Companies 2017
government especially for those from the underprivileged sections of the society would ensure that a sizeable population is covered against unforeseen medical exigencies The second issue pertains to the huge financial losses arising due to incidents of catastrophes in the country. The last few years have seen the damages caused by floods in Chennai, J&K, Uttrakhand or the HudHud Cyclone. With the priority always being on financial protection in case the earning member of the family dies or someone in the family meets with an accident, the often overlooked fact is that what takes several news of hard work to be created can get washed away in matter of minutes due to nature’s fury. In order to cover the population at large against natural disasters, the government can look at offering affordable home insurance scheme in association with insurance companies that would cover losses to property due to catastrophic events. An index based policy similar to the weather based crop insurance schemes, which will compensate for the damage caused by the natural catastrophe. A combination of these measures will ensure that that citizens have access to good health care and their assets, a result of years of hard work, does not get wiped away. Brief us about your company’s new product launches planned for the current year? In the coming year the focus will be towards offering customized solutions and transforming their claim experience with the company. While we are looking at introducing new easy to understand products in the health, home and travel space that can be bought easily through online and mobile channels, we are also looking at launching a facility that will enable customers to settle their own claims within minutes. The coming year will see usage based insurance solutions in the health and home space using connected devices. There is going to be a high focus on promoting wellness and preventive care. The company is also looking at addressing the new age risks that individuals are exposed too and is looking at coming out with suitable solutions. For instance, given that today we are extremely vulnerable to cyber
related crimes, the company is looking at introducing cyber insurance covers that offers protection to both individuals and businesses. What is Bajaj Allianz General Insurance’s strategy for expansion and growth over the next five years? The company’s vision for the next 5 years is to reach the remotest corners of the country to improve awareness on insurance a very important component of an individual’s financial security via various digital initiatives. Our energies are focused on strengthening our home and health insurance portfolios as well as distribution capabilities. While we look at sustainable growth our product and innovation labs will continue to churn out simple need based covers and digital interfaces. These interfaces will offer simplicity, speed and convenience to our customers and partners in their interactions as well as insurance transactions. As insurers we want to establish a clear leadership in engaging with our customers beyond insurance by being a part of their wellness cycle and assisting them in effective risk management.
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