Bajaj Allianz General Insurance Company Limited
It is a joint venture between Bajaj Finserv Limited (recently demerged from Bajaj Auto Limited) and Allianz SE. Both enjoy a reputation of expertise, stability and strength.
Bajaj Allianz received the Insurance Regulatory and Development Authority (IRDA) certificate of Registration on 2nd May, 2001 to conduct various businesses (including Health Insurance business) in India. The Company has an authorized and paid up capital of Rs 110 crores. Bajaj Finserv Limited holds 74% and the remaining 26% is held by Allianz, SE.
As on 31st March 2015 Bajaj Allianz maintained its premier position in the industry by achieving growth as well as profitability. Bajaj Allianz has made a profit before tax of Rs. 777 crores and has become the only private insurer to cross the Rs.100 crore mark in profit before tax in the last two years. The profit after tax was Rs.562 crores, 39% higher than the previous year.
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Bajaj Allianz General Insurance has received iAAA rating from ICRA, indicating the highest claims paying ability and a fundamentally strong position in the industry. The first accreditation was received in 2005-06 and Bajaj Allianz has maintained this rating since then.
Bajaj Allianz General Insurance awarded The Silicon Valley Business Award 2015 under the categories Best Financial app and Best overall app categories for its innovation - Insurance Wallet. The awards recognize the leading companies and world-class brands which are leveraging apps and innovative technology devices as a part of their broader cross-platform business strategies.
The company was awarded the Claims Award Asia 2015, for the third consecutive year, this time under the categories of Insurer Claims team of the Year for claim settlement during J&K floods and Claims Innovation of the Year for introducing innovative claim settlement practices in health claims. Previously, the company had won the Insurer Claims Team of the Year Award 2014 for superior Health Claim Management practices and Claims Innovation of the Year Award 2013 for introducing Tablet Based Application for settlement of Motor Claims.
Bajaj Allianz General Insurance was awarded Best General Insurance Company Award at the Vijayavani BFSI Excellence Awards 2015 to recognize the best-of-the-best practices of the BFSI industry based on strategy, customer service, security, future technological challenges and innovations.
Bajaj Allianz General Insurance was adjudged as the "Best General Insurance Company in Asia" by Asia Insurance Industry Awards 2014. The award was bestowed on the company for its outstanding customer service levels, innovations in the field of insurance, and sound financial management which resulted in consistent profitability over the years.
Bajaj Allianz was recognized as the 'Best Insurance Company of the Year' by ABP News BFSI awards 2015. The company was awarded 'General Insurance Provider of the Year' by Money Today FDCIL awards 2014.
For the third time in a row, the company was awarded the Allianz Global Innovation Awards 2015 for Excellence in Employee Business, and was also recognized as a Legend in the BFSI Industry by Brand Vision India 2020 Awards.
Bajaj Allianz General Insurance was conferred the Brand Excellence Award in Non-Life Insurance (Private Sector) by ABP News Brand Excellence Award 2014 and the Golden Peacock Award 2014 in the category of Innovative Products and Service.
Click here for more information on the awards won by the Company.