Bajaj Allianz bets big on Two wheeler package policy

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Two wheeler insurance
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Bajaj Allianz bets big on Two wheeler package
policy Bajaj Allianz General Insurance is eyeing
for 30 per cent of its total two-wheeler
insurance sales through long-term package policy
by the end of this fiscal. The private sector
non-life insurer has already sold 6,000 such
policies so far in 2016-17. Two-wheelers can be
insured for up to three consecutive years under
this policy which was introduced at the beginning
of the current fiscal.
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"We have already sold 6,000 policies under the
long-term two-wheeler package policy which was
kicked off on April 1. We are looking at 30 per
cent of our total two-wheeler insurance sales to
happen through this policy by the fiscal-end,"
Bajaj Allianz General Managing Director and Chief
Executive Tapan Singhel said today.
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The company will use the telematics-based
offering to reward customers showcasing good
driving behaviour. The facility comes with 12
value-added features, providing not only safety
and security to customers, but also savings and
convenience, he told reporters on the sidelines
of launch of the company's new offering called
'Drive Smart'.
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The three-year long-term package for two-wheelers
is currently available at an average annual
premium of Rs 3,000. "To achieve 30 per cent of
the total two wheeler insurance sales by the
fiscal-end through this route, we are banking on
online sales which are currently responsible for
7-8 per cent of total two-wheeler sales," he said.
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The company is quite bullish on this segment as
more than 75 per cent of the two wheeler
insurance in the country are not covered at
present. Of the total premium of Rs 5,900 crore
achieved by the company during financial year
2015-16, 57 per cent was contributed by motor
insurance alone, he said.
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"Our market share under the motor insurance
segment was currently at 11 per cent in terms of
premium," the MD said. On car insurance, he said
a total of 21 lakh private cars were provided
insurance cover by the company at an average
premium size of Rs 7,000 in the fiscal gone
by. Talking about claims settled by the company
during the last fiscal, he said "we settled a
total of 6 lakh claims amounting to Rs 2,500
crore."
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