Date:03/03/2006 URL: http://www.thehindubusinessline.com/2006/03/03/stories/2006030303110600.htm

Back Bajaj Allianz ties up with UAE Exchange

Our Bureau

Kochi , March 2

Bajaj Allianz Life Insurance Company Ltd has entered into a strategic tie up with UAE Exchange and Financial Services Ltd to distribute life insurance products and services across the country.

Addressing a joint press conference here, Mr Sam Ghosh, CEO, Bajaj Allianz and Mr George Antony, Country Manager, UAE Exchange, said that both the companies foresee a major business opportunity from this tie up and wanted to make this co-branding exercise a historic alliance in the industry.

According to Mr Ghosh, Bajaj Allianz will build up exclusive servicing arrangements for UAE Exchange such as policy insurance, renewal premium payments and other policy related services. The company will extend insurance expertise by providing qualified executives in each of the UAE exchange branches in a phased manner. These executives will assist the UAE Exchange staff in generating business and servicing their customers in the respective locations, he said.

300 pc growth

He claimed that Bajaj Allianz has become the No 1 life insurance company in the country after LIC with a growth rate of 300 per cent as on January 31 this year. The company with a market share of 7.29 per cent is aiming to achieve 15 per cent next year. It had registered a business worth Rs 1,680 crore between April last year and January this year compared to Rs 406 crore in the corresponding period of the previous year.

The company had sold over one million policies through the existing branch network of 550, which would be enhanced to 800-900 in the next year. Of this, 80-85 officers would be in Kerala as against the present 45 branches, he added.

Mr Antony said that the tie-up would enhance the customer base of the UAE Exchange and also boost its turnover and profitability. The exchange, specialising in remittances and money changing services, had conducted nearly 5,000 transactions per day all over India. It had remitted nearly Rs 650 crore to the country every month. The company is now diversifying into tourism promotion and online stock exchange trading and is in the process of securing RBI licence as an authorised foreign exchange dealer, he added.