The COVID-19 pandemic brought about significant changes in the business environment for all industries, including that of life insurance. The new environment due to the lockdown restrictions meant fewer or no face-to-face meetings, and one would think that insurance agents may also be impacted due to the pandemic.
To ensure their agents had a sustained income stream, and stayed in touch with their customers, throughout the pandemic times, Bajaj Allianz Life, one of India’s leading private life insurers, took several measures. These included products to meet customers’ needs, digital assets to help agents do their business efficiently, and training sessions that ensured agents were able to move ahead in the new business environment, successfully. The company rapidly adopted digital tools and strengthened its processes to ensure customers’ life goals remained on track.
Sameer Joshi, Chief Agency Officer, Bajaj Allianz Life, said, “The pandemic continues to be a test of agility, determination and of being responsive for businesses and life insurance agents alike. We have been able to strengthen our relationship with our agents over the last 9-10 months by continuously being there for them. They are one of our biggest stakeholders representing us to our customers, and we remain grateful to them for their dedication and hard work in these unexpected times. We ensured we supported them to stay in touch with their customers, have the right products to help their customers, and more importantly, be prepared in every way to operate and succeed in the new business environment. I’m confident, as Bajaj Allianz Life moves ahead in these tough times marking our few successes, we will always ensure our teams, including our agents, are taken care of and are able to meet their life and business goals with us.”
The Company has over one lakh Agents including POSPs across India, who have written 99,000+ policies and garnered INR 3,333 crore gross written premium till 31 December 2020. Bajaj Allianz Life’s Agency channel was among the fastest-growing Agency channel with 23% growth in December 2020 as compared to December 2019. It added over 3,000 agents in December 2020.