Bharti AXA General Insurance (GI) Company Ltd, one of the fastest growing multi-line general insurance companies in India, and recently proclaimed the ‘Best General Insurance Company’ in the private sector by the World HRD Congress at the BFSI Awards 2014, today announced its intent to grow and consolidate its position in 2014, at the company’s Annual Group Press Conclave.
As part of its growth plan, the company will focus on becoming more customer and partner centric by introducing new products, deeper penetration in existing markets, reaching out to new markets and segments as well as differentiated services and digital offerings.
As part of their go-to market strategy in 2014, the company is aggressively looking at a multi-pronged approach which involves
Growing distribution in smaller cities
Deeper penetration in motor segment leveraging Add-Ons
Growing Commercial Lines with special focus on Liability
Growing Retail Health through both the Agency and Digital
Health Service Differentiation with rollout of Dedicated Claims Handler to Group Health customers
The company aims to open 29 branches across the width and length of the country in 2014, with the objective of deepening its reach and distribution in tier II and tier III markets.
Bharti AXA GI plans to introduce new, customized offerings for dealers like Motor Trade Road Transit, Motor Trade Internal, Motor Trade External which will provide protection for vehicles being transported from the manufacturer to the dealer, use of the vehicle within the dealer’s premises and outside the dealer’s premises. It is also looking at introducing specific add-ons for the retail segment - Creditor Cover, Residual Value Cover and Extended Warranty Cover which will provide protection to individuals for their loans, re-sale of vehicle and an extension of manufacturer warranty. These new products are awaiting approval from the regulator. The company is also providing increased value propositions to customers through add-on bundles that go beyond protection of the vehicle, to also cover the passengers in the vehicles.
For the year 2014, the company also plans to launch two new products, subject to regulatory approval, in the Health Insurance segment -SmartSimple Health Insurance, aimed at wider penetration of health insurance, and SmartSuper Health Insurance, targeted at HNIs who look for a comprehensive policy with additional benefits. The year will also mark Bharti AXA GI’s entry into the Travel Insurance segment with three variant products aimed at corporates, individuals / families, and students respectively, subject to regulatory approval. Its innovation on health insurance claims, the Dedicated Claims Handler, currently for individual customers only, and the recipient of two industry awards, will also be made accessible across all health insurance offerings from April 2014.
Addressing the media, Dr Amarnath Ananthanarayanan, MD and CEO, Bharti AXA General Insurance said, “In a tough economic environment, we are one of only two private players who have shown consistency in performance and have maintained our market share, while increasing profitability. Being awarded the Best Private General Insurance Company of the Year 2014 has motivated us to work harder to improve and achieve excellence across product development, service levels, distribution expansion, claims management and all other spheres. We are collectively adapting to changing trends in the country and as a result of this we have made quick in-roads into the digital space as well. We will continue to strive hard in providing product and service innovation to our customers. Through the process of continuous improvement, we will focus on re-defining service levels, enhancing partner capability and exponentially growing our commercial lines of business to become the preferred general insurance company in India.”
In a quick move to ride the digital revolution, Bharti AXA GI has embarked on a comprehensive digital drive to harness the power of technology to provide best-in-class services to its customers and partners. It will be launching two dedicated portals for customers and partners. While My Bharti AXA Partner will provide for easy inter-operability for partners through the open architecture framework enabling easy access to product, pricing, processing etc., My Bharti AXA Customer will provide customers access to policy details like renewal period, policy schedules as well as option to edit personal details. The company will also look at digital outreach for partners and agents to have their own website to sell retail products online and expand client base. For customers, it will also look deeply into telematics, an application of technology for customized pricing and plans. With its recently launched e-commerce enabled web platform, Bharti AXA GI increases its reach and accessibility to its customers across the country. It also added a customized suggestion/feedback mechanism for continuous innovation and improvement last month. This can be viewed athttp://www.bharti-axagi.co.in/suggestions/
Innovation being part of the company’s DNA, the company was one of the first to launch innovative motor add ons like Hospital Cash cover, Medical Expenses Reimbursement cover and Ambulance Charges cover as part of its Motor Insurance offering, with the aim of going beyond the vehicle and address the needs of the passengers within. Through its Risk Engineering offering under Commercial Insurance, Bharti AXA GI was the first company in India to have implemented the use of all available modern technological tools like GPS, Satellite earth images, Nat Cat Hazard mapping software, etc. in pre-acceptance surveys for risk assessment.
Bharti AXA GI also won a handful of awards early this year namely Editor’s choice award for service innovation at Banking Frontier’s Finnoviti 2013, Best Private General Insurance Company of Year 2014 by World HRD Congress at the BFSI awards, VIRAL CAMPAIGN OF THE YEAR for the Working Patient series and BEST INTEGRATED CAMPAIGN OF THE YEAR for the Lifestyle protection Campaign at the Social Media Awards 2014 powered by CMO Asia. These awards are a reflection of the company’s strong foundation to deliver the best to its customers
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