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While general insurance companies are experiencing growth of 8-15 per cent per annum, you have recently talked about a premium income growth of Rs 4,000 crore this financial year, which is a growth of more than 20 per cent. With the year coming to a close, what is the distance you have covered so far?
We have grown 20 per cent for the period April to December 2012 to Rs 2,866 crore against Rs 2,384 crore in the previous year for the same period. On a quarter-to-quarter basis, our growth has been 23 per cent. Assuming that we continue to grow at this rate, we are hopeful of achieving this figure at the end of this fiscal.
Which all sectors are contributing to growth?
The major contributor of this growth is coming from motor and is aided by the growth in the health portfolio.
Your peers have announced quick cashless claim approvals in the health segment. What is your turnaround time in cashless approvals?
We are aware that quick cashless claim approval at the hospitals is a major servicing parameter in health insurance. Our turnaround time is less than an hour for pre-authorisation of cashless claim approvals at its network hospitals. This has been possible with the help of our in-house team, which has a team of over 20 doctors and from the paramedical fraternity, who can understand medical terminology with ease and speak to the doctors at the concerned network hospitals for quick clarifications.
Wellness has become a big segment in general insurance? What are some of the new policies planned on this front?
All Bajaj Allianz health insurance customers will get the benefit of our negotiated rates at any of the healthcare providers where we have a tie-up. By displaying their Bajaj Allianz health card at any of our network partners, they can get anywhere between 10-30 per cent discounts at diagnostic centres, pharmacies and even dental and optician outlets.
Any plan to bring out women-focused policies in motor and health? Is gender-based pricing on the cards?
We have women-specific products in the form of women critical illness, which covers major critical illnesses specific to women like breast cancer, cervical cancer, fallopian tube cancer and others. In motor insurance also we have a special premium for women drivers as gender is a major variable in arriving at motor insurance premium. Very soon, we will move to a gender-based pricing for health insurance.
Unlike other insurers, health insurance claim ratio has been comparatively lower for you. What steps have you taken to attain this?
Health insurance is presently saddled with high claims ratio especially in the group health insurance portfolio. But for Bajaj Allianz, health insurance claim ratio is well under control. This has been possible as we have our in-house team for managing hospitalisation reimbursement and travel claims.
Will retail continue to be a segment of focus for you? What are the newer areas of general insurance, where the company would be expanding into, in 2013?
We will continue with our strategy of expanding our retail business aggressively. Enhancing customer experience, bringing innovation for increasing service levels to our customers will be our top priority.
