)
Private insurer Bajaj Allianz today tied up with online financial services provider PolicyBazaar.com to capture online life insurance policy market.
"We have tied up with PolicyBazaar, as it has a proven track record in the online insurance sales space. Also, with PolicyBazaar's expertise, we are confident of witnessing growth in this segment," Anuj Agarwal, MD and CEO, Bajaj Allianz Life Insurance.
"We are targeting about 10-20% share from the online space," he said, adding that online insurance market is poised to see a substantial growth in the coming years.
India's online insurance market is of about Rs 700 crore, of which about Rs 300 crore is of life insurance business, as per industry estimates.
Bajaj Allianz will launch a total of six products from PolicyBazaar.com platfrom.
Bajaj Allianz is already in the online insurance market with its products iSecure, Future Gain, Life Long Assurance and several other products. These products would now also be available on PolicyBazaar.com.
The overall life insurance new annualised business is likely to grow to Rs 1.25-1.50 lakh crore by 2020, and a large portion of this growth is expected to come from online sales, said Yashish Dahiya, CEO and Co-Founder, PolicyBazaar.com.
