Bajaj Allianz unveils Insta Insure
Bajaj Allianz general insurance, a joint venture between the Bajaj Group and German insurer Allianz SE, on Friday launched a product aimed at easing the process of buying an insurance policy.
By ET Bureau |
CHENNAI: Bajaj Allianz general insurance, a joint venture between the Bajaj Group and German insurer Allianz SE, on Friday launched a product aimed at easing the process of buying an insurance policy. Branded as 'Insta Insure', the product has initially been introduced in the health insurance segment and will be expanded to other segments soon.
The product basically works like a prepaid mobile SIM card. The 'Insta Insure' kit priced in various categories comes with a code number. After the premium is paid to the agent, punching in an SMS with the code number or calling the call centre will activate the policy.
"Our market research showed that there is a demand for a low-cost, fixed-sum insurance product that's easy to buy and understand. It's an entry-level product," said Bajaj Allianz CEO Swaraj Krishnan. Mr Krishnan, who was earlier overseeing reinsurance and claims in the company, took over as CEO less than a year ago.
While company is using its sales force to push this new product, it eventually plans to tie up with grocery stores, retail outlets and pharmacy chains. "Our SMS and email gateways need to be firmed before an extensive roll-out happens. I do believe that travel, health, student-related insurances should be available over the counter (OTC)."
The product basically works like a prepaid mobile SIM card. The 'Insta Insure' kit priced in various categories comes with a code number. After the premium is paid to the agent, punching in an SMS with the code number or calling the call centre will activate the policy.
"Our market research showed that there is a demand for a low-cost, fixed-sum insurance product that's easy to buy and understand. It's an entry-level product," said Bajaj Allianz CEO Swaraj Krishnan. Mr Krishnan, who was earlier overseeing reinsurance and claims in the company, took over as CEO less than a year ago.
While company is using its sales force to push this new product, it eventually plans to tie up with grocery stores, retail outlets and pharmacy chains. "Our SMS and email gateways need to be firmed before an extensive roll-out happens. I do believe that travel, health, student-related insurances should be available over the counter (OTC)."
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