10 years of serving customers-March/June2011 - Bajaj Allianz
10 years of serving customers-March/June2011 - Bajaj Allianz
10 years of serving customers-March/June2011 - Bajaj Allianz
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ForewordV. PhilipDear friends,It’s a matter <strong>of</strong> great pride for us to havecompleted <strong>10</strong> successful <strong>years</strong> <strong>of</strong> ouroperations in India. During this journey wecrossed many milestones while <strong>serving</strong> ourpolicyholders. We have come a long wayfrom a few <strong>10</strong>0 <strong>of</strong>fices to a pan Indiapresence with as many as 1<strong>10</strong>0 <strong>of</strong>fices.This bears testimony to our desire to reachout to our <strong>customers</strong> and distributors. Wehave taken several steps to move beyondour transactional relationship and aimed tohave a greater customer engagement. Lifeinsurance being a long term contract,timely issuance <strong>of</strong> policy and speed <strong>of</strong>claims settlement determines the extent <strong>of</strong>our interaction with our policyholders.Policy issuance as well as the receipt <strong>of</strong>policy bond is eagerly awaited by thecustomer as it determines the terms andconditions <strong>of</strong> the contract. In our quest fortransparency, we have ensured there is awelcome call to all <strong>customers</strong>, a bilingualwelcome letter along with policy bond issent to <strong>customers</strong>. The policy bond also hasa scanned copy <strong>of</strong> the proposal form signedby the customer, which is an industry firstfrom a life insurer. You will learn more onthis in the following pages.Claims, is perhaps one <strong>of</strong> the true definingmoments in the relationship between theinsured and the insurer. Claims settlementrecord is <strong>of</strong>ten one <strong>of</strong> the most importantyardsticks that strengthens or weakens thelife insurer’s reputation. In case <strong>of</strong> deathclaims how well an insurer handles thetraumatic family members <strong>of</strong> thepolicyholder is under the lens and anydeviation from the expectation ismagnified. Being at their side is one <strong>of</strong> theprime underlying principles <strong>of</strong> ourexistence.It’s here that the claims departmentemerges from its functional role to be atthe forefront when a claim arises and hasto do everything in its control to ensure aspeedy settlement <strong>of</strong> claims. As a prudentinsurer, <strong>Bajaj</strong> <strong>Allianz</strong> Life insurance hasinitiated several steps to continuouslyimprove our performance on the claimsfront. Certain parameters like TAT <strong>of</strong> deathclaims, ageing analysis <strong>of</strong> pending claimsare being closely monitored by the Head-Claims and me personally on a daily /weekly basis. Though it seems that in lifeinsurance claims is an open-and-shut case,in reality there are many issues that cropup like non-disclosure <strong>of</strong> information,multiple claimants, etc. and the claimsteam have to resolve them to the<strong>customers</strong>’ satisfaction. In the followingpages you will find about how some <strong>of</strong> theissues are being tackled by the claimsteam. Most <strong>of</strong> the delay happens due tonon-disclosure or deficiency in documents.Repudiation <strong>of</strong> a claim, though anunpleasant issue, has to be done in theinterests <strong>of</strong> all the policyholders who havebeen transparent with their information.What one needs to understand that aninsurer resorts to such an extreme action <strong>of</strong>repudiation <strong>of</strong> a claim only in cases wherethe admissibility <strong>of</strong> the claim is suspiciousrepudiation <strong>of</strong> claims by filling up theproposal form diligently, not hidinginformation pertaining to your healthconditions, state correct information astruly as possible, inform the insurer in case<strong>of</strong> inaccuracies provided earlier and moreimportantly pay the premiums regularly soas to avoid lapsation <strong>of</strong> the policy.Financial ResultsThe financial results for the FY <strong>10</strong>-11 andQ1 <strong>of</strong> the current financial year reflectedthe slowdown in the industry. Our AUMstood at over `39,000 crores, which makesus one <strong>of</strong> the highest AUM manager ininsurance industry and even ahead <strong>of</strong> someMF companies. We continue to <strong>of</strong>fersuperior fund returns year on year on ULIPschemes and have outperformed indiceslike Nifty, Sensex, BSE <strong>10</strong>0.The year 2011-12 would be a tough one interms <strong>of</strong> new business growth. Our focuswould be to increase topline by increasingproductivity across all channels. We wouldcontinue to <strong>of</strong>fer the best <strong>of</strong> services to our<strong>customers</strong>.Warm regards,V PhilipMD & CEO <strong>Bajaj</strong> <strong>Allianz</strong> Life Insurancev.philip@bajajallianz.co.in04
Special featureclaim amount but does not known whom the claim isto be paid to. For instance, the wife may be presentbut has not been mentioned as the nominee in thepolicy. In this situation, the claimant needs to procurea titleholder or succession certificate from the court,which involves a judicial process, and may delay theclaim settlement process.! Multiple nominations : A policyholder can also havementioned multiple nominations on his/her lifeinsurance policy. In this case, the insurer asks all thenominees to collectively provide a dischargeauthorization on whose name the claim chequeshould be issued. The point to be noted is that thenomination gives only the discharge <strong>of</strong> the claimamount, but that does no make him/her the owner <strong>of</strong>the money. The legal rightful owner <strong>of</strong> the money isdecided on the basis <strong>of</strong> Individual Personal LawTips to faster claims settlement! Do not sign blank proposal forms and always have acopy <strong>of</strong> the completed proposal form with you! Disclose all information on health at the time <strong>of</strong>applying for the policy! Provide all claim documents at one go to ensurespeedy settlement <strong>of</strong> the claim! Provide complete bank account details such asaccount number, name etc to enable NEFT transfer <strong>of</strong>claim amount.! Be sure to mention the nominee(s) in your policy andinform your family members about the policy.! Submit your claim documents within 180 days <strong>of</strong> thedeath <strong>of</strong> the life assured. However, in legal parlance, allclaims need to be lodged within 3 <strong>years</strong>. After three<strong>years</strong>, the policyholder cannot sue the insurer for notpaying the claim.Claims AnalysisGiven below is an insight into average Turn Around Time (TAT) for claim settlement and steps taken to lower and alsoclaims paid over the last <strong>10</strong> <strong>years</strong>. The TAT is measured from date <strong>of</strong> intimation <strong>of</strong> claims to the date <strong>of</strong> payment <strong>of</strong>claim cheque.Average TAT for settling claimsHigh volume <strong>of</strong>claims handledby small team39 73D A Y SD A Y S86TeamRamped-UpD A Y S57Team sizeincreasedOnlineprocessingand trackingclaimsImage-basedprocessingintroducedD A Y S47D A Y S42D A Y S55D A Y S38D A Y S03-04 04-05 05-06 06-07 07-08 08-09 09-<strong>10</strong> <strong>10</strong>-11Claims settled over the <strong>years</strong>In the last <strong>10</strong> <strong>years</strong> <strong>Bajaj</strong> <strong>Allianz</strong> has settled life insurance claims worth `<strong>10</strong>63.68 crores.Number <strong>of</strong> ClaimsAmount Paid (in ` Crore)378.88326.392208326453203.1851 53234656964126630.46 7.6344.0597.3402-03 05-06 06-07 07-08 08-09 09-<strong>10</strong> <strong>10</strong>-11 02-03 05-06 06-07 07-08 08-09 09-<strong>10</strong> <strong>10</strong>-1<strong>10</strong>6
FinancialResultsFinancialresults Q1Newstrack May 2011FY 20<strong>10</strong> - 11<strong>Bajaj</strong> <strong>Allianz</strong> has announced its financial results for FY 20<strong>10</strong>-11.Here are the highlights.Q1 (April - June 2011)Highlights <strong>of</strong> financial results for Q1 FY 2011-12.<strong>Bajaj</strong> <strong>Allianz</strong> Life Insurance<strong>Bajaj</strong> <strong>Allianz</strong> Life InsuranceGross Written PremiumTotal SurplusGross Written PremiumTotal SurplusIn `Crores1142096<strong>10</strong>In `Crores542<strong>10</strong>57In `Crores18451388In `Crores16927809-<strong>10</strong> <strong>10</strong>-1<strong>10</strong>9-<strong>10</strong> <strong>10</strong>-11Jun’<strong>10</strong>Jun’11Jun’<strong>10</strong> Jun’11! GWP down by 16% as business as a whole saw a dip in the industry! Solvency ratio was 366% as against regulatory requirement <strong>of</strong> 150%! AUM stands at `39,330 crores, making <strong>Bajaj</strong> <strong>Allianz</strong> one <strong>of</strong> the highestAUM manager in insurance industry! Strict cost control measures have helped maintain pr<strong>of</strong>itability despitetough market conditions! <strong>Bajaj</strong> <strong>Allianz</strong> has emerged as the leading non-bank promoted lifeinsurer! <strong>Bajaj</strong> <strong>Allianz</strong> ranks No. 2 in terms <strong>of</strong> number <strong>of</strong> policies issued! GWP down by 25% as business as a whole saw a dip in the industry! Solvency ratio was 4<strong>10</strong>% for the quarter as against regulatoryrequirement <strong>of</strong> 150%! AUM stands at `39,234 crores.<strong>Bajaj</strong> <strong>Allianz</strong> General InsuranceGross Written PremiumPr<strong>of</strong>it After Tax<strong>Bajaj</strong> <strong>Allianz</strong> General InsuranceGross Written PremiumPr<strong>of</strong>it After Tax2915In `Crores718798In `Crores3139In `Crores2515In `Crores12143Jun’<strong>10</strong> Jun’11 Jun’<strong>10</strong> Jun’11GWP grew by 11%Pr<strong>of</strong>its increase by 26%09-<strong>10</strong> <strong>10</strong>-11 09-<strong>10</strong> <strong>10</strong>-11! GWP grew by 15.5%! Combined ratio reduced from 99.6% to 98.6%, excluding TP poollosses! Loss ratio reduced from 66.4% to 63.41%! Continue to post pr<strong>of</strong>its despite pressure from TP pool provisions! BJAZ General ranks 2nd among the private insurers with a marketshare <strong>of</strong> 6.8%! Combined ratio improved from <strong>10</strong>1.4% to 96.7% in Q1 over sameperiod <strong>of</strong> last year! Loss ratio improved from 68.6% to 65%07
Special feature“Need to displayutmost sensitivitytowards the claimant”A claims manager's responsibility is to ensurethat every claim that is intimated to the insurer isprocessed at the earliest. At the same time, aclaims manager needs to make certain that theclaim being processed is legitimate andindisputable. NEWSTRACK spoke toNandakumar Ballal, AVP-Claims, <strong>Bajaj</strong> <strong>Allianz</strong>Life Insurance to understand what happens inthe day <strong>of</strong> a life insurance claims manager.Nandakumar BallalLike many <strong>of</strong> our countrymen, I also woke upin the morning <strong>of</strong> 22nd May last year to hearthe country's worst aviation disaster inMangalore when the flight AI 812, Air IndiaExpress aircraft had landed or perhaps“touched down” in a non-scheduled place.As a Claims Manager in a life insurancecompany, my first thought was how many <strong>of</strong>those passengers on the ill-fated flight wereinsured by <strong>Bajaj</strong> <strong>Allianz</strong>.Immediately on reaching the <strong>of</strong>fice, I startedto flip through the policyholders data fromMangalore and kept a close watch on thedevelopments at the crash site. The first stepthat we had in mind was to check if any <strong>of</strong>our <strong>customers</strong> were in that ill fated aircraft.My worst fears started when few claimintimations started trickling in. I found thatthis was the time to understand thesensitivity <strong>of</strong> the customer's situation at thetime <strong>of</strong> a claim. In a proactive manner, weacted promptly to settle the claims at theearliest and immediately liberalized ourclaim guidelines and waived <strong>of</strong>f certainconditions. To authenticate the claimintimations received, we procured the list <strong>of</strong>deceased passengers as per the boarding liston Air India's flight from the internet andverified the policyholder's name with this list.requirement and the claims were issued onthe basis <strong>of</strong> a confirmation <strong>of</strong> death by thelocal authority/government. Accidentaldeath benefits were also settled without postmortem reports as the reports would nothave been possible without the bodies.A claims manager's responsibility is toensure that every claim that is intimated tothe insurer is processed at the earliest. At thesame time, a claims manager needs to makecertain that the claim being processed islegitimate and indisputable.At <strong>Bajaj</strong> <strong>Allianz</strong>, as we go through theinvestigation process, we also try to help the<strong>customers</strong> to get the documents because atthe end <strong>of</strong> the day, the objective is to helpthe customer.So, as the Claims Manager, while I need togo through several documents to processthe claim, at the same time I try and think <strong>of</strong>the customer's perspective as to why he isnot able to get the document and try andhelp him get the same. And once thedecision has been taken to pay the claim, it ismy responsibility to try and ensure that thereis no delay subsequently and there are n<strong>of</strong>urther roadblocks in settling the claim.08
Newstrack May 2011The complexitiesOnce a claim intimation is received, the firststep is to check if all requisite documents arein place. In this process, we may call for moredetails from the customer, clarifications oradditional documents. In case <strong>of</strong> an earlyclaim or suspicions <strong>of</strong> genuineness <strong>of</strong> theclaim, an investigator is appointed. Theinvestigator is instrumental in raising freshqueries on an existing case and unearthingnew angles or aspects <strong>of</strong> the claim that mayresult in approving or repudiation <strong>of</strong> theclaim. The key aspects that the claimmanager needs to keep in mind are asbelow:! Verify pre-issuance details - We need toverify details mentioned by thepolicyholder at the time <strong>of</strong> proposal likedoes the life assured exist, was he stayingat the same address as provided in theproposal form, correctness <strong>of</strong> age,occupation and income, pre-existinghealth conditions and habits such asalcoholism, smoking etc. Analysis <strong>of</strong> theincome and occupation gives an idea <strong>of</strong>the need <strong>of</strong> insurance and its affordability.Any sort <strong>of</strong> under-statement <strong>of</strong> income bythe policyholder or intermediary that isrevealed can result in repudiation <strong>of</strong>claim.Although it is important to know all theabove details at the time <strong>of</strong> inception <strong>of</strong>the policy, there have been times whenthe underwriter has not observed aparticular description <strong>of</strong> a pre-existingailment and the policy has been issued. Inmany such cases, claims have been paidbecause the approved policy form issubstantiation <strong>of</strong> the details disclosed bythe customer, on the basis <strong>of</strong> which theclaim becomes payable.! Check claim related details – Has thecause <strong>of</strong> death been mis-stated? Forinstance, if someone has died <strong>of</strong> suicidebut the cause <strong>of</strong> death has been stated asheart attack. There can always be apossibility that suicide within the first year<strong>of</strong> the policy has been misrepresented as anatural death, since the claim amountpayable for suicide within first year ismuch lower than in the case <strong>of</strong> naturaldeath. We have observed that suicidesarising out <strong>of</strong> a pre-existing habit likealcoholism or smoking may be mis-stated.The date <strong>of</strong> death also needs to be verifiedto ensure that it falls under the period <strong>of</strong>coverage. This is checked by facts <strong>of</strong> thepost-mortem, death certificate and othermedical reports.! Nominee Verification – Nomineeverification is another issue that maycause complications in a claim case.Nominee is defined as the person towhom the claim amount is discharged toby the insurer. The nominee however,may not be the legal rightful owner <strong>of</strong> theamount, if he/she is not the legal heir.Wife, parents and children are consideredas legal heirs as per Indian Personal Law.This has at times led to debates ordisputes amongst families, where thelegal heir does not agree with thenomination as per the policy. In suchcases, the claimant needs to submit asuccession certificate or titleholder fromthe court to the insurer. Cases <strong>of</strong> multiplenominations also <strong>of</strong>ten end up as legaldisputes where the nominees are unableto reach a mutual agreement on whosename the claim amount should bedischarged.Policyholders should keep in mind that ifthe nominee has expired during the term<strong>of</strong> the policy, you should inform theinsurer <strong>of</strong> the alternate/new nominee. Inabsence <strong>of</strong> a nominee at the time <strong>of</strong>claim, the insurer will ask for a titling orsuccession certificate to be procured fromthe court.If all <strong>of</strong> the above situations hold true, theinsurer is liable to pay the claim. As the onus<strong>of</strong> verifying all facts related to a claim lie onthe insurer, the insurer is also liable to paythe claim if the Claims Team is unable toprove the discrepancy or inaccuracy <strong>of</strong> thedocuments/details.The Balancing ActHence, it is important that a Claims Managershould be able to view every case fromdifferent angles, which would be critical inapproving or rejecting the claim. At times,the Claim manager may start suspectingevery claim. But at the same time, he alsoneeds to step into the customer's shoesjustify his suspicions. The way to do this is togo into the reverse gear while assessing theclaim case and then over-rule each <strong>of</strong> yourown suspicions. So although he needs tohave a suspicious eye, he needs to knowwhere to draw the line and balance histhoughts.Case Study -DisputedNominationBackgroundThe nominee mentioned as per the lifeinsurance policy was the sister <strong>of</strong> the LifeAssured viz., Vimla Rani. However, on expiry<strong>of</strong> the life assured, his wife, Usha Devi isclaiming for the policy money as a legal heir.The insurer's standThe insurer has received a court order fromthe Additional Court <strong>of</strong> Aligarh where UshaDevi, Rajkumar (brother <strong>of</strong> the life assured)and others stating that the claim should notbe paid to Vimla Rani. But the court orderdoes not clarify where nominee Vimla Raniwas also a party to the proceedings.However, even if the insurer presumes thatVimla Rani in agreement to the compromisereached at by the parties and hasrelinquished all her rights on the death claimbenefits, it still does not give the lifeassured's wife, Usha Devi to exclude theother legal heirs.Having said that, it is also important to pointout that in any case, the nominee is only acustodian <strong>of</strong> the amount on behalf <strong>of</strong> thelegal heirs <strong>of</strong> the deceased.Legal OpinionUnder such circumstances, the wife <strong>of</strong> thelife assured, Usha Devi is requested toprovide a succession certification on the life<strong>of</strong> the policy holder to the insurer. Anypayment <strong>of</strong> claim will be then processed onthe basis <strong>of</strong> the said succession certificate.09
Newstrack May 2011Don’t leave thecountry withoutTravel InsuranceTravel Insurance is as important as any other travel accessoryyou would need while planning a trip overseas. Travel relatedrisks can be many and the cost for securing yourself againstthese risks is relatively small. For instance, if in the unfortunateevent <strong>of</strong> hospitalization in a foreign country, the expenses canbe huge. But if you have a travel insurance plan, the policy willtake care <strong>of</strong> the financial burden <strong>of</strong> the illness.In addition to medical expenses, evacuationand repatriation, you can also make a claimon your Travel insurance in case <strong>of</strong> loss <strong>of</strong>checked-in baggage, delay in baggage,personal accident, loss <strong>of</strong> passport, trip delayor hijack. In fact, <strong>Bajaj</strong> <strong>Allianz</strong> also <strong>of</strong>fers acover for golf tournaments in foreigncountries.<strong>Bajaj</strong> <strong>Allianz</strong> is the only private generalinsurer in India to have an in-house team forhandling Travel Claims.The most important aspect <strong>of</strong> claimsettlement in travel insurance iscoordinating with the hospitals and localservice providers in the foreign country. Thisis where a large network <strong>of</strong> internationalassistance companies or partners come inuseful. <strong>Bajaj</strong> <strong>Allianz</strong> has a network <strong>of</strong>assistance companies in over 30 countriesthat enable medical assistance, claimsprocess, repatriation and evacuation serviceand other services. In countries where apartner is not present, <strong>Bajaj</strong> <strong>Allianz</strong> directlycoordinates with hospitals and other serviceproviders to resolve a claimant's query,request (for evacuation or repatriation) andclaim.ChallengesSome <strong>of</strong> the challenges that the Claims teamface while dealing with Travel Insuranceclaims are described below:! Language barrier for local coordination –In most cases, local agencies are hired tocoordinate between various serviceproviders. However, these usually come ata cost which the customer needs to bear.But to expedite the investigation, theinsurer <strong>of</strong>ten attempts to get in touchwith the hospitals directly, wherein notbeing conversant in the local languageposes a challenge. Also, the documentssubmitted by the customer may be in aforeign language, which need to betranslated to be understood. For this, anadditional service provider is involved,which may increase the turn-around-timefor claim settlement.! Delay in getting documents – In somecountries, medical records and invoicesare provided after a period <strong>of</strong> 1-2 weeksfrom the hospitals to the patient. Thisresults in a delay in settlement <strong>of</strong> theclaim and especially when admissibilityneeds to be checked in case <strong>of</strong> a cashlessclaim. In such cases, the insurer gets intouch with the hospital directly toexpedite the procurement <strong>of</strong> documents.Wherever charges are applicable, theseare paid by the insurer and are notdeducted from the policyholder's claim.! Manual Processes – Travel insurance isstill a relatively nascent domain andhence, most <strong>of</strong> the processes need to bedone manually. This at times causes theTAT to be a little high.! Policy period to be considered in case <strong>of</strong>evacuation – Evacuation charges andmedical treatment in India is payable for90 days from intimation <strong>of</strong> claim underthe travel policy. In case <strong>of</strong> a policy <strong>of</strong> aduration <strong>of</strong> one year or six months, theinsurer needs to evaluate whether there isa need for evacuating the a patient fromabroad to India for the treatment, orwhether the treatment can be doneabroad for the remaining policy duration.This clause is <strong>of</strong>ten misunderstood oroverlooked and has led to disputes with<strong>customers</strong> at the time <strong>of</strong> request forevacuation.Having an in-house team to handle TravelInsurance claims enables us to settle claims.By being in direct contact with the customer,we are able to understand their issues orproblems faster and provide a customerfriendlysolution at the earliest, even if itrequires relaxing our processes if required –Kiran Makhija, Head-Travel Insurance11
<strong>Bajaj</strong> <strong>Allianz</strong> Advantage<strong>Bajaj</strong> <strong>Allianz</strong> is the only private generalinsurer in India to have an in-house team forhandling Travel Claims. This provides thefollowing benefits to the customer:! International toll-free phone and faxnumber! 24x7 availability! Direct relationship with the customer anddirect communication with hospitals incase <strong>of</strong> requirement <strong>of</strong> documents! Quick settlement <strong>of</strong> claims! Faster resolution <strong>of</strong> dispute and fasterdecision making on admissibility <strong>of</strong> claimsClaim process! Claim is intimated by the customerthrough international toll free numberwhich lands at the call center in India. Incase, a call cannot be made, the claimcan be intimated through email.! On receiving the claim intimation, an I-track is generated, which in turnautomatically triggers a mail to theclaimant informing them <strong>of</strong> the claimprocess, necessary documents requiredand provide them the claim form andother forms required. The same mail isalso sent to the hospital in case <strong>of</strong>medical exigencies.! A mail is also sent to the email id <strong>of</strong> theClaims team so that contact details <strong>of</strong> theclaimant can be verified.Tips for faster claimsettlement! Intimate the insurer as soon as the lossoccurs. The service provider would beable to advise you about how toproceed further.! Ensure that you provide correct detailsin the proposal form and disclose allinformation on existing healthconditions.! Provide complete documentation at thetime <strong>of</strong> submission <strong>of</strong> claims, as per therequirements listed in the travel kit.! For faster and direct credit <strong>of</strong> your claimamount, provide NEFT details and acancelled to the insurer.On a lighter sideIn the experience <strong>of</strong> the last ten <strong>years</strong>, our Claims Managers have come across some unusualand hilarious descriptions <strong>of</strong> the situations during which the claim happened. Here are someselected ones to tickle your funny bone.Two cows while quarrelling dashedfrom front. At same time a rickshawdashed on side and a cow horn dashed to frontheadlight.- From BarodaWhile crossing below a Flyoverbridge suddenly something huge fellon my vehicle from flyover, I could notunderstand for a moment. Thereafter,observed the object which fell down was aDonkey, God knows what he was doingjumping from flyover on my car.- From MumbaiI was moving through SaputaraGhat, I observed a rope -like objectlying on the road. While trying to cross thesame, it stood up suddenly & observe that it wasa seven headed snake. I got frightened and lostcontrol <strong>of</strong> my vehicle, which ran over bigboulders. Complete undercarriage <strong>of</strong> the car isdamaged.- From MumbaiOn questioning what goods werebeing carried at the time <strong>of</strong> loss,insured responded “Tiffin Box”; he meant to saythat he was carrying his lunch-box.- From MumbaiWhen Vehicle parked in my home.Morning I will come see the vehicledamaged. On 6th night 11:30PM, when thevehicle was parked outside our house, theywere laying near that road. The big machinelaying that road, scratched our vehicle on theright side back doors causing heavy damages- From ChennaiNear Dwarka Circle, aeroplanewing was damaged the vehiclefrom the top. Actually it happened but it wasthe blade <strong>of</strong> wind mill and it was on the truck.- From NasikI was on way to Durgapur in myMaruti Alto. Two husbands <strong>of</strong> cowswere fighting with each other on the road.When I applied horn to move them, theyhorned me and then danced on my bonnet.- From MumbaiWhile coming from Mumbai thevehicle claimed on the tree andhanged on the top. In the said case a lady in thevehicle call me at about 12:30 am and saying thesame. Next day we conduct the spot survey and itwas true. Road was on the high from the farmsand tree is in the farm.- From NasikI was driving on the highway late atnight when a dog suddenly jumped infront <strong>of</strong> the car. To save him, I turned and hit atree standing on the side.- From PunjabWhile backing my car out <strong>of</strong> myhouse, the car hit the electricity poleoutside the house.- From PunjabWhile driving a herd <strong>of</strong> cows passedsuddenly, one <strong>of</strong> cows hit in the rightside, to avoid I moved extreme right and collidedwith tree.- From ChennaiVehicle parking on road side onetractor hitting my vehicle and myvehicle after hitting the petrol tank cover hittedby near by pool- From ChennaiWhile going to Ghoti a tiger jumpedon the vehicle from front side and IVwas damaged from front side.- From NasikThe vehicle going a head <strong>of</strong> my carspeured the stones caught under itswheel; one small stone hit the glass in my carand caused a crack- From ChennaiWile applying the break to avoid themilkman came from the samll lane atnew colony, Adambakkam. Sand pilled forconstruction skidded and dragged to 5 feetinjury in my legs and hands and damagingvehicle (Wearing Helmet)- From Chennai12
Special featureNewstrack May 2011Motor InsuranceMotor insurance constitutes one <strong>of</strong> the highestcontributors to the premium income <strong>of</strong> a non-lifeinsurer. In addition to that it is also one <strong>of</strong> the mostvisible forms <strong>of</strong> non-life insurance. Hence it is criticalthat policy issuance as well as claim settlement has tobe closer to the customer's expectation i.e. speed.Claims AnalysisGiven below is an insight into average Turn Around Time (TAT) for claim settlement and steps taken tolower and also claims paid over the last <strong>10</strong> <strong>years</strong>.Average turn around time for settling claims21D A Y S22D A Y S23Introducede-claimsStarted SMSalerts for<strong>customers</strong>& fast tracksettlementStarted onlineapproval <strong>of</strong> claimsthrough Audatex22 20D A Y S19D A Y S D A Y S D A Y S05-06 06-07 07-08 08-09 09-<strong>10</strong> <strong>10</strong>-11<strong>Bajaj</strong> <strong>Allianz</strong> receives around <strong>10</strong>00 claims a day from all over the country. Considering this huge volume,the TAT has been reduced from 21 days in 2005-06 to 19 days in 20<strong>10</strong>-11.! Fast track claim settlement i.e. settlement through <strong>Bajaj</strong> <strong>Allianz</strong> Drive in center and Mobile settlement! Cash less settlement for commercial vehicles! Spot settlement <strong>of</strong> small claimsAverage Claim Size (in `) over the <strong>years</strong>Average claim size has increased from around `8,000 to `15,000, which has increased the costs for insurers.79419685<strong>10</strong>7291140611389126511559015007157882002-03 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09 2009-<strong>10</strong> 20<strong>10</strong>-1113
Special featureJay Prakash Shukla“Abnormalsituations demandflexible solutions”Every motor insurance claim is unique in itsown way. A claims manager not only needsto have technical knowledge but also beflexible according to the situation.NEWSTRACK spoke to Jay Prakash Shukla,Manager-Claims, <strong>Bajaj</strong> <strong>Allianz</strong> GeneralInsurance to understand his experience andlearnings over the <strong>years</strong>.The rains <strong>of</strong> July 2005 in Bangalore was onesuch monsoon that caught me and manyothers far away from Bangalore unprepared.It was a regular working day for me when Ireceived a call from my Claims Head in Puneinforming me about the floods that had hitalmost 60% <strong>of</strong> Mumbai on 26 July that year.It was estimated that over 5,000 people diedin the floods and there had been a massiveloss to assets. I was instructed to leaveBangalore immediately for Mumbai to helpthe <strong>of</strong>fice which was in a chaotic situation.For the next three days, work in Mumbai wasat a standstill as communication lines weredown and commuting was very difficult.Slowly, we began to realise the magnitude <strong>of</strong>loss. On an average, more than 500 enquiriesand 350 claim intimations were received ona daily basis during the following two weeks.With a limited team and difficult externalconditions, it was extremely challenging togive proper advice to distressed <strong>customers</strong>,as well as ensure that surveys and repairswere being done in time.Getting ManpowerThe first realization was that the existingteam in Mumbai would not be able tohandle the large volume and to bring thesituation under control, more manpowerwas needed. So, like me, many others in theClaims Team from other cities had beenflown in. All employees, irrespective <strong>of</strong>channel or department were engaged to getdetails about the situation from agents,brokers, corporates and motor dealerworkshops. As commuting was a problem,rooms were booked in a nearby hotel so thatthe team could stay for long hours orovernight in <strong>of</strong>fice to save time and avoid theinconvenience. The team was equipped withumbrellas, gumboots, food, medicines etc.when they were going out <strong>of</strong> <strong>of</strong>fice onsurveys. We also organized a Health campwith immunity vaccinations to ensureemployees and their families are safe fromany water-borne and rain-related diseases.Liberalised ClaimProceduresThe usual process <strong>of</strong> claim intimationinvolves notifying the branch <strong>of</strong>fice orthrough the toll-free number <strong>of</strong> theCustomer Care Unit. This process requiresthe customer to fill in a claim formdescribing the reasons for loss and providingsupporting documents like driving license,registration certificate etc. But in a situationwhere people had lost their homes andvaluables, it would have been impractical tostick to the guidelines and asking thecustomer for documentation beforeextending support, that too when such largevolumes <strong>of</strong> claims coming in. Moreover, withmost <strong>of</strong> the communication lines beingdamaged, intimation through telephoneswas also a challenge.To handle the large volume <strong>of</strong> calls, weinstalled two dedicated help-lines whichwere publicized through cable televisionnetworks. Trained members from the claimsteam were deputed to answer claim-relatedcalls. Thereafter, Mumbai as a region wasbifurcated into 4 divisions and a team leaderwas appointed to each division to ensuredaily analysis and action on the situation. Thelocal teams were given a high level <strong>of</strong>empowerment so that decisions could betaken faster which enhanced the TAT.Simultaneously, all agents and employeeswere empowered to take written or oralclaim intimations in a prescribed format. Allmotor claim team members were instructedto visit workshops and take stock <strong>of</strong> vehicles<strong>of</strong> <strong>Bajaj</strong> <strong>Allianz</strong> <strong>customers</strong> with photographsand details. In addition, teams were als<strong>of</strong>ormed who visited residential colonies toidentify <strong>Bajaj</strong> <strong>Allianz</strong> <strong>customers</strong>. Forms werealso made available at the front desk withtwo dedicated employees to assist walk-in<strong>customers</strong>. These written intimations wereupdated in an excel sheet and forwarded tothe Call Center in Pune twice a day for 15days.Claim SettlementOnce the claims were intimated, the nextstep was to ensure a faster claim settlementand repairs.! Door-step service - To ensure that claimswere settled quickly, the team carriedsigned and authorized cheques with14
Newstrack May 2011them that could be given to <strong>customers</strong>with small claim amounts on the spot.This helped reduce the volume <strong>of</strong> claimsquickly and settle a large number <strong>of</strong>claims within a short span <strong>of</strong> time.! Ensure adequate spare parts - However,due to the huge number <strong>of</strong> vehiclesdamaged across the city, there was ashortage <strong>of</strong> spare parts at the garagesand motor dealers, which caused a delayin claim settlement. Since this problemwas for not one insurer alone, we took theinitiative <strong>of</strong> getting all insurers togetherand approaching the motor dealers tomake spare parts available fromneighbouring dry locations.! Shift repair jobs to dry areas - Due tolack <strong>of</strong> space, manpower andinfrastructure, the garages were facingissues in starting the repairs. To take care<strong>of</strong> this, repairers were relocated andmanpower was pulled in from otherdealers with agreement <strong>of</strong> themanufacturers. In some cases, vehicleswere transported from Mumbai toGujarat for the repairs.ResultsOver 2863 claims were settled, with theaverage claim size being ` 51,000. Althoughthe TAT was totally dependant on theavailability <strong>of</strong> spare parts, we maintained anaverage TAT <strong>of</strong> 20 days for Small claims, 35days for Medium claims, 60 days for Majorclaims and total loss cases were settled in 45days.LearningAs a claims manager, we are tuned to followprocesses and minimize claims. But theevent <strong>of</strong> the Mumbai floods taught me thatat times it is important to be flexible with theprocesses to ensure my employees and<strong>customers</strong> are satisfied and comfortable.This experience served as a lab for claimsmanagement skills by which the results canbe replicated in all similar difficult situations.I have learnt that the first step to repairing aflood-affected vehicle is to strip it completelyand drain out all the oil and leave it to dry.We used these learnings in all flood relatedclaims and made it a kind <strong>of</strong> StandardOperating Procedure (SOP).15
Special featureMotor repairs go GreenAJITPAL JANDOO, HEAD MOTOR CLAIMS, BAJAJ ALLIANZ GENERAL INSURANCEA number <strong>of</strong> claims in Motor insurance deals with parts that can bereplaced or repaired. A part that can be repaired rather than replacedis beneficial to the customer as they save on depreciation costs <strong>of</strong> thedamaged part. These days materials used in vehicles have undergoneseveral changes and use <strong>of</strong> plastic in the FRP form is more than metalto make the vehicle light and sporty.When a damaged part is repaired the only cost incurred is the labourcost which is an admissible claim. On the other hand, when a plasticpart is replaced, the customer has to bear depreciation cost whichmay be as high as 70% to 80% depending on the age <strong>of</strong> the car.Moreover when a plastic part is repaired it saves our fragileenvironment as plastic is not bio-degradable. When a part is repairedinstead <strong>of</strong> replacement knowingly or unknowingly one plays a smallrole in protecting the fragile environment and reduces carbonfootprint.<strong>Bajaj</strong> <strong>Allianz</strong> has introduced innovative ways to do its bit for theenvironment and reduce their carbon footprint.To assess its carbon footprint, our partner <strong>Allianz</strong> has devised aunique Life Cycle Assessment (LCA) for assessing the potentialenvironmental aspects associated with the repair process <strong>of</strong> adamaged vehicle. The findings <strong>of</strong> this assessment reveals that each <strong>of</strong>the repair processes like dismantling <strong>of</strong> metal parts like doors or sidepanels, welding <strong>of</strong> plastic bumpers and spot painting leads to highamount <strong>of</strong> carbon emission. Disposal or replacement <strong>of</strong> damagedplastic motor parts also leads to carbon emission.The environment-friendly solution to this is opting for repairs <strong>of</strong> thedamaged parts, instead <strong>of</strong> replacements. This will lead to reducedcarbon footprint and building a greener environment. The impact onthe environment for each side panel repair is 60% reduction in CO2emission (85.7kg), plastic bumper repairs reduce 75% <strong>of</strong> CO2 emitted(69.3kg) and spot painting vis-à-vis complete painting helps to bringdown CO2 emission by 44% (17.5kg).Environmental Impact <strong>of</strong> Side-Panel Repairs inTerms <strong>of</strong> Greenhouse Effect (CO ) 2Greenhouse effect on repair : -60% CO2(=85.7 kg CO2)kg CO 2 equivalent200150<strong>10</strong>0500-50ReplacementRepairSteel CreditTransportationPaintingStylingReshapingFitting Spare PartsRemoval Old PartsProduction Spare PartsEnvironmental Impact <strong>of</strong> Plastic Bumper Repairs inTerms <strong>of</strong> Greenhouse Effect (CO 2 )Greenhouse effect on repair : -72% CO2(=69.3 kg CO2)kg CO 2 equivalent200150<strong>10</strong>0500-50ReplacementRepairPE CreditTransportationPaintingPrimingStylingWeldingAjitpal JandooProduction Spare PartsTo encourage <strong>customers</strong> to opt for repairs <strong>of</strong> their damaged motor parts instead <strong>of</strong> replacement, <strong>Bajaj</strong> <strong>Allianz</strong> has introduced a unique initiativewhere in <strong>customers</strong> are being awarded with a “Green Certificate” from <strong>Bajaj</strong> <strong>Allianz</strong> in association with World Vision in appreciation <strong>of</strong> theircontribution towards building a greener environment.Seen above are Mr. Vishal Garg & Ms. Roma Robinson from Delhi, who were awarded Green Certificates for undertaking plastic repairs on theircar bumpers instead <strong>of</strong> replacement.16
Newstrack May 2011Insurance claims triggerdesign improvements<strong>Bajaj</strong> <strong>Allianz</strong> settles an average <strong>of</strong> over 1,000claims a day. Till date we would have settled21 lakh claims since our inception in 2001.This may seem a mere number but is a tome<strong>of</strong> data for our actuaries for arriving at theright pricing. <strong>Bajaj</strong> <strong>Allianz</strong> also uses this datawhich is sliced and diced for taking decisionsand taking corrective measures in analysingthe loss ratio.<strong>Bajaj</strong> <strong>Allianz</strong> has forged partnerships withmotor manufacturers like Maruti Suzuki,Hyundai, Ford, BMW, Volkswagen group, JCBand other local level tie-ups through motordealers. From 2003 onwards we startedsharing this data with motor manufacturersfor their respective brands. The objective wasto share the loss ratios <strong>of</strong> respectivebrands/segments and overall how pr<strong>of</strong>itableor loss making was it for <strong>Bajaj</strong> <strong>Allianz</strong> and thespecific model. However, this data opened awhole new opportunity for themanufacturers as they viewed it with adifferent lens altogether. It soon became aregular feature and we started continuouslysharing the claim ratio and related analysiswith our partners. Based on our claimanalysis, some <strong>of</strong> the manufacturers haveinitiated some improvements in the design<strong>of</strong> their vehicles. Names <strong>of</strong> manufacturersare deliberately not revealed to respect theconfidentiality among the partners.! A leading manufacturer introduced antitheftdevices and engine immobilisers inall their models from 2008/09 onwardsbased on our data that most <strong>of</strong> the theftcases in the A and B segment belonged totheir brands.! Another leading manufacturer changedtheir design <strong>of</strong> their highly popular modelby introducing Disc Brake in thatparticular model from 2008 onwards asthere were higher claims in that particularmodel which due to overturning and veryhigh bumper and fender damages thanthe normal pattern.! Majority <strong>of</strong> claims were due to frontal andrear damages which include headlightand taillight assembly housing. When weshared this data, most <strong>of</strong> themanufacturers implemented ourrecommendations <strong>of</strong> making availablechild parts <strong>of</strong> the parent part. For e.g.earlier headlight and taillight housingcame as full assembly but now it comesas child parts so that only the damagedpart has to be replaced and not the entirepart including the assembly. Some <strong>of</strong> themanufacturers even developed child partslike door skin were made available whichconsiderably reduced the ownership costsfor their respective car owners.! When TAT <strong>of</strong> claim analysis pertaining to amanufacturer was shared it emerged thatmaximum delay was non-adequateinfrastructure at their authorisedworkshops and non-availability <strong>of</strong> childparts like side body, body skin, spares etc.This led to dissatisfaction for <strong>customers</strong> <strong>of</strong>the manufacturer as well as <strong>Bajaj</strong> <strong>Allianz</strong>.So they decided to spruce up theinfrastructure at their workshops andensured proper availability <strong>of</strong> spare partinventory and introduction <strong>of</strong> these childparts across locations depending on theclaims severity.! To support our green initiative, a fewmanufacturers introduced lot <strong>of</strong> plasticrepair practices for parts like bumper orheadlight for parts which could berepaired instead <strong>of</strong> a replacement. Thisleads to considerable saving to <strong>customers</strong>as well as playing a small role in saving theenvironment.NEWSTRACK spoke to some manufacturers inconfidence to understand their feedback on theclaims data shared with them.A leading south based manufacturersaid, “In our endeavour for <strong>customers</strong>atisfaction, we constantly interact withother stakeholders. We are happy toimplement suggestions from ourinsurance partners that help in raisingour customer satisfaction levels. We alsohelp improve the repair capability <strong>of</strong> ourdealer. Introduction <strong>of</strong> plastic repair kitsfor fixing bumpers and head lampmounting brackets are outcomes <strong>of</strong> thiseffort.”A leading small car manufacturer said,“We value feedback from variousstakeholders in our endeavour toenhance customer satisfaction. In one <strong>of</strong>our interaction with our insurancepartners when they shared claims datapertaining to our models, we ensuredthat we implement measures likeintroduction <strong>of</strong> anti-theft devices in allour models etc.”17
Special featureNon-Motor ClaimsNon-motor insurance is a very vast domain as itpertains to insurance <strong>of</strong> any kind <strong>of</strong> assets or propertyagainst risks like fire, burglary, goods in transit,industrial damages, or credit card related risks. You caninsure anything from a pin to piano to plane tosatellites or even occurrence or non-occurrence <strong>of</strong> rain!When you have covers as diverse as these, the claims innon-motor insurance are as diverse as the cover itself.Each case needs a unique and customized treatmentdepending on the loss and insured good/propertyalong with a detailed investigation with the supportand cooperation <strong>of</strong> all the concerned parties.NEWSTRACK brings you some cases which depicts thenuances and the issues that arise in a case <strong>of</strong> a nonmotorclaim which may seem to be a straightforwardand admissible claim.18
Newstrack May 2011belonged to the subject consignment.During investigation by the policeauthorities, it was revealed that a brother <strong>of</strong>the driver had taken the shop on rent fromwhere a part <strong>of</strong> the consignment wasrecovered. Subsequently, he was arrested bythe police. The Insured used their good<strong>of</strong>fices on senior police authorities andconsequently, the case was handed over tothe Special Task Force.With the efforts <strong>of</strong> the Special Task Force andfull support <strong>of</strong> the Insured and thetransporter, the truck was found to bestranded at a secluded place near Indore. Onbreaking open the body <strong>of</strong> the truck, a part <strong>of</strong>the consignment was found lying thereinand the truck was seized by the police.ResultAfter completing legal formalities at Agraand Indore, the Insured procured the releaseorder <strong>of</strong> the goods and sent the same tooriginal destination at Indore. With the arrest<strong>of</strong> the driver, the police recovered some <strong>of</strong>the material from the local traders to whomthe driver had sold the same. Some localtraders were also arrested and are still in Jailin Indore.The total recovery worth `1.40 crores hasbeen made till date, out <strong>of</strong> which materialworth `3,50,000 is still in the custody <strong>of</strong> thepolice. The case is still under investigationand police are making their best efforts withthe co-operation <strong>of</strong> the Insured andtransporter to recover the balanceconsignment.LearningsThe seriousness with which the police madethe recovery in Agra and Indore is a pro<strong>of</strong> <strong>of</strong>a well thought out strategy and execution <strong>of</strong>the police force.As a result <strong>of</strong> this case, all concerned partieswere convinced that private Insurers will notlet the matter go without properinvestigation and the police is alsoaccountable in case any lapse is observed inthe investigation in the court <strong>of</strong> law. We arethankful to the police force and transportersfor their support.Claims analysisHowever, after a face-to-face meeting withthe customer, we felt something was amiss.The investigator then visited one <strong>of</strong> themerchants and showed him a photograph <strong>of</strong>the insured. The shopkeeper told theinvestigator that the transaction had beenmade by the insured himself and providedcharge slip invoice and other documentsthat confirmed that the insured himself haddone the transactions.ResultAfter a long discussion with the insured, heconfessed his actions and withdrew theclaim. The insured also took up the matterwith his bank, asking them to refund hisdisputed amount as the insurance company& CPP had rejected the same. But since theinvestigation report and the insured's claimwithdrawal letter had been submitted to thebank earlier, along with a confirmation fromCPP, the bank also refused to entertain theclaim.In the last 6 <strong>years</strong>, <strong>Bajaj</strong> <strong>Allianz</strong> has settled 1.58 non-motor claims worth `1634.7 crores2931529<strong>10</strong>6Number <strong>of</strong> Claims424932674430563343.04Amount Paid (In ` Crore)351.61330.01383.69226.3606-07 07-08 08-09 09-<strong>10</strong> <strong>10</strong>-1<strong>10</strong>6-07 07-08 08-09 09-<strong>10</strong> <strong>10</strong>-1119
Special featureFirst impressionsthrough policy bondIshita MukherjeePolicy issuance is the first step where acustomer gets formally associated with theinsurance company. It is the first impressionabout the level and efficiency <strong>of</strong> serviceprovided to the customer by the insurer'sOperations Team.Over the past few <strong>years</strong>, customerexpectations have increased as also fromagents or intermediaries. Thus it has becomeall the more important for insurers to layemphasis on the processes followed in thisactivity and also the quality.When <strong>Bajaj</strong> <strong>Allianz</strong> began its operations in2001, the systems were not very maturedand there was a huge dependence on peopleas the processes were mostly manual. Oftena team in a branch <strong>of</strong>fice comprising <strong>of</strong> 3-4people were responsible for carrying out alltransactions starting from underwriting,accepting proposals, issuing the policies andfinally its dispatch. This was not only a timeconsuming process, but also error-prone.In order to improve the processes, theBusiness Process Re-engineering (BPR)Team,part <strong>of</strong> the Operations Teamre-engineered the operations so as to reducemanual intervention as far as possible. ThisBPR team has ensured standardization andautomation <strong>of</strong> a number <strong>of</strong> processes, whichhas significantly reduced the turn-aroundtime<strong>of</strong> policy issuance and policyprocessing.The improvements have been seen in thefollowing areas:! Speed <strong>of</strong> policy issuanceA shift was made from paper - basedpolicies to scanned image-based policies,making the process <strong>of</strong> policy issuancemuch faster. From a geographicallydistributed environment, the PolicyIssuance module acts as a virtualoperational hub available at all timesirrespective <strong>of</strong> the location.! Ease <strong>of</strong> tracking proposalsEarlier in case <strong>of</strong> a customer query orcomplaint, the branch <strong>of</strong>fices andoperation hubs faced the challenge <strong>of</strong>tracking a proposal at its various stages.However, all policy issuance is now donethrough an automated module whichallows <strong>customers</strong> as well asintermediaries to track the status <strong>of</strong> theirproposals through the customer / agentsportal.! Real-time alertsCustomers and Intermediaries receivereal-time reports with status <strong>of</strong> theproposals at every stage <strong>of</strong> policy issuanceviz. confirmation <strong>of</strong> proposal receipt,issuance <strong>of</strong> policy and dispatch <strong>of</strong> policy.! Multilingual Renewal NoticesWith automated and advanced systems inplace, the Operations Team is able to01-02Policies issued“By automating the various activitiesinvolved in servicing a customer, <strong>Bajaj</strong><strong>Allianz</strong> has been able to reduce customercomplaints related to duplicate policies,wrong policies, non-receipt <strong>of</strong> policy etc.The integrated policy issuance module canhandle a large volume <strong>of</strong> transactions,which can be completed faster and almostcompletely error-free, thereby leading tobetter customer delight. “ said IshitaMukherjee, Head Ops, <strong>Bajaj</strong> <strong>Allianz</strong> LifeInsurancerecord a customer's preferred language asmentioned in the proposal form. Acustomer can select out <strong>of</strong> 11 regionallanguages, following which the policy,renewal notice and all othercommunication to the customer are sentin his preferred language, along withEnglish. For <strong>customers</strong> where thelanguage is not indicated, the systemselects the language as per the state<strong>of</strong>ficial language mentioned in theaddress.! On an average, 7000 policies are issued3744742in a day.! 89 % policies are issued within 0-3 days<strong>of</strong> receipting.2590765! 88 % policies are dispatched within 0-32230686days <strong>of</strong> issuance.2079216! <strong>10</strong>0% policies are dispatched throughspeed post & non-delivery <strong>of</strong> policybond reduced to less than 1%.78168521376 115965 186500 29599302-03 03-04 04-05 05-06 06-07 07-08 08-09 09-<strong>10</strong>Since inception, <strong>Bajaj</strong> <strong>Allianz</strong> has issued over 1.2 crore policies20
If undelivered please return to:Newstrack May 2011Insurance Policyin a BookletSURESH SUGATHAN, HEAD OPS, BAJAJ ALLIANZ GENERAL INSURANCE<strong>Bajaj</strong> <strong>Allianz</strong> General Insurance<strong>Bajaj</strong> <strong>Allianz</strong> General InsurancePolicy DocumentPrivate Car Package PolicyHEALTH GUARDIf undelivered please return to:For any queries please contactToll free 1 - 800 - 209 5858For any queries please contact us onTo l Free No. : 1800 209 5858Suresh SugathanEarlier, a motor or health insurance customer wouldreceive separate documents for Policy schedule, policywordings, garage list, hospital list, ombudsman list,identity card or health card, etc.. Each <strong>of</strong> theseelements were printed at separate locations and thenconsolidated to be delivered to the customer as oneunit. But at times certain documents would not getattached or cause delay in dispatch, resulting incustomer dissatisfaction.To plug this gap, in 20<strong>10</strong>, we designed a booklet forand health insurance. This new policy documentcontains all the elements in the form <strong>of</strong> a singlebooklet.The benefits <strong>of</strong> the single booklet format could besummarized as:! Standard format, layout and pr<strong>of</strong>essional look! Customer Delight! Dispatch delivery done on committed TAT! Flexibility to bring in innovations like integratedprinting <strong>of</strong> cards reflecting add-ons and specialMilestonesOffline module setup for motorinsuranceWeb-basedsystem for policyissuance createdSystem integrationfor Motor dealertie-upsData warehousecreatedSystem integrationfor bancassurancetie-upsBulk policyissuance systemfor e-marineMigrated healthclaimsmanagement tocore systemRe-engineering<strong>of</strong> OperationsprocessesImplementedImage-basedsystem for HATClaimsCreated module forCover Note controlCorporate websitemigrated to 24x7architecture2002-03 2003-04 2004-05 2005-06 2008-09 2009-<strong>10</strong> 20<strong>10</strong>-11Policies issued89519921591115940762437166200305974792 6<strong>10</strong>76114882357394608902-03 03-04 04-05 05-06 06-07 07-08 08-09 09-<strong>10</strong><strong>10</strong>-11! On an average, 22514 policies are issued in aday.! Over 91% policies issued within 24 hours.! 95% policies dispatched within 48 hours <strong>of</strong>issuance.Since inception, <strong>Bajaj</strong> <strong>Allianz</strong> has issued over 3.8 crore policies21
FUNDamentalFUNDamentalOutlookSAMPATH REDDY, CIO EQUITYBAJAJ ALLIANZ LIFE INSURANCESampath ReddyNifty has delivered a return <strong>of</strong> 11.1% duringthe last financial year ending 31st <strong>March</strong>2011. The returns were due to strongrebound in corporate earnings growth in theFY11. Corporate earnings have grown by22% in FY11. The stock price deviationamong the leaders and the laggards in theyear gone by has been wide with stockselection being the key driver <strong>of</strong> the equityfund performance. Key drivers for the Niftyhas been the domestic consumption ledsectors such as FMCG, Auto and Financials.With the deceleration in corporate capex,infrastructure, capital goods, power metalsand realty sectors have lagged thebenchmark.However, the outlook for equity markets inthe near term appears challenging withincreased volatility in the markets. Sampath Turmoil ReddyinEgypt resulted in oil prices moving uptolevels <strong>of</strong> over $120 per barrel. With thepolitical disturbances having spread acrossto other countries in the middle east, oilprices continued to remain at elevated level<strong>of</strong> over $1<strong>10</strong> over the long period <strong>of</strong> over last5 months. Political strife in Bahrain and Libyahas resulted in sustained fears <strong>of</strong> instabilityin the region and oil prices coming down in ahurry seems unlikely. High prices <strong>of</strong> oil hasalready lead to increase in inflation andmargins pressure in India.Due to the continued high inflation, RBI hasbeen tightening the policy rates. RBI hasoverall increase the policy rate by 275bps inthe last 15 months. This has been puttingpressure on the corporate earnings. It clearlyshows that RBI's primary concern at thisjuncture is on inflation and as compared tothe moderation in growth. Due to theprevailing high level <strong>of</strong> interest rates, wehave already been witnessing in slowdownin some <strong>of</strong> the interest rate sensitive sectorssuch as automobiles, real estate sectors. TheIndex <strong>of</strong> Industrial Production (IIP) growthhas already slowed down to below 6% in thelast two months. Infrastructure and capitalgoods sectors which have been witnessingslowdown due to socio-economic issuessuch as implementation risks, will further geta impacted by the higher interest rates.Fiscal targets as announced in the budgetappear to be optimistic especially given thecurrent level <strong>of</strong> crude oil prices. It appearslikely that the budgetary allocations forfertilizers and oil would be exceeded. Hence,an increase in the government borrowingprogram and deterioration in the fiscalbalance cannot be ruled out.Over the last year, high liquidity has been afeature globally with lower levels <strong>of</strong> interestrate being maintained to support a revival inthe global economies. Due to this India hascontinued to receive a strong inflow <strong>of</strong> FIIfunds. We believe, due to the benignliquidity conditions, Indian equity market hasreceived over USD45bn from the foreigninstitutional investors. However, the fundflows from both insurance companies andMutual funds has been weak over the pastone year. Mutual funds has seen netwithdrawal <strong>of</strong> `20,000cr from the marketwhile Insurance companies purchases havecome down from over `34,000cr in FY<strong>10</strong> to`900cr in FY11.Assets have grown to`39,300crOver the last decade we have emerged asstrong investment manager for wide range<strong>of</strong> investors. During the period company hasgrown its assets to `39,330cr ( <strong>March</strong> 2011)consistently backed by strong fundperformance. Our first ULIP fund productbegan during January 2004 with the <strong>of</strong>fering<strong>of</strong> Equity, Debt and cash fund plan.Subsequently we have expanded our fundproduct basket to complete spectrum <strong>of</strong> riskreturnexpectations. Our fund <strong>of</strong>fering nowconsists <strong>of</strong> wide spectrum <strong>of</strong> equity fundssuch as Large cap equity, mid-cap equity,passive equity, asset allocation, ethical funds.In the fixed income also we have both theliquid and bond fund categories. In additionwe have also been innovative in customizingniche fund structure like max NAV, Shieldplus etc.The Philosophy andApproachThe Investment Team comprises <strong>of</strong> aexperienced research team which trackscompanies across all sectors. Our focus is ongenerating superior risk-adjusted returns onconsistent basis. The team continuouslytracks the key industry and macro-economicand as well as company specificperformance across the companies. Inaddition to the secondary research in putsfrom the brokerage houses, we employ athorough due diligence process in picking upthe investment ideas. Given the nature <strong>of</strong> thefunds, we typically have long termorientation in our portfolio construction. Oursuperior performance during the last <strong>years</strong> isprimarily attributed to our growth atreasonable price approach, with emphasison investing in the companies that haveentry barriers in the form <strong>of</strong> strongmanagements, brands, distribution,technology and natural resources etc.22
Newstrack May 2011Outlook for FY 2011-12Market has corrected about 7% during the currentfinancial year. The first quarter <strong>of</strong> the financial year 2011-12, corporate earnings performance has been below theconsensus expectations. However, this was in line withour view. Corporate earnings growth has been comingbelow the expectations for the past 3 to 4 quarters. Thishas lead to the downward revision in EPS estimates <strong>of</strong>Sensex by about 7-9% so far.Sensex earnings growth for the FY11 came in at around22% and the earnings growth estimate for FY12 now isabout 18%, on which market is trading about 15x P/E.The earnings growth estimates for the FY11 and FY12about six months ago was 29% and 22% respectively,which got subsequently downgraded. I believe, we areclose to the end <strong>of</strong> earnings downgrade. Given thevaluations, we expect market to present goodopportunities to invest in equities from now till nextcouple <strong>of</strong> months.Fund PerformanceWe have been <strong>10</strong> <strong>years</strong> in operation and it is natural that our important <strong>customers</strong> would be concerned about their ULIP policies. We attemptto track the performance <strong>of</strong> various funds over the <strong>years</strong> and how we have been able to outperform several indices.Mid Cap Oriented FundsMid Cap Plus PensionMid Cap PlusMid CapAs on July ’11Accelerator Mid cap FundAccelerator Mid CapPensionPure Equity FundPure Stock FundNIFTY MID CAP 50 indexCNX NSE Nifty IndexCAGR Return-1.7% 21.6% 24.0% 16.4% 21.1% 23.8% 20.0%-2.6% 21.3% 22.4% 13.9% 19.1% 21.6% 18.3%-3.7% 12.1% 15.2% 8.3% 13.8% 17.2% 14.5%-3.0% 20.2% 18.1% <strong>10</strong>.0% 15.1%-2.4% 20.8% 19.3% 11.8% 17.0%7.4% 14.0% 19.6% 14.5% 17.0%7.0% 12.9% 18.3% 14.6% 16.8%-13.8% 3.9% 4.3% -1.1% 7.4% 7.4% 6.3%2.1% 8.7% 8.2% 4.9% 11.8% 15.5% 13.1%Asset Allocation FundsOur Asset allocation fund generated handsome returns <strong>of</strong> 11.4% perannum over 3 year period ( from inception) as compared to Niftyreturns <strong>of</strong> about 8.2% per annum during the same period. Wecontinue to strive for generating superior returns for our investors bytaking active asset allocation call mixed with right stock selection.As <strong>of</strong> 29th July 11Fund NamesAsset Allocation FundCNX NSE Nifty IndexCAGR Return1 Year 2 Year 3 Year5.6% 8.2% 11.4%2.1% 8.7% 8.2%Fixed Income fundsOur fixed income funds continue to beat the benchmark returns onlong term basis. We continue to stick to the high quality credits in ourinvesting approach.As on July ’11CAGR ReturnFund NamesEquity Plus PensionEquity PlusEquity GainAs on July ’11Premier Equity GainEquity Growth FundEquity Growth Fund IIPremier Equity GrowthFundEquity Growth PensionFundCNX NSE Nifty IndexCAGR Return1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year12.4% 19.6% 21.2% 11.5% 17.4% 20.2% 17.1%7.3% 13.0% 14.4% 6.7% 13.3% 16.2% 13.7%4.1% 11.1% 12.5% 5.4% 11.8% 15.1% 12.8%<strong>10</strong>.1% 17.8% 18.1% 8.9% 15.0%7.0% 12.7% <strong>10</strong>.8% 5.0% <strong>10</strong>.9%11.6%<strong>10</strong>.6% 17.9% 12.8% 5.3% <strong>10</strong>.8%<strong>10</strong>.7% 18.6% 14.8% 7.8% 12.6%2.1% 8.7% 8.2% 4.9% 11.8% 15.5% 13.1%Fund NamesCash PlanCash PlusCash Plus PensionLiquid FundLiquid Pension FundCrisil Composite LiquidIndexDebt PlanDebt PlusDebt Plus PensionPremier Debt FundLife Long GainBond FundPremier Bond FundBond Pension FundCrisil Composite BondIndex1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year6.3% 5.9% 7.0% 7.3% 7.2% 6.7% 5.7%7.8% 7.6% 8.7% 9.0% 8.9% 8.3% 7.1%8.3% 8.2% 9.1% 9.4% 9.3% 8.7% 7.4%7.6% 7.3% 8.3% 8.7% 8.6%7.8% 7.5% 8.6% 8.9% 8.8%7.3% 5.4% 6.2% 6.4% 6.6% 6.4% 5.5%5.9% 6.0% 9.1% 7.7% 7.4% 6.6% 5.6%7.2% 7.6% 11.1% 9.7% 9.2% 8.3% 7.1%7.3% 8.2% 11.1% 9.6% 9.4% 8.5% 7.2%4.9% 6.1% 9.3% 7.9% 7.7%4.7% 4.3% 8.1% 6.8% 6.8% 6.1% 5.2%6.9% 7.3% <strong>10</strong>.8% 9.2% 8.9%4.4% 5.2% 8.5% 7.0% 6.9%7.2% 7.2% <strong>10</strong>.9% 9.8% 9.5%5.3% 5.0% 7.1% 5.9% 6.0% 5.5% 4.7%23
Special feature“All lines in thisroute are free toserve <strong>customers</strong>”Pawan MahajanThe Customer Care Unit (CCU) is the singletouch-point for all <strong>customers</strong> to register apolicy servicing request, claim, and requestfor product information or make acomplaint. Established in 2002, the currently400 member team handles <strong>customers</strong> <strong>of</strong>both life and non-life insurance and -functions on a benchmarked turn-aroundtime(TAT) for each type <strong>of</strong> request.The infrastructure in the early dayscomprised <strong>of</strong> just a personal computer,equipped with Internet and a desk phone.By 2008, the Call Center was running on afull fledged Web-enabled Opus module (aweb page with in-built MIS and policyissuance features) with Avaya as a platform& call-recording features.Today <strong>Bajaj</strong> <strong>Allianz</strong> has a multi-locationalcall centres at Delhi, Coimbatore besidesPune. These centers also serve as back-upcenters for the main call-center in Pune, sothat in times <strong>of</strong> peak traffic, calls can bediverted to either <strong>of</strong> the other two centers.The major developments over the <strong>years</strong>has been -! Handling ComplaintsThe CCU handles complaints orgrievances received through varioussources such as the toll free number(1-800-209-5858), email(customercare@bajajallianz.co.in), lettersCCU : Over the <strong>years</strong>Jul 2002 - 1 CSEAug 2002 - 5 CSETeam increasedto 15 CSEor even complaints received through IRDAor Ombudsman or Consumer Forum/Legal notices.! Multi-lingual supportSince 2006, the CCU is equipped to handlecustomer queries in 13 regionallanguages which can be selected from theIVR. Assigned on the basis <strong>of</strong>states/regions, the IVR gives the customerthe option <strong>of</strong> the relevant regionallanguage along with Hindi and English.Once the customer selects his preferredlanguage, this option gets reflected in theCustomer Relationship Module (CRM) forthe executive's reference so that he canaddress the customer in this preferredlanguage.! ‘Intelligent’ CRMEarlier, depending on the query raised by acustomer, an executive would have torefer to multiple applications and excelsheets to fetch the required information.This was a time consuming processduring which the customer had to be puton hold. An integrated module wascreated in 2009, which allows all data tobe available in a single screen. Thisincludes details like policy number, status<strong>of</strong> policy, sum assured, duration <strong>of</strong> policyetc. This single screen view enabled theexecutive to have all information at hisAdditionalcentersstarted in Delhi,Coimbatore“IntelligentCRM” wascreatedTeam increasedto 50 CSE“ Our <strong>customers</strong> need not hear an <strong>of</strong>tenrepeated voice recording at helplinenumbers - “All lines in this route are busy.”Instead we would like to say - “All lines inthis route is free to serve our <strong>customers</strong>.”says, Pawan Mahajan, Head - CustomerCare Unit, <strong>Bajaj</strong> <strong>Allianz</strong>fingertips and save time that was earlierspent toggling between multipleapplications or excel files.! Personalised ResponseThe module is built with the intelligencethat the screen flashes the name <strong>of</strong> thecaller on receiving a call from a registeredand verified customer. This enables theexecutive to provide personalized serviceby addressing the customer by name andin the preferred language. This isbeneficial to the customer as they candirectly raise the issue rather than havingto verify themselves repeatedly.These initiatives have enabled the CustomerService Executive to handle more number <strong>of</strong>calls in a more efficient and customerfriendlymanner. It has been ensured that allcalls are answered within 3 rings, resulting inthe Abandoned Call Rate to reduce by 25%,over the last 6 <strong>years</strong>.Integrated CCUfor all <strong>Bajaj</strong><strong>Allianz</strong><strong>customers</strong>Set up dedicatedteam for HNIsTotal <strong>of</strong> 400 CSEincluding 150dedicated forcustomer service2002-03 2003-04 2005-06 2008-09 2009-<strong>10</strong> 20<strong>10</strong>-1124
ClaimstrackNewstrack May 2011A quarterly review <strong>of</strong> claims handledLifeClaims Settlement | January to <strong>March</strong>-2011DeathRidersHealth careTotal numberTotal amount*Claims Outstandingas on 1 Jan 2011229932Claims Settlement Ratio - 89.07%ClaimsintimatedClaimssettledClaimsrepudiatedClaims Outstandingas on 31 Mar 2011Claims Paid Analysis - Turn-around-time (TAT) | January to <strong>March</strong>-2011Count <strong>of</strong> days0 - 15 16 - 30 31 - 45 46 - 60 > 60Cases referred to Consumer Forum & Ombudsman | January to <strong>March</strong>-2011Total no. for Cases received <strong>Bajaj</strong> <strong>Allianz</strong> Won <strong>Bajaj</strong> <strong>Allianz</strong> LostTotal no. <strong>of</strong> claimsdecidedNumber <strong>of</strong> claims 3081 2501 1<strong>10</strong>5 570 9258182Claims paid within 45 days - 82%1233244.30685314111700599.307211No. <strong>of</strong> cases pending<strong>10</strong>5 3 9 93698728898.2279694489422.291145<strong>10</strong>1155230.90*in ` croresDuring this quarter, we had decided8182 claims thereby achieving a netreduction <strong>of</strong> 1177 pending claims.This was possible through constantfollow-up with <strong>customers</strong> forcompletion <strong>of</strong> documentsthroughout the second half <strong>of</strong> thefinancial year, which yielded resultsby the end <strong>of</strong> financial year in <strong>March</strong>.With regard to settlement, 68.22 % <strong>of</strong>settled claims were within 30 days <strong>of</strong>intimation and 81.73% <strong>of</strong> claims werewithin 45 days <strong>of</strong> intimation.P Ravi Kutumbrao, Sr. VP - Claims<strong>Bajaj</strong> <strong>Allianz</strong> life InsuranceClaims Settlement | April to June-2011DeathRidersTotal numberTotal amount*Claims Outstandingas on 31 Mar 20111145<strong>10</strong>115523.09Claims Settlement Ratio - 93%Claimsintimated6165144630994.36Claimssettled504378512173.46Claimsrepudiated26562715.66Claims Outstandingas on 30 Jun 2011197511198637.29*in ` croresClaims Paid Analysis - Turn-around-time (TAT) | April to June-2011Count <strong>of</strong> days0 - 15 16 - 30 31 - 45 46 - 60 > 60Cases referred to Consumer Forum & Ombudsman | April to June-2011Total no. for Cases received <strong>Bajaj</strong> <strong>Allianz</strong> Won <strong>Bajaj</strong> <strong>Allianz</strong> LostTotal no. <strong>of</strong> claimsdecidedNumber <strong>of</strong> claims 2274 1409 691 305 7135392Claims paid within 45 days - 81%No. <strong>of</strong> cases pending86 8 6 84425
ClaimstrackNon LifePaid Analysis - Turn-around-time (TAT) | January to <strong>March</strong>-2011Motor (OD) 253Motor (TP)Property & EngineeringHealthMiscellaneous & OthersTotal3607,128120,5842242,19123,7662201,2687,3782088678,168Claims paid within 90 days (Excluding Legal & TP Claims) - 90%Cases referred to Consumer Forum & Ombudsman | January to <strong>March</strong>-2011Total no. <strong>of</strong> cases receivedCount <strong>of</strong> Claims Closed in Q-IV0 - 30 31 - 90 91 - 180 > 18094,82718,01629814,5066,547No. <strong>of</strong> cases settled4913,2612,138Claims Settlement | January to <strong>March</strong>-2011Motor (OD)Property & EngineeringHealthMiscellaneous and othersTotalMotor (TP)Outstanding ason 31Mar’<strong>10</strong>Registered from1 Mar’<strong>10</strong> to 31 Mar’11Claims settlement ratio (excluding TP Claims) - 98%5,0661,294<strong>Bajaj</strong> <strong>Allianz</strong> wonTotal no.<strong>of</strong> claims<strong>Bajaj</strong> <strong>Allianz</strong> lost349 296 177 1197336,<strong>10</strong>8113,88827,4341,01211,454159,896Paid from1 Apr’<strong>10</strong> to 31 Apr’11Total amountpaid in ` crores84.48213.0275.4842.4452.90468.33Outstanding ason 31st Mar'117,781 409,735 411,664 8,2941,717 7,<strong>10</strong>1 7,201 1,7623,382 91,271 93,140 3,0593,430 31,580 32,412 3,37216,3<strong>10</strong> 539,687 544,417 16,48747,018 22,033 17,405 53,081Paid Analysis - Turn-around-time (TAT) | April to June-2011Motor (OD) 79,363Motor (TP)HealthProperty & EngineeringCount <strong>of</strong> Claims Closed in Q-I0 - 30 31 - 90 91 - 180 > 1807916,161523<strong>10</strong>,957Miscellaneous & OthersTotal2,18098,30685916,0984823,2982684,124Claims paid within 90 days (Excluding Legal & TP Claims) - 96%833,795404Claims Settlement | April to June-2011Motor (OD)Property & EngineeringHealthMiscellaneous and othersTotalMotor (TP)Outstanding ason 31Mar’111,560160914182Registered from1 Apr’11 to 30 Jun’117832,422466185Total no.<strong>of</strong> claims92,6632,74421,3361,2943,789121,826Paid from1 Apr’11 to 30 Jun’11Total amountpaid in ` crores15,5814,8966,2883,3343,03933,138Outstanding ason 30 Jun'118,294 <strong>10</strong>4,800 92,663 21,5661,762 1,693 1,294 2,2123,059 23,478 21,336 7,5803,372 4,209 3,789 2,87316,487 134,180 119,082 34,23153,081 4,639 2,744 55,755Claims settlement ratio (excluding TP Claims) - 79%Cases referred to Consumer Forum & Ombudsman | April to June-2011Total no. <strong>of</strong> cases receivedNo. <strong>of</strong> cases settled<strong>Bajaj</strong> <strong>Allianz</strong> won<strong>Bajaj</strong> <strong>Allianz</strong> lost322 247 136 111Inspite <strong>of</strong> increased inflow <strong>of</strong> claims,improved processes has helped inimproving the settlement ratio andturnaround time. Customersatisfaction level has been improvedby giving more focus forimprovement <strong>of</strong> the settlement ratioin initial bracket so that beneficiariesget their due share quickly.Simultaneously, special focus hasbeen given on older lot <strong>of</strong> claims aswell to help in improving thependency statistics by thoroughfollow up with insured, channelpartners, various agencies involvedand through marketing force as well.All these efforts have helped inreduction <strong>of</strong> overall number <strong>of</strong> claimsoutstanding at the end <strong>of</strong> the year.Capt. Sanjay Moholkar, Sr. VP - Claims<strong>Bajaj</strong> <strong>Allianz</strong> General Insurance26
Events & News<strong>Bajaj</strong> <strong>Allianz</strong> bags BloombergUTV Financial Leadership Awards<strong>Bajaj</strong> <strong>Allianz</strong> has bagged awards in multiple categories <strong>of</strong> recently announced Bloomberg UTV Financial LeadershipAwards 2011 at Mumbai.<strong>Bajaj</strong> <strong>Allianz</strong> General Insurance has been awarded 'General Insurer <strong>of</strong> the Year-Private Sector', while <strong>Bajaj</strong> <strong>Allianz</strong> LifeInsurance along with <strong>Bajaj</strong> <strong>Allianz</strong> General Insurance was recognized for 'Best contribution in Investor Education andCategory Enhancement <strong>of</strong> the year' in insurance.Bloomberg UTV Financial Leadership Awards have been instituted to acknowledge extraordinary contribution <strong>of</strong> thecountry’s financial sector. On the basis <strong>of</strong> a detailed methodology and nomination process, an eminent panel <strong>of</strong> jurymembers had shortlisted our Company for this category. Bloomberg UTV Jury panel included the stalwarts <strong>of</strong> theIndian financial sector, who evaluated various financial, operational and qualitative aspects <strong>of</strong> our performance withhelp <strong>of</strong> ICRA, before nomination for this award.The award was presented by Hon. Finance Minister Mr. Pranab Mukherjee to the CEO's <strong>of</strong> both the companies.Sharing knowledge on MotorInsurance & Claims ManagementVijay Kumar, Head-Motor Insurance, <strong>Bajaj</strong> <strong>Allianz</strong> GeneralInsurance was invited as a panelist at Asia InsuranceReview's 2nd Asian Motor Insurance and ClaimsManagement Conference. He was a member <strong>of</strong> a specialpanel on “Achieving a Substantial and SustainableBottom-line”.The event was attended by delegates from Malaysia,Singapore, China, Sri Lanka besides India.Claim cheque being handed over to (from left) Mr. Vijay Kumar Upadhye,Partner, Upadhye Gropu Co.; Mahesh Deshmukh, Director, Lokmangal Groupand Rajkumar Rathi, a leading industrialist by Rohit Dalal, Regional Managerand Amit Bhaikatti, Office Head-Solapur, <strong>Bajaj</strong> <strong>Allianz</strong> General Insurance.<strong>Bajaj</strong> <strong>Allianz</strong> settles ` 3 Cr claimin 15 days27
LearningsAgents and employees share theirlearnings from over the <strong>years</strong>.Learning is a journeythat never ends.- Prem SinghHave a unique characterlike SALT. It's presenceis not seen but its absencemakes things tasteless.- J.Bheem RaoOne thing I've learntin ten <strong>years</strong> is thatgood is not enough.Better is.Roopa Kochhar, Head - Human Resources,<strong>Bajaj</strong> <strong>Allianz</strong> General Insurance Co. Ltd.Always be the reason<strong>of</strong> someone else's happiness.- Niharika KochhalOne thing I've learntis that if you wantto grow, it doesn’tmatter how youngor old you are.Rajesh Viswanathan, Chief Financial Officer,<strong>Bajaj</strong> <strong>Allianz</strong> Life Insurance Co. Ltd.Never give up no matter what.What doesn't kill you makes you stronger.- Sagar JagtapWhat you are today,is the result <strong>of</strong> yourpast actions. What youwant to be dependson your present.- Joy Deb GhoshSuccess is not the keyto happiness. Happiness isthe key to success. If youlove what you do, you willbe successful.- Parveen KumarLife is a one way journey,not a destination. Travelit with a smile and neverregret anything.- Vekant KaredaIf you have never tasteda bad apple, you would neverappreciate a good one.- Rohit JakhetiaNothing is big or small.It's our thinking thatdecides.- Rachit MishraOne thing I'velearnt is that abusiness withoutethics, is like abody without soul.Jayaraman V., Chief Financial Officer<strong>Bajaj</strong> <strong>Allianz</strong> General Insurance Co. Ltd.A straight path is a path.A meandering path has many a sights.Choose that has many an experience,to discover your beauty within.- Sanjyot BholeThe duck looks smooth and calm on top,but under water there is restless pedalling.Nothing is worth without struggle in life.- Suman Kumari SharmaOne thing I'velearnt is thattrue value iscreated in groupsnot in solitude.Rituraj Bhattachryajee, Head - MarketManagement & Product Development,<strong>Bajaj</strong> <strong>Allianz</strong> Life Insurance Co. Ltd.Start your day with 3 words :Try, True, Trust.Change is the nature<strong>of</strong> life but, challengesare the aim <strong>of</strong> life. So,you have to challengethe change not changethe challenge.- Budhi PorkashA s<strong>of</strong>t nature <strong>of</strong> aperson does not meanweakness. Remember,nothing is s<strong>of</strong>ter thanwater but, its force canbreak the strongest<strong>of</strong> rocks.- Prakash JoshiTry for better. True with your work.Trust yourself.Success will be at your feet.- BipadaListen to everyone and learn fromeveryone because nobody knowseverything but everyone knows something.- Nilesh R. GateAnything constructiveyou learn, never goeswaste in your life.- Abinash ChurariaOne thing I'velearnt in ten <strong>years</strong>is if you believe inan organisation, youhave boundlessenergy to do whatis good for it.Tapan Singhel, Chief Marketing Officer<strong>Bajaj</strong> <strong>Allianz</strong> General Insurance Co. Ltd.One thing I've learntis that if you doaway withbureaucracyopportunities grow.Sameer Bakshi, company Secretaryand Head - Legal & Complience,<strong>Bajaj</strong> <strong>Allianz</strong> Life Insurance Co. Ltd.One positive thought isbetter than <strong>10</strong>0 negativethoughts.- Babasaheb JadhavThe difference betweensuccess and failure ismeasured by one's desire.- Ajay RanaA turtle makes progresswhen it sticks it's head out.- Parinder Singh PatialHardwork is like astaircase and luck islike a lift. Lift mayfail but staircase willsurely take you to thetop.- Vijaykumar