Alpana Singh is Head – Bancassurance, Agri and Govt Business, Bajaj Allianz General Insurance. She showcases the company’s business, partners and learning initiatives:
Ravi Lalwani: What is the performance of BAGIC’s products? Which are the top 3 markets for the company?
Alpana Singh: Bajaj Allianz General Insurance maintains a well-balanced product portfolio. Health is our largest line of business (about 40%), followed by motor (about 30%), and then property, and other lines. We prioritize innovation and recently launched ‘HERizon’, a product designed for women of all age groups. We have a nationwide presence, with over 1000 physical and digital locations. Our distribution network is significant, including partnerships with over 130 banks. We are expanding into tier 2 & 3 locations to ensure coverage in every district of India and contribute to insurance accessibility for all by 2047.
Which are the leading bancassurance partners? What new partners have been added in the last 3 years?
We have established partnerships with a range of financial institutions, including public sector banks, private banks, cooperative banks, RRBs and NBFCs. In the public sector, we have significant partnerships with Canara Bank, Punjab National Bank, Jammu & Kashmir Bank, Union Bank of India, Central Bank of India, Bank of India, India Post Payments Bank, and Bank of Maharashtra. In the private sector, we are working with HDFC Bank, Axis Bank, HSBC, Karur Vysya Bank, Federal Bank. Among NBFCs and HFCs, we have partnered with Bajaj Finance, Can Fin Homes, PNB Housing Finance, Aadhar Housing Finance, Aavas Financiers, and Shriram Finance. Some of the major new tie-ups in recent years are Bank of Maharashtra, Aavas Financiers, HSBC, Indostar Capital Finance and Nido Home Finance.
Which are the leading customer acquisition channels for BAGIC?
We maintain a well-balanced product portfolio and a robust distribution channel network. Our leading customer acquisition channel remains retail and advisor driven, focused on individual customers. Bancassurance is another significant contributor. Corporate business group channel focuses on corporate customers or B2B relationships. We also have direct to customer channel, which is essentially our digital channel which also deals with digital B2B partnerships. BAGIC also participates in multiple government-sponsored schemes and initiatives, including the crop insurance scheme and Ayushman Bharat Scheme. BAGIC is an omnichannel organization present at all customer touchpoints and locations to ensure we provide seamless services to our citizens.
What government schemes is the company implementing, and what is the coverage?
Ayushman Bharat Pradhan Mantri Jan Arogya Yojana – Gujarat State: We cover about 9 million families in Gujarat under this health insurance scheme. This is one of the biggest government sponsored schemes in the country and we have been the insurer of the scheme for 2 years now. The scheme provides the cashless treatments in hospitals for in-patient care and the day care treatments at government empaneled hospitals. The scheme is 100% on online platform developed by Government of India and the payments are done through banking integration.
Cashless Treatment to Road Accident Victims – Ministry of Road Transport and Highways (NHAI): The scheme is for the treatment of the road accident victims of NH-48 (Mumbai to Chennai) and NH-16 (Chennai to Kolkata). The scheme provides immediate medical aid to the victims of accidents on the said highway stretches at empaneled hospitals.
We are also actively participating in government-supported initiatives, specifically the Pradhan Mantri Fasal Bima Yojana (PMFBY) and Bangla Shasya Bima (BSB), in various states. Since the allocation of clusters to insurance companies is determined through a tender process, the coverage and claims performance can vary each year based on the cluster allotment.
What is the progress on instructor-led learning and self-learning among employees? What changes are planned?
Instructor-led training programs are offered through both classroom and virtual platforms. While classroom training is generally recognized as the most effective method, virtual training is more cost-effective. Currently, we deliver 53% of our programs in a classroom setting and 47% virtually. These programs are designed for new product launches, process changes, and skill development.
In today’s fast-paced environment, learners prefer to study at their own pace and on their schedule, so self-paced learning has gained popularity. Self-paced learning journeys are structured as learning paths, including orientation and new employee induction, as well as targeted learning for specific groups of employees or channels focused on particular products for the month or quarter.
We plan to combine digital and physical training formats in the coming year, encompassing video-based and bite-sized content resembling capsule training.
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