Indus Valley Times

By Sukanta Kumar Mohanty

Bhubaneswar, March 13; Bajaj Allianz Life Insurance, one of the leading private life insurers in India, is leveraging its network of Insurance Consultants (ICs) to educate and simplify life insurance as a versatile investment option in India and Odisha. Boasting a robust presence with over 8,500 agents and 38 offices strategically spread across Odisha, Bajaj Allianz Life is dedicated to enhancing insurance accessibility in the region. The ICs, also known as insurance agents, play a pivotal role in interacting with customers and assisting them in making well-informed financial decisions that align with their life goals.

Despite a growing awareness of the importance of life insurance for financial security, a significant gap persists in its coverage across India, including Odisha. The annual report of the Insurance Regulatory Development Authority of India 2022-23 reveals that life insurance penetration is at 3 percent in the country. This underscores substantial untapped potential, particularly in underserved regions. The Journal of Insurance Institute of India (Jan-Mar’23) further emphasizes this point, stating that Odisha accounts for approximately 4.71% of total policies sold nationally. This highlights the urgent need to increase awareness about the pivotal role of insurance in safeguarding families’ financial well-being.

Bajaj Allianz Life, equipped with its extensive network of agents, is committed to addressing this gap. Supported by a robust multi-channel distribution system, a diverse and innovative product range, and an agile digital ecosystem, the Company is strategically positioned to drive life insurance penetration in Odisha and across India.

Reflecting on the pivotal role of agents in driving insurance penetration in the country and the state of Odisha, Sameer Joshi, Chief Agency Officer at Bajaj Allianz Life, commented, “Life insurance is often perceived as complex, and customers prefer someone they can trust to guide them in making the right investment choices based on their specific life goals. In this scenario, Insurance Consultants or agents are indispensable. They understand customers’ needs and provide tailored suggestions. Hence, it’s crucial for us to equip and empower our agents with the requisite knowledge, innovative products, and agile processes to assist customers in achieving their life goals seamlessly. With our focused efforts to establish a conducive ecosystem benefiting both customers and agents, I am confident that we can enhance insurance accessibility both nationally and in Odisha.”