Tag: Mr. Parag Raja

Business, News

Bharti Axa Life Embarks On A Digital Transformation Journey By Adopting A Customer First Approach For Business Growth

Aug 23, 2021 by Rekha Nair 0 Comments #Bharti AXA Life Insurance, #Managing Director and Chief Executive Officer, #Mr. Parag Raja

Bharti AXA Life, which completes 15 years of operations this month, embarked on an ambitious journey of digital transformation during the financial year 2020-21 by launching 7 new digital platforms for its sales personnel, distributors and customers. With the launch of these, the company has completely digitized its sales operation to meet the demands of an evolving customer with 100% adoption amongst Front Line Sales Executives. Bharti AXA Life Insurance unveiled its revamped website recently with an enhanced and intuitive customer experience. Through these initiatives, the company is offering a futuristic digital-first experience to its prospects and customers.

Digital transformation is a key business driver in the organization’s growth plan to emerge as one of India’s leading life insurance firms. The digital transformation initiatives include the launching of applications such as M-Sell, M-Customer and M-Life, launching data-driven initiatives – data lakes and customer 360, as well as revamping the corporate website. The organization launched M-Smart, an award-winning and efficient digital solution to support their direct sales force including agents and distributors for better lead management, customer onboarding and to provide efficient services for their customers. The company managed to reduce customer complaints by 39% and is on a path to further improve its Net Promoter Score (NPS) by over 50% in FY22. The Direct to Consumer Channel was set up last year and has grown significantly. Overall, Bharti AXA Life recorded a tremendous 7X growth in digital sales in the FY 2020-21.

Commenting on the new digital initiatives by the company, Mr. Parag Raja, Managing Director and Chief Executive Officer, Bharti AXA Life Insurance, said, “The new normal has expedited a paradigm shift in the way consumers across the board are interacting and transacting with brands. Therefore, we have identified digital transformation as an essential component of our business strategy which would play an indispensable role in accelerating our growth. Hence, Bharti AXA Life has created a robust digital ecosystem encompassing multiple solutions which would offer substantial value to our customers. With these digital offerings, we continue to demonstrate our commitment to our customers and further build on our mission to urge them to #DoTheSmartThing”.

With the launch of 7 new digital platforms, Bharti AXA Life has been focused on leading with innovation to meet the needs of a digitally savvy customer. The M-Customer application is an important milestone in the organization’s endeavor to offer customer delight consistently. This application enables customers to be on boarded smoothly. Customers can digitally resolve their queries, which have become essential during the new normal.

Bharti AXA Life Insurance has also revamped its website to offer a superior customer experience. This website provides a smooth and fluent interface that enables visitors to navigate and explore conveniently. It includes an interactive section about getting answers to ‘Life’s BIG Questions’ such as financial security, retirement, being debt-free and children’s education. Information about multiple aspects has been provided in a conversational and simple to understand manner. Customers can use this website as an effective tool for achieving their financial planning objectives. The website also has a section ‘Learn & Be Smart’, which is a one-stop destination to learn about life insurance. The section includes videos, guides, articles and much more to help customers make informed decisions before buying a life insurance plan. The website further provides seamless, hassle-free and engaging experiences for customers across inquiries, purchase and claim settlement processes and thus enhances the overall customer journey.

Business World

Bharti Axa Life Insurance Posts 10% Growth in Renewal Premium to Rs 594 Crore in H1 FY2020-21

Nov 30, 2020 by Neel Achary 0 Comments #Bharti AXA Life Insurance, #Bharti Enterprises, #Managing Director and Chief Executive Officer, #Mr. Parag Raja

Bharti AXA Life Insurance, a joint venture between Bharti Enterprises, one of India’s leading business groups, and AXA, one of the world’s largest insurance companies, today said the company registered 10 per cent growth in its renewal premium to Rs 594 core in the first half of the financial year 2020-21 from Rs 541 crore in the corresponding fiscal period a year ago.

The COVID-19 crisis and subsequent disruptions hit the company’s new business premium income which stood at Rs 318 crore in the half-year ended September 30, 2020, as compared to Rs 415 crore in the same period during 2019-20. Its annualized new business premium was Rs 207 crore in the first six months of the financial year 2020-21.

Total premium income fell moderately to Rs 912 crore in the April-September period of this fiscal from Rs 956 crore in the first six months of the last financial year.

The ongoing pandemic notwithstanding, the company recorded a surge of 25 per cent in its asset under management at Rs 7,987 crore in the first half of 2020-21 against Rs 6,404 crore in the corresponding period of the last fiscal.

Commenting on the company’s business performance in the first half of the current financial year, Mr. Parag Raja, Managing Director and Chief Executive Officer, Bharti AXA Life Insurance, said, ‘’The spread of COVID-19 pandemic has impacted the economy and the business sentiment in the short-term. Despite the challenging macro-environment affecting the new business adversely, we registered steady performance on many parameters and achieved double-digit growth in the renewal premium collection in the first six months of the current financial year. Further, our asset under management saw a strong growth amid the slowdown triggered by the COVID uncertainty. With the economic activities picking up after the easing of restrictions, we are confident about our business recovery and growth in the second half of this fiscal.’’

Bharti AXA Life Insurance, which has 261 branches and 36,526 advisors, plans to expand its distribution footprints across the country and strengthen its multi-channel architecture.

The company is focusing on digital innovation within its distribution bandwidth to meet the rising bar of higher service standards and growing customer expectations. It maintained business momentum amid uncertainties by embracing new digital tools and capabilities and enhanced experiences of customers, employees, partners and other stakeholders.

‘’We are also looking at potential enhancements to the customer experience and additional opportunities for growth and scalability, apart from creating awareness about life insurance and capitalising on growth opportunities,’’ said Mr. Raja.

He noted that the ongoing pandemic has invigorated the awareness about life insurance across India and made protection as a stronger segment for future financial security of the people.

‘’Our long-term outlook towards the life insurance business remains positive. We are building a robust and digitally-enabled frame of operations to adapt to the new normal. In addition to our robust digital architecture for seamless and smoother services to the customers, we are also very sensitive and focused about claims management in these critical and challenging times to ensure customer satisfaction,’’ Mr. Raja added.

Business World

Bharti Axa Life Insurance Rolls Out Premier Protect Plan

Oct 14, 2020 by Gouri Achary 0 Comments #Bharti AXA Life Insurance, #Mr. Parag Raja, #Premier Protect Plan

Bharti AXA Life Insurance, a joint venture between Bharti Enterprises, one of India’s leading business groups, and AXA, one of the world’s largest insurance companies, today announced the launch of its new protection solution – Bharti AXA Life Premier Protect Plan – that offers life cover and various death benefit payout options.

Bharti AXA Life Premier Protect Plan is a pure risk premium life insurance scheme which provides the policyholder with financial protection and security for his/her family’s financial future at an affordable premium.

“As a customer-centric organization, we designed this innovative insurance solution to give our customers optimal benefits which take care of their growing needs with the passage of time. Apart from providing life insurance coverage and financial security, Bharti AXA Life Premier Protect Plan also adapts to the changing requirements of the customers in their different life-stages on the back of increased protection option that helps in securing family’s finances,’’ said Mr. Parag Raja, Managing Director and Chief Executive Officer, Bharti AXA Life Insurance.

In case of unfortunate death of the life insured during the policy term, the death benefits will be paid to the nominee or beneficiary immediately on death.

Bharti AXA Life Premier Protect Plan empowers the life insured with three death benefit payout options. Under lumpsum option, 100 per cent of the death benefits will be paid immediately on death as lumpsum. As per monthly income option, the death benefit will be paid as 1.04 per cent of the sum assured every month in the form of monthly income, payable for 10 years with the first installment being payable immediately on death.

Under lumpsum plus monthly income option, 50 per cent of death benefit will be paid immediately on death as lumpsum and the remaining 50 per cent of the death benefit will be paid as 0.93 per cent of the total sum assured every month in the form of monthly income, payable for 5 years with the first installment being payable immediately on death.

The regular premium mode of the plan allows the policyholder to increase the sum assured on three milestones – marriage, purchase of house and birth of child provided that the policyholder’s age is less than or equal to 45 years. The sum assured may be increased by up to 100 per cent cumulatively without any further medical underwriting.

Bharti AXA Life Premier Protect Plan offers customers the choice of multiple policy and premium payment terms. The minimum policy term of Bharti AXA Life Premier Protect Plan is 10 years and the maximum term is 35 years under fixed policy term and 57 years under to age 75 policy term, while minimum entry age is 18 years and the maximum entry age is 65 years, but the maximum cover ceasing age is 75 with a minimum sum assured of Rs 50 lakh. It gives three options to customers to pay premium – Single Premium, Regular Premium and Limited Premium.

The unique protection plan also offers some riders – Bharti AXA Life Hospi Cash Rider, Bharti AXA Life Accidental Death Benefit Rider and Bharti AXA Life Premium Waver Rider – to the customers for enhancing their protection by paying an additional premium. The insured will also be entitled for tax benefits on premium payment, as applicable.

Mr. Raja said, ‘’The unprecedented times following COVID-19 have strengthened the bias towards protection policies which bring real insurance products to the customers and build a safety net for their families. With this new term insurance plan, we would help the customers achieve their different life and financial goals and sharpen our focus on the pure protection segment for increasing its share and boosting the long-term growth.’’

Business World

Bharti Axa Life Insurance launches Bharti Axa Life Wealth Pro

Sep 21, 2020 by Gouri Achary 0 Comments #Bharti AXA Life Insurance, #Bharti Axa Life Wealth Pro, #Mr. Parag Raja

MUMBAI: September 21st, 2020: Bharti AXA Life Insurance, a joint venture between Bharti Enterprises, one of India’s leading business groups, and AXA, one of the world’s largest insurance companies, today announced the launch of Bharti AXA Life Wealth Pro, a unit-linked individual insurance plan, that offers triple benefits of regular savings, enhanced protection and market-linked returns.

The new and value-loaded ULIP helps customers plan and achieve their financial milestones as per the changing life-stages along with financial security for their families. The unique proposition of Bharti AXA Life Wealth Pro is that it offers triple benefits of savings, insurance and investment within a single solution.

‘’We believe it is important for new-age customers to exercise goal-based savings for accomplishing their life and financial goals. To avoid the hassle of choosing from multiple protection and investment products, Bharti AXA Life Wealth Pro brings out a protection-oriented investment solution that provides multifold benefits from helping policyholders plan their finances prudently at different stages of life to providing risk cover on the loss of life. We are confident that our new ULIP shall allow customers to focus on their life and long-term wealth creation goals with strategic investment options to maximize savings for their future,’’ said Mr. Parag Raja, Managing Director and Chief Executive Officer, Bharti AXA Life Insurance.

The unique plan provides protection and wealth creation benefits from an early age of 91 days up to the age of 99 years by paying premiums either for a limited duration or once at the commencement of the plan.

Bharti AXA Life Wealth Pro has two variants – Growth and Legacy. In Growth variant, the customers have three policy term choices, 10, 15 or 20 years, and can pay the premium once or for 5, 7, 10, 15 or 20 years. While the customer chooses to pay the premium once, he/she can opt for higher life insurance coverage of 10 times life insurance cover. The Legacy variant also provides the policyholder with a life insurance cover of 10 times the annualized premium throughout the policy term up to 99 years of age and a legacy fund for his/her loved ones to build wealth and fulfil life aspirations. Under this, the customer has to pay premiums for only 5, 7, 10 or till 60 years of age.

A percentage of the fund value is added as a wealth booster for policies in force. Wealth Boosters are available under both the variants to complement fund value by allocating extra units to the policy fund at the end of 5th policy year and at maturity of the policy.

Apart from Wealth Boosters, the plan also encourages the customers to stay invested for a long-term in the policy by providing loyalty additions from the 10th policy year under the Legacy option. Further, it returns mortality and premium allocation charges deducted during the policy tenure at maturity under the Growth variant. They help customers maximize their accumulated fund value and boost maturity benefits.

It allows the customers to choose from two automatic investment strategies – Dynamic Fund Allocation and Systematic Transfer Plan – or the policyholders may opt for self-managed strategy wherein they can choose from seven funds in any proportion basis the investment goals and risk-return potential.
The flexibility offered to the policyholders by the company allows liquidity through partial withdrawals at any time after the completion of the lock-in period. The plan also offers an automated partial withdrawal facility – Systematic Withdrawal Plan – only under the Legacy variant wherein the customers can opt to receive an annual payout from 10th policy year or thereafter as per their request.

Besides the maturity and applicable tax benefits, the ULIP also provides a host of optional rider benefits – Bharti AXA Life Hospi Cash Rider, Bharti AXA Life Accidental Death Benefit Rider, Bharti AXA Life Premium Waiver Rider and Bharti AXA Life Term Rider – to enhance protection cover. They can be availed by paying an additional premium.

‘’In these challenging times, Bharti AXA Life Wealth Pro is not only providing its valued customers’ certainty of regular income and market-linked returns but also enriching them with benefits as per their needs,’’ Raja added.