Bajaj Allianz Life aims high

13 October 2004

Sam Ghosh, CEO, Bajaj Life Insurance Company Limited, who took over this January, outlines his aggressive growth strategy. Venkatachari Jagannathan reports

Bajaj Life Insurance Company Limited — a 74:26 joint venture between Bajaj Auto Limited and Allianz AG, Germany (formerly Allianz Bajaj Life Insurance Company Limited) — under a new team headed by Sam Ghosh, CEO, has taken the competition head-on, leaving industry watchers surprised at its rapid pace of growth.

Ghosh himself is a newcomer to the company, earlier having steered the Rs480 crore-Bajaj Allianz General Insurance Company to the second position in the Indian private sector insurance sector.

In a span of just eight months, Bajaj Allianz Life (premium income Rs220 crore) has jumped three paces to occupy the fourth slot in the 13-strong life insurance industry.

Today the company is in the midst of pursuing its twin corporate 'dream' goals — to close this fiscal with a premium income of Rs750 crore and occupy the number three slot displacing the incumbent Birla Sun Life Insurance Company Limited.

Given the daily collections — over Rs1 crore — and its month-on-month growth, the second may come true sooner.

According to the Insurance Regulatory and Development Authority (IRDA) figures, the new premium difference between Bajaj Allianz Life and Birla Sun Life at the end of August 2004 was Rs37.5 crore. Rival Birla Sun Life has taken the threat seriously.