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<keyword id="19896016" type="General" weightage="20" keywordseo="new-delhi" source="keywords">New Delhi</keyword>, <keyword id="19950210" type="General" weightage="20" keywordseo="bajaj-finserv" source="keywords" topicspecial.url="https://economictimes.indiatimes.com/bajaj-finserv-ltd/stocks/companyid-21426.cms">Bajaj Finserv</keyword> on Tuesday reported a 22 per cent increase in consolidated net profit to Rs 2,158 crore for the December quarter. The diversified financial services group had earned a net profit of Rs 1,782 crore in the year-ago period. The company's total income increased to Rs 29,038 crore in the third quarter of the ongoing fiscal from Rs 21.755 crore in the year-ago period, Bajaj Finserv said in a regulatory filing. Interest income during the quarter increased to Rs 13,922 crore as against Rs 10,430 crore in the same period a year ago. Total expenses also moved up to Rs 23,609 crore from Rs 17,336 crore in the same quarter a year ago. During the quarter, its subsidiary <keyword id="20386524" type="General" weightage="20" keywordseo="bajaj-allianz-life-insurance-company" source="keywords">Bajaj Allianz Life Insurance Company</keyword> posted shareholders' profit at Rs 108 crore from Rs 81 crore, registering an increase of 33 per cent. Non-life arm <keyword id="20231667" type="General" weightage="20" keywordseo="bajaj-allianz-general-insurance" source="keywords">Bajaj Allianz General Insurance</keyword> profit remained flat at Rs 281 crore as compared to Rs 278 crore in the year-ago period.

Bajaj Finserv Q3 profit rises 22% to ₹2,158 crore

<keyword id="85462" type="General" weightage="80" keywordseo="bajaj-finserv" source="Orion">Bajaj Finserv</keyword> on Monday posted a 42 per cent growth in its profit to ₹1,782 crore for the quarter ended 2022, against ₹1,256 crore in the year-ago period. The company's total income was ₹21,755 crore for the reviewed quarter, against ₹17,620 crore in the corresponding period the previous year, which is a surge of 23.46 per cent. According to the statement shared with the exchanges, finance costs of the company went up to ₹3,240.78 crore from ₹2,444.53 crore. Total expenses of the firm surged 17.10 per cent to ₹17,336.45 crore from ₹14,370.55 crore in the year-ago period. The company also said profit after tax of its subsidiary - <keyword id="111876" type="General" weightage="50" keywordseo="bajaj-finance" source="Orion">Bajaj Finance</keyword> - for the third quarter increased 40 per cent to ₹2,973 crore, against ₹2,125 crore in the year-ago period, mainly led by robust assets under management (AUM) growth. higher net interest income and better asset performance. <keyword id="6358511" type="General" weightage="100" keywordseo="bajaj" source="Orion">Bajaj</keyword> Finance (<keyword id="144840" type="General" weightage="50" keywordseo="bfl" source="Orion">BFL</keyword>)'s gross non-performing asset (NPA) and Net NPA as on December 31, 2022, stood at 1.14 per cent and 0.41 per cent, respectively, as against 1.73 per cent and 0.78 per cent as on December 31, 2021. BFL holds a management and macro-economic overlay in provisions of ₹1,000 crore as on December 31, 2022. Bajaj Finserv is the holding company for the various financial services businesses under the Bajaj group. Bajaj Finserv participates in the financing business through its 52.49 per cent holding in Bajaj Finance (BFL) and in the life, general and health insurance businesses through its 74 per cent holding in two unlisted subsidiaries, Bajaj Allianz General Insurance Company Limited (BAGIC) and <keyword id="625416" type="General" weightage="50" keywordseo="bajaj-allianz-life-insurance-company-limited" source="Orion">Bajaj Allianz Life Insurance Company Limited</keyword> (BALIC). SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/cpp-investments-commits-205-mn-to-indospaces-new-fund-for-building-industrial-logistic-parks-in-india/articleshow/97438270.cms">CPP Investments commits $205 mn to Indospace's new fund for building industrial, logistic parks in India</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/adani-enterprises-fpo-subscribed-just-2-amid-allegations-by-hindenburg-research/articleshow/97437900.cms">Adani Enterprises FPO subscribed just 2% amid allegations by Hindenburg Research</a>

Bajaj Finserv posts 42% growth in Q3 net profit to ₹1,782 crore

The <keyword id="6358021" type="General" weightage="100" keywordseo="budget" source="Orion">Budget</keyword> has left the life insurance industry a worried lot with the new tax proposal on higher premium annuity products, a move which the industry fears will hit their top-lines by 10-12 per cent. Leading private life insurer <keyword id="472962" type="General" weightage="50" keywordseo="hdfc-life" source="Orion">HDFC Life</keyword>'s chief executive <keyword id="323997" type="General" weightage="50" keywordseo="vibha-padalkar" source="Orion">Vibha Padalkar</keyword> told PTI that she stares at 10-12 per cent hit on the company's top-line with the Budget proposal to tax life products having annual premium of over Rs 5 lakh. She also fears that the increased tax exemption bracket of Rs 7 lakh and the steep reduction in the maximum surcharge on the affluent to 39 per cent from 42.74 per cent earlier may nudge them to spend more and save less. This can have many cascading impacts on the macro sector by way of a spike in the already high inflation, apart from the life insurance sector which has been facing sales issues since the Covid pandemic as people were not investing in long-term savings. And since the opening up of economic activities, many are on a "revenge spending mode" and not investing in financial products even now. Given the overall increase in incomes, the government should have either ignored the new tax levy on insurance products or it should have imposed tax on products with premium of Rs 10 lakh or upwards. At this level, it will definitely hit the industry hard, she added. The industry was expecting a proposal to offer composite lincence for the insurance sector wherein life insurers would be allowed to renter the health business which they were doing till 2015. Besides, the insurance sector players were also expecting some positive moves on the annuity products front. <keyword id="699506" type="General" weightage="50" keywordseo="tarun-chugh" source="Orion">Tarun Chugh</keyword>, chief executive of <keyword id="138574" type="General" weightage="50" keywordseo="bajaj-allianz-life" source="Orion">Bajaj Allianz Life</keyword>, said the tax proposal on higher value non-Ulip or traditional life policies "is bit of a dampener for the insurance industry and for increasing penetration of insurance and household financial savings." "We as a market still have quite low insurance penetration and there is a need to provide measures and incentives to boost that in the coming years. Also, household financial savings have been falling and insurance is a critical component of that. Household financial savings as percentage of GDP has fallen from 8.1 per cent in FY20 to 6.5 per cent in FY23, he said and warned that discontinuing incentives on insurance plans should put further pressure on household financial savings to some extent. Vighnesh Shahane, chief executive of <keyword id="10687373" type="General" weightage="50" keywordseo="ageas-federal-life-insurance" source="Orion">Ageas Federal Life Insurance</keyword>, said the finance minister has announced that from April income from life insurance policies, other than Ulips, with an aggregate premium amount of Rs 5 lakh per annum or more, which was earlier tax-free, will now be taxable. But she said if the insured person dies in between, the death benefit will continue to remain tax-free. The move is similar to the proposal introduced a couple of years ago which imposed tax on the maturity amount of Ulips if the annual aggregate premium exceeded Rs 2.5 lakh, he said. The proposal is likely to dent the sales of non-par products which have been witnessing strong growth over the last few years, especially during the pandemic. As the cap of Rs 5 lakh is applicable for all life policies across insurers, it may deter individuals from purchasing additional policies if they have exhausted their limit with their primary insurer, he explained. <keyword id="14942220" type="General" weightage="50" keywordseo="supriya-rathi" source="Orion">Supriya Rathi</keyword>, a wholetime director at <keyword id="2647323" type="General" weightage="50" keywordseo="anand-rathi-insurance-brokers" source="Orion">Anand Rathi Insurance Brokers</keyword>, opined that the budget has "given bad news for life insurance companies" by limiting the income tax exemption on proceeds of insurance policies.

Life insurers stare at 10-12% hit on top-line as Budget taxes higher premium products

<ul><li>The Company associates with <keyword id="99751" type="General" weightage="20" keywordseo="rani-rampal" source="Orion">Rani Rampal</keyword>, <keyword id="12700473" type="General" weightage="20" keywordseo="Indian-Womens-Hockey-Team-Captain" source="Orion">Indian Women’s Hockey Team Captain</keyword> as the face of the campaign</li><li>In order to uplift field <keyword id="6362179" type="General" weightage="80" keywordseo="hockey" source="Orion">Hockey</keyword> from the grass-root level, the Company has also associated with One Thousand Hockey Legs, a flagship project of an NGO - Hockey Citizen Group to provide support towards coaching, nutrition, and equipment.</li></ul><keyword id="113665" type="General" weightage="100" keywordseo="bajaj-allianz-general-insurance" source="Orion">Bajaj Allianz General Insurance</keyword> announced the launch of its ‘#Care4Hockey’ campaign. The Company has associated with Rani Rampal, Indian Women’s Hockey Team Captain who is the face of this campaign. The thought behind this campaign is to elevate field Hockey’s recognition in our country and showcase how supporting a person to attain their goals can enable them to make a difference in the society. ‘#Care4Hockey’ is a one of its kind campaign from the Company with a goal to support the development of Hockey in India from the grass-root level. Bajaj Allianz General Insurance associated with Rani Rampal – whose relentless determination, focus on her goals, and a never-give-up attitude along with the timely support she received, helped her stand where she is today. She is an inspiration to a generation of women who dare to achieve their dreams by defying all odds. Thus, resonating with the brand’s proposition that hard work, focus along with care, and support from those around you can help you reach your goal line. <div type="Youtube" id="gMZxkytJ0tc" title="#Care4Hockey | Bajaj Allianz General Insurance" thumbUrl="https://i.ytimg.com/vi/gMZxkytJ0tc/mqdefault.jpg"></div> Learning from Rani’s journey and the struggles of many like her, Bajaj Allianz General Insurance has gone one step ahead and has associated with One Thousand Hockey Legs, a flagship project of Delhi-based NGO - Hockey Citizen Group. As a part of this association, the Company will contribute towards supporting underprivileged children pursuing hockey in terms of coaching, nutrition, and equipment. With this campaign, the company hopes to support in the development of hockey at the grass-root level, thus providing an opportunity for many, in making their mark in the world and become future role models of tomorrow. Commenting on the occasion, Mr. Tapan Singhel, MD &amp; CEO, Bajaj Allianz General Insurance said, “Bajaj Allianz General Insurance is a brand which resonates with care for people, passion to make a difference and a spirit to lead the change. The ‘#Care4Hockey’ campaign is an attempt to take these brand values forward to support Hockey to not only make a mark in the world, but to also encourage more people to pursue their passion for this sport thereby keeping Hockey alive in India. I’m sure that this campaign with the support from Rani Rampal and One Thousand Hockey Legs project will help take this message to the last mile and will encourage people to follow their ambition, break records and create history for our country.” Sharing her thoughts on the campaign, Rani Rampal, Indian Women’s Hockey Team Captain &amp; Padma Shri Award winner said, “A word of encouragement and support from people around you plays a crucial role in helping you achieve your dreams. I’ve had my share of challenges to be where I’m today and I’m glad to be associated with a brand like Bajaj Allianz General Insurance which stands true to its philosophy of ‘Caringly yours’ by providing the much-needed support to Indian Hockey and helping aspirations of many come true. I believe that this will surely go a long way in inspiring people to pursue this sport in India.” Commenting on the association, Arumugam, Founder and CEO, Hockey Citizen Group said, “One Thousand Hockey Legs, which is a flagship project of our NGO, has been working relentlessly towards providing necessary support and opportunity to underprivileged children who aspire to play Hockey. I really appreciate Bajaj Allianz General Insurance for extending their support to empower these children whose enthusiasm to play Hockey will help this sport prosper in our country.” Bajaj Allianz General Insurance through this campaign will continue towards the development of Hockey in India and encourage many to showcase care and provide support to people pursuing their dreams.

Bajaj Allianz General Insurance launches a new campaign with Rani Rampal to elevate field Hockey’s recognition in our country

<ul><li>The pandemic brought with it a lot of fears and anxiety among all stakeholders, and <keyword id="9793034" type="UNKNOWN" weightage="20" keywordseo="effective-communications">effective communications</keyword> help in making things simpler and clearer.</li><li>Corporate Communications has to put out the best foot forward for the organisation internally and externally, and ensure all changes are towards the greater good, writes <keyword id="9793035" type="PERSON" weightage="20" keywordseo="nikhil-bharadwaj">Nikhil Bharadwaj</keyword>, Head – <keyword id="2209559" type="ORGANIZATION" weightage="20" keywordseo="corporate-communication">Corporate Communication</keyword>, <keyword id="113665" type="COMPANY" weightage="20" keywordseo="Bajaj-Allianz-General-Insurance">Bajaj Allianz General Insurance</keyword>.</li></ul> The role of an effective communications team is to drive change management throughout the organisation, and its ecosystem, consisting of employees, partners and customers. There has been no change greater than what we are going through right now with the Covid-19 pandemic. I think one of the toughest parts of this was that there was no playbook, no previous experience to go by! We all made the rules as we went along and pivoted as the situation evolved. There was a large amount of uncertainty, anxiety and fear amongst all stakeholders. As a communicator, where everyone saw negativity and anguish, we had to see the silver lining on the grey cloud. We had to ensure that there was transparency and cut out the irrelevant noise. Thus, far we have been able to achieve significant impact for all our stakeholders, which I will break down as below: Employees &amp; Channel partners: With a lot of information around this pandemic, it was and is difficult to determine what’s factual and what’s not, what should you believe and what not. Such a situation naturally creates anxiety and panic amongst people. The challenge here is to ensure that the right communication goes out amongst stakeholders, providing them with much needed guidance wherever required. Employees of our company were naturally very apprehensive about the virus and there was over information on social media, which led to further panic. To mitigate this, we created a sort of ready reckoner for employees which gave information on COVID-19, this spoke about signs, symptoms, how to detect, test centres, Govt. Helplines and even hospitals that were treating COVID19. As insurance falls into essential services, we still had limited staffing for office work, and for them instructions needed to be crystal clear in terms of dos and don’ts. We went about creating dos and don’ts posters as well as instruction posters on the safety measures in office and even the smallest things about how to wash hands, and how to use the sanitiser. Similar communication was also sent to our channel partners &amp; our distributors who are our backbone. Another critical element to note here is that, all other communication to employees that was not pertaining to Corona or relevant information thereof, was put on hold. To keep the employees engaged, we came out with a Work from Home digest in a pdf format, which had curated content, comprising of leadership podcasts, handpicked ted talks videos, articles, and even Jokes &amp; riddles. This gave employees something to look forward to, which was a change from their day to day work and provided much needed optimism. Customers and Citizens at large: In this stage, thinking that we would be able to serve our customers exactly how we did, when we worked from office would have been a wrong approach. We have always been a forward thinking, digitally capable organisation, which stood us in great stead to bring all customers onto a digital platform, especially when all offices were shut. But merely having digital platforms wasn’t enough, this had to be communicated effectively to current as well as potential customers. One of the best modes which we chose, was their trusted source of information i.e. media. We shared relevant pitch noteswith media charting out clear proposition of what we were doing to ensure customers are serviced well. This resulted in participation in multiple stories clearly highlighting the changes in the customer journey from a service, renewal and sales perspective. All our Leaders and spokespersons ensured that they spoke about this in all their interactions on print, television or even social mediaably led of course by our MD and CEO. As an organisation we sent out email, SMS and app notifications to all our customers about these changes and they were displayed on our website as well. The results were amazing, we saw customers move to Digital channels, get self help from WhatsApp and our mobile app. And what’s more, we were able to issue close to 3 million policies and settle close to 1.5 million claims. I strongly feel that expanding industry interest and product awareness goes a long way towards increasing penetration of any product/service. If you’re brand is strong enough, you will be a part of the consideration set of the customer, as long as they have trust in the base product offering of the industry. We felt that the time was right to also create more awareness on importance of health insurance, though this may seem opportunistic, I would like to think of it as topical. At the same time, we participated in a lot of industry stories about insurance with a sea change of regulation centred around giving customers more breathing space in terms of a delayed premium payment etc. In times of changes like the one that Covid brought about, Corporate communication played a key role in change management. In times like this, I would now say that it is ok to communicate more than normal, even at the risk of over communication, especially when it comes to employees and current customers. A good communicators role is to be the wingman for marketing functions and help with the 1st and 2nd stage of AIDA (attention interest desire action) &amp; play a complimentary role. Corporate Communications has to put out the best foot forward for the organisation internally and externally, and ensure all changes are towards the greater good!

A brand's perspective on the critical role effective communication played during Covid-19

Keeping the upcoming festive season and growing online frauds in mind, <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword> on Tuesday announced a partnership with <keyword id="72592" type="CITY" weightage="20" keywordseo="Bajaj-Allianz">Bajaj Allianz</keyword> General Insurance Company to offer ‘Digital Suraksha Group Insurance for customers in the country. The "Digital Suraksha Group Insurance" policy will cover financial losses caused by various kinds of online frauds and cyber attacks that might occur during digital transactions. The customers can choose for a one-year cover at premiums as low as Rs 183 for a cover of Rs 50,000, Rs 312 for Rs 1 lakh, and Rs 561 for Rs 2 lakh for a 12-months tenure, with covers also extending up to Rs 10 lakh. "As the festive season nears, we want to ensure that the customers' online shopping experience, across any digital medium, is devoid of stress and apprehensions," said Ranjith Boyanapalli, Head, Fintech and Payments Group, Flipkart. The policy can be availed while buying certain models of mobiles, laptops, tablets, and audio devices on Flipkart. The insurance compensates for direct financial loss (up to the sum insured) due to unauthorised digital financial transactions as a result of identity theft arising out of cyber attacks, phishing/spoofing and SIM-jacking. The policy covers online transactions for debit cards, credit card, digital wallets, UPI/Internet banking (All bank accounts, credit and debit cards and mobile wallets), the company said in a statement. "With this Digital Suraksha Group Insurance introduced on Flipkart's platform, at less than 50 paise per day, you can protect yourself against the financial risk of getting defrauded online," said Tapan Singhel, MD and CEO, Bajaj Allianz General Insurance. The claim is admissible if a loss of funds is reported within 90 days of the occurrence and multiple claims/incidents are covered up to the sum insured. The policy offers worldwide cover and offers protection while travelling international. "During this Covid-19 era, as you shop online, this insurance will provide coverage against various cyber threats, thus making your online experience worry-free," Singhel said. SEE ALSO: <a href="https://www.businessinsider.in/thelife/personalities/news/google-doodle-celebrates-zohra-sehgal-everyones-favourite-dadi-an-indian-royal-and-doctor-who-star/articleshow/78377815.cms">Google Doodle celebrates Zohra Sehgal — Everyone's favourite dadi, an Indian royal and Doctor Who star</a> <a href="https://www.businessinsider.in/business/startups/news/super30-alumni-founded-startup-wants-to-take-forward-the-legacy-of-his-alma-mater/articleshow/78377011.cms">Super30 alumni founded startup wants to take forward the legacy of his alma mater</a> <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-infosys-central-bank-of-india-dhfl-anuh-pharma-shalby-balaji-telefilms-and-others/articleshow/78376167.cms">Top stocks to watch— Infosys, Central Bank of India, DHFL, Anuh Pharma, Shalby, Balaji Telefilms and others</a>

Flipkart partners with Bajaj Allianz to offer cyber fraud insurance for online transactions

<keyword id="85462" type="General" weightage="100" keywordseo="bajaj-finserv" source="Orion">Bajaj Finserv</keyword> Ltd, the holding company for the Bajaj group's financial services companies -- on Friday said it had logged an after tax profit of Rs 754.34 crore for the quarter ended September 30. The company's net profit has jumped 24% year-on-year. In a regulatory filing, the company said for the second quarter that ended September 30, it has earned a total income of Rs 1,019.07 crore (Q2FY23: Rs 689.42 crore) and a net profit of Rs 754.34 crore (Q2FY23: Rs 485.08 crore). The company's consolidated total income of the company rose 25% on-year to Rs 26,023 crore, from Rs 20,803 crore in a year ago period. During the period under review, Bajaj Finserv has booked a dividend income of Rs 953.45 crore up from Rs 635.64 crore booked during the previous year corresponding period. <h2 style="margin-bottom: 35px; font-style: italic; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: 400; font-stretch: normal; font-size: 20px; line-height: 28px; font-family: Lora, sans-serif; color: rgb(47, 47, 47); background-color: rgb(255, 255, 255);"> </h2>The company is the holding company for Bajaj Finance Ltd, Bajaj Allianz General Insurance Company Ltd, Bajaj Allianz Life Insurance Company Ltd and others. Bajaj Finserv's scrip after opening at Rs 1,570 on Friday touched a high of Rs 1,593.55 and is changing hands for about Rs 1,583.

Bajaj Finserv Q2 net profit rises 24%, revenue up 25%

<ul><li>Bajaj Allianz Life India’s Life Goals Preparedness Survey 2019 was designed to get a complete picture of the Life Goals that drive Indians, their aspirations, their influences, their preparedness and how they are working towards achieving these goals. </li><li>Emergence of unconventional life goals marked the findings – entrepreneurship, focus on health and fitness, aim to travel more, and giving back to society – topped the list. </li><li>The insurance company’s new campaign thus aims to change the meaning of ‘retirement’ and encourage millennials to pursue their goals whenever they want to. </li></ul>There is a shift in the way Indians are planning their lives; from simply pursuing standardised milestones such as having children, throwing a lavish wedding, retiring at the age of 60, they are branching out to unconventional Life Goals that are individualistic in nature. In order to deepen its understanding of Life Goals in India, <keyword id="151079" type="COMPANY" weightage="20" keywordseo="Bajaj-Allianz-Life-Insurance">Bajaj Allianz Life Insurance</keyword> undertook a Life Goals Survey with Kantar IMRB to learn more about this age group and their goals. The study was conducted across 13 metros, Tier I and emerging Tier-II cities and over 150 life goals were mapped. Some of the new-age Life Goals that emerged include entrepreneurship, focus on healthcare and fitness, travel, life enrichment to strengthen or re-establish the connection with ‘self’, amongst others. These goals are also enabling Indians to move past their comfort zones, experiment with life – whether it’s taking that plunge or starting up or rekindling a long-lost passion. Indians are willing to invest time and money on these goals at their early age, which presents a huge opportunity for Life Insurance companies. These new, emerging Life Goals have the power to shape the choices, actions, emotions, and investment choices of Indians. The Bajaj Allianz Life India’s Life Goals Preparedness Survey 2019 was designed to get a complete picture of the life goals driving Indians, their aspirations, their influencers, their preparedness and how they are working towards achieving these goals. Bajaj Allianz Life has seen 60% of its traffic coming from millennials and after this survey, the brand is hoping to see more millennials resonating with it. Chandramohan Mehra, CMO, Bajaj Allianz Life Insurance, said, “Some of the early indicators including our website traffic, engagement on social media pages and inbound call traffic witnessed a significant share from millennials, validating the fact that millennials are inclined towards life insurance products for fulfilling their Life Goals. They have higher preference towards brands and products who they resonate with the most.” Emergence of Unconventional Life Goals in the Survey <ul><li>Becoming an entrepreneur in early 30s: A rising life goal of Indians is being an entrepreneur, where 1 in every 10 Indian wants to start something new or pursue a parallel career -- highlighting that new-age Indians are no longer playing it safe and are willing to put in an effort and take the risks</li></ul><ul><li>More focus on planning retirement: 2 in 5 Indians have retirement related life goals; more so in metros, where every 1 in 2 people have a retirement-related life goal. Amongst Indian millennials, retirement related life goals features in the top 5 life goals, and 42% millennials consider it as their life goal. More than 1 in 4 millennials in metros aspire to retire rich by growing their wealth</li></ul><ul><li>One in three respondents cited focus on health and fitness as a life goal -- being physically and mentally fit was amongst the top 10 life goals of Indians and 1 in 2 respondents seek a balanced life, which straddles work-life balance, reliving a passion and leading a peaceful life </li></ul><ul><li>Travel is catching-up as a part of the mainstream culture; 1 in 4 respondents want to travel abroad or travel to new exotic locations</li></ul><ul><li>Philanthropy is a new-age life goal that emerged as well, clearly showcasing that Indians are keen on creating social impact. 1 in 5 respondents said one of their life goals is the need to give back to society. Philanthropic avenues included providing employment opportunities, support another’s dream or imparting knowledge through teaching</li></ul>While there is a trend that new-age Indians want to pursue unconventional life goals, certain conventional goals continue to remain on India’s mind – these include children’s education, buying their own house, or owning a luxury car. The survey reveals that these conventional goals are typically influenced by family and social circles. Although Indians are dreaming big, they remain unsure of achieving 38% of their life goals. Interestingly, metros are more under-confident than non-metros. Metros cite 48% goals as ‘unsure of achieving’, as against 29% in non-metros, revealed the study. Mehra thinks that after this study, the entire financial ecosystem has a great role to play in bridging the gap between what Indians want, what they end up doing, and how they do it. “While Indians are optimistic, they are inadequately prepared to accomplish the majority of their life goals. One of the reasons for the lack of preparedness for 'me' goals, I guess, is from the social conditioning. The 'we' goals like child education continue to take priority over unconventional Life Goals like travel or fitness,” he expounded. “To address this challenge, the solution is to deepen the understanding of the consumer, aid simplification and build relevant engagement with the category,” he adds. Inspiration Behind these Goals The consumer research findings from Bajaj Allianz Life India’s Life Goal Preparedness Survey indicated that 1 in 5 Life Goals are influenced by social media. Unconventional Life Goals including travel and health related-goals are largely driven by social media. It was also found that the impact of social media is 20% higher for millennials than non-millennials, whereas the influence of movies is 50% higher for millennials than non-millennials. Changing the Company’s Positioning Bajaj Allianz also changed its positioning to a company that is young, approachable and solutions-enabler, and through its latest campaign, the brand is challenging the common meaning of ‘retirement.’ It unveiled a 360-degree campaign that breaks a stereotypical mind-set and focuses on driving home the message that retirement need not happen later in one’s career, but can happen anytime -- all they need is a bit of planning. <keyword id="527604" type="PERSON" weightage="100" keywordseo="early-retirement">Early Retirement</keyword> Goals can be achieved is the key message of the entire campaign. The young protagonist in the video reminds the audience that now is the best time to retire as he doesn’t want to wait for tomorrow. 
 
 
 
 
 
 
 
 
 
 
 <div type="Youtube" id="L_376gLtMoQ" title="Plan your #EarlyRetirement Life Goal with Bajaj Allianz Life" thumbUrl="https://i.ytimg.com/vi/L_376gLtMoQ/mqdefault.jpg"></div>























 Telling us why the company decided to change its product’s positioning and the aim behind their new campaign, Mehra said, “We always had different kinds of retirement plans but the challenge now was – how can you build an engaging conversation on a retirement category? Generally, the younger audience does not relate to ‘retirement’ as a word. However, the definition of retirement itself is changing. It is not about someone waiting till 58. Retirement doesn’t mean you have zero income -- it is more about people wanting to pursue their passion on their own terms. You can be a photographer, a chef, or an organic farmer. Second is being able to take care of your health and spending time with your family. Since consumers echoed these sentiments in the study, we wondered if we can position our products as Early Retirements Products. Therefore, we embarked on this campaign and our aim is to capture a sentiment that resonates with millennials.” End Goals After a year into the campaign, Bajaj Allianz aims to change the meaning of retirement, erase the stigma around it, come up with relevant solutions for millennials by eliminating the middlemen, and being the ‘authentic Life Goals enabler’ that millennials can feel home at. By executing this plan, it further aims to become the ‘undisputed leader’ of the industry. “We continue to grow at a rate higher than industry on the back of strong holistic business fundamentals. We aspire to become the undisputed leader amongst non-bank promoted company in both topline and profitability,” shares Mehra.

How Bajaj Allianz Life Insurance is building its brand based on evolving millennial mindsets

<ul><li>In our latest interview series, we talk to brands to understand how they are coping with the new normal and their strategies towards navigating these difficult times.</li><li>In today’s interview, <keyword id="570499" type="PERSON" weightage="20" keywordseo="Chandramohan-Mehra">Chandramohan Mehra</keyword>, CMO, <keyword id="138574" type="PERSON" weightage="20" keywordseo="Bajaj-Allianz-Life">Bajaj Allianz Life</keyword> and Bajaj Allianz General Insurance shared how they have altered their marketing strategy to surf through the challenges posed today. </li><li>Mehra told us how the brand is using digital media at its best to connect with its consumers.</li><li>It has also on-boarded fitness experts to keep their audience motivated and remind them to build a strong immune system to survive in today’s challenging environment. </li></ul>In wake of <keyword id="8763838" type="UNKNOWN" weightage="20" keywordseo="covid-19">COVID-19</keyword>, the anticipation of staying at home for a prolonged period of time may have become overwhelming. Marketers have, ergo, started listening to social media conversations, drawing insights and building their campaigns to support their customers in this journey. These unprecedented days have posed a lot of challenges and questions in our minds. People are therefore re-evaluating their financial investments, health insurance policies and have started taking good care of their health. To help its consumers adjust in this new normal, Bajaj Allianz Life has empowered its investment advisory to make pitch calls through WhatsApp, webinars, and has created video content, blogs to solve the common queries. The life insurer has also on-boarded fitness experts like Mandira Bedi and Anushka Panjwani to keep their audience motivated and remind them to maintain their physical and mental well-being. We caught up with Chandramohan Mehra, CMO, Bajaj Allianz Life and Bajaj Allianz General Insurance to further understand how they have altered their marketing strategy to stay relevant today and ask for a few things he has learned about operating in today’s volatile environment. Excerpts: Q) How have the past few weeks been for the brand, considering the country has been in a lockdown? It has been a challenging time for all of us, yet I’d say the constraints faced during the lockdown have helped us identify several opportunities. Insights gained from customers, employees and partners during this time will help us make relevant interventions in our customer experience journey. Q) What is your marketing strategy during the period of COVID-19? How have you tried to build a connection with your audience during these tough times? Through our advanced digital services including WhatsApp services, chat bot and customer self-servicing portals, our focus has been to cater to servicing needs of customers. In context of market volatility, we have intensified our investment advisory through Webinars, blogs and video content aiding long term decisions for our customers. To ensure physical and emotional well-being of our customers, we have partnered with an array of fitness experts to bring live streaming of “Fitness from Home” on our social media pages. Q) How is your brand making a difference in terms of spreading awareness? In these unusual times, we are doing our bit towards providing access to fitness regimes from experts, to our employees, partners, agents, customers and many others, for them to stay physically and emotionally healthy. Towards this, we are offering LIVE streaming sessions on Yoga, Meditation, Wellness on our social media platforms, by renowned fitness experts to keep people fit and active from the safe confines of their homes. This is in addition to the educational ‘Keep Calm, Stay Invested,’ engagement series with our investments team that provide relevant investment advisory to our customers, partners, advisors and employees to manage their investments in these times. Q) TV viewership and digital engagement continue to increase, where are you betting your money? Choice of medium is a function of the marketing task at hand. Obviously, a strategic integrated strategy will get desired yields. Q) What are the few key learnings for you as a brand custodian in the last few weeks? There is a surge of first-timers who are and will be transacting or buying online during the lockdown – be it for groceries, medicines, telecommunications or insurance. I believe this trend will continue in the insurance industry and we will see an increased usage and reliance on digital tools by both financial intermediaries and customers across profiles. As more and more stakeholders take to the digital platforms, it is essential for brands now to make the online buying experience of consumers frictionless, and sometimes even assisted in case of first-timers.

Marketing in the times of COVID-19: Bajaj Allianz Life Insurance

<ul><li>We bring to you a series of columns from industry experts, looking back at the last 10 years.</li><li>The columns will explore how the media, marketing and advertising industry has transformed in the last decade.</li><li>Tarun Chugh, MD and CEO, <keyword id="151079" type="COMPANY" weightage="20" keywordseo="Bajaj-Allianz-Life-Insurance">Bajaj Allianz Life Insurance</keyword> tries to decode evolving consumer behaviour and shares a few ways in which the BFSI sector is reaching out to them in today's digital era.</li></ul>New-age Indians are unlike their previous generations. As a demographic, India’s population is getting younger and with more exposure to the world, the demands of the younger generation are changing. This change is forcing all industries to innovate, and the shift is more visible in the insurance space than anywhere else. For instance, young people are considering life insurance not simply for protection but to achieve their life goals. Ambitions such as entrepreneurship, world travel, preventive healthcare and having a parallel career demand financial planning by young people. According to a recent survey conducted by Kantar IMRB, 2 in 5 Indians have retirement related goals and the number is even higher in the metros with every second person wishing for a comfortable retirement as one of their life goals. In fact, retirement related life goals feature in the list of top 5 life goals for Indian millennials as well. This has led to a paradigm shift in the way financial planning has been so far. Indians are now looking at planning their retirement early on in life to maintain their standard of living and achieve life goals even post retirement. There’s a lot more interest towards long term life insurance products and the appearance of new-age online ULIPs has really helped the takeoff for these products as they offer transparency and convenience. Customers’ expectations from insurance products are rapidly changing as they demand more efficient service which match their lifestyle and needs example, Digital touchpoints, self-service apps and automated payment reminders. Increasingly, the product demand is also shifting towards new-age products which can be bought and redeemed online, have more transparency and don’t tangle the customers in complex terms and conditions. It’s not hard to see that the industry is responding to these shifts comprehensively. And regulatory changes by the Insurance Regulatory Development Authority of India have also helped. For instance, IRDAI’s regular interventions have meant that products in the market are transparent and customer-friendly with more benefits than the terms and conditions attached to them. The intervention has also ensured that new products are innovative in terms of their structures and payouts rather than refurbished old schemes launched with newer names. This has led to renewal premium collections going up recently which has greatly helped affirmed people’s faith in life insurance as a product. Insurance premiums as a percentage of GDP have been steadily climbing up as it reached 3.69% in 2017 from 2.71% in 2001. Gross premiums in India reached Rs 5.53 trillion in FY18, with Rs 4.58 trillion contributed by life insurance and Rs 1.51 trillion coming from non-life insurance. Even though it’s a significant development, the penetration level at 3.69% of the total addressable population remains quite low and provides itself as an opportunity for companies to innovate and reach the last mile. The way to reaching new consumers is largely going to be phygital -- physical + digital. A recent research survey by PwC stated 47% of people research insurance online before making a buying decision as compared to 22% relying on agents. Moreover, 49% of consumers said that they prefer digital mode as their preferred channel for purchasing insurance followed by 32% who still prefer to call an agent. Interestingly, 18% of people want their insurance companies to communicate with them through emails – clearly emphasizing the increasing importance of two-way communication rather than a one-time sale model. The life insurance sector is set for a big boost with the increase in digital proliferation and customer awareness. According to the Kantar IMRB survey, Indians choose life insurance as their preferred investment option for 60% of their life goals. This is a clear signal of the latent demand in the country which the insurance industry is eager to fulfil with innovative products, tech-enabled seamless services and newer distribution channels. Further, with the right pace of technology adoption and customer-centric business processes, India’s life insurance sector is poised to be the fastest growing sector. - By Tarun Chugh, MD and CEO, Bajaj Allianz Life Insurance

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