Excelsior Correspondent
JAMMU, June 15: Bharti AXA General 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 has registered a 38 per cent increase in its premium income in the financial year 2019-20.
The Gross Written Premium surged to Rs 3,157 crore for the financial year ended March 31, 2020, up 38 per cent over Rs 2,285 crore in 2018-19.
“We are pleased to grow much faster than the industry and maintain a steady growth performance across key matrices of the business in the financial year 2019-20. The expansion of distribution network and partnerships, new business alliances along with improved business activations from the robust bancassurance accompanied by diversified product portfolio helped us achieve healthy premium growth at more than triple of the industry growth rate in the last fiscal”, said Sanjeev Srinivasan, Managing Director and Chief Executive Officer, Bharti AXA General Insurance.
Driven by crop, commercial lines, motor and health insurance, he said, all product segments witnessed strong double-digit growth in 2019-20, he said.
Bharti AXA General Insurance, which currently distributes through 9 banks and over 50 NBFCs and Cooperative Banks, also added a significant number of distribution partnerships in the financial year 2019-20.
“Our continued emphasis on increasing distribution footprint through focus on bancassurance and forging partnerships with Motor Insurance Service Providers has been instrumental in achieving the company’s overall growth in both retail and corporate business”, Srinivasan said.
He stated that, “The current financial year looks challenging in view of the COVID-19 pandemic and disruptions caused by the nationwide lockdown. Focus on technology and automation of processes has helped us operate seamlessly as we continue to service our customer and partners remotely, successfully managing business, servicing, surveys and claim settlement. In 2020-21, we will pursue opportunities across channels with constant emphasis on customer centricity, focus on superior risk selections, prudent cost management, claims efficiency with investments in technologies and innovation to boost all lines of businesses”.
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