Tarun Chugh, MD & CEO of Bajaj Allianz Life Insurance Company, always believed that leadership is the capacity to translate vision into reality. For every role he took up in his career was built around a clear vision and a goal to achieve.
From the beginning of his career, Tarun worked in the financial services space. He’s continuously invested towards getting diversified teams together, working on stakeholder relationships bringing the best
possible innovative ideas on the table and much more. Backed with support from his colleagues and mentors, Tarun went step by
step towards his goal. It has helped him both as an individual and as a leader to look at issues differently, to work with diversified sets of people, incorporate innovation not only from a tech point of view but also in products, especially within life insurance, which isn’t considered dynamic enough for innovation. His experience has enabled him offer more suited products for customers. “I got into the life insurance industry as a natural progression when the industry had just opened up and I stayed because of the amazing consumer connect it provides. I’m happy to lead the Bajaj Allianz Life team which has been delivering towards changing the benefits life insurance provides to customers, ’’ affirms Tarun.
All About Bajaj Allianz Life
Bajaj Allianz Life is amongst the leading private life insurance companies in India, reorienting itself and has adopted a holistic approach towards providing living benefits of life insurance to its customers today. The company’s differentiated approach is backed by product and tech innovations, strong and consistent fund performance, wide distribution network along with passionate and driven sales and agency force. The team is working tirelessly to stand strong as life goals enablers, its true differentiator . In this process, the team is redefining, realigning and restructuring its products and services outlook, distribution outreach, training and hiring models, and overall marketing standpoint. The company is constantly in an endeavor to provide best in class products and services to its customers. It has introduced a goal-oriented approach to sell life insurance, and a sharpened focus on providing value-packed ULIPs.
There are several positive aspects of life insurance, hence, Bajaj Allianz Life introduced a plethora of innovative products and features, one such was with Bajaj Allianz Life Goal Assure thatoffered Return of Mortality Charges (RoMC), for the first time within the Indian life insurance industry. The RoMC benefit is a new category created and has influenced the online channel for the company. The company wants to remain in this space and encourages more and more players to join them. This was followed by Bajaj Allianz Life Health Care Goal that covers 36 critical illnesses, and a comprehensive retirement solution in Bajaj Allianz Life LongLife Goal.
The team at Bajaj Allianz Life is also building momentum around the digital transformation using technology to solve real business problems. Services such as iSmart, iManage (App based tools), iRecruit, its customer portal – Life Assist, its chatbot – BOING and many such technology interventions have helped the company tremendously in its transformation journey.
Turning Stumbling Blocks into Stepping Stones Life insurance is often pitched as a product that comes into play only if something goes wrong.
This tackles only one aspect of life insurance, and that’s covering the contingencies that arise after death. However, there is much more to life insurance. Hence, Bajaj Allianz Life decided to move from death benefits and focus holistically on providing living benefits to its customers. But the biggest challenge was only a handful of people were speaking the same language in the industry. The company understood the customer’s need -value-packed investment options that will help them meet their long-term financial goals. However, they weren’t particularly looking at life insurance products to meet this need.
Hence, Bajaj Allianz Life took on a distinct approach. They introduced a value packed new-age ULIP: Bajaj Allianz Life Goal Assure and backed the innovative product with not only lower prices but with an impressive track record in fund performance , claims settlement ratio, and strong solvency ratio. These along with tech-backed servicing interventions, made the new-age ULIP a strong proposition for customers to fulfil their long-term financial goals. There by enabling the company to deliver its promise of living benefits to its customers.
Under the leadership of Tarun, there has been a massive change in the way Bajaj Allianz Life is doing business. Amongst other benchmarks it set for the industry to follow, its leadership in the online ULIP category is amongst the latest. Since its launch, Bajaj Allianz Life sold over 27,000 policies of Goal Assure and garnered Rs. 263 crore premium. Teams are working continuously to mark similar achievements in other areas as well. The company ended H1 FY2019 by registering a 13 percent growth in individual rated new business premium as compared to H1 FY2018, where the industry grew by 9.9 percent during H1 FY2019.
Pillars of Strength In addition to working with a diversified team that brings together great value, Tarun also mentions that his strength also comes from his wife and sons, who have played a very crucial role in his life.
His parents and their disciplined way of approaching everything will always be an inspiration for him. “The profile of my work has demanded extensive traveling; however, I ensure that whatever time I get at home, I spend it with family and doing things together with them,” he says.