Guwahati, Nov 8: Bajaj Allianz Life Insurance Company shared two key parameters on Tuesday, which strengthened its position in the market, and showcased the insurer’s financial strength to keep its customers’ Life Goals secured. Bajaj Allianz Life Insurance’s Solvency Ratio stands at 581% (FY22), as against the regulatory requirement of 150%.
The solvency ratio is maintained by insurers, globally, and depicts the financial health of the company. At 581%, Bajaj Allianz Life’s solvency ratio indicates the insurer’s capability of meeting both short-term and long-term liabilities. Further, the company’s Claim Settlement Ratio stands at 99.02% (Individual Claims Settlement Ratio for FY22), which is one of the highest in the industry. This is indicative of the company’s commitment to honouring its promise made to customers, which is settling the claim on the customer’s policy.
Tarun Chugh, MD & CEO of Bajaj Allianz Life Insurance, said, “Customer First philosophy is now our north star, and through our transformational journey over the last five years we have taken every step to build simplicity and efficiencies to ensure we remain true to our promise made to our customers. Our Solvency Ratio and Claims Settlement Ratio stand testament to this commitment. We will continue to invest in this journey to become the preferred life insurer to enable the Life Goals of many more customers in India.”