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For three years in a row, Bajaj Allianz General Insurance Company Ltd., a joint venture between Bajaj Auto & Allianz SE, has been the only general insurance company to make underwriting profits. Its sterling financial performance was, thanks to its winning combination of claims handling and customer sensitivity. Keeping in mind the fact that the size of the non-life insurance enterprise in India is set to become a $20 billion industry by 2011, the company has set a target to increase its market share from the current 8% to 10% by the year 2009- 2010. Its recent tie-up with South Indian Bank to distribute its general insurance products, is very much along the same lines to increase its presence. It is now focusing on segments where pricing is not the only criterion to choose the insurance partner. Although in the de-tariffed scenario, the company has re-jiged its products portfolio, it has continued to nurture and grow its traditional lines of businesses. But with competition hotting up, the company needs to keep fine-tuning its strategy. That’s one sure insurance against being left behind in a fast evolving industry.
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Source : IIPM Editorial, 2008
An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).
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