15, Dec 2023
India Strategy Conference| IIM Bangalore
Day One of India Strategy Conference 2023 sees global strategy experts discuss strategic opportunities and challenges of the 21 st century
IIM Bangalore hosts iconic conference jointly with IIM Ahmedabad, ISB Hyderabad and CII Chief Strategy Officers’ Forum
15 December, 2023, Bengaluru: IIM Bangalore, jointly with IIM Ahmedabad, ISB Hyderabad and Confederation of Indian Industry Chief Strategy Officers’ Forum (CII CSO Forum), is hosting the India Strategy Conference 2023 (ISC 2023), from 14 th December to 17 th December 2023, at the IIM Bangalore campus. The Co-chairs of the India Strategy Conference 2023 are Prof. Rejie George Pallathitta, IIM Bangalore; Prof. Prateek Raj, IIM Bangalore; Prof. Amit Karna, IIM Ahmedabad, and Prof. Chitra Singla, IIM Ahmedabad, all faculty from the Strategy area.
In the inaugural address, Dr. Michael Hitt said “There is a new age of globalization, where countries are more parochial, the distribution of economic power is dynamic and there is greater digitalization. History has shown that creativity and ingenuity born of entrepreneurship are often enhanced in challenging times, contributing to positive market opportunities and stronger competitive advantage over time.”
How to Successfully Navigate a Doctoral Program
Dr. Sumit K. Kundu, James K. Batten Eminent Scholar Chair in International Business, Florida International University, Miami, US, took the audience through a session on, ‘Successfully Navigating a Doctoral Program: A Personal Reflection’. He focused his talk on both the research and teaching aspects.
He listed the must-haves of research as what he termed the Five ‘I’s of Research. “Research has to be impactful, insightful, innovative, interdisciplinary and integrative. To publish in top tier journals, the key components are strong, logical argument and consistency with norms of target journal. Acceptance and rejection are based more on argument, when compared to analysis.” Prof. Kundu also highlighted the key considerations for publishing and how to choose a journal.
The session was followed by the comprehensive ‘Methods in Management’ workshop which focused on workshops teaching and discussing the state-of-the-art qualitative as well as quantitative methods used in management scholarship.
Prof. Rishikesha T Krishnan, Director, IIMB, and the Co-chairs of the conference formally inaugurated the evening session. The evening session was followed by a ‘Panel of Veteran Scholars’, including Dr. Raveendra Chittoor, Dean, School of Professional Studies & Executive Education, Jio Institute, Prof. S Raghunath, former faculty of the Strategy area, IIMB, Prof. J Ramachandran, former faculty of the Strategy area, IIMB, Prof. Sougata Ray, faculty, Indian School of Business, and Prof. Chitra Singla, IIM Ahmedabad.
Highlights of upcoming sessions
On the second day, CII CSO will conduct the sessions during which prominent industry leaders would share insights on shaping strategies in a disruptive world. The key themes will include Turbocharging Technology and Digital Disruption, Embracing Sustainability and Capitalizing on Global Opportunities.
The last two days of the conference will include over 150 academic presentations across six tracks including technology, innovation and digital transformation, ESG and non-market strategy, business and corporate strategy, internationalization and global strategy, family business and entrepreneurship, and leadership and human capital.
As part of the event, on 16 th December, there will be a Carnatic flute SPICMACAY concert by Vidwan Sri Mysore A Chandan Kumar. SPICMACAY, which stands for Society for the Promotion of Indian Classical Music and Culture Amongst Youth, is a non-profit organization dedicated to promoting awareness and appreciation of Indian classical music, dance and culture among the youth of India.
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- By Rabindra
15, Dec 2023
Infibeam Avenues Ltd. Ventures into Capital Market Tech, Secures 49% Stake in Pirimid Fintech
Bengaluru , December 15, 2023 – Infibeam Avenues Ltd, a listed fintech company, announces its strategic foray into the capital markets and digital lending software market by acquiring a significant 49% equity stake in Pirimid Fintech, investing Rs 25 crore to solidify this strategic partnership.
This move is in direct response to the surging demand in the thriving global capital markets for cutting-edge secured and zero latency AI-backed software to streamline trading, research and investment processes. Artificial Intelligence (AI) is transforming the capital market, with stockbrokers, mutual funds, corporate treasuries, and investment banks using AI backed trading software for algorithmic trading strategies, which not only boosts performance, accuracy, and returns but also enhances compliance, fraud detection and prevention.
Alongside its established presence in the capital markets technology space, Pirimid Fintech is also making significant strides in the digital lending sector with capabilities around modern loan origination systems, data sourcing and advanced business rule engine (BRE). Leveraging the expertise and technological foundation provided by Infibeam Avenues, Pirimid Fintech is poised to develop innovative digital lending solutions to streamline the lending process, offering faster and more efficient credit disbursement, enhanced customer experience, and improved risk management through advanced data analytics and AI algorithms.
Pirimid Fintech caters to a diverse clientele across global and domestic capital markets. The company specializes in developing customized capital markets and digital lending products, tools, services, and workflows to meet specific client needs. Notable clients include BidFX, a subsidiary of the prestigious Singapore Exchange (SGX), as well as financial institutions like Bank of Baroda and Indian fintech player Lendingkart.
Expressing his enthusiasm, Mr. Nirav Prajapati, CEO, Pirimid Fintech said, “We are very excited about this investment and strategic partnership with Infibeam as they are leaders in digital payments developing cutting-edge AI solutions for financial transactions. Their expertise in building highly secured and scalable technology frameworks will enhance our capabilities and their proven technology solutions will seamlessly integrate with our robust tech solutions, effectively addressing the rising demand for risk mitigation and enhanced operational safety in online capital market trading & digital lending systems.”
This strategic partnership will integrate Infibeam’s digital payments and AI-based frameworks with Pirimid Fintech’s capital market trading software for its clients in India and globally. This integration aims to not only improve the performance of Pirimid Fintech’s clients but also address and meet regulatory concerns regarding the safety and security of stock market trading. Globally, market regulators are prioritizing trust, security, and risk management in capital markets. As per Juniper Research forecasts the AI-driven financial fraud detection sector to grow from $6.5 billion in 2022 to $10 billion by 2027, marking a substantial 57% increase.
Unlocking Additional Revenue Streams: Infibeam Avenues Seizes Compelling Growth Opportunities.
The strategic investment promises to propel the company not only to new heights in the capital market technology space and positioned itself as a key player in the evolving landscape of capital market technology but will also offers an opportunity to build upon its existing payments and platform business for this new business vertical.
“Pirimid has built a robust product for capital markets stakeholders and this strategic investment opens up a compelling growth opportunity to capitalize on our existing digital payments and platform solutions, by creating a synergy with the Capital market tech products,” said, Mr. Vishal Mehta, Chairman & Managing Director, Infibeam Avenues Ltd.
Infibeam Avenues Ltd, which had processed worth US$54 billion of transaction in FY23, expects to witness an increase in its payment processing business through this strategic investment. The company will plug-in or offer its flagship payment gateway brand – CCAvenue with Pirimid Fintech’s capital market & digital lending tech software products for its end user clients, which would upsurge the payment transaction processing volumes, resulting into revenue increase from Infibeam’s payment business.
Globally, capital market or stock market processes multiple payment transactions per day, much higher than the ecommerce or offline payment channels like POS. According to various market research, the global online trading platform market reached a valuation of $8.9 billion in 2021 and is anticipated to reach $18.4 billion by 2031. This represents a compound annual growth rate (CAGR) of 7.8% from 2022 to 2031.
15, Dec 2023
COP28 Quote I Waaree Energies
Attributed to Mr. Hitesh Doshi, Chairman and Managing Director, Waaree Group
“COP28 certainly marks a landmark moment in the global battle against climate change. The commitment to triple the world’s green energy capacity to 11000 GW by 2030. The world over, solar energy has been identified as one of the key fuels of a sustainable future. Collaborations and partnerships between industry players and governments across the globe will be critical to ensure the continued evolution of the solar energy sector. As one of the world’s leading solar manufacturers, Waaree Energies is well-placed to make a significant contribution towards climate change mitigation, in India and globally, and to help facilitate an inclusive clean energy transition.”
15, Dec 2023
Shree Cement commissions one of the largest Kiln with a capacity of 11,500 Tons per day at its new integrated plant at Nawalgarh, Rajasthan, taking company’s cement capacity to 53.4 million tons
15th December 2023: Shree Cement Limited, one of India’s largest cement group, proudly announces the commissioning of the kiln at its new integrated production facility in Nawalgarh, Rajasthan. Boasting a remarkable rated capacity of 11,500 tonnes per day, this kiln stands among one of the highest capacity units in the world. Equipped with cutting-edge technology, the kiln facilitates multi-fuel operations, including the usage of alternative fuels, and ensures energy efficiency.
Established with an investment of approximately ₹3,500 crore, the plant has a capacity to produce 3.5 million tonnes of Cement per annum. The company has invested on a 33 MW waste heat recovery-based power plant which contributes to electricity generation without consuming fossil fuels, utilizing waste gases from the clinkerisation process. Strategically situated in the North-Eastern part of Rajasthan, bordering the State of Haryana, the plant provides a strong logistical advantage and will help in reducing the delivered cost. This marks the start of the company’s fifth integrated production facility, reinforcing its commitment to technological excellence and sustainable practices while developing above 80 million tons of cement capacity.
On this occasion, Mr. Neeraj Akhoury, Managing Director, Shree Cement Ltd. said, “In our pursuit to become an 80 million tonnes company by the year 2028, we are excited to announce commissioning the kiln in our new integrated facility at Nawalgarh, Rajasthan. This state-of-the-art facility is the most modern plant of the Company and shall significantly boost the operational performance of the Company. Owing to its proximity, this facility is well suited to cater the high consumption cement markets of the National Capital Region, Punjab, and Haryana apart from strengthening the Company’s customer servicing capability in Rajasthan.”
Following this expansion, Shree Cement Limited boasts a network of five integrated facilities spanning Rajasthan, Chhattisgarh, and Karnataka. With the commencement of cement production at the Nawalgarh facility, the company’s total cement production capacity in India has risen from 49.9 MTPA to 53.4 MTPA, solidifying its position as a key player in the cement industry.
15, Dec 2023
Revamp Moto’s Next-Gen EVs to be Powered by the Bolt.Earth OS for a Superior EV Riding Experience
15th December 2023: In a recent collaborative initiative, Revamp Moto is delighted to announce its partnership with Bolt.Earth to seamlessly integrate a robust Operating Stack into their existing vehicles. This strategic alliance aims to redefine vehicle capabilities within the EV industry, enhancing vehicle efficiency and delivering a smarter, more intuitive experience for their end-users.
Speaking on this exciting collaboration, Mr. Pritesh Mahajan, CEO & Co-founder of Revamp Moto commented saying, “Bolt. Earth’s cutting-edge technologies align with Revamp’s commitment to delivering reliable, modular, and connected EVs. This integration will allow Revamp Moto to introduce and offer a suite of new offerings including enhanced vehicle and fleet management systems, smart instrument clusters, and an advanced companion app for our current and potential customer base. We are excited about partnering with Bolt. Earth as this collaboration represents a big leap forward in further enhancing our vehicle management systems, fleet operations, and overall customer experience.”
This collaboration is expected to benefit over 250,000 Revamp customers by 2025, presenting a mutual advantage for both Bolt. Earth and Revamp. The Bolt. Earth OS includes a suite of smart vehicle capabilities to Revamp’s EVs, including advanced SLED clusters, a feature-rich Companion App, and comprehensive fleet and vehicle management systems. These offerings will deploy anti-theft measures, Over-The-Air (OTA) updates, Bluetooth connectivity, and detailed ride statistics, setting a new standard in the automotive sector.
“The collaboration with Revamp marks a milestone for Bolt. Earth in extending our technology to a wider audience,” stated Jyotiranjan Harichandan, Co-Founder of Bolt. Earth. “Our OS stack and the innovative SLED Instrument Cluster will equip Revamp’s customers with better connectivity, and smart vehicle functionalities and would enable their customers with an intuitive riding experience.”
Among the ongoing partnership efforts, the Bolt. Earth Companion App integration promises a seamless and user-friendly interface, benefiting fleet operators and end users alike, thereby elevating the overall EV experience. Through this collaboration, Revamp customers will also gain access to Bolt. Earth’s vast network of over 30,000 charging points. While the VMS will serve as a centralized master control for all vehicle parameters, the Fleet Management System is aimed at ensuring streamlined operations for Revamp’s fleet.
The Revamp and Bolt. Earth partnership is more than a union; it’s a springboard to a future where dynamic EV technology leads to an intuitive, smarter vehicle experience. This collaboration is a big milestone towards building a future where electric vehicles are the norm, not the exception.
15, Dec 2023
TÜV SÜD to inaugurate laboratory & Training Centre ‘Bengaluru Campus’ in India
Bengaluru / India. TÜV SÜD, a leading certification, testing, auditing, inspection and training company and the wholly-owned subsidiary of TÜV SÜD Group, Germany, will inaugurate its new state-of-the-art facility ‘TÜV SÜD Bengaluru Campus’ for testing and certifying electrical and electronic products and Medical Devices to national and international standards in Bengaluru, India on the 15th December 2023.
‘TÜV SÜD Bengaluru Campus’ will be inaugurated by, Guest of Honour Mr. Friedrich Birgelen, Deputy Consul General, German Consulate General, Bengaluru, and Dr. Johannes Bussmann, CEO & Chairman of the Board of Management, TÜV SÜD.
Spanning across 3 acres and comprising 70,000 sq. feet in Phase 1, ‘Bengaluru Campus’, this integrated office, training centre and laboratory is located in KIADB Hitech Defence and Aerospace Park, Devanahalli, Bengaluru and is TÜV SÜD’s second lab facility in Bengaluru; the first one being the Food Analytical, Chemical & Microbiology laboratory in Peenya Industrial Estate. This facility is designed and utilises latest technology and building materials to be energy efficient, sustainable and has incorporated workspace design to enhance employee collaboration and wellbeing.
‘TÜV SÜD Bengaluru Campus’ will provide testing facility for luminaries, home appliances, Information Technology equipment, Telecommunications equipment, Automotive Electronics, Industrial Electronics, Machinery Equipment, Active Medical Devices, In Vitro Diagnostic Devices and Non-active Medical Devices and other electric components. The EMI/EMC and RF testing facilities are equipped to test products in the frequency range of up to 40Ghz, and equipped to accommodate larger products, with its 10m Semi-Anechoic chamber, designed with a 6 metre turn-table and payload provision of 6000 kg. The facility supports the proliferation of IoT through EMC, Wireless and Electric Safety labs as well as the rapid development of the Medical Device industry with its capabilities in biocompatibility and toxicology.
TÜV SÜD in India has been meeting the needs of testing, certification, auditing, inspection and training requirements of domestic and international markets for several years through its existing network of over 39 offices and testing facilities at Bengaluru, Ranipet, Gurugram, Mumbai, Tiruppur and Visakhapatnam.
15, Dec 2023
SBI Life signs MOU with Shri Kshetra Dharmasthala Rural Development Project BC Trust® to make insurance solutions accessible to rural people of Karnataka & Kerala
Bangalore, Dec 15, 2023: SBI Life Insurance, one of the most trusted life insurers in India, signed an MOU with Shri Kshetra Dharmasthala Rural Development Project BC Trust® in Dharmasthala, Karnataka. With a focus to support financial inclusion, empowering rural women, and social development amongst the stakeholders, life insurance solutions are being made easily accessible to the socio-economically weaker sections of the society in Karnataka & Kerala. This collaboration between SBI Life and SKDRDP BC Trust® is poised to be a significant step forward in ensuring inclusive development in the region. SBI Life aims to leverage SKDRDP BC Trust’s® invaluable on-ground network to fortify the financial stability of households in rural Karnataka & Kerala through meaningful insurance solutions.
The MOU was signed by Shri. Ashwani Kumar Shukla, Regional Director, Bangalore Region, SBI Life, and Dr. L H Manjunath, Chief Executive Officer, SKDRDP BC Trust® in the presence of Shri. Amit Jhingran, MD & CEO, SBI Life; Shri. Dr. D. Veerendra Heggade, President, SKDRDP BC Trust® along with Smt. Mathrushree Hemavathi V Heggade, President Jnanavikasa Program; Shri. D Shreyes Kumar, Director Projects, SDME Society; Shri. Anil Kumar S S, Chief Operating Officer, SKDRDP BC Trust®; Shri. Shantharam R Pai, Chief Finance Officer, SKDRDP BC Trust®; Shri. AVS Siva Rama Krishna, President Zone II, SBI Life; Ms. Sweetie Shetty, EVP & Chief, Institutional Alliances (Acquisitions) & Corporate Solutions Group, SBI Life, and other senior dignitaries.
Commenting on the collaboration, Shri. Amit Jhingran, MD & CEO of SBI Life, shared his thoughts, stating, “We are delighted to partner with Shri Kshetra Dharmasthala Rural Development Project BC Trust® in our shared mission to uplift rural communities. SBI Life strives to make insurance accessible to all and this collaboration is a testament to SBI Life’s commitment to extending financial protection and security to the grassroots. In forging this strategic partnership, we are not merely entering into an agreement; we are embarking on a joint mission to elevate the well-being and prosperity of rural communities.”
He further added, “Through our innovative Group Micro Insurance Product, we aspire to extend a robust financial safety net, catalyze positive transformations, and foster enduring resilience in the tapestry of rural Karnataka & Kerala. This collaboration exemplifies SBI Life’s unwavering commitment to driving inclusive growth, and we are confident that our collective efforts will usher in a brighter and more secure future for those who stand to benefit from this impactful initiative. We sincerely hope this collaboration will have a positive impact in rural households across the State and look forward to forge more of such grassroots associations that will allow us to extend our reach and make a meaningful impact on individual lives across diverse communities.”
Commenting on the collaboration, Dr. D Veerendra Heggade, President, of SKDRDP BC Trust®, said, “Today, SKDRDP®️ is recognized as having implemented one of the largest coordinated programmes in India, supporting financial inclusion and social development of more than 5 million vulnerable stakeholders in the states of Karnataka and Kerala. We have been unwavering in our commitment to our vision of transforming the society by implementing programmes that enhance the well-being and harmony of the poor and underserved and we are delighted to partner with SBI Life Insurance while enabling this vision. Both the organizations have had a long-standing legacy with an objective to build thriving and sustainable communities.”
The MOU signing ceremony marks a pivotal moment in the collaboration between SBI Life and SKDRDP BC Trust® reinforcing their shared commitment to social welfare and community development. The partnership aims to bring financial security and insurance coverage to those who need it the most, aligning with SBI Life’s mission of providing accessible and affordable insurance solutions across diverse segments of the population.
SBI Life Group Micro Shield plan is designed specially to empower people especially women who require ‘Insurance Coverage’ to cover the micro-credit, providing reassurance to the insured families with the required financial security in case of any unfortunate event. It is a group, non-linked, non-participating pure risk premium, micro life insurance product especially designed to take care of the needs of socially and economically weaker sections of the society.. Additionally, there is an option to cover co-borrowers, which can be availed at the master policyholder level.
As SKDRDP BC Trust® continues to expand its reach and impact, the collaboration with SBI Life signifies a strategic alliance between two entities dedicated to make a positive and meaningful difference in the lives of individuals in rural India.
15, Dec 2023
UFlex to Showcase Advanced Packaging Machinery at the World Mithai-Namkeen Convention & Expo 2023
December 15, 2023, Kolkata, West Bengal: UFlex, India’s largest multinational flexible packaging and solutions company, is exhibiting its new-age packaging machinery at Booth No. A1, Hall A, at the World Mithai-Namkeen Convention & Expo 2023, scheduled to be held at Biswa Bangla Milan Mela Prangan, Near Science City, Kolkata, West Bengal from December 17- 19, 2023.
UFlex Engineering, a business committed to developing and customizing the most comprehensive range of machinery and engineering solutions for the packaging and recycling industry, will be exhibiting three of its most popular machines at the exhibition. Companies in the food and beverage industry are invited to stop by our booth to discuss the latest developments in packaging equipment and materials. Do stop by to see a demonstration of the Multi-Track 1200 3 Side Machine (MT1200 3S), Collar Type 140 Machine (CT-140), and our Pick-Fill-Seal Machine (PFS).
MT1200 3S is a high-speed continuous motion multi- track machine for three-sided sealed pouches. It is used for filling powder, liquid, and granules.
CT-140 is a continuous motion machine equipped with the latest technology ensuring high productivity output, high accuracy, and high uptime.
Pick-Fill-Seal (PFS) Machine is a revolutionary packaging solution that combines the essential steps of picking, filling, and sealing into a seamless and efficient process. It provides a fully automated solution for packing products in a preformed pouch.
Visit the UFlex Engineering Business booth at Booth No. A1, Hall A, Biswa Bangla Milan Mela Prangan, to explore the future of packaging technology. The UFlex team will be there to provide live demonstrations and discuss how these innovative machines can elevate packaging processes to new heights of efficiency and sustainability.
15, Dec 2023
ONGC launches Shared Finance Services in collaboration with IBM to revolutionize Vendor Payment Processes
Energy Maharatna ONGC launched a significant business process initiative today with the inauguration of the ONGC Shared Finance Services in collaboration with IBM Consulting. This will centralize and standardize all vendor payments of ONGC, accelerating the processes for an enhanced 360-degree vendor experience. ONGC Chairman and CEO Arun Kumar Singh inaugurated the Centre at Noida in the presence of ONGC Director (Finance) Pomila Jaspal, and IBM Consulting India/South Asia Country Managing Partner Kamal Singhani on 14 December 2023.
Inauguration of ONGC Shared Finance Services in Noida
The event also witnessed the participation of MD OVL Rajarshi Gupta, ONGC Director (Exploration) Sushma Rawat, Director (Human Resources) Manish Patil, CVO ONGC Ranjan Prakash Thakur, Director (Finance) OVL Anupam Aggarwal, MRPL Director (Finance) Vivek Tongaonkar and senior leadership team of IBM.
The ONGC Shared Finance Services (SFS) for Centralized Vendor Payments, has been developed in collaboration with IBM Consulting. The SFS will serve as a centralized hub for processing vendor invoices, updating vendor master information, and promptly addressing vendor queries through the digital assistant and ticketing tool that has been deployed by IBM Consulting. The SFS has been created with the goal of establishing uniform standardized processes to enhance operational efficiency and improve the overall vendor experience.
Chairman & CEO ONGC Arun Kumar Singh while inaugurating the facility said, “This is one of the number of vendor-friendly initiatives that ONGC has taken to improve the overall vendor experience. We will continue to take more stakeholder-friendly initiatives by leveraging technology and taking the ease of doing business to the next level. All repetitive transactional jobs would be outsourced so that limited managerial time is freed up for core strategic assignments.”
ONGC Shared Finance Services will revolutionize Vendor Payment Processes
Speaking on the occasion, Kamal Singhani, Country Managing Partner, IBM Consulting India/South Asia said, “We see this collaboration, that leverages the collective strengths of IBM and ONGC, as good for India. We’re proud to help ONGC advance their digital transformation with our industry and domain expertise, technological innovation, and results-oriented approach.”
The SFS adopts a hybrid workforce model, co-locating ONGC and IBM Consulting resources in a harmonized environment to foster growth and operational efficiency with best practices. Additionally, the SFS incorporates digitalized compliance processes, handling centralized compliance for TDS under the GST and Income Tax Act. Centralization brings ease of business through a Single TAN and centralized forex activities. System-driven concurrent audit processes and tax compliance measures demonstrate the SFS’s commitment to transparency and adherence to regulatory standards.
Tokens will be created for unresolved queries, aiming to resolve them within a 48-hour timeframe. The initiative reflects ONGC’s commitment to transparent uniform processes, stakeholder satisfaction, and collaborative growth. The anticipated advantages of the SFS include speedier processing of vendor payments, improved record-keeping, enhanced efficiency, and enriched vendor relationships.
The SFS signifies commitment by ONGC and IBM to continuous process improvements and lays the foundation for exploring similar stakeholders’ friendly initiatives in the future ¬– such as intelligent workflows and business operations powered by generative AI.
15, Dec 2023
Bajaj Allianz Life’s Assets Under Management Crosses Rupees One Lakh Crore
National, 15, December, 2023: Bajaj Allianz Life Insurance, one of India’s leading private life insurers, has achieved a significant milestone surpassing Rs. 1,00,000 crore in Assets under Management (AUM), today. This milestone underscores the profound trust the customers have in the Company and its investment expertise to help them achieve their long-term Life Goals.
Bajaj Allianz Life’s transformational journey across every aspect of the business in recent years has propelled it to become one of the fastest-growing insurance companies among the top 10 private life insurers. A 1.8 times growth in its AUM, from Rs. 56,085 crores in FY2020, to over Rs.1,00,000 crore in the current financial year is reflective of this growth trajectory.
Focus on innovative, customer-focused products, robust omnichannel distribution focus, and top-tier services backed by a solid digital and technology framework have been key drivers of this outstanding performance. Customers’ confidence is paramount in enabling such a robust transformative journey and every initiative undertaken is to further build this trust.
Tarun Chugh, MD & CEO, Bajaj Allianz Life Insurance, said, “This milestone stands as a testament to the unwavering trust our valued customers have vested in us. At Bajaj Allianz Life, we deeply appreciate the significance of this moment, reinforcing our resolve to continually empower our customers and help them achieve their Life Goals. Our commitment to innovation and excellence remains resolute, as these are the cornerstones upon which our customers place their trust for a financially secure future. From an investment perspective, we remain dedicated to delivering robust, risk-adjusted performance in our funds, solidifying the trust our customers have in our long-term investment strategies.”
Through various optimum investment strategies and Customer First philosophy Bajaj Allianz Life has fuelled its growth, especially over the past 3 years (ended Aug 2023). The Individual New Business APE (Annual Premium Equivalent) for Bajaj Allianz Life has grown at 41.3% CAGR, vis-à-vis overall industry growth of 13.5% CAGR and private sector growth of 22.4% CAGR. This significant growth revival has helped the Company to achieve the Rs. 1,00,000 crore AUM milestone. At an overall industry level (based on individual new business APE), the market share of Bajaj Allianz Life has almost doubled from 2.6% in FY20 to 5.0% in FY23. The market share of the Company within the private sector has also expanded from 4.6% in FY20 to 7.6% in FY23.
Since its inception, the Company has earned the trust of over 4.49 crore individual and group customers (as on 31st October, 2023). An individual claim settlement ratio of 99.04% (in FY 23) is also a testament to the Company’s commitment towards its customers.
