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Bajaj Allianz and BHW Birla Home Finance sign cooperation MOU |
| By: Anshuman Verma |
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| Bajaj Allianz Life and General Insurance companies and BHW Birla Home Finance, the German-owned Housing Finance Company, have tied up to provide a comprehensive product portfolio of insurance policies, home finance, deposit schemes and multi-finance customer solutions in the Indian market. (PRWEB) September 30, 2004 -- Bajaj Life & General Insurance companies and BHW Birla Home Finance Ltd., the German owned leading Housing Finance Company, have agreed for a tie up. The main objective of the tie up is to jointly provide a comprehensive product portfolio of Life & General insurance policies, Home Finance and Deposit Schemes and tailor-made multi-finance customer solutions in the Indian market. This will include innovative and competitively priced Combined Products. Joint marketing activities would start as soon as all approvals needed from the respective authorities are in place. According to Mr. Ralph Haerke, MD, BHW Birla Home Finance Limited, "We are very happy to tie up and cooperate with the Bajaj Allianz Insurance Companies. Through this association, we would not only be able to provide the entire spectrum of Bajaj Allianz Life & General Insurance policies to our customers and our Home Finance Solutions to Bajaj Allianz customers but also design and market advanced combined products. This would also strengthen our position as an innovative and integrated solution provider for all home and home finance related customer needs.” We shall as well explore options to reach out to semi-urban and rural areas together. Mr. Sam Ghosh, Country Manager and CEO of Bajaj Allianz Life Insurance, said, "We are happy to partner with BHW Birla Home Finance. We have recently developed the Bajaj Allianz Life & General Insurance Companies into a ‘provider of all insurance solutions under one roof’. This partnership adds not only another innovative product range to our offerings but also enables us to provide both life and general insurance products to BHW Birla’s extensive customer base. We are confident that both our customer-bases will greatly benefit from this relationship." Mr. Kamesh Goyal, CEO, Bajaj Allianz General Insurance, commented that, “We are sure that our partnership with BHW Birla Home Finance will be mutually beneficial. This tie-up will make our organizations more attractive to the Indian customers at large and boost the distribution of our products. There is a lot of possibility to offer a wide choice from our product portfolio besides customized products. We are not only regarding this tie-up as another distribution channel but as a natural partnership for offering a comprehensive and competitive need-based product range to the Indian customer.” Bajaj Allianz General Insurance is a leading private General Insurance company with offices spread across the country. Bajaj Allianz Life Insurance is one of the fastest growing private Life Insurance Companies with a network of offices in 200 cities and towns. BHW Birla Home Finance Ltd. has recently become a 100% subsidiary of BHW Holding AG, Germany, which is the biggest retail home finance provider in Germany. BHW Birla Home Finance, with its 40 offices all over India and an exclusive sales force of around 1000, plans to develop into the fastest growing HFC in India. About Bajaj Allianz General Insurance Bajaj Allianz General Insurance Company is the leading private General Insurance Company and has garnered premium income of Rs. 280 crore from April to August 2004. The company has settled over 1 lakh claims worth Rs.150 crore in 31st March 2004. About Bajaj Allianz Life Insurance Bajaj Allianz Life Insurance Company is one of the fastest growing private Life Insurance companies and has become no. 3 player among the private Life Insurance companies. Its GWP from April to August 2004 has crossed Rs.200 crore and it has set itself an ambitious target of Rs.750 crore in the current financial year 2004-05. About BHW Birla Home Finance BHW Birla Home Finance Ltd. is an innovative and leading HFC with the strong backing of its German parent. With 40 offices in all main metros & some semi-urban centers and its strong growing multi-channel sales force, the company has targeted to grow every year at a significantly higher growth rate of at least 30% above the average market growth. |
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