Latest news with #ParagRaja
The Hindu
24-07-2025
- Business
- The Hindu
IRDAI moots internal insurance ombudsman mechanism for complaints in upto ₹50 lakh claims
Insurance regulator IRDAI is proposing an internal ombudsman mechanism in insurance companies to address complaints involving claims up to ₹50 lakh. It will applicable to all insurers, except reinsurers, who have been in operation for more than three years. The objective is to set up an independent and impartial review mechanism within insurers to address unresolved or escalated complaints in a fair, transparent and time-bound manner, the Insurance Regulatory and Development Authority of India (IRDAI) said, placing an exposure draft of the Internal Insurance Ombudsman Guidelines, 2025, for public consultation. Insurers may appoint more than one internal insurance ombudsman, with well-defined jurisdiction, to ensure effective coverage and responsiveness. The draft guidelines stipulates eligibility criteria, tenure, independence, role and responsibilities and remuneration structure along with general principles to be followed by the internal ombudsman. Towards strong governance and oversight, it is proposed that the internal insurance ombudsman will functionally report to the Board or its Policyholder Protection, Grievance Redressal and Claims Monitoring Committee, with administrative reporting to the MD/CEO. By institutionalising such an internal but independent mechanism, it sought to further improve quality of grievance handling and enhancing overall consumer confidence in the insurance sector, IRDAI said. The guidelines will come into force after three months from the date of issue. The internal ombudsman will consider complaints to which the insurer has not responded within 30 days of the receipt; or the partly or wholly rejected complaints on which the complainants preferred an appeal. Customers not satisfied with the decision of the internal ombudsman can within 30 days, of the decision, prefer an appeal before the Insurance Ombudsman. IRDAI's proposal represents a significant shift in existing in-house grievance redressal structures to a more independent decision governing body. This is a progressive step, Bharti AXA Life Insurance MD and CEO Parag Raja said, welcoming the move. This will further create a shift from the current complaint management mechanism to fairer disposal of cases providing customers one more layer to appeal and the insurer a fair third-party view. It will reduce the burden on the external ombudsman. Bharti AXA Life was among among the first few to appoint an internal insurance ombudsman, he said.
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Business Standard
20-05-2025
- Business
- Business Standard
Bharti AXA Life Insurance plans to break even by FY27: MD & CEO Parag Raja
Parag Raja, managing director (MD) and chief executive officer (CEO), Bharti AXA Life Insurance, outlines the company's five-year roadmap — after stake acquisition (of 15 per cent) by 360 ONE Asset Management — in an interview with Aathira Varier in Mumbai. Edited excerpts: Following 360 ONE's stake acquisition, what changes is the company implementing strategically? We also had to solve for growth capital, which we did with 360 ONE coming onboard with around ₹450-500 crore. This sets up well for what we are internally calling Bharti AXA 2.0, which is the next five years (FY30). The first goal is to achieve 3x revenue. Our new business premium (NBP) is around ₹700 crore, which we want to take to ₹2,000 crore. Our aim is to take the gross premium of ₹3,000 crore to about ₹7,000 crore in five years. The second big goal is to ensure that our margins and embedded value grow. We are targeting a value of new business (VNB) margin at 25 per cent in the next five years. We also intend to have another investment coming in the next 2-3 years. The last piece is the profits that we will start to generate from here on. That also, we will plough back. We will need about ₹1,500-1,600 crore in the next five years. As you aspire to plough back profits, when do you plan to break-even? Our break-even is planned for FY27. We saw about ₹37 crore loss in FY25; it was ₹146 crore in FY24. We do not intend to be over indexed on either a particular distribution channel or product segment. About 30-40 per cent of our business will come from non-par; 15-20 per cent from unit-linked insurance plans (Ulips); and 15-20 per cent will be par products. Currently, the mix is a little skewed towards non-par. Since you don't want to be indexed on a particular channel, what are your plans for distribution? Our focus is to make sure that minimum 50 per cent of our sales come from proprietary channels. We want to expand distribution and we are going to enter into new partnerships as well. In FY20, more than 50 per cent of our sales came from corporate agents and brokers. Today, it has come down to 25 per cent. We have also increased our bancassurance partnerships to eight banks. With 360 ONE coming on board, it helps us in two ways — we have got growth capital and it also gives us access to a very different super high net worth (HNI) clientele. We have also signed up with Nuvama, Spark and Blue Chip — some of the key marquee partnerships in the last 4-5 months. This is all happening with a view of launching the Bharti AXA 2.0. In FY25, performance of the life insurance industry was muted both in premium and sale of policies… The retail segment of the industry posted 8-9 per cent growth in FY25. The industry growth was 20 per cent in H1FY25 and H2 was almost muted due to surrender-value regulations. The regulations, which are beneficial for the customer, are also good in the long term. But in the short term, the industry had to make some changes. The industry had to relook at distributor compensation and commercial deals with institutions and agents. This led to a readjustment. While the growth in policies has been flat, the ticket size has increased by 20 per cent for almost five years. There has been a change in the customer segment and distribution channel. Owing to this, ticket sizes are growing while policy growth in numbers has been flat.
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Business Standard
20-05-2025
- Business
- Business Standard
Intend to have new investment in 2-3 years: Bharti AXA Life Insurance CEO
Parag Raja outlines the 5-year roadmap of Bharti AXA Life Insurance Premium Listen to This Article Parag Raja, managing director (MD) and chief executive officer (CEO), Bharti AXA Life Insurance, outlines the company's five-year roadmap — after stake acquisition (of 15 per cent) by 360 ONE Asset Management — in an interview with Aathira Varier in Mumbai. Edited excerpts: Following 360 ONE's stake acquisition, what changes is the company implementing strategically? We also had to solve for growth capital, which we did with 360 ONE coming onboard with around ₹450-500 crore. This sets up well for what we are internally calling Bharti AXA 2.0, which is the next five years (FY30). The first goal
Business Standard
09-05-2025
- Business
- Business Standard
Bharti AXA Life Declares Record Bonus of Rs. 202 Crore for Policyholders, Reflecting Strong and Stable Performance
VMPL Mumbai (Maharashtra) [India], May 9: Bharti AXA Life, one of India's leading private life insurers, has announced a bonus of Rs202 Cr. for the financial year 2024-25. The bonus will benefit approx. 2 lac policyholders who have invested in the Company's participating (with-profit) products. Policyholders with traditional participating policies in force as of March 31, 2025, are eligible to receive this bonus. Bharti AXA Life offers a diverse range of participating products, including Bharti AXA Life Samriddhi, Bharti AXA Life Monthly Income Plan+, Bharti AXA Life Child Advantage, Bharti AXA Life Monthly Advantage, Bharti AXA Life Unnati designed to provide customers with enhanced flexibility to meet their varied life goals. These products are non-linked, participating individual life insurance savings plan. These participating policies offer consumers the dual benefits of enhancing their investments and mitigating risks associated with market-linked products. The cash bonuses, in particular, provide increased liquidity and the opportunity to accumulate wealth, contributing to the overall financial well-being of policyholders alongside the life cover provided throughout the policy term. Speaking on this announcement, Mr. Parag Raja, MD & CEO, Bharti AXA Life Insurance, said, "This announcement reflects Bharti AXA Life Insurance's strong fundamentals and well-strategized investment management, underscoring our focus on creating value for our policyholders. This milestone also demonstrates our customer-first strategy, with our bonuses directly reflecting the long-term financial welfare of the people we serve. We continue to remain committed to enabling our customers to accomplish their life goals with confidence, through solutions that are both performance-oriented and dependable, enabling them to derive enduring value from our products." With a robust solvency ratio of 167%, well above the regulatory requirement of 150%, Bharti AXA Life Insurance remains committed to the security and welfare of its policyholders. This accomplishment reiterates the company's dedication to providing consistent value, enabling its policyholders to confidently realise their life aspirations with our dependable and customer-centric solutions. Note: Bonuses are distributed at the time of policy maturity or exit, with applicable cash bonuses paid annually on the policy anniversary or as per the terms outlined in the policy document. About Bharti AXA Life Insurance Bharti AXA Life Insurance Company Limited is a subsidiary company of Bharti Life Ventures Private Limited (Bharti Group Company), a prominent business group in India with interests in telecom, agribusiness, and retail. Established in 2006, the company has a pan-India presence with over 200+ offices and offers a wide range of value-for-money and need-based insurance catering to individuals and groups. With 'Customer First' as one of its core values, the company is committed to providing a hassle-free experience to its customers at every level. For more information, please visit the website
