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20Th ANNUAL REPORT 2019-20

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20Th ANNUAL REPORT 2019-20 BAJAJ ALLIANZ GENERAL INSURANCE COMPANY LIMITED 20th ANNUAL REPORT 2019-20 CONTENTS Corporate Information ................................................................................................................... 02 Board of Directors .......................................................................................................................... 04 The Torchbearers ............................................................................................................................. 05 MD & CEO’s Message .......................................................................................................................06 Management Discussion and Analysis ...........................................................................................10 Directors’ Report for the financial year ended 31 March 2020 .................................................... 32 Annexures to the Directors’ Report for the year ended 31 March 2020 ..................................... 44 Management Report for the financial year ended 31 March 2020 ..............................................66 Independent Auditors’ Report ........................................................................................................ 82 Financial Statements for the financial year ended 31 March 2020.............................................. 92 20th ANNUAL REPORT 2019-20 1 CORPORATE INFORMATION Board of Directors Audit Committee Sanjiv Bajaj Lila Poonawalla Chairman Chairperson Solmaz Altin Ritu Arora (up to 8 October 2019) Sanjay Asher Ritu Arora (up to 5 March 2020) Sanjay Asher Sanjiv Bajaj (up to 5 March 2020) Ranjit Gupta Niraj Bajaj Suraj Mehta Rahul Bajaj Nanoo Pamnani (up to 31 March 2020) (Deceased on 22 February 2020) Sergio Balbinot Anami Roy Dipak Poddar (from 13 March 2020) (up to 31 March 2020) Shashi Kant Sharma (from 13 March 2020) Meleveetil Damodaran (from 16 October 2019) Investment Committee Ranjit Gupta Sanjiv Bajaj Suraj Mehta Chairman Nanoo Pamnani Ritu Arora (Deceased on 22 February 2020) Ranjit Gupta Lila Poonawalla Tapan Singhel Anami Roy (from 13 March 2020) Milind Choudhari (up to 30 April 2020) Shashi Kant Sharma Amit Joshi (from 13 March 2020) Rajeev Kumar S Sreenivasan (from 1 April 2020) Gaurav Malhotra T S Vijayan Ramandeep Singh Sahni (from 1 April 2020) (From 1 May 2020) Avais Karmali Alternate Director for Sergio Balbinot Tapan Singhel Managing Director and Chief Executive Officer 2 BAJAJBAAJAJ J ALLIANZALA LIIANZ GENERALGENERAL INSURANCEINSN URRANCE COMPANYCOC MPM ANY LIMITEDLIMITEED Corporate Social Responsibility Risk Management Committee Committee Sanjiv Bajaj Sanjiv Bajaj Chairman Chairman Ritu Arora Ritu Arora Ranjit Gupta Ranjit Gupta Tapan Singhel Nanoo Pamnani (Deceased on 22 February 2020) Chief Financial Officer Anami Roy Milind Choudhari (from 13 March 2020) (up to 30 April 2020) Tapan Singhel Ramandeep Singh Sahni (from 1 May 2020) Nomination and Remuneration Committee Company Secretary & Compliance Officer Lila Poonawalla Onkar Kothari Chairperson (Designated as Chairperson from 13 March 2020) Joint Statutory Auditors Nanoo Pamnani S R Batliboi & Co. LLP Chairman Chartered Accountants (Deceased on 22 February 2020) BSR & Co LLP Ritu Arora Chartered Accountants Sanjay Asher (up to 5 March 2020) Secretarial Auditor Sanjiv Bajaj Shyamprasad D Limaye Ranjit Gupta Practising Company Secretary Suraj Mehta (from 13 March 2020) Registered Office & Head Office Anami Roy Bajaj Allianz House, Airport Road, (from 13 March 2020) Yerawada, Pune 411006. IRDA Reg No.: 113. Policyholders’ Protection Committee www.bajajallianz.com Sanjiv Bajaj CIN: U66010PN2000PLC015329 Chairman Ritu Arora Ranjit Gupta Tapan Singhel 2020ththt AANNUALNNUAL REPORTRER PORT 220019-2019-2- 0 3 Sanjiv Bajaj Chairman 4 BAJAJ ALLIANZ GENERAL INSURANCE COMPANY LIMITED Ramandeep Singh Sahni Sasikumar Adidamu T A Ramalingam Ashish Sapra Chief Financial Officer Chief Distribution Officer Chief Technical Officer Senior President - Channels - Institutional Sales K S V V S Murthy Naidu Aditya Sharma Sourabh Chatterjee Aashish Sethi Country Head - Products Head - Motor Business Head - IT, Websales, Travel Head - Bancassurance (Private Banks & NBFCs) K V Dipu Vikramjeet Singh Alpana Singh Ashish Agrawal Head - Operations & President and Chief Head - Bancassurance Head Agri. Business & CSC Customer Service Human Resources Officer - PSUs, RRBs & Co- Banks Gurneesh Singh Khurana Sriram Srinivasan Iyer Chetan Prakash Amarnath Saxena Head - Motor LOB and National Head - Health Insurance Country Head - Agency National Head - Corporate Business New OEM acquisition THE TORCHBEARERS Amit Joshi Chief Investment Officer 20th ANNUAL REPORT 2019-20 5 Tapan Singhel Managing Director and Chief Executive Officer 6 BAJAJ ALLIANZ GENERAL INSURANCE COMPANY LIMITED MD & CEO’S MESSAGE Dear Friends The last financial year has been quite challenging for India with us witnessing economic headwinds and muted growth across the sectors, subsequently having a direct impact on the insurance industry as well. The entire economy was in a strong hope of recovery in the last quarter, but the coronavirus outbreak presented fresh challenges, causing a disruptive impact on all businesses. Despite these unfavourable circumstances, at Bajaj Allianz General Insurance, our prudent underwriting policies, customer-centric approach and our digital readiness helped us register a successful year wherein we grew above industry. Throughout the year, we were committed to work towards our aim of making general insurance a pull rather than a push product. Introduction of innovative products and services thus acted as a key differentiator for us in FY2020. With the launch of ‘Health Infinity’, we are the only ones in the Indian industry who offer unlimited sum insured to customers for their health insurance policies. We launched ‘Farmitra’ mobile app, a one stop shop that provides insurance solutions along with a range of other information and advisories that cater to the day to day activities of one of our largest customer base – our farmers. We enhanced our operational efficiencies by launching ‘Saarthi’ mobile app for agents on-boarding, issued more than 30,000 policies through ‘Raftar’ that leverages Robotic Process Automation (RPA) and with ‘Maximus’ we embarked on the journey of core transformation and in Phase-I we successfully moved the Travel LOB to this new policy administration system. We rolled out ‘BAGICARE – CRM’, which helps in enhancing customer experience through quick query resolution while also improving the quality of sales by providing all relevant data about the customer in one go. During this period, we also forged new partnerships with established players like Can Fin Homes Ltd., new-age players like PhonePe and GOQii, and motor tie-ups with MG Motors, KIA Motors, JAWA Motorcycles amongst others, allowing us to be present across various platforms and catering to specific needs of our customers. Giving a boost to our innovative ideas, IRDAI under its Regulatory Sandbox framework approved our four proposals, namely ‘Co-pay model’ under health insurance, ‘Pay as you consume’ and ‘V-Pay’ under motor insurance, and ‘Total Business Protection’ under commercial property insurance. These approvals will enable us to test the feasibility of our ideas thus helping us to embark on the journey of transformation in the way insurance is perceived today in our country. Our efforts paid off with customers appreciating our products & services, directly reflecting in our growth which stood at a significant 15.6%, while the sector grew at 11.7%. Our intent to simplify insurance solutions for our customers and our prudent underwriting practices played a crucial role in maintaining our brand stance of being one of the best companies in the Indian General Insurance industry. Some of our key performance indicators are highlighted below: í The Gross Written Premium Grew to 12,833 crore, which is a growth of 15.6% í The company continues to be one of the most profitable insurers in the industry, with a Combined Ratio of 100.8% and Profit Before Tax of 1,376 crore, which is a growth of 19.5% í Over the year, we issued over 26 million policies and settled close to 6 million claims í The company maintained a credit rating of iAAA awarded by ICRA for the 13th year in a row, signifying our highest claims paying ability í We received an ISO 9001:2015 certification for operations Alongside the performance metrics, our customer centric initiatives and best practices were recognized across various platforms, not just within India, but on a global scale. A few major recognitions we received during the year: í We won the coveted Porter Prize award under the category of Creating Distinct Value from a pool of 120 Indian companies from across the sectors í IDC Financial Insights recognized us as one of the 20 Best Insurers across Asia/Pacific í We were recognized as Prompt General Insurance Company for our claim settlement initiatives and efforts at the 6th ET Insurance Summit & Awards 2019 20th ANNUAL REPORT 2019-20 7 MD & CEO’s Message í We were honoured as a Gold Winner for Non-Life Insurance Provider of the Year at the prestigious Outlook Money Awards 2020 í We won the Celent Model Insurer award automated Talent Acquisition Portal – Tal.Port for best practices of technology usage in different areas critical to success in insurance í We won the prestigious Asia Insurance Technology Awards 2019 for our ‘Digitization of Pre-Insurance Medical Check-up Process’ under the Operational
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