Bajaj Allianz General Insurance launches travel insurance in association with Assist-Card International

Company Brief

Mumbai, March 31, 2008

Bajaj Allianz General Insurance, one of the leading general insurance companies in India and ASSIST-CARD International, a renowned top international Travel Insurance Company has today announced the launch of an exclusive line of co-branded Travel Insurance products for the Indian market.

Mr. Shiva Shankar, Head – Travel, Bajaj Allianz General Insurance Company said, “Despite the fact that Bajaj Allianz already has its own Travel Insurance division, it is seeking to introduce numerous service differentiators from Assist-Card to tackle the more quality sensitive customers of a market which is growing at a staggering pace. We will be customizing our services keeping in mind the need for hassle-free risk coverage while traveling overseas. This is one more step from Bajaj Allianz towards addressing the requirements of the Indian consumers”.

Mr. Ignacio Marquez, Director (Sales& Marketing), Travel Assist, said, “We are happy to partner with Bajaj Allianz to launch this unique service in India. I am sure that through our association we can provide several unique benefits to Indian travelers.”

The new co-branded products will carry all the benefits of the Bajaj Allianz products currently being marketed plus a series of benefits that will be introduced by Assist-Card such as:

Guaranteed cashless assistance even for minor medical expenses

One of the largest house call doctor networks in the world

Concierge services

Tracking of lost luggage

Attorney’s fees

An exclusive coverage for pre-existing medical conditions that ranges from USD 300 to USD 1000, depending on the product.

All these services are unique in the Indian market, and Bajaj Allianz considers that the travel industry as well as the travelers was waiting for something more than just coverage of medical expenses in their trips abroad, which in India are mainly handled by means of reimbursement, without the service element.

Tourism has grown everywhere in the world, but even more so in India. Currently sending 11.1 million outbound international travelers, India will reach 40 million travelers to international destinations by 2020, and will dispute the largest world market position with China.

Based on these figures, Bajaj Allianz thinks that this is the market they wish to concentrate focus and efforts on in the next years. This joint venture will surely help BAGIC become one of the most competitive and attractive options in the market, catering for price and quality minded passengers.

Top executives from the Swiss company along with their local partner colleagues of Bajaj Allianz will be touring 12 major Indian cities in the upcoming fortnight to present the new line of co-branded products to the local company’s in-house Travel Insurance division sales forces and to top local travel agents.

Elucidating about Bajaj Allianz’s association with Assist-Card, Mr. Shankar adds, "We and our partners are pioneers in travel and insurance business. I am sure our relationship will be of mutual benefit to us and our customers."

For further information, please contact:

Rhea D’Souza

Mob: +91 9820123887

e-mail: rhea@corvoshandwick.co.in