Bajaj Allianz: First Indian insurance firm to issue Marine Certificates on-line

Company press release, February 18, 2003

Mumbai

Bajaj Allianz General Insurance Company Limited has developed a software programme that issues its customers with valid Marine Policy Certificates through its website. Bajaj Allianz is the first Indian insurance company to issue such certificates on-line. This new service is part of Bajaj Allianz's strategy to develop IT solutions that can immediately issue policies and deliver efficient customer service over the Internet for a range of its insurance products. The company successfully introduced web-enabled Motor policy issuance a year ago.

The on-line service will enable Marine Insurance policyholders to obtain policy certificates instantly. In the absence of such an IT system, the waiting period to receive the certificates is 3 to 5 days, and other complications include the need to send invoices to and from the company via post or courier. The marine certificate is a document that has to be attached along with every shipment and is essential for exporters or importers to open Letters of Credit (LCs). Prompt receipt of the certificates helps them in processing the export / import formalities without any delay.

"Allianz is committed to providing first class insurance solutions and value-added service wherever we conduct business in the world. We are extremely proud to be the first company in India to provide such a user-friendly facility to our clients here", said Mr. Heinz Dollberg, Executive Vice President, Allianz, AG, and Director of Bajaj Allianz General Insurance Company Limited.

"In keeping with our strategy to deliver innovative products and enhanced customer service, we have introduced this system of on-line issue of Marine policy certificates. The advantage of issuing the certificates on-line is that our customers need not send the invoices to our office to get the certificates. Instead, they can generate the certificates and print them out at their own convenient location. With this facility, there is no delay in receiving the certificates", said Mr. Sam Ghosh, CEO, Bajaj Allianz.

Customers only need to logon to the company's secure online website, which eliminates the need for any special software at their location. This will suit companies, which have large numbers of shipping transactions. The company is targeting the Export Houses, EOUs and any clients who have large shipping transactions.

Exports contribute a significant business in India and the issuance of Marine Certificates has been an area of concern in the industry. Bajaj Allianz is committed to developing marine cargo business and to helping efforts to boost the Exporters.

The Marine Policy Certificate issuance software has been developed in-house at Bajaj Allianz, with Allianz's support, and is based on the Opus platform, the insurance software used by various Allianz offices worldwide.

The system can also be integrated with the clients' software platform or operating system at their location, whereby when the client makes an invoice, the software picks up the data from the clients' invoice and prints the certificate. This will eliminate the duplication in the entry of invoice details into the certificate and reduce errors.

Bajaj Allianz was the first company in India to issue policies on-line to its intermediaries and distributors through its intranet. The company is committed to leveraging on Information Technology to enhance the customer service levels and speed up the processing of policy issuance and claims settlement.

For further information please contact:

Santosh Balan, manager, Corporate Communication

Tel: 0-9823167599 or 020-4026603; Fax 020 - 4026667

E-mail: santosh.balan@bajajallianz.co.in