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Bharti AXA General Insurance

By: Yogin Vora on July 6, 2010 1 Comment

Bharti AXA General Insurance is a joint venture between Bharti, one of Indiaâ€™s leading business groups with interests in Telecom, Agri Business and Retail; and AXA, world leader in Financial Protection and Wealth Management. Bharti Group holds 74% of equity and AXA holds 26% of the equity.

With a vision to become the leader and preferred company for financial protection in India, Bharti AXA General Insurance offers its customers – individuals and businesses- a wide range of products and services that meet their insurance needs. The values upon which its business practices are based are availability, attentiveness and reliability. The company leverages the Bharti Groupâ€™s large customer pool, and has developed a strong multi-channel distribution network in both urban and rural markets.

The company was incorporated on 13th July 2007. Headquartered in Bangalore, the company currently has 40 branches across India.

The Management team at Bharti AXA General Insurance consists of experienced leaders who are passionate about their companyâ€™s vision and goals and are committed to the development of Bharti AXA General Insurance as the preferred company for Financial Protection in India.

Bharti AXA presents an array of protective plans to suit clients personal and business requirements. Bharti AXA system of values are as follows:

a) Reliable â€“ prompt settlements, customer service and professionalism.

b) Attentive â€“ to customer needs as they change with time, and actively
listening to our customers.

c) Available â€“ easy customer access to money and to our company, andÂ Â Â plansÂ that have built-in flexibility and convenience.

Mission:

â€œTo be the preferred company for general insurance in Indiaâ€

Strategy:

Quality Policy – To provide fast, fair and friendly service to customers & partners

To achieve a leadership position in India through a multi-distribution, multi-product platform

To adapt AXA’s best practice blueprints as a sound platform for profitable
growth

To leverage Bharti’s local knowledge, infrastructure and customer base

To deliver high levels of shareholder return

To build long term value with our business partners by enhancing the proposition to their customers

To be the employer of choice to attract and retain the best talent in India

Strong distribution network & customer base of Bharti – provides access to customer base of more than 60 million

Strategic differentiators:

Multi channel execution capability

AXA’s current Asia product range which is a strong match to products sold to the masses

Global scale of AXA providing cost effective and speedy re-use of systems, products and business capability.

7 Pâ€™s of Marketing of Bharti AXA General Insurance:

1. Products and Services:

A)Retail Insurance:

a. Motor

b. Health

c. Personal Accident

d. Home

e. Shop

B)Commercial:

a. Fire

b. Engineering

c. Marine

d. Property Crime

e. Liability

f. Package

C)Rural:

a. Agricultural Pumpset

b. Cattle Insurance Policy

2. Price:

Pricing factor is decided on the basis of the type of products which the customer buys. But in true sense, pricing is very competitive as there are lots of competitors all over the country. Bharti AXA is a strong player in private companies and its price structure is highly competitive and reliable.

Example of Bharti AXA General Insurance:

Policy of Two Wheeler Insurance:

This policy provides the following covers

1.Accidental damage to the vehicle due to:

Fire, lightning, self-ignition, external explosion, burglary, housebreaking or theft, malicious act.
Riot and strike; terrorism; earthquake; flood, cyclone and inundation
Whilst in transit by rail, road, air, elevator, lift.

2.Liability cover for:

Third party injury or death
Third party property damage caused to their property.

3. Place:

Bharti AXA General Insurance Co. Ltd.

Plot No. 844/4, Mazzanine Floor, Fun Republic,

Shah Industrial Estate, New Link Road, Andheri(W)

Mumbai:400053

Bharti AXA has selected good location in Mumbai. They are Fort and New Link Road of Andheri(W).

4. Promotion:

The following are the tools through which Bharti AXA promotes its general insurance business:

Tele-marketing
Internet
Hoardings
Personal Selling
Advertisement through newspapers, business magazines and FM radio

5. People:

Bharti AXA has a vision to ascend to the “preferred company” status by 2012 – to be preferred by customers, shareholders and employees. The Company believes that by being available, attentive and reliable, it will become the preferred company for its customers. And its people are Human Capital who have a key role in this process, and it is committed to create an emotional commitment with its employees.

The company also have synergy of the Global best practices of AXA Group, the Country specific proven best practices of Bharti Group and supplement it with its own set of initiatives towards creating a culture that can attract best of the talents, nourish and retain them to achieve the long term Corporate Vision.

6. Process:

From the minute customers claim intimation is received, the Claims Team becomes active and acts efficiently and swiftly towards its settlement. This is part of their endeavour to make the Bharti AXA General Insurance customer experience always a positive one.

Bharti AXA CLAIMS MISSION is “Fast, fair and friendly services, delivered in a proactive, cost efficient manner through technology platforms.

Alongwith the claim procedure being so smooth, the general insurance customer is very much satisfied while taking policy. The customer is given every minute details about a particular policy which he wants.

7. Physical Evidence: