International co-operation expanded
Mercedes Benz Insurance powered by Bajaj Allianz is launched in India / Allianz sees growth potential in India
As per July 1, 2011, Daimler Financial Services India is offering Bajaj Allianz car insurance policies via its dealership clients. The exclusive co-operation was sealed following a competitive tender.
“Awarding the Indian car insurance business to Allianz is an important milestone for the further extension of our strategic partnership with Daimler”, says Karsten Crede, CEO of Allianz Global Automotive. “Our collaboration thus far has shown that both companies are a perfect fit for each other. Furthermore, the co-operation allows us to continue to significantly enhance our position on the booming Indian market.”
“Allianz as one of our strongest partners has proven its strength in the Indian market. We are proud to expand our co-operation into the Indian subcontinent after successful co-operations in Italy, Eastern Europe, Russia, the Netherlands and Australia”, says Dr. Hanns Martin Schindewolf, CEO of Daimler Insurance Services. “Our customers benefit from a tailored car insurance product which is offered to them in the auto dealership as part of a convenient, one-stop system for insurance and finance needs and which is specifically designed to suit their chosen vehicle.”
The co-operation partners in India are Daimler Financial Services India and Bajaj Allianz, which is one of the top three car insurers in India.
Currently, India has a population of 1.2 billion. There are 14.5 million cars and the automotive market is growing very quickly. In 2010, 3.2 million cars (trucks exempted) were sold and 75% were financed. In 2015, sales are expected to have increased to approx. 5 million cars. Until then, India will become one of the top five car markets in the world.
In order to offer auto dealership customers in India more extensive protection via car insurance policies in the future, Daimler Financial Services India, Allianz Global Automotive and Bajaj Allianz are already exploring options to provide exclusive and customized services for Mercedes Benz customers as well as for the commercial vehicles of Daimler’s new brand BharatBenz in 2012.
Allianz Global Automotive
Allianz is significantly expanding the sale of insurance policies via car manufacturers and dealerships in Germany and abroad. Across the globe, it co-operates with 44 car brands in 28 countries. In India, Bajaj Allianz is already cooperating with VW and BMW, Suzuki, Hyundai, Ford and Honda. In Germany, Allianz has been offering reliable insurance solutions to the automotive industry for more than 60 years.
Bajaj Allianz is one of the leading private sector life & general insurance companies in India. Bajaj Allianz is a union between Allianz SE, the world’s leading insurer and Bajaj Finserv Limited, the financial services arm of Bajaj Group. At Bajaj Allianz, customer delight is our guiding principle. Ensuring world class solutions by offering customized products with transparent benefits supported by the best technology is our business philosophy. Bajaj Allianz began its operations in 2001 and today has a pan-India presence with offices and presence in more than 1100 towns in the country. The companies have been constantly expanding its operations to be close to their customers.
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