Bajaj: When the insurance market in India was liberalized in 1999, we also had to ask ourselves whether it would open up a lucrative business and investment opportunity for us. At the time I decided that if Bajaj were to enter this market, it would only do so with a first-class business partner. We were delighted when we reached an agreement with Allianz.

I believe that our German partners are also happy with the deal. Allianz may be a household name in most parts of the world, but at that time it was not so in India. By contrast, everyone here knows Bajaj. We have been in business for nearly 100 years, Bajaj Auto for over 50.

While Allianz knows the insurance business, we have a well-known and highly respected brand name and business reputation in India. So it was a great marriage between two partners that complemented each other superbly.

Bajaj: As far as marriage is concerned, we Indians are very conservative. Once we marry we don't want to divorce.

I believe that Allianz is also committed to furthering this partnership with Bajaj. And I hope that Allianz and Bajaj Auto will expand their cooperation to other business fields in the future. Asset management springs to mind, for example.

Bajaj: Very much so. Bajaj Allianz General, the property insurer, was launched a few months before Allianz Bajaj Life, which explains in part its better performance so far, and its ranking as number one among private-sector property insurers.

In the life insurance business the competition is tougher. Still, I hope that Allianz Bajaj Life will also become one of the top three suppliers in the mid-term – not just in terms of growth but also profitability.


The interview was conducted by Frank Stern for the employee magazine Allianz Journal.

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