Bajaj Allianz launches 'Demystify Insurance' on Insurance Awareness Day

Bajaj Allianz General Insurance, one of India’s leading general insurance companies has launched a month-long insurance awareness campaign titled ‘Demystify Insurance’. April 19th has been declared as ‘Insurance Awareness Day’ by Insurance Regulatory and Development Authority (Irda) which celebrates its formation on this day. Bajaj Allianz will kick-start the campaign on April 19th and has planned various activities over the next one month.

The month-long campaign will include running insurance literacy drives at various schools and colleges in cities like Pune, Delhi, Hyderabad, Chandigarh, Kolkata. Bajaj Allianz employees will give a brief interactive presentation to students educating them on the importance of insurance. It will also have a digital integration, whereby the company will educate and interact with fans and followers on Facebook, Twitter and LinkedIn with activities planned around the theme.

Commenting on the launch of this campaign, Tapan Singhel, MD & CEO, Bajaj Allianz General Insurance, said, “Low insurance penetration remains a challenge for all the companies in the industry. Insurance is still largely perceived as a tax saving instrument whereas the benefits go much beyond. We realized that there is a visible need for insurance education in the country and launched this campaign which will be aimed at fostering insurance literacy in India.”

India is a country with the second largest population in the world, but abysmally low penetration of insurance. The total insurance penetration in India is at 4 per cent (life and non-life), less than the world average of 6.5 per cent Through this campaign, Bajaj Allianz aims at educating students within the age group of 15 to 21 years.

“Children today are exposed to an array of information. However, as adults we tend to restrict their involvement in financial education. As insurers we haven’t made an effort to reach out to them and explain the concept of insurance. All the educational material available is very technical and not appealing to their age-group. We want to change this and inculcate a culture of insurance awareness in their minds at an early age. ‘Demystify Insurance’ will have a different approach to insurance awareness for these children. Educating children about insurance much before they attain financial independence will give them an informed preparedness for their future”, adds Singhel.

Bajaj Allianz has been taking multiple steps to spread awareness about the need for insurance. The company has been conducting a series of Google+ Hangouts, a popular video communication tool which enables multiple people to participate at the same time. A Google+ Hangout on ‘Health Insurance’ is also scheduled on April 26 (12 pm to 1 pm) as a part of this awareness campaign. This hangout will have an expert panel and consumers can get their health insurance queries answered from them. Previously the company has conducted two other hangouts; one on motor insurance and the other seeking suggestions from customers on ways to enhance their services for them.