Banca Track Q1 23-24

Issue 1- 2023-24

INDEX EDITORIAL EXPERT COLUMN PRODUCT SPOTLIGHT INDUSTRY INSIGHTS REGULATORY UPDATES SUCCESS STORY FRAUD PREVENTION TIPS NEWS & UPDATES GEO BUSINESS @ BANCA HAPPY SELLING CUSTOMER SERVICE EXCELLENCE

EDITORIAL Ms. Alpana Singh Head - Bancassurance, Agri and Government Business Click or scan the QR code to watch the video EXPERT COLUMN Dear All, Q1 FY’24 has been a remarkable quarter for us, and your contributions have been instrumental in our success. We have achieved significant milestones and sur- passed our goals through your hard work. Your determination, resilience, and un- wavering focus have elevated our team and individual performance. The passion you bring to your work inspires and motivates those around you. Throughout the quarter, all our verticals have done well and have overachieved their AOP targets. HDFC vertical achieved 130% of AOP with an impressive growth of 49%. Our new products, namely Suraksha Kawach, EMI Protect and Critical illness, have contrib- uted about INR 12 crore in the quarter. We have finalized and are ready to enter a few key product segments like Tractor, Payment and Cards, to name a few. In the NBFC vertical, too, we achieved 130% of our AOP target with about 37% growth; all our major relationships overachieved their AOP targets. We launched new products across partners, like Group Guard in IIHFL, Group Health Flexi in Wheels EMI, Group Super Top and Group Health Flexi in eBH. In the Private Banks vertical, we registered a growth of more 27% and achieved 119% of our AOP targets. Our new business grew by 37% in the quarter. We also undertook the reactivation of RBL Bank Microfinance with increased penetration, and with our focused approach, we added new corporates through the Quantum Leap initiative. Please take a moment to reflect on all your accomplishments and the positive impact you have made within our organi- zation. Remember that each task you complete, each challenge you overcome, and each project you deliver fuel our growth and success. I truly value your efforts and am grateful for your continuous commitment. Thank you for your incredible work! Mr. Aashish Sethi Head, Bancassurance INDEX Private Banks & NBFCs Issue 1 - 2023-24 | 01 INDEX

Mr. Aijaz Khan Head Bancassurance Public Sector Banks and New Alliances Banc assurance Click or scan the QR code to watch the video PRODUCT SPOTLIGHT GROUP GUARD Group Guard is a unique policy that offers a bouquet of comprehensive covers, namely Personal Accident (PA), Critical Illness (CL), EMI & Rent protection and Health Prime Rider (HPR). This single policy offers multiple benefits to customers and provides financial assistance to the insured and their family in case of an unfortunate event. The sum insured of the policy ranges from INR 10,000 to INR 50 lakh. The policy tenure starts from 1 year and goes up till 5 years. One of the biggest USPs of the product is that no medical test is required up to the age of 55 in case of no medical history. Group Guard has the following 10 sections in addition to HPR 1. Personal Accident section covering Accidental Death, Permanent Total Disability and Permanent Partial Disability under the mandatory section 2. Critical Illness section comprising Plan A, B and C covers 10, 17 and 40 critical illnesses, respectively 3. Temporary Total Disability 4. Child Care Benefit 5. Hospitalization cover (Accidental + Sickness Benefit) 6. Hospital Cash section (Accidental + Sickness Benefit) 7. Accidental Hospitalization section 8. Convalescence Benefit section 9. EMI and Rent Protection cover 10. Air Ambulance cover Issue 1 - 2023-24 | 02 INDEX

INDUSTRY INSIGHTS CLICK TO READ MORE Issue 1 - 2023-24 | 03 CLICK TO READ MORE CLICK TO READ MORE CLICK TO READ MORE INDEX

REGULATORY UPDATES IRDAI (Payment of Commission) Regulation, 2023 Through a notification dated 28th March 2023, has issued revised IRDAI (Payment of Commission) Regula- tions, 2023 wherein the regulator has dropped the concept of ‘Remuneration and Rewards,’ and all payments for solicitation of insurance business would be universally referred to as ‘Commission.’ Further, product-wise Commission limits have been removed under the regulations. Insurers are required to have a ‘Board Approved Policy for Commission’ that would be linked to EOM. As per the said regulations, the total amount of commis- sion payable under general insurance products including health insurance products offered by general insur- ers shall not exceed the EOM limits specified IRDAI (EOM) Regulations. Board Policy of the Insurer on the commission structure In a notification dated 31st March 2023, the authority has also issued a guidance note on Board policy of the insurer on the commission structure. In the guidance note the authority highlighted minimum key elements for the ‘Board Approved Policy’ on the commission i.e. objectives and principles, fairness and reasonableness, good distribution practice, regular review, market conduct, monitoring and reporting and applicability. Surrogacy Act, 2012 and ART Act, 2021 Through a circular dated 12th May 2023, the Authority drew the focus on various sections of the Surrogacy Act, 2012 and ART Act, 2021 related to insurance coverage for the surrogate mother for a period of thirty-six months covering postpartum delivery complications. The intending woman or couple shall purchase a gener- al health insurance coverage in favor of the surrogate mother for a period of thirty-six months. An insurance coverage of such amount as may be prescribed for a period of twelve months in favor of the oocyte donor by the commissioning couple or woman. The intending couple or woman will purchase a general health insur- ance coverage in favor of an oocyte donor for a period of 12 months for an amount which is sufficient enough to cover all expenses for all complications arising due to oocyte retrieval. All insurers are directed to comply with the provisions of the two Acts and ensure that suitable products are made available in the market. Guidelines on Insurance Claims of Victims Of Train Accident Tragedy In Balasore, Odisha And For Claims Relating To Cyclone Biparjoy In notifications dated, 5th June 2023 (for the Odisha tragedy) and 17th June 2023 (for Cyclone Biparjoy) the Authority issued guidelines on insurance claims and instructed the insurers to ensure the following 24x7 helplines to respond/assist claimants The Companies are requested to launch extensive awareness explaining the simplified process to file a claim, to enable the public to file the claims at the nearest branches or online All claims are surveyed immediately, and claim payments/on-account payments are disbursed at the earliest and in any case not exceeding the stipulated timeline Issue 1 - 2023-24 | 04 INDEX

SUCCESS STORY Securing Market Share in Competitive Tie-Up | PNB Housing Finance Limited The PNB Housing Finance Ltd. is a highly competitive tie-up for Bajaj Allianz General Insurance where 7 different insur- ance partners compete at every branch to ensure a sizeable wallet share. Except for BAGIC, all the other partners of PNB HFL are reputed insurance companies and have had their association for over 6 years. For the Bancassurance team, the tie-up came as a challenge to mark a presence not just through our products and ser- vices, but through our robust customer servicing and Digi-tech claims solutions. The team strategically planned its move at the branch, hub, and zonal level, to develop good business relationships with the managers and staff. The team remained committed to quicker RM and leader onboarding, weekly training and workshops, and local-level en- gagement activities and events for the zonal offices. The hard work and strategic efforts made by the team resulted in an increase in wallet share from 2% in Jan’23 to 18% in Jun’23; and placed BAGIC as the 3rd biggest insurance partner of the PNB HFL, overtaking Tata AIG, HDFC Life, and Care Insurance. Mr. Girish Kousagi, Managing Director – PNB HFL appreciated BAGIC’s tremendous performance and acknowledged our best-in-class product services and customer servicing, which eventually scaled our share to 18% in such a short period. FRAUD PREVENTION TIPS Best Practices for Handling Cash Transactions Handling insurance premiums in cash poses significant risks and challenges. Opting for secure and traceable payment methods such as electronic transfers or checks is advisable. This ensures trans- parency, reduces the risk of fraud, and provides a reliable audit trail for insurance transactions. Always follow the standard operating procedure to prevent mishandling of the insurance premium in cash: Always follow the SOP for handling PDAs. The PDA balance of one customer should be used for the issuance of the policy of the same customer only. All approvals should be duly documented (DMS) Do not allow the Transfer PDA of one to ensure an audit trail. IMD to another IMD Do not transfer the PDA balance from one Do not use the PDA of one customer vertical to another vertical for the benefit of another. While using the PDA balance of any IMD there should be clear direction in writing from the proprietor/partner/owners which should be duly documented (DMS). Issue 1 - 2023-24 | 05 INDEX

NEWS & UPDATES Canara Bank Annual Business Strategy Meet In Q1 FY’24, the Bancassurance team attended the Annual Business Strategy meeting of the Canara Bank in Bengaluru on May 14-15, 2023. The team showcased our strategy and plans to drive the relationship with the bank to the next level. Mr. Swarup Jayadev, National Head, Public Sector Banks (Bancassurance), made an impressive presentation to the Canara Bank leaders during the meeting. All the BAGIC circle heads from across the country had also attended the two-day meeting. In pic (L-R): Mr. D Vinay Narasimha, Regional Vertical Head - Bancassur- ance, Mr. K Satyanarayana Raju, MD & CEO - Canara Bank, Mr. Swarup Jayadev, National Head, PSU Banks, Mr. Pramod K R, National Sales Head-Key Relationships. PNB HFL Partnership – Onwards & Upwards In the first fiscal quarter of the year 2023-24, the Bancassurance team become the 3rd largest insurance partner in the PNB HFL ecosystem. The North, South, and MP CG regions emerged as the biggest contributor in achieving this feat with an exceptional 18% wallet share, leaving behind other major competitors. The team also successfully secured the GMC policies of PNB Housing Finance Ltd. with a Premium of INR 4.18 crore in net premium and GMC Top-ups of INR 38.54 lakhs. Issue 1 - 2023-24 | 06 INDEX

Corporate Partnership Anniversary Celebration Also, a special skill-building workshop and rewards and recognition program were conducted to celebrate the 3rd year anniversary of the partnership between the Abhyu- daya Co-Operative Bank Ltd. and Bajaj Allianz General Insurance. Celebratory events marking the 2nd year anniversary of the Bank of India tie-up with Bajaj Allianz General Insur- ance were organized at the bank branch offices across India. The team presented mementos to the Bank of India leaders at the head office and branch managers and ex- pressed gratitude for their business support for this part- nership. Product Launch at Madhya Pradesh Gramin Bank On June 27, 2023, the new Personal Accident + Health Prime Rider product was launched at the Madhya Pradesh Gramin Bank (MPGB) head office in Indore. Mr. Sunil Sharma, Chairman – MPGB; Mr. Kutub Diwanji, General Manager – Marketing; and all other leaders from the bank met and interacted with the BAGIC delegates, including Mr. Debojit Roy, National Head - Regional, Rural & Co-Op- erative Banks; Mr. Yusuf Mirza, Zonal Sales Manager; Mr. Shripad Deulgaonkar, Lead New Alliances – Co-Operative, RRBs, Small Bank; and Mr. Saurabh Parmar, Area Head – GEO. Issue 1 - 2023-24 | 07 INDEX

New Bancassurance Tie-Ups In Q3 FY’24, Bajaj Allianz General Insurance signed up new The E-Gramin Services Pvt Ltd is an ISO Certified Private agreements and established a strategic tie-up with Telan- Limited Organization with a registered office at Dispur, Gu- gana State Co-Operative Apex Bank and E-Gramin Ser- wahati, which promotes financial inclusion projects and vices Pvt. Ltd. These newly established relationships will works to create awareness to the Rural Mass providing var- help us reach out the last-mile customers through the over ious Banking and Non-Banking services at customers’ 370 District Co-operative Central Bank branches and 827 doorsteps in the NE Region. Primary Agricultural Credit Societies, and a wide network of agent network in the state of Telangana. Training and Skill-Building Programs The Bancassurance team conducted training programs for the Ahmedabad Circle office in Udaipur and in Dandeli for the Manipal Circle office of Canara Bank. Mr. D Vinay Narasimha, Regional Vertical Head – Bancassurance, made the presen- tation to the participants and focussed on increasing fresh health sales in the current year. Issue 1 - 2023-24 | 08 Jammu & Kashmir Bank Strategy Enclave Mr. Aijaz Khan, National Head - Public Sector Banks attended the strategy enclave meeting of the Jammu & Kashmir Bank and made a detailed presentation to Mr. Baldev Prakash, MD & CEO – J&K Bank, Mr. Syed Shafat Hussain Rufai, General Manager – Cross Selling, about new product offerings and strategy to achieve INR 500 crore premium in the coming months. INDEX

In Hyderabad, the team also organized a workshop for the Kerala Gramin Bank to provide product training for Family Health Care, Health Prime Rider, and Extra Care Plus, and claims and customer queries. The team also explained the benefits of the Caringly Yours App and other technical capabilities which can prove helpful to the employees of the bank In Kolkata, the team conducted a skill develop- PNB Foundation Day ment program for India Post Payment Bank & DOP officials as part of the ‘Suraksha ka Wada’. On April 12, 2023, Ms. Alpana Singh, The event was graced by the presence of Mr. J Sr. President & Head - Bancassur- Venkatramu, MD & CEO – India Post Payment ance - PSUs, RRBs & Co-Banks Bank, and Mr. Aijaz Khan, National Head, Public greeted Mr. Atul Kumar Goel, MD & Sector Banks, Bancassurance. CEO, Punjab National Bank, and other bank officials on the occasion Meet & Greet of the bank’s 129th foundation day. Issue 1 - 2023-24 | 09 INDEX

Punjab & Sind Bank Zonal Head Meet Ms. Alpana Singh, Sr. President & Head - Bancas- surance - PSUs, RRBs & Co-Banks, Mr. Aijaz Khan, National Head - Public Sector Banks, and other Bancassurance team members attended a Zonal Heads review meeting of the Punjab & Sind Bank. The team also observed the foundation day event of the bank in June’23 at branch locations across India. SIDBI Head Office Visit CGM Business Meeting at Union Bank of India Ms. Alpana Singh, Sr. President & Head - Bancassurance - PSUs, RRBs & Co-Banks, Mr. Aijaz Khan, National Head Ms. Alpana Singh, Sr. President & Head - Bancassurance - - Public Sector Banks, visited the Small Industries Devel- PSUs, RRBs & Co-Banks; Mr. Neeraj Sharma, National Sales opment Bank of India (SIDBI) head office in Lucknow in Head - Key Relationship Banca & Head New Alliances LTU; Mr. April’23 and June’23, and met Mr. Rahul Priyadarshi, Saket Mishra, Zonal Head – Bancassurance; Mr. Pradeep Gul- Chief General Manager and Head – Direct Credit Vertical wani, Zonal Sales Manager; Ms. Aditi Dhingra, National Busi- and Mr. Anubha Prasad, General Manager & Regional ness Development Manager; and Mr. Dhanraj Shetkar, Sales Head at Patna Regional Office. Manager, Bancassurance, met and greeted Mr. Kabir Bhat- tacharya, Chief General Manager – Union Bank of India and other regional heads during a business meeting at the Bajaj Allianz General Insurance head office in Pune. Issue 1 - 2023-24 | 10 INDEX

GEO BUSINESS @ BANCA In Q1 FY’24, the Bancassurance Team collaborated with the GEO Business team and participated in several meetings, and held important discussions with the regional banks across the country. The leaders emphasized not just pushing our insurance products by proposing launches but also by bundling products with different types of loans offered by the banks. Kangra Co-Operative Bank Himachal Pradesh Gramin Bank Bharat Co-Operative Bank (Mumbai) Ltd. Apna Sahakari Bank Ltd. Karnataka Vikas Grameena Bank Telangana State Cooperative Apex Bank Ltd The Kalupur Commercial Co Op Bank Issue 1 - 2023-24 | 11 INDEX

HAPPY SELLING Mr. Tapan Singhel, MD & CEO - Bajaj Allianz General Insurance, shares happy selling tips. Watch this video and learn how to sell insurance the right way. Mr. Tapan Singhel MD & CEO Click or scan the QR code to watch the video CUSTOMER SERVICE EXCELLENCE Mr. Brijesh Shrivastava, Chief Manager – Bank of India (Hamidia Road Branch, Bhopal), expressed his satisfaction and gratitude to the Bajaj Allianz General Insurance team for providing extensive support and innovative solutions for the customers. He talks about his personal experience with BAGIC’s services and how it has helped him. Mr. Brijesh Shrivastava Chief Manager –Bank of India (Hamidia Road Branch, Bhopal) Click or scan the QR code to watch the video Issue 1 - 2023-24 | 12 INDEX