Bharti AXA Life

Bharti AXA Life Insurance is a private Indian life insurance and investment company headquartered in Mumbai, founded in 2006 as a joint venture between Bharti Enterprises of India and Axa S.A. of France. It has 254 branches all over the country and more than 33,266 advisors.[1]

Bharti AXA Life Insurance
TypePrivate
IndustryLife Insurance
Founded2006
HeadquartersMumbai, India
Key people
Parag Raja (MD & CEO)
ProductsLife insurance
Savings plans
Term insurance
Investment plans
Number of employees
4049 (2022)

Bharti AXA Life Insurance was certified as a ‘Great Place to Work’ by the Great Place to Work® institute in 2022.[2]

History

Bharti AXA Life Insurance was founded in 2006 as a provider of life insurance and investment services. The company started as a joint venture between Bharti Enterprises of India and AXA S.A. of France, one of the world’s largest insurance companies. Bharti holds a 51% stake in the firm’s ownership, while the rest 49% is held by AXA since December 2015.

The company was appointed Vikas Seth as CEO in November 2017.[3] At the beginning of 2019, the firm started a public awareness drive against fake insurance offers.[4] Subsequently, the company shared that it had hired around 10,000 insurance advisors and opened 50 new branches across India during FY19.[5] Amidst COVID-19, the company tied up with Primero Skills to support frontline workers.[6]

In February 2022, Bharti AXA Life Insurance got certified as a ‘Great Place to Work’ by the global workplace culture institute, Great Place to Work®. [2]

Major moments

2018 - June - Company announced a maiden profit of Rs 5 crore for FY18.[7]

2020 – The company recorded a 20% rise in renewal premium for H1 FY20 to Rs 541 crore.[8]

June - it shared that its renewal premium income had risen 17% for FY20 to Rs 1,359 crore.[9]

2021 - The company announced a 10% growth in renewal premium for H1 FY21 to Rs 594 crore.[10]

June - declared a rise of 4.3% in its total premium income for FY21 to Rs 2,281 crore.[11]

November - announced growth in new business premium by 33% in H1 2021.[12]

Partnerships

To distribute its life insurance, apart from its own network of branches, from time to time, Bharti AXA Life partnered with Karnataka Bank,[13] Airtel,[14][15] Airtel Payments Bank,[16][17] Fincare Small Finance Bank,[18][19] SBM Bank India,[20][21] Shivalik Small Finance Bank,[22] and Utkarsh Small Finance Bank.[23][24]

Key people

The MD & CEO of the company is Parag Raja,[25][26] chief investment officer is Rahul Bhuskute,[27] chief financial officer is Nilesh Kothari, and the head human resource officer is Jaishankar Balan.

Awards and recognition

In May 2019, it won the FICCI Claims Excellence Award.[28]

In December, it bagged the Companies with Great Managers award for 2019.[29]

In March 2020, the company won Finnoviti Award 2020.[30]

References
  1. "Bharti AXA Life Insurance Receives Great Place to Work® Certification". Retrieved 13 April 2022.
  2. "Bharti AXA Life Insurance Receives Great Place to Work® Certification". ThePrint. 2022-02-14. Retrieved 13 April 2022.
  3. "Bharti AXA Life names Vikas Seth as CEO". thehindubusinessline.com. 2017-09-01. Retrieved 13 April 2022.
  4. "Bharti AXA Life acts tough on frauds, fights menace of mis-selling". thehindubusinessline.com. 2019-01-28. Retrieved 13 April 2022.
  5. "Bharti AXA Life hires 10,000 insurance advisors, opens 50 new branches during FY19". Business Today (India). 2019-03-11. Retrieved 13 April 2022.
  6. "Bharti AXA Life ties up with Primero Skills to support healthcare workers amid Covid-19 pandemic". thehindubusinessline.com. 2020-12-12. Retrieved 13 April 2022.
  7. "Bharti AXA Life Insurance posts maiden profit of Rs 5 cr in FY18". dnaindia.com. 2018-06-06. Retrieved 13 April 2022.
  8. "Bharti AXA Life registers 20 pc rise in renewal premium to Rs 541 cr in H1FY20". indiablooms.com. 2019-12-25. Retrieved 13 April 2022.
  9. "Bharti AXA Life renewal premium income rises 17% to Rs 1,359 crore in FY20". moneycontrol.com. 2020-06-08. Retrieved 13 April 2022.
  10. "Bharti AXA Life Insurance registered 10 per cent growth in its renewal premium to Rs 594 core inH1 FY2020-21". orissadiary.com. 2020-11-30. Retrieved 13 April 2022.
  11. "Bharti AXA Life premium income rises 4.3 pc to Rs 2,281 crore in FY21". The Economic Times. 2021-06-28. Retrieved 13 April 2022.
  12. "Bharti AXA Life new business premium up 33% in H1". thehindubusinessline.com. 2021-11-29. Retrieved 13 April 2022.
  13. "Karnataka Bank in pact with Bharti AXA". thehindubusinessline.com. 2019-04-02. Retrieved 13 April 2022.
  14. "Airtel ties up with Bharti AXA Life to offer prepaid with life insurance". thehindubusinessline.com. 2021-12-06. Retrieved 13 April 2022.
  15. "Airtel, Bharti-Axa partner for life cover". thehansindia.com. 2019-11-04. Retrieved 13 April 2022.
  16. "Airtel Payments Bank ties up with Bharti AXA Life to sell term insurance". Mint (newspaper). 2019-07-02. Retrieved 13 April 2022.
  17. "Airtel Payments Bank Ties up with Bharti AXA Life Insurance". dailypioneer.com. 2019-07-04. Retrieved 13 April 2022.
  18. "Bharti AXA Life Insurance announced its bancassurance partnership with Fincare Small Finance Bank". orissadiary.com. 2021-04-07. Retrieved 13 April 2022.
  19. "Bharti Axa Life Insurance establishes bancassurance partnership with Fincare Small Finance Bank". cnbctv18.com. 2021-04-09. Retrieved 13 April 2022.
  20. "Bharti AXA Life, SBM Bank India enter into bancassurance partnership". thehindubusinessline.com. 2020-08-18. Retrieved 13 April 2022.
  21. "Bharti AXA Life partners with SBM Bank India for insurance distribution". m.economictimes.com. 2020-08-18. Retrieved 13 April 2022.
  22. "Bharti AXA Life in bancassurance pact with Shivalik Small Finance Bank". thehindubusinessline.com. 2021-06-02. Retrieved 13 April 2022.
  23. "Bharti AXA Life Insurance signs bancassurance pact with Utkarsh Small Finance Bank". moneycontrol.com. 2021-10-21. Retrieved 13 April 2022.
  24. "Bharti AXA Life partners with Utkarsh SFB". thehindubusinessline.com. 2021-10-22. Retrieved 13 April 2022.
  25. "Parag Raja to take over as MD & CEO of Bharti AXA Life Insurance". MONEYCONTROL NEWS. 2020-04-08. Retrieved 14 April 2022.
  26. "Bharti Axa Life Insurance appoints Parag Raja as MD and CEO". bestmediainfo.com. 2020-04-13. Retrieved 14 April 2022.
  27. "Bharti AXA Life Insurance names Rahul Bhuskute as Chief Investment Officer". bfsi.eletsonline.com. 2021-06-08. Retrieved 14 April 2022.
  28. "Insurer Bharti AXA bags Claims Excellence Award". thehindubusinessline.com. 2019-05-22. Retrieved 14 April 2022.
  29. "Bharti AXA Life Insurance wins Great Manager Awards". aninews.in. 2019-12-03. Retrieved 14 April 2022.
  30. "Bharti AXA Life Insurance wins Finnoviti Award 2020 for Excellence in Innovation". aninews.in. 2020-03-05. Retrieved 14 April 2022.
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