Photo used for illustrative purpose.

Inayat-ur-Rahman, Business Editor

That shift in perception has many drivers, including but not limited to the geographical proximity, cultural kinship and long-standing bilateral between the UAE and India, the growth of Dubai as a global business hub in recent decades, and, most importantly, advancements in IT and digital communications for which distance is no barrier. Widespread digitalisation has now added insurance to the mix of avenues that NRIs can leverage to stay connected to their roots in India.  The opportunity to be a part of many heartwarming and aspirational expat journeys encouraged Bajaj Allianz Life, one of the leaders in private life insurance in India, to open its representative office in Dubai in June 2023. Over the last year, this office has become a pivotal hub for NRIs, providing a suite of services designed to help them. Bajaj Allianz Life is playing a crucial role by offering support and services tailored to meet the unique needs of NRIs looking to secure their financial future through investments in India. Rajesh Krishnan, Chief Operations & Customer Experience Officer at Bajaj Allianz Life, says the number of NRIs interested in their offerings has steadily increased.

Rajesh Krishnan.

“Our presence in the UAE has been a remarkable journey,” Rajesh said. “We understand that our NRI customers have specific requirements and we have been consistently working to provide them with a differentiated service architecture. Such focused initiatives, especially over the last few years, have led to encouraging growth in our NRI customer base. This success drives us to continuously improve our offerings and deliver customer delight consistently across all our service touchpoints. We are proud to be a trusted Life Goals enabler for NRIs in the UAE and across the GCC region.”

Life insurance plans from India offer attractive premiums and comprehensive coverage options that are designed to meet the diverse needs of NRIs. India’s robust economic growth adds another layer of appeal to these investments. The Indian economy, which has grown significantly over the last few decades, is projected to become the third-largest in the world by 2027, according to the International Monetary Fund (IMF). This backdrop provides a stable and promising environment for NRIs to invest their money.

Moreover, investing in the home country provides security beyond just the financial aspect — a psychological and emotional element also plays into such decisions. Bajaj Allianz Life has introduced several features to accommodate them, such as an expanded global medical test network that allows NRIs to complete their pre-policy health check-ups at one of the company’s medical test facilities around the world or at home. Customers can manage their investments in India from anywhere through a user-friendly platform that has streamlined claims processes and makes quick and efficient settlements. A key driver of success, Rajesh says, has been the continued refinement of customer experience.

“Our first year in the UAE has been a testament to our commitment to customer experience and innovation,” Rajesh said. “The positive response from our NRI customers motivates us to continue enhancing our services. Our Dubai office has allowed us to provide seamless policy services and support to our customers. We look forward to building on this success and are encouraged to further strengthen our presence in the GCC region.”

With nearly 42 million individual and group customers, Bajaj Allianz Life’s leverages a customer-centric approach and an extensive distribution network across PAN India. Additionally, NRIs in the UAE typically migrate for aspirational reasons. Since the launch of its representative office in the UAE, Bajaj Allianz Life has taken on a supporting role in many such people’s financial well-being while also forging an enduring bond between the UAE’s NRI population and their homeland.

Bajaj Allianz Life Insurance is one of India’s leading and fastest growing private life insurers. The company is a partnership between two powerful and successful entities in their own right – Bajaj Finserv Limited, one of India’s most diversified non-banking financial institutions and Allianz SE, one of the world’s leading asset manager and insurer.