Flipkart, India’s homegrown e-commerce market and Aegon Life Insurance coverage, pioneer of digital insurance coverage in India, have joined arms to promote complete insurance coverage options to its clients. An instantaneous digital coverage with a sum assured of as much as 10 lakhs, will likely be accessible to shoppers from March 2020. With instantaneous life insurance coverage cowl via a digital coverage as its core worth proposition, such insurance policies don’t require medical assessments or paperwork making it fully trouble free.
Life insurance coverage has the second highest penetration amongst all kinds of insurance coverage accessible within the nation. One of many main issues that the insurance coverage trade faces at this time is the notion that it’s costly and cumbersome to purchase, adopted by points round lengthy and inflexible tenures and mis-selling. With this product, Flipkart and Aegon Life goal to resolve for these points and make life insurance coverage accessible to clients on the click on of a button in a handy and clear method.
The Life Insurance coverage insurance policies on Flipkart have various choices, with sums assured starting from Rs 1 lakh to Rs 10 lakhs and premiums ranging from Rs. 129 for Rs. 1 lakh sum insured. The insurance policies will likely be accessible to the present and new clients of Flipkart between the ages of 18 and 65.
With this providing, Flipkart goals to make life insurance coverage extra accessible to Indians dwelling in Tier 3+ cities, who could not have entry to those monetary companies. Bringing collectively its know-how and partnership prowess on the platform, this product will likely be enabled via a extra seamless process, decrease premiums, and a versatile tenure. By this product, Flipkart goals to resolve key buyer ache factors within the sector, together with belief, transparency and reliability.
‘Ranjith Boyanapalli, Head – Fintech and Funds Group at Flipkart, stated, “As a homegrown firm, Flipkart’s core has all the time been constructing merchandise for Indian client wants. We’re dedicated to creating options that may assist bridge the hole between India and Bharat, and we’re assured that the easy-access insurance coverage coverage will likely be one of many catalysts to energy this transition. With this product, we wish to make modern and reliable monetary merchandise accessible on the buyer’s fingertips and supply them a hassle-free expertise. To realize this aim, we sit up for a fruitful partnership with Aegon Life. An identical strategic mindset of customer-first values coupled with being one of many few online-focused innovation corporations made them the very best match for this partnership.”
Talking on the partnership, Mr. Satishwar Balakrishnan, CFO & Principal Officer, Aegon Life Insurance coverage stated, “We’re one of many first insurers to promote via digital platforms and Flipkart is synonymous with one-stop-shop and has an enormous buyer base in India. We noticed nice synergies in our partnership and are extraordinarily delighted to affix arms with Flipkart to promote our merchandise. That is one among our largest strategic associations until date and it’s in step with our technique of promoting insurance coverage direct-to-customer (D2C). We’ll provide personalized merchandise at particular costs, instantaneous issuance and top-notch service via the platform.”
He additional provides, “We at Aegon Life Insurance coverage attempt to look out for methods to achieve out to the always-online buyer. With an increasing number of Indians getting used to buying on-line, promoting insurance coverage companies has an enormous scope and an ecommerce platform akin to Flipkart has a singular enchantment with clients. This partnership will assist us develop the attain for our time period insurance coverage options Pan India.”
Aegon Life and Flipkart’s complementary capabilities of being wholly knowledge pushed digital corporations and prioritizing buyer wants makes this win-win partnership for each events and clients as effectively.
You probably have an attention-grabbing article / expertise / case examine to share, please get in contact with us at [email protected]