In an try to go deeper into the Indian monetary companies market, Walmart-owned e-commerce platform Flipkart has joined fingers with Aegon Life Insurance coverage, a pioneer of digital insurance coverage in India, to promote complete insurance coverage options to its clients. With this providing, Flipkart stated it goals to make life insurance coverage extra accessible to Indians dwelling within the metro and non-metro cities, servicing India and Bharat alike.
An prompt digital coverage with a sum assured of as much as 10 lakh, shall be out there to customers from March 2020. With prompt life insurance coverage cowl by way of a digital coverage as its core worth proposition, Flipkart stated such insurance policies don’t require medical exams or paperwork, making it utterly hassle-free.
“We’re dedicated to growing options that may assist bridge the hole between India and Bharat, and we’re assured that the easy-access insurance coverage coverage shall be one of many catalysts to energy this transition,” stated Ranjith Boyanapalli, Head – Fintech and Funds Group at Flipkart. “With this product, we need to make progressive and reliable monetary merchandise out there on the buyer’s fingertips and supply them with a hassle-free expertise.”
Life insurance coverage has the second-highest penetration amongst all varieties of insurance coverage out there within the nation. One of many main issues that the insurance coverage trade faces at the moment 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 stated they goal to resolve these points and make life insurance coverage out there to clients on the click on of a button in a handy and clear method.
The Life Insurance coverage insurance policies on Flipkart have diversified choices, with sums assured starting from Rs 1 lakh to Rs 10 lakh and premiums ranging from Rs 129 for Rs 1 lakh sum insured. The insurance policies shall be out there to the present clients of Flipkart between the ages of 18 and 65.
“This (Flipkart partnership) is one among our greatest strategic associations until date and it’s in step with our technique of promoting insurance coverage direct-to-customer (D2C),” stated Satishwar Balakrishnan, CFO and Principal Officer, Aegon Life Insurance coverage. “With increasingly Indians getting used to buying on-line, promoting insurance coverage companies has an enormous scope and an e-commerce platform corresponding to Flipkart has a singular enchantment with clients. This partnership will assist us increase the attain for our time period insurance coverage options Pan India.”
The general transaction worth within the Indian Fintech market is estimated to leap from roughly $66.1 billion in 2019 to $137.eight billion in 2023, rising at a CAGR (compound annual development fee) of 20.18 per cent, based on a report by PwC and trade physique Assocham. Rising markets are main the best way with each China and India at 87 per cent fintech adoption fee in 2019, which is considerably larger than the worldwide common fee of 64 per cent, based on EY’s World FinTech Adoption Index 2019.