Flipkart, India’s homegrown e-commerce marketplace and Aegon Life Insurance, pioneer of digital insurance in India, have joined hands to sell comprehensive insurance solutions to its customers. An instant digital policy with a sum assured of up to 10 lakhs, will be available to consumers from March 2020. With instant life insurance cover through a digital policy as its core value proposition, such policies do not require medical tests or paperwork making it completely hassle free.
Life insurance has the second highest penetration amongst all types of insurance available in the country. One of the major problems that the insurance industry faces today is the notion that it is expensive and cumbersome to buy, followed by issues around long and rigid tenures and mis-selling. With this product, Flipkart and Aegon Life aim to solve for these issues and make life insurance available to customers at the click of a button in a convenient and transparent manner.
The Life Insurance policies on Flipkart have varied offerings, with sums assured ranging from Rs 1 lakh to Rs 10 lakhs and premiums starting from Rs. 129 for Rs. 1 lakh sum insured. The policies will be available to the existing and new customers of Flipkart between the ages of 18 and 65.
With this offering, Flipkart aims to make life insurance more accessible to Indians living in Tier 3+ cities, who may not have access to these financial services. Bringing together its technology and partnership prowess on the platform, this product will be enabled through a more seamless procedure, lower premiums, and a flexible tenure. Through this product, Flipkart aims to solve key customer pain points in the sector, including trust, transparency and reliability.
‘Ranjith Boyanapalli, Head – Fintech and Payments Group at Flipkart, said, “As a homegrown company, Flipkart’s core has always been building products for Indian consumer needs. We are committed to developing solutions that will help bridge the gap between India and Bharat, and we are confident that the easy-access insurance policy will be one of the catalysts to power this transition. With this product, we want to make innovative and trustworthy financial products available at the customer’s fingertips and provide them a hassle-free experience. To achieve this goal, we look forward to a fruitful partnership with Aegon Life. A similar strategic mindset of customer-first values coupled with being one of the few online-focused innovation companies made them the best fit for this partnership.”
Speaking on the partnership, Mr. Satishwar Balakrishnan, CFO & Principal Officer, Aegon Life Insurance said, “We are one of the first insurers to sell through digital platforms and Flipkart is synonymous with one-stop-shop and has a huge customer base in India. We saw great synergies in our partnership and are extremely delighted to join hands with Flipkart to sell our products. This is one of our biggest strategic associations till date and it is in line with our strategy of selling insurance direct-to-customer (D2C). We will offer customized products at special prices, instant issuance and top-notch service through the platform.”
He further adds, “We at Aegon Life Insurance strive to look out for ways to reach out to the always-online customer. With more and more Indians getting used to purchasing online, selling insurance services has a huge scope and an ecommerce platform such as Flipkart has a unique appeal with customers. This partnership will help us expand the reach for our term insurance solutions Pan India.”
Aegon Life and Flipkart’s complementary capabilities of being wholly data driven digital companies and prioritizing customer needs makes this win-win partnership for both parties and customers as well.