Shriram Life Insurance, the life insurance arm of Shriram Group, has announced a strategic partnership with SureBüddy. SureBüddy functions in the insuretech space and provides innovative financial solutions. Together, the companies will offer free insurance cover of Rs 50,000 to users, aligning to the Prime Minister’s National Agenda of a Digital India. The financial solution is made accessible through an Android application called ‘FREE Life Insurance powered by SureBüddy’. The user receives advertising to their mobile device, and in return, is rewarded with sponsored life cover. The ad images are non-disruptive, appearing after a phone call or text message. With a single tap, the ad can be closed. To keep the cover active the user must continue to view adverts, and innovative solutions are available if not enough calls are made or messages are sent to allow the user to view enough ads through their normal mobile phone usage patterns.
Casparus Jacobus Hendrik Kromhout, Managing Director and Chief Executive Officer, Shriram Life Insurance Company, said, “We aim to bring people into the safety net of life insurance by means of this initiative which has the potential to reshape the insurance landscape in the country. Believing in the group’s philosophy of financial inclusion by serving the underserved, digitization will give an impetus to the primary intention of reaching out and bringing a positive change in the lives of these people, while adhering to the highest standards of customer service.”
“The UN believes that the mobile phone has the ability to elevate people from poverty. At SureBüddy we share this belief. Our motto is ‘Together we are free’. By digitizing, disrupting and demonetizing sectors in the insurance industry, we’re able to ensure that the bills are paid in a time of need and really make a difference to that family’s future. This is our purpose,” said Johan Basson, Co-founder, SureBüddy.
