Aegon Life explores fintech, e-commerce channels to vend policies

Private sector life insurer Aegon Life Insurance Company is discovering alternative to sell policies via fintech and e-commerce platforms. The company's Chief Digital Officer Martijn de Jong said digital channel is to turn into the chief channel for the insurers to get bigger customer base.

"We talk to the entire ecosystem (fintech and e- commerce), we explore every possible option. With fintech start-ups, we are exploring opportunities (for selling policies). Start-ups can help us in certain set up of technology. We can also use them as distribution platform," Jong said during an interaction.

Asked if the business is also finding out chance to have any tie-up with familiar e-commerce players like Flipkart or Amazon, he said, "They could be potential as well." Though, he said any kind of tie-up with big e-commerce players may take time up to one year or more as it would necessitate regulatory endorsement.

"There are lots of plans in the making but yes you need to go for the regulatory approval process and that always takes little bit of time. I think in 12 months there will be quite a lot of activity, not only from us but the industry as a whole," he added.

Jong said the company's model is of 'direct-to-consumer' and recognition of right consumer at the right time and right kind of product is the key to further business growth.

The company's first finest takings grew by 30 per cent to Rs 10.40 crore during April-May period of the current fiscal, according to data obtainable with Irdai.

Aegon Life Insurance is a combined undertaking between global insurer Aegon and Bennett Coleman & Company (India).