Aegon Life moving towards a digitally-enabled omni-channel distribution model

Aegon Life moving towards a digitally-enabled omni-channel distribution model
• 3X growth in presence of direct-sales channel (ARC)
• Significant investments in technology and digital platforms
• Sharp focus on empowering customers with seamless omni-channel experience through technology and improving efficiencies

Mumbai, August 11, 2016: Aegon Life Insurance, the pioneer of online insurance in India, moved a step closer to becoming the insurer of future by announcing a shift towards digitally-enabled omni-channel distribution model. The company will look at significant investments in technology over the next 2-3 years to provide customers with a seamless omni-channel experience.

Riding on the wave of ‘Digital India,’ Aegon Life Insurance will further strengthen its direct sales forces across the country. The company will continue its partnership with third-party distributors, new-age partners like web aggregators and also pursue bank tie-ups.

Speaking on the development, Managing Director and Chief Executive Officer at Aegon Life, K S. Gopalakrishnan said, “Our efforts are towards improving direct engagement with our customers. We see immense benefits in serving our customers directly by investing in technology, empowering them and improving efficiencies. This will enable cost saving, the benefits of which can be passed on to the customers.”

The digital revolution, rise of smart phones and the well-informed new age customers set the stage for such a revolutionary move by Aegon Life Insurance.

With a focus on enabling high level of customization, offering features and benefits tailored to customer needs, the company aims to build a robust business model to sustain, engage and connect with today’s digital natives.

“Protection gap in India being highest in Asia, we want to create awareness about the need for protection and engage with customers through digital platforms. Our focus is to create better service platforms and cater to customer needs seamlessly, in a way they want to be served across all channels,” added Gopalakrishnan.

Aegon Life Insurance will be moving away from the agency channel, and expand its presence through direct sales.

About Aegon Life Insurance:

Aegon Life Insurance Company Limited (formerly Aegon Religare Life Insurance Company Limited) launched its pan-India operations in July, 2008 following a multi-channel distribution strategy with a vision to help people plan their life better. The fulfilment of this vision is based upon having a complete product suite, providing customised advice and enhancing the overall customer experience. Aegon, an international provider of life insurance, pensions and asset management and Bennett, Coleman & Company, India’s leading media conglomerate, have come together to launch Aegon Life Insurance. This joint venture adopts a local approach with the power of global expertise to launch products that are focused on providing customers with the means to meeting their long-term financial goals. The company is headquartered in Mumbai serving over 4.4 lakh customers across India.

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