Aegon Life Boosts Digital Presence with Paytm Partnership

Oct 04, 2019 | 3 weeks ago | Read Time: 2 minutes | By iKnowledge Team

To improve its customer reach, Aegon Life Insurance on 26th September 2019 announced its tie-up with Paytm, India’s largest digital payments platform, to offer comprehensive insurance products. Aegon is one of the pioneers in adopting tech and digitisation in the insurance space and the company will now offer its products through Paytm as well.

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Vineet Arora, managing director and chief executive officer, Aegon Life said the company will offer a range of products that will include existing and co-created tailor made propositions for Paytm’s customers. “Our focus will be on simplifying products propositions to make insurance buying seamless for the customers,” said Arora. Policyholders will have access to simple insurance products that are tailormade for their needs. The company aims to improve Life Insurance awareness, acceptance and thereby its penetration in India.

Arora said since the process is entirely digital, the on-boarding of the customer happens within few minutes with immediate issuance of the policy document. “With this partnership, we expect to expand the reach for term insurance solutions and avoid procrastination to become an excuse for not securing yourself and your loved ones,” he added.

Insurance Agents v/s Digital Insurance

While agents are considered to be the backbone of the life insurance business, Aegon did away with its agency force and decided to focus on direct channel to contain costs and quality of sale. The recent partnership with Paytm seems to be the insurer’s way of deepening its digital presence and thereby increasing its market share. “Digital platforms like Paytm understand their customer needs and aspirations. Therefore, we will be able to help the policyholders make informed decisions to cover their insurance needs at purchase and also provide servicing platform for claims, renewals and other insurance services,” said Arora.

Therefore, we will be able to help the policyholders make informed decisions to cover their insurance needs at purchase and also provide servicing platform for claims, renewals and other insurance services,” said Arora.

Source: https://www.livemint.com/companies/news/aegon-life-to-sell-insurance-through-paytm-to-strengthen-digital-presence-11569726904484.html

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