Aegon Life explores e-commerce channels to sell policies

Private sector life insurer Aegon Life Insurance Company is exploring options to sell policies via fintech and e-commerce platforms.

The company's Chief Digital Officer Martijn de Jong said digital channel is to become the primary channel for the insurers to expand 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 then as distribution platform," Jong said during an interaction.

Asked if the company is also exploring opportunities to have any tie-up with established e-commerce players like Flipkart or Amazon, he said, "they could be potential as well."

However, he said any kind of tie-up with big e-commerce players may take time up to one year or more as it would require regulatory approval.

"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 identification of right consumer at the right time and right kind of product is the key to further business growth.

The company's first premium income grew by 30 percent to Rs 10.40 crore during April-May period of the current fiscal, according to data available with Irdai.

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

Aegon, is an international provider of life insurance, pensions and asset management.