Digital life insurer Aegon Life Insurance plans to partner with around 100 companies as it seeks to reach new customers with a complete overhaul of its technology stack.
“In calendar year 2022, we are focused on adding many partners and a lot of them should be more technology enabled. We aim to have almost 100 partners by the end of this year and this is where we are looking at around ₹300 crore to come in the calendar year 2023,” said Satishwar Balakrishnan, Director general and CEO of Aegon Life.
The insurer currently has partnerships with PhonePe, Paytm and Flipkart, but now wants to look to more specific service providers as it expands its retail insurance business.
Balakrishnan said the insurer wants to work with self-employed people as there is a great need for insurance in the segment.
“My largest customer segment, regardless of the city they live in, is the self-employed category, primarily micro, small and medium-sized businesses. We strongly believe that there is a need and a market for the products of insurance in this segment,” he noted, adding that customers will, however, need to be digital natives in order to engage with the company.
The insurer currently offers a credit life insurance product in the group insurance segment and has filed a new product application in the retail insurance segment. He hopes to get regulatory approval soon.
Balakrishnan said the insurer has developed a new expansion strategy with the decision to build a new technology stack.
“In 2019 the company decided to revisit the techstack and now we have a new techstack that is modeled on a new all-digital native company,” he said, adding that it was decided that the new business would come from the new technology stack although existing customers would be served.
“We are now ready. The means are digital, the intelligence is data and the reach is through partnership,” he said, outlining the growth strategy, adding that lessons learned from this could be replicated in other markets.
February 24, 2022