Flipkart forms partnership with Aegon Life Insurance for digital policies
Flipkart and Aegon Life Insurance hope to drastically reduce the time taken to provide insurance policy and all this is being done digitally
India’s leading ecommerce marketplace Flipkart has entered into a partnership with Aegon Life Insurance to sell insurance solutions to its customers.
According to a statement from Flipkart, an instant digital insurance policy with a sum assured of up to Rs 10 lakh will be available from March 2020 onwards. This partnership is expected to address the various challenges around insurance policies like expensive and cumbersome process, rigid tenures and mi-selling.
Flipkart has teamed up with Aegon Life Insurance
The Life Insurance policies on Flipkart have varied offerings, with sums assured ranging from Rs 1 lakh to Rs 10 lakh, and premiums starting from Rs 129 for Rs 1 lakh sum insured. The policies will be available to the existing customers of Flipkart between the ages of 18 and 65.
Ranjith Boyanapalli, Head, Fintech and Payments Group at Flipkart, said,
“As a homegrown company, Flipkart’s core has always been building products for Indian consumer needs. We are committed to developing solutions that will help bridge the gap between India and Bharat, and we are confident that the easy-access insurance policy will be one of the catalysts to power this transition. With this product, we want to make innovative and trustworthy financial products available at the customer’s fingertips and provide them a hassle-free experience.”
On the partnership, Satishwar Balakrishnan, CFO & Principal Officer, Aegon Life Insurance, said, “We are one of the first insurers to sell through digital platforms and Flipkart is synonymous with one-stop-shop and has a huge customer base in India. This is one of our biggest strategic associations till date and it is in line with our strategy of selling insurance direct-to-customer (D2C).”
According to Satishwar, with more and more Indians opting to shop online, selling digital insurance services has a huge scope and an ecommerce platform such as Flipkart has the connect. “This partnership will help us expand the reach for our term insurance solutions pan India,” he remarked.
(Edited by Kanishk Singh)