How Max Life Insurance adopted a digital approach

According to IBEF, the insurance industry of India has 57 players, and the overall market size of the sector in India is expected to $280 billion in 2020.

Traditionally, agents or banks sell life insurance policies to consumers. But with increased digitisation and restrictions due to the COVID-19 pandemic, it has become untenable for insurance agents to physically visit consumers.

Enter Max Life Insurance. As one of India’s largest non-bank private-sector insurers, the company has focused on creating an online channel where customers could go about buying policies without any intermediary.

But, the overall insurance penetration in India is merely 3.71 percent of the GDP. One of the sections showing a clear disconnect between agents and customers is the under-35s. 

"The mission was how to make ourselves attractive to millennials or generation Z,” says V Viswanand, Deputy Managing Director, Max Life Insurance.

The company came to the conclusion that younger consumers preferred short term products, and decided to make a strong foray into digital commerce where policies are sold and bought directly through the online route.

Today, the digital commerce team has seen a 44 percent CAGR growth over the last three years.

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News & Updates

• Unbox Robotics, a Bengaluru-based logistics automation startup, has raised $1.2 million as a part of its Pre-Series A round from BEENEXT and others. It will use the investment to scale early client pilots, team expansion, and product improvements.

• Amid the second wave of COVID-19, Bengaluru-based healthtech service provider MediBuddy has launched a ‘COVID-19 Hospital Bed Availability Checker’ on its mobile app to help users locate available beds. 

• Pune-based molecular diagnostics company Mylab Discovery Solutions said it plans to deploy 50 ICMR-approved and NABL certified mobile testing labs across the country to meet the huge backlog in RT-PCR testing amid rising cases of COVID-19.

• C-CAMP, on behalf of Bangalore Life Sciences Cluster, has enabled mass-scale availability of indigenously developed ICMR/DCGI-approved COVID-19 diagnostic kits for government and private diagnostic labs that are facing any shortfall. 

• BOB Financial — the credit card arm of Bank of Baroda — and Mastercard have jointly launched a small business-focussed, QR code-embedded credit card called ConQR that will enable the cardholders to make and receive payments. 

Before you go, stay inspired with… 

“As leaders, we need to accept that we don’t have all the winning ideas and solutions, and the focus needs to be on creating an ecosystem that allows winning ideas to emerge consistently.”

— V Viswanand, Dy MD,  Max Life Insurance

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