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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Before you go, stay inspired with…
Max Life Insurance Deputy Managing Director V Viswanand
“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.”