Aegon Life Insurance plans to add 100 partners in 2022 – BusinessLine

Digital life insurer Aegon Life Insurance is planning to partner with about 100 companies as it looks to reach out to new customers with a complete revamp of its techstack.

“In calendar year 2022, we are focused on adding a lot of partners and they should largely be more tech enabled. We intend to have close to 100 partners by end of this year and this is where we are looking at about ₹300 crore coming in calendar year 2023,” said Satishwar Balakrishnan, Managing Director and CEO, Aegon Life.

The insurer currently has partnerships with PhonePe, Paytm and Flipkart but now wants to move into more specific service providers as it scales up its retail insurance business.

Balakrishnan said the insurer is keen on working with self employed persons, as there is a big requirement for insurance in the segment.

“My biggest customer segment, irrespective of which tier city they live in, is the self-employed category, largely the micro, small and medium enterprises. We strongly believe that there is a need and market for insurance products in this segment,” he noted, adding that the customers will however, have to be digital natives to be able to engage with the company.

The insurer currently has a credit life product in the group insurance segment and has filed for a new product in the retail insurance segment. It is hopeful of getting regulatory approval shortly.

Expansion strategy

Balakrishnan said the insurer has worked out a new expansion strategy with the decision to build a new tech stack.

“In 2019, the company decided to revisit the techstack and now we have a new techstack which is on the lines of a new, completely digital native company,” he said, adding that it has been decided that the new business would come from the new techstack though the existing customers were being serviced.

“We are now ready. The means is digital, the intelligence is data and the reach is through partnership,” he said, outlining the growth strategy, adding that the learnings from this may be replicated in other markets.

Published on

February 24, 2022