Aegon Life explores fintech and e-commerce platforms to sell policies

Aegon Life Insurance Company, a joint venture between global insurer Aegon and Bennett Coleman & Company (India), is exploring options to sell policies via fintech and e-commerce platforms.

Martijn de Jong, Chief Digital Officer, Aegon Life Insurance, said, "Digital channel is to become the primary channel for the insurers to expand customer base."

He said, "We talk to the entire ecosystem (fintech and e- commerce), we explore every possible option. With fintech start-ups, we are exploring opportunities (for selling policies). Start-ups can help us in certain set up of technology. We can also use then as distribution platform."

Asked if the company is also exploring opportunities to have any tie-up with established e-commerce players like Flipkart or Amazon, Jong said, "They could be potential as well."

However, he said any kind of tie-up with big e-commerce players may take time up to one year or more as it would require regulatory approval.

Jong added, "There are lots of plans in the making but yes you need to go for the regulatory approval process and that always takes little bit of time. I think in 12 months there will be quite a lot of activity, not only from us but the industry as a whole."

He said, “The company's model is of 'direct-to-consumer' and identification of right consumer at the right time and right kind of product is the key to further business growth.”