Aegon Life Scripts a New Chapter in India’s Financial Story

In an era where digital transformation is redefining industries, Bandhan Life is leading the charge in the insurance sector. Our mission? To make financial security a reality for every Indian household. How are we doing this? We're writing an exciting new chapter in India’s financial story by marrying technological innovation with strategic partnerships.    

Unveiling the Potential of Emerging India

Three years ago, a digital revolution was quietly taking root in India. Fuelled by soaring internet penetration rates, the rise of Unified Payments Interface (UPI) systems, and COVID-induced lockdowns, an unprecedented 100 million individuals across 22 million households were experiencing the digital world like never before. Welcome to 'Emerging India'—a dynamic new demographic eager for growth and in search of robust financial safety nets. As these communities grew more digitally savvy, they remained a largely untapped market for traditional insurance providers.

Deep dive into Emerging India in this insightful blog by our Chief Strategy Officer, Srinidhi Shama Rao.

Filling the Gap with Innovation

Our digital transformation journey at Bandhan Life centers around understanding the unique financial challenges faced by Emerging India, which predominantly includes self-employed individuals and those hailing from low-income brackets. This led us to develop products that specifically cater to this demographic. We took the complexities of traditional insurance—be it baffling products, tedious purchase processes, or endless documentation—and shattered those barriers through technology-driven simplicity.

We have harnessed rapid API integrations for digital underwriting to swiftly verify customer eligibility using PAN, Aadhar, or driver’s licenses. In an even more exciting turn, income verification is now a breeze through Account Aggregators—a secure service that gathers your financial data from multiple sources after obtaining your consent. This eliminates the need for heaps of paperwork, reducing approval times dramatically. This revolutionary process contributed to an impressive 2X growth in our self-employed customer base and a 7X surge in low-income policyholders in just one year.

Our commitment to simplifying the process even led us to introduce income verification through PAN. This innovative approach gives us access to an applicant's income tax returns, further streamlining the approval process.

As for medical verification, advanced facial analytics and computer vision have been working wonders for us. We introduced video medicals, where a quick 15-second selfie video can analyse a person’s resting heartbeat, breathing rate, and biological age.

That’s 21^st century digital underwriting  for you! Read more about it from our underwriting and analytics experts.

Strength in Partnerships

Our crusade to achieve comprehensive financial security for India is gaining traction. Our next milestone? Forming synergetic B2B partnerships to create a self-sustaining ecosystem of cross-industry growth. When insurtechs, edutechs, fintechs, and healthtechs come together under the umbrella of life insurance, the dream of a financially secure India suddenly looks attainable.

Why Partner with Bandhan Life?

Plug and Play Tech Stack: Our robust set of APIs can integrate seamlessly with any platform. So, if any partner wants to sell our policies on their platform, they can do it easily.  Whether they wish to complete the entire customer journey on their platform or redirect customers to the Bandhan Life platform, our technical stack supports all models.  

Quick Time-to-Market:  We are agile and ensure that insurance is brought to you at the speed of life (if not the speed of light). Our partners ' go-to-market strategy becomes incredibly swift and scalable with the testing and implementation phase lasting just 10 to 15 days.

Operational Efficiency: Through digital underwriting, we have simplified buying journeys. This streamlining has made buying journeys effortless for our customers and has helped our partners reduce operational costs.

Innovative Edge: When you partner with Bandhan Life, you align with a brand known for out-of-the-box thinking and a solid track record in tech innovation.

Our vision for financial security extends beyond mere insurance coverage; it's about creating a robust financial safety net for the whole country. By joining hands with players across multiple sectors, we're expanding our reach and deepening our impact.

Let's join forces to weave this safety net far and wide, transforming lives one policy at a time. Welcome to the next chapter of the Bandhan Life story. Join us in transforming the financial landscape of India. Contact us today to explore partnership opportunities; write to devichand.lunawat@aegonlife.com.