From Paperwork to Pixels: How Life Insurance Industry is Meeting New India’s Expectations

For years, Ramesh, a kirana shopkeeper in Murshidabad, West Bengal, never considered buying life insurance. It wasn’t that he didn’t see its value; he understood all too well the importance of securing his family’s future. But the process always seemed daunting — piles of paperwork, endless forms, and long waits that he simply didn’t have time for. Running his shop demanded his full attention, leaving little room for navigating the complexities of insurance. 

Fast forward to today, and his daughter, Meera, a young choreographer living in Kolkata, has just secured a comprehensive life insurance policy for herself and is contemplating getting a retirement plan for her father. Meera didn’t have to sift through paperwork or visit multiple offices; it all happened with a few taps on her smartphone. She could research, compare, and purchase a policy that suited her needs—all from the comfort of her home.

The contrast between Ramesh’s experience and his daughter’s illustrates how far the insurance industry has come to meet modern customers' evolving expectations. 

The Evolution of Customer Needs 

The insurance landscape has undergone a dramatic transformation in recent years. Gone are the days when customers had to navigate through complex processes to secure basic insurance coverage. Today’s consumers, like Meera, expect more than just a policy—they seek convenience, flexibility, and a seamless digital experience that fits into their fast-paced lives. 

In the past, the insurance process was often seen as cumbersome, with potential policyholders like Ramesh feeling overwhelmed by the paperwork and red tape. This led to a significant portion of the population being underserved, especially in smaller towns and rural areas. However, as India continues to grow, so do the aspirations of its people. There is now a greater demand for insurance products that are accessible, transparent, and tailored to individual needs. 

Modern customers expect insurers to not only provide coverage but to offer personalised solutions that align with their life stages and goals. They want the freedom to adjust their policies as their circumstances change, whether it’s starting a new business, getting married, or planning for retirement. Moreover, they demand that this flexibility comes with minimal hassle, ideally through digital platforms that provide instant access to information and services. 

How We Evolved to Meet Growing Customer Expectations 

At Bandhan Life, we recognise these changing dynamics and have made it our mission to evolve in step with our customers. Understanding that today’s consumers’ needs differ vastly from those of previous generations, we have revamped our approach to ensure that our customers and their expectations are the centre of our universe. 

Tailormade for Customers: We’ve introduced a range of flexible, customisable life insurance plans that can be moulded to the unique needs of our customers across India. Understanding the applicant's profile, lifestyle, and financial needs is crucial for us to determine the right type and amount of coverage at an optimal price. Our ‘Data Enrichment Engine’ digs data from various sources—like social media, device and location data, website behaviour, etc.—to enrich customer profiles and provide products that are a perfect fit. And then our ‘Pricing Engine’ uses the data to offer the right price… all in a matter of a few seconds. 

Ease of Buying: We have undergone digital transformation to simplify the process with minimal paperwork. This digital-first approach has been particularly impactful in reaching a new India that is tech-savvy and raring to go. Like Meera, they value convenience and efficiency. 

Making Insurance Accessible: Besides our own platform, Bandhan Life policies are available on various platforms that will help life insurance penetrate deep into the heart of this new and emerging India. 

Expanding Our Reach Through New Partnerships 

As we continue to adapt to our customers’ evolving needs, we are also focused on expanding our reach through strategic partnerships. Recognising the importance of making insurance accessible to more people, we have transformed into a multi-channel, multi-product entity. 

From insurtechs, edtechs, and health techs to e-commerce platforms and travel portals, we are partnering with multiple distribution channels to make sure we reach our customer base. Now, with our recently launched bancassurance channel, we are looking to partner with banks across the country, giving wings to as many dreams as possible. 

This new channel is a crucial part of our strategy to bring insurance to underserved markets and to make it as easy as possible for customers to integrate insurance into their financial planning. Through bancassurance, we’re able to offer our life insurance solutions to a wider audience, ensuring that more people, like Ramesh, can secure their family’s future without the barriers that once stood in their way. 

Partnering for the Future

At Bandhan Life, our commitment to innovation and customer-centricity drives everything we do. As our customers' expectations continue to evolve, we are dedicated to providing the tools, support, and products that our distribution partners need to thrive in this dynamic market. 

We invite you to join us in this journey of growth and transformation. Together, we can ensure that every individual, whether a kirana shopkeeper or a city-based self-employed professional, has access to the insurance solutions they need to protect their dreams and ambitions.  

Interested in partnering with us? Read more about it!