Aegon Life, a joint venture between global insurer Aegon and Bennett Coleman & Co of India, is diminishing the role the agency and Bancassurance channels to focus exclusively on digital. Aegon Life has also hired several senior management team members from established internet platforms such as eBay, ShopClues and Mu Sigma to bolster its efforts in this regard.
Aiming to become a pioneer of e-distribution in the fledgling Indian insurance market, Aegon Life is continually scouting for fintech and e-commerce platforms that it can partner with to become a primary channel to sell policies and expand its customer base.
Martijn de Jong, Aegon’s chief digital officer said: “We talk to the entire ecosystem of fintech and e-commerce. We explore every possible option. Startups can help us in certain set up of technology. We can also use them as distribution platforms.”
Ultimately, with more than one-third of its business originating from e-sales in 2016, Aegon Life’s recent moves clearly indicate that it is transforming not just its distribution channels, but also its culture and brand identity, which will resonate with millennials.