Pune, January 24, 2019: AEGON Life Insurance, pioneer of digital life insurance in India, recently launched its new digital-only insurance product ‘POS GRIP’ – a guaranteed return insurance plan. Mr. Rajeev Chugh, Chief Financial Officer, Aegon Life, while addressing the media, highlighted the company’s focus on Pune Market, company’s outlook of 2019 and growth trajectory as a key protection player in the insurance sector.
“It has been observed that 77% of our customers fall in the age group of 25 – 45, people have started planning from an early age, this is higher than a lot another metro city in India. A large part of Pune city consists of millennials, who are rapidly adopting the online buying culture. As per our data, more than 41% sales is via the digital channel. 9 out of 10 policies bought online are Term insurance. Almost 68% of our customer has opted for term plans. There is also tremendous growth in women taking protection plans, out of the total policies sold in Pune 30% is bought by them.”
He further added, “Pune is an important market for us and we are focused on creating a value proposition for our customers. In this age of digitization, the customer is continuously evolving, we have seen trends such as needs taking the forefront in this city. To suit their demands coming up with prerequisites products is our prime motto.”
With protection as a front, Aegon Life’s sum assured has grown by 30%. Over 60% policies are sold online, persistency rate on term products is over 95% and claim settlement ratio is 95.67%. According to a recent report published by IRDA in September 2018, Aegon Life ranked #1 in average New Business Sum Assured per policy in the individual regular (non-single) premium category. This ranking included all the players, even LIC.
In an industry where trust plays a major role; AEGON Life Insurance is taking every effort to spread awareness and help its customers to keep their nominees informed with various digital initiatives: ‘iCare’ an e-Book that helps one to record all his/her financial, personal and emergency contact details at one place and iWill which enables the policyholder to create his/her own Will using a simple & editable e-Book with legal Will format, at no cost. Recently, it also launched ‘I Owe YOU’ – an e-card to enrich the customer experience. The editable e-card contains information on customer’s policy – plan name, sum assured, rider name and rider sum assured (if any) along with the helpline number.
The relationship between AEGON Life and Pune comes a long way. The insurer started its operations in the year 2008 since then, it has expanded its footprint in Pune enabling customers to financially protect their family’s future. As of December 2018 AEGON Life services customers from more than 300 cities and towns across India. This is backed by a very strong digital presence that allows the company to establish a direct to customer dialogue. AEGON life is the pioneer in online term plans and 60% of their protection plans are online.
AEGON Life insurance recently launched the second leg of their campaign ‘AEGON, toh Tension Gone’ through a TVC and signed Vicky Kaushal as their Brand ambassador. Through this, AEGON Life is urging customers to stop procrastinating the decision to buy a term plan.
TVC Link: https://youtu.be/dKHlyLcBwlM
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