Bharti AXA Life Insurance has just introduced a new plan online, setting up shop in the fastest growing consumer space.
The way e-commerce is developing – especially here in India – makes this an interesting move. At its product launch, the private insurer quoted recent studies on Indian developments, claiming that by 2015 this country will be home to more than 250 million internet users.
More specifically, the company quoted figures showing that, over the past three years, online financial services have increased 30% year on year.
When we also consider regulatory changes, which have recently pushed India’s insurers to reduce their distribution costs, online distribution makes a lot of sense.
So, what does the Bharti AXA Life plan look like?
It’s called iProtect, and it’s being promoted in line with all the things modern customers want – easy access, convenience and affordability. With a straightforward user interface, this plan is about organizing insurance needs with ‘just a click of a button’.
It wasn’t so long ago that financial providers seemed certain that insurance should only be sold face-to-face. However, as consumers grow increasingly comfortable with online purchases, it does look like, ultimately, not exploring digital options would be a mistake.
In many ways, insurers are still working out the best way to offer their products on a virtual platform, but Bharti AXA Life has differentiated itself with a few nice standouts.
One of these is a service guarantee called the Family Care Benefit.
With iProtect, if the family of the deceased need to make an immediate claim, it’s possible to access Rs 100,000 within 48 hours of intimation.
It will be interesting to see how online insurance plans grow in India, how they are innovated, and the ways they’re promoted. How will providers differentiate themselves once the desire for convenience has been met?
The way e-commerce is developing – especially here in India – makes this an interesting move. At its product launch, the private insurer quoted recent studies on Indian developments, claiming that by 2015 this country will be home to more than 250 million internet users.
More specifically, the company quoted figures showing that, over the past three years, online financial services have increased 30% year on year.
When we also consider regulatory changes, which have recently pushed India’s insurers to reduce their distribution costs, online distribution makes a lot of sense.
So, what does the Bharti AXA Life plan look like?
It’s called iProtect, and it’s being promoted in line with all the things modern customers want – easy access, convenience and affordability. With a straightforward user interface, this plan is about organizing insurance needs with ‘just a click of a button’.
It wasn’t so long ago that financial providers seemed certain that insurance should only be sold face-to-face. However, as consumers grow increasingly comfortable with online purchases, it does look like, ultimately, not exploring digital options would be a mistake.
In many ways, insurers are still working out the best way to offer their products on a virtual platform, but Bharti AXA Life has differentiated itself with a few nice standouts.
One of these is a service guarantee called the Family Care Benefit.
With iProtect, if the family of the deceased need to make an immediate claim, it’s possible to access Rs 100,000 within 48 hours of intimation.
It will be interesting to see how online insurance plans grow in India, how they are innovated, and the ways they’re promoted. How will providers differentiate themselves once the desire for convenience has been met?
No comments:
Post a Comment