Bharti AXA Life Insurance, the private life insurance joint venture between Bharti Enterprises and the world’s largest insurance company - AXA, announced its growth plan through the online distribution platform at the launch of its first online term insurance product – Bharti AXA Life iProtect plan
Announcing Bharti AXA Life’s growth strategy for the online platform, Sandeep Ghosh, said “Online is fast growing as a medium of search and purchase amongst Indians. Recent studies show that the internet penetration in India has doubled in the last 5 years and is expected to triple by 2015 to over 250 million users. E-commerce in financial services has grown over 30% year on year for the last 3 years, insurance being a significant part of it.”
Online is going to form an important part of Bharti AXA Life’s distribution strategy. Consumer preference has played a pivotal role in the company’s foray into this new channel. Talking about this newly launched distribution channel Ghosh added, “Online as a distribution channel requires a fundamentally different perspective of looking at insurance sales. Various studies indicate that affordability, convenience and access are the prime motivators for consumers to buy online insurance.
Bharti AXA Life iProtect is one of the most competitive term plans in the market today. The functionality we have built as part of the user interface will help the customer purchase the policy in a few simple steps. To add to the To add to their convenience, we have gone a step further dedicated a special customer service team- “tele-assist”, to assist our customers in the buying process. The company plans to reach out to its customer both
The company has consciously bundled its strong product proposition with a customer centric-centric service benefit. Ghosh added, “iProtect is an online term plan and we understand that the moment of truth for this category is claim settlement. In times of distress, the family of the deceased may require immediate money to meet unforeseen expenses. Our unique and industry first service guarantee – “Family Care benefit” ensures a release of Rs. 100,000 within 48 hours of claim intimation.”