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Aegon Life Insurance Co Ltd is hopeful of achieving financial breakeven by 2018, according to Amit Kumar Roy, Chief Distribution Officer.
“We are on course to achieve breakeven by 2018 and become hugely profitable by 2020,” he told BusinessLine here. Netherlands-based Aegon had late last year hiked its shareholding in the life insurer from 26 per cent to 49 per cent.
Roy also said that Aegon Life is in talks with several banks for possible bancassurance tie-ups. Following recent regulatory changes, a bank can have distribution tie-ups with three insurers in the life, general and health segments. “The regulatory change has opened the window of bancassurance tie-ups for players like us,” said.
Roy also said Aegon Life — which recently discontinued its direct selling model via phone calls — has no plans to restore this channel, since it led to customer grievances and doubts of mis-selling.
Aegon Life is betting big on its digital offerings. Already, its online channel accounts for more than one–third of new customers.
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