Max Life Insurance Company Ltd (Max Life), a private life insurer, which will double down on growing its online channel, aspires to become the market leader in digital sales and customer acquisitions, said its MD & CEO Prashant Tripathy.
“We are making investments here (online channel). Our vision communicated to the Board is we want to be the No 1 digital player in terms of both sales and customer acquisitions,” Tripathy told businessline.
To accelerate one’s digital journey, there are several things that a company must accomplish, otherwise the enterprise has no right to survive in digital space, he added.
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“People must know your brand. People must know your track record on claim settlement is good. People must experience everything digitally and service standards must be in order.
“Website experience has to be superior. You need to have products that are attractively priced. You should attract digitally enabled younger people to your websites,” said Tripathy.
Tripathy said the company has plans for each of these objectives. “We are making investments on our platforms, products. There is a well thought through plan on technology, brand, ecosystem and customer service. Our digital team is a company within company. It is a business of speed.
If they have to win, they have to operate like an e-commerce company. We are also focussed on finding ecosystem partners in the digital space,” he said.
Currently, one out of every four new customers of Max Life comes through online channel, which is growing at 50 per cent year-on-year.
“Of the 25 per cent, only 9-10 per cent come directly on our website. Others go directly to our ecosystem players and buy from there,” said Tripathy.
IPQ 6.0 findings
Releasing the findings of the sixth edition of its flagship survey, the India Protection Quotient Survey (IPQ), Tripathy said insurance awareness and adoption have surged among urban Indians.
Reflecting a remarkable shift in the financial consciousness of urban India, three out of four urban Indians now own life insurance products, he said.
Tapping 4,700 respondents across 25 Indian cities, this survey, conducted in partnership with KANTAR, a leading marketing data and analytics company, uncovers urban India’s pulse on financial protection.
The Protection Index is at an all-time high of 45 in IPQ 6.0, up from 43 in IPQ 5.0, reflecting a positive trajectory in the nation’s evolving protection awareness and adoption. This is reflected in the Knowledge Index increasingfrom 57 (IPQ 5.0) to 61 (IPQ 6.0) and life insurance ownership levels moving from 73 (IPQ 5.0) to 75 (IPQ 6.0).
Over a five-year period, the India Protection Quotient has witnessed an impressive 10-point increase, from 35 in IPQ 1.0 to 45 in IPQ 6.0, which reiterates urban India’s constant journey towards building financial resilience.
South, West India excel
In line with previous findings, South India retained its position as the most financially protected zone with a Protection Quotient of 49 points. This was followed by West India, which showcased a marked improvement in financial preparedness from 42 points in IPQ 5.0 to 46 points in IPQ 6.0. North and East zones lagged in financial protection at 41 and 40 points in this edition, respectively.
Despite a modest increase from 63 per cent in IPQ 5.0 to 65 per cent in IPQ 6.0, urban Indians’ financial security levels have yet to fully recover to pre-pandemic levels. Corresponding with last year’s observations, metro cities are approaching the 50-point milestone this year, boasting a Protection Quotient of 49 points. In contrast, life insurance ownership and adoption in Tier II cities remain stagnant, with IPQ lagging at 36 points.