Max Life Insurance Co. Ltd (“Max Life”/ “Company”), announced that its ecommerce channels have achieved 8x growth over the last four years. Currently, the Company has over 18% of its new policies being purchased through the e-commerce channels. The contribution of aggregators and online-brokers is 65%. With the insurance industry projected to grow at 25-35% online in the next five years, Max Life is aiming to boost its e-commerce growth to 35-50%, touching the INR 1,500-crore mark by FY26.
Max Life’s market share in protection across e-commerce channels is amongst the highest with 1 in every 3 e-commerce protection sale from Max Life. The Company has invested in new partnerships to spur e-commerce growth, such as Renewbuy.com, Scriptbox, InsuranceDekho, IndWealth, Ditto, TurtleMint etc. It recently announced a strategic partnership with Phone Pe app to offer consumers protection solutions through the convenience of their smart phone.
The Company has also launched several innovative products unique to the industry, based on deep consumer insights, targeting segments such as GenZ, millenials, homemakers etc. to make financial protection more accessible across. During the pandemic the Company offered protection solutions with Premium Break Option, Special Exit Value, and claimant choice of claims payout options, allowing customers to pay only for the benefits that suit their requirements. Recently, in partnership with PolicyBazaar, the Company launched a groundbreaking protection solution for homemakers offering a term insurance cover that does not require their earning spouse to have a cover.
Prashant Tripathy, Managing Director & CEO, Max Life said, “We want to make life insurance simple and accessible. To this effect, we are being agile towards our customers’ choices and ensuring convenience in buying. We want our customers to have the final say in how and where they want to engage with us. Our promise is to deliver a seamless buying and onboarding experience that is digitally enabled for their benefit. We will continue to invest in our digital capabilities to enhance our ecommerce thrust to deliver savings as well as protection solutions to our customers.”
Over the last few years, Max Life has focused on addressing the trust deficit in the online ecosystem by making the claims process simpler, transparent, and by improving its digital underwriting processes. The Company is increasingly focusing on enhancing its DIY journeys, payments, and fulfilment processes, where consumers want to be in charge of their experience. In the next phase of its e-commerce growth strategy, Max Life is reaching out to consumers via their mobiles to make their work easier and more efficient.