Max Life Insurance is hoping to gain market share through its online sales channels, which has seen good growth since the current pandemic.
“We have been seeing huge call out in e-commerce channel,” said V Viswanand, Deputy Managing Director, Max Life.
Noting that there has been a big pull for protection products since the pandemic, Viswanand said this led to a spurt in online sales. For the insurance industry as a whole, digital channels have come into the spotlight since the pandemic and social distancing.
Max Life Insurance has seen a compounded growth of 42 per cent in online sales in the last five years.
In the online sector, about 60 per cent of the business comes from web aggregators and direct channel or its own website brings in 40 per cent of sales.
“Digital is our choice of preference as at the core of our strategy is the customer. In digital channels, there is less friction, things (can be done) at the click of a button and there is personalisation for the customer,” said Viswanand, adding that it also generates instantaneous feedback.
The insurer has been investing in online channels and a lot of new customer acquisition has been through digital means.
“We started seeing demand for do-it-yourself tools and calculators, especially from millennials. So we refurbished all our tools,” Viswanand noted. However, bancassurance continues to be the major contributor to sales.