Paytm partners Aegon Life to boost digital insurance in India

Seeking to increase insurance penetration, Paytm has joined hands with Aegon Life Insurance for a Corporate Agency tie-up to offer comprehensive life insurance solutions. As a part of the tie-up, Paytm will distribute Aegon Life products to its customers. Paytm and Aegon Life will continue to build their digital-first agenda. This partnership is a perfect example of synergising the respective strengths that Paytm and Aegon Life bring to the table. Aegon Life and Paytm’s complementary capabilities of being wholly data-driven digital companies and prioritising customer needs gives this partnership an added edge.

Speaking on the partnership, Amit Nayyar, President, Paytm said, “We are delighted to partner with Aegon Life Insurance as we further our journey to provide the best in market customized products with unmatched service and customer experience. We believe there are complementing synergies between our and Aegon’s work ethos and offerings and this partnership will enable us to provide needs-based life insurance solutions to our customers through a seamless journey from purchase to claim. The insurance plan from Aegon Life will be completely integrated into the Paytm platform, which customers are already familiar and trust us with across multiple products and services.”

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Vineet Arora, MD &CEO, Aegon Life Insurance said, “We are glad to have tied up with Paytm and see tremendous potential for growth with this partnership. We are focused on bringing easily- configurable-rapid-deployable products, tailor-made for the users of this platform. This tie-up will help us fortify our digital-first business strategy,” adding, "With more and more Indians using their smartphones to make purchases, providing BFSI services through a digital platform like Paytm has a huge scope. Also, since the process is entirely digital, the on-boarding of the customer happens within few minutes with immediate issuance of the policy document. With this partnership, we expect to expand the reach for term insurance solutions and avoid procrastination to become an excuse for not securing yourself and your loved ones."  

Currently, both teams are working jointly to launch a seamless buying journey for the consumer. The core focus will be to make it simple and easy for the customer to understand the product and get insured.