Life Insurance Product Offerings in Digital Space in India

Abstract

The project is about Opportunities for life insurance products in digital space. The objective is to identify new age digital distributors of life insurance, the products offered and marketing strategy adopted by them; and suggesting product features to tap the opportunities lying on digital platform. Insurance company websites, mobile application providing financial services, web aggregators, online first insurance companies and e commerce platforms are new age digital distributors of insurance policy. The report presents analysis of key players in each of the distribution channels. SBI Life Insurance Company has bank assurance as its dominant channel. With the current trend of digitization and innovation in insurance industry, it is required to manage digital distribution channel effectively. The life insurance products are categorized under term life insurance (pure protection plan), endowment plan (saving plan), ULIP (linked with market) plans and participating plans (profit is shared with policy holders). Web aggregators and company websites are predominant distributors and have very significant growth rate in last 5 years. The booming insurtech market has made easy to provide sachet size insurance products such as dengue care, insurance against loss of cell phone, pet animal, flight delay, loss of baggage etc. The marketing campaigns by insurance companies has also changed. The use of big data, internet of things and other insurtech platforms provide opportunity to customize and personalize the product as well as marketing. Based on the features provided on each platform, SBI Life insurance company can differentiate itself from other competitors. The report below presents such product improvement suggestions based on analysis carried out on the online platforms.