The first digital B2B2C sales channel developed by Ageas Federal Life Insurance Company Ltd. (AFLIC) in partnership with technology provider eBaoTech Corporation has allowed us to reach new types of customers in the digital space… and to reach them fast: in just 10 months 300,000 lives were insured through this new channel.

While Ageas continues to invest and remain committed to physical distribution including bancassurance, brokers and agents, we recognise that increased digitisation keeps us close to the customer and creates long-term growth opportunities. Ageas’sIndian entity AFLIC developed a brand new online B2B2C sales channel, as a complement to its traditional distribution channels, to seamlessly embed insurance products and services in the customer journey leveraging mobile apps and digital tools. Clients receive personalised offers at the right time and the right place in the digital space.

Reaching scale at a high pace

Targeting retail clients, AFLIC’s initial product focused on embedding credit life coverage into the digital loan journey of its bancassurance partner, Federal Bank. Making use of eBaoTech’s insurance middle office (InsureMO®) and an API management portal, AFLIC could quickly connect with new partners to scale up this new channel. By re-using existing digital assets, the time-to-market as well as costs were considerably reduced. Today, AFLIC is embedding micro-credit life coverage into micro-loan journeys with seven new partners. The results are surpassing expectations: only 9 months after launch we reached a milestone of EUR 1M Gross Written Premium. And this amount more than doubled in the following month. A promising prospect…

Closing the protection gap through digital transformation

Digital platforms enable access to new growth markets. The new B2B2C channel allowed AFLIC to reach new customers and parts of society that are difficult to penetrate via traditional channels. To date, we have positively impacted the lives of 300,000 people in India who are now covered and insured by these premiums. And 95%+ of the inflows come from new Fintech partners: mainly microfinance institutions which are also active in rural areas. 

As AFLIC continues to grow its digital platforms business through continuous improvements in the customer journey, the know-how and assets we developed will be transferred to new partners, markets and products as part of the Impact24 strategy. And consequently, we are also helping to support our bank partners on their own digital journeys beyond branches.