Aegon Life remains bullish on digital channel

Aegon Life, formerly Aegon Religare Life, today said digital channel for the company will continue to be a vital means of distribution for the company.
"Digital channel is important for Aegon and its importance will grow in days to come. Even today one-third of our customers use digital mode to buy insurance," Aegon chief distribution officer Amit Kumar Roy said.
He said Aegon, in a new avatar after Bennett, Coleman & Company has joined, is focussing on a strategy to become a more customer centric insurance company and introduce more in simplicity for its potential and existing policyholders.
This apart the company will focus on select regions, Roy said.

He said despite taking some hits in business growth the company has discontinued on tele-marketing to prevent misuse, mis-selling and complaints.
Aegon, Roy said, was aiming for 8-10 per cent growth during the current fiscal. In 2014-15 new premium income was at Rs 450 crore.
Speaking about the industry, Roy said insurance sector will gradually shift towards protection business as companies will gradually come under pressure on management expenses.
"Term policies have received good acceptance in recent years but it is still below five per cent against 50 per cent of total business in matured markets. To my guess by 2020 it will jump to 30 per cent," Roy added.