Bandhan Life envisions becoming a leader in financial inclusion, digital innovation, and customer-centric insurance solutions. Our journey is already marked by significant milestones that reflect our commitment to making life insurance more accessible, efficient, and future-ready shared Indranil Dutta, Chief Business Officer-Bancassurance, Bandhan Life Insurance in an exclusive interaction with Kaanchi Chawla of Elets News Network (ENN). Edited excerpts:
What role do you foresee for digital banking in transforming the banca-insurance ecosystem by 2047?
By 2047, digital banking will be the backbone of the banca-insurance ecosystem, ensuring seamless integration between banking and insurance services. Bandhan Life has already taken steps in this direction by leveraging AI-driven solutions for paperless onboarding, risk management, and customer engagement.
Judging by the current tech trends, the future will see further advancements such as highly personalised insurance products tailored to individual financial behaviour, life goals, and risk profiles with AI and Big Data.
Using real-time data, bancassurance will move beyond the traditional channels with embedded insurance, which means that digital banking apps will make insurance a natural part of a customer’s financial journey, without any paperwork or waiting.
Besides this, blockchain technology will ensure that insurance transactions and contracts are secure and fraud-proof.
What are the biggest barriers to life insurance penetration in underserved areas, and how do you plan to overcome them?
The biggest barriers to life insurance penetration in underserved areas include lack of awareness, affordability concerns, and complex documentation processes. Bandhan Life, in partnership with Bandhan Bank, is addressing these challenges through its extensive branch network offering need-based, simple, and affordable insurance products. By leveraging Bandhan Bank’s strong presence in these regions and training its staff to educate customers, we are ensuring that financial security reaches those who need it most. Additionally, our zero-documentation, zero-hassle digital onboarding process removes traditional barriers, making it easier for rural customers to obtain insurance.
We have also simplified complex processes for underserved segments so that they can access life insurance easily. We have developed a model that uses data to assess risks for self-employed individuals. Data and digital technologies have provided us with a platform for scalability.
Do you foresee a shift like life insurance products to align with consumer demands for customisation, sustainability, or hybrid financial solutions?
Yes, the future of life insurance lies in customisation, sustainability, and hybrid financial solutions. Bandhan Life is already introducing flexible products like iGuarantee Vishwas (with guaranteed returns), iInvest II (a unit-linked plan with market-linked returns), and income plans like Shubh Samridhi and Guaranteed Income Plan, catering to diverse customer needs. Going forward, we expect to see an increasing demand for hybrid solutions that integrate life insurance with savings, wealth creation and health benefits.
As collaboration becomes key to growth, how is Bandhan Life approaching partnerships within and outside the financial services ecosystem?
Strategic collaborations will be our key to drive growth and innovation. Our bancassurance partnership with Bandhan Bank is a testament to this approach, allowing us to expand our reach through a trusted financial institution. Apart from Bandhan Bank, we do have other partnerships, and we will continue to collaborate with new partners to create newer avenues to reach out to customers. For us, coherent partnerships will be one of our key priorities.
How do you see the role of human advisors evolving alongside digital channels in the next 25 years?
While digital channels will continue to drive convenience and efficiency, human advisors will remain essential in building trust and providing personalised financial advice. Bandhan Life recognises that insurance is a relationship-driven business. Personal interaction, here, is the key to decision-making. In the future, we foresee a hybrid model emerging, where AI-powered insights support advisors in offering precise recommendations while ensuring that the human touch remains integral. Advanced analytics and digital engagement tools will empower advisors to serve customers more effectively, bridging the gap between technology and trust.
What milestones do Bandhan Life aim to achieve by 2047 in its journey to becoming future-ready?
By 2047, Bandhan Life envisions becoming a leader in financial inclusion, digital innovation, and customer-centric insurance solutions. Our journey is already marked by significant milestones that reflect our commitment to making life insurance more accessible, efficient, and future-ready:
- Seamless Buying Experiences: We’ve harnessed the power of AI to deliver smooth, hassle-free insurance journeys. By responsibly accessing third-party data (with customer consent), such as the account aggregator framework, we can better assess affluence and streamline the buying process. Data is the fuel driving our AI engines toward a more personalised customer experience.
- Reaching New Horizons: Traditionally, life insurance has focused on salaried individuals. However data-driven insights have helped us tap into the self-employed segment, allowing us to assess risks more accurately.
- Leveraging Bandhan Bank’s Network: Our partnership with Bandhan Bank has been instrumental in our growth. Starting with 600 branches in the eastern region, we now serve customers through 1,700 branches across India. This expanding footprint brings us closer to realizing India’s vision of ‘Insurance for All by 2047’.
- Innovative, Products: We’ve developed life insurance products across categories that not only provide financial security but also help people save and grow wealth.
These milestones underscore our dedication to safeguarding dreams and ambitions, ensuring financial security for generations to come.
That said, we remain committed to emphasizing the urgency of securing life insurance today. Educating people on how it protects their future is crucial, especially in today’s fast-changing world. As part of our consumer awareness efforts, a key focus will be on improving customer education and financial literacy.
Elets The Banking and Finance Post Magazine has carved out a niche for itself in the crowded market with exclusive & unique content. Get in-depth insights on trend-setting innovations & transformation in the BFSI sector. Best offers for Print + Digital issues! Subscribe here➔ www.eletsonline.com/subscription/
