Remit2India joins hands with HDFC Life
Remit2India, the flagship brand of global digital payments specialist TimesofMoney, has recently entered into a partnership with HDFC Life to create awareness about insurance and offer life insurance products to its customers.
This is the first time in India that a remittance/money transfer company is partnering with a life insurance provider to offer such services. The partnership is expected to offer Remit2India’s million-strong customer database greater access to quality information regarding insurance products and services.
With the digital insurance segment set to grow exponentially in India, supported by broadening of the digital influence through increasing mobile internet penetration and the expanding reach of the digital world across age bands, HDFC Life is poised to leverage its new partner’s robust digital customer base, on its journey to establishing its online leadership position as the preferred provider of long term insurance solutions.
Speaking on the occasion, Sanjay Tripathy, Senior EVP – Marketing, Products, Digital & Ecommerce, HDFC Life said, “The online insurance market is poised to see substantial growth in the coming years. So, we thought this would be the right time to forge such a partnership, to respond adequately to new-age consumer needs.”
Avijit Nanda, CEO, Remit2India added, “We welcome this partnership and are excited to have the products of HDFC Life Insurance made available for Remit2India customers. With more and more people buying insurance online, such robust associations are of greatbenefit to consumers who can compare and buy the right insurance policy for themselves and this is also well-aligned to our customer-centric focus.”
According to a study conducted by Google and the Boston Consulting Group, the overall life insurance new annualized business is expected to grow by 2 to 2.5 times by 2020 i.e.Rs 1.25 lakh to 1.5 lakh crore, while life insurance renewals are expected to grow to Rs 5.5 lakh to7 lakh crore by 2020.
A large chunk of this business is going to come through the online segment. This can be attributed to the fact that the number of internet users is expected to grow from 2.7 billion in 2013 to 3.3 billion by 2017 worldwide with the help of an improved internet infrastructure. Online search query index for life insurance has also witnessed a 136% growth.