Page 18 - Insurance Times July 2021

anything from groceries to fashion and insured more than 2.5 million Aviva India launches Aviva
apparel and medicines. The model was customers across 650 cities and towns.
first perfected by China's Ant Group "We believe the next 5 years will be a Life Shield Premium
and has since been emulated by phase of exponential growth for the Aviva Life Insurance, announced the
Amazon, Walmart-owned Flipkart and company, reaching 25 million launch of Aviva Life Shield Premium, a
Paytm in India. customers through over 2,00,000 POSP Non-Linked Non-Participating
Individual Pure Risk Life Insurance Plan.
advisors in India and beyond.
RenewBuy raises $45 "I believe that Apis Partners, with its It is a comprehensive term life
insurance plan, can be personalized as
million led by Apis significant global expertise in per the needs of every individual and
InsurTech, is the right partner to help his/her family to ensure that one enjoys
Partners realise this target," Sekhar noted. the protection of a term life cover on
Insurtech company RenewBuy said it their own terms. The product has been
has raised USD 45 million (about Rs. Kotak Life Insurance arm designed to enable customers to
320 crore) in a Series C funding round choose and customize options around
to scale up technology, add more estimates Rs. 275 crore the sum assured, premium payment
products and expand the digital loss in June quarter term and frequency, claim payout
network. The funding round led by Apis Kotak Mahindra Bank announced that methods, among others.
Growth Fund II, a private equity fund its life insurance arm is expected to Vinit Kapahi, Head, Marketing
managed by Apis Partners LLP - a UK- incur a loss of up to Rs. 275 crore for Function, Aviva Life Insurance says "We
based asset manager that supports the quarter ended June 2021. The understand customer demands and our
growth-stage financial services and company said, the number of claims teams have been working to launch
financial technology businesses, it said have increased due to high fatalities new and more relevant products to
in a release. during the second wave of COVID-19 ensure that our customers' future is
pandemic.
RenewBuy's existing investors, Lok secured. Aviva Life Shield Premium
Capital and IIFL Wealth also The company said in its regularity plan can be personalized as per
participated in the funding round. filing, "The second wave of the financial needs. This product will cater
pandemic led to an unprecedented to the increasing demand for Term Life
RenewBuy group, through its
increase in fatalities in the country and Insurance but will also ensure that
subsidiary D2C Insurance Broking
consequently death claimed being more customers choose to enjoy the
Private Limited, enables retail
reported to the company from May benefits of insurance by insuring
customers to buy motor, health and
2021." Kotak Mahindra Life Insurance themselves."
life insurance products with a unique
Company said in a regulatory filing.
end-to-end digital experience. Aviva Life Shield Premium comes with
"Forgoing extraordinary development a policy term of up to 62 years and
"We are taking insurance to the
and its potential impact was discussed provides customers with an optional
remotest part of the country to those
at the meeting of our board on June payment term of a regular, limited and
who have been traditionally under- 16. " single premium payment term. It also
served.
In view of these Covid-related offers Annual, semi-annual or monthly
"Whilst consumers can buy directly, development we estimate claims for Premium payment frequency.
experience has shown that they always quarter ending June 21, will be The company claims that this product
prefer to deal with trained advisors significantly higher than expected. allows customers to balance their
who can explain the product and its
"Due to increased claims and higher financial portfolio with multiple payout
terms and conditions and provide
mortality related provisioning arising methods ranging from lump sum,
assistance on future claims," said on account of the second wave, the income and 50:50. Along with that
Balachander Sekhar, CEO, RenewBuy
company expects to incur a loss for the customers get additional protection
group.
quarter ended June 2021 in the against Accidental Death and
RenewBuy said it has about 50,000 estimated range of Rs. 225-275 crore Permanent Total Disability due to an
point-of-sale person (POSP) advisors on shareholder's account," it added accident. T

18 The Insurance Times, July 2021