Page 84 - Life Insurance Today July - December 2020

2020 (down 24% y-o-y in September Insurance Company Ltd deputy CEO support from Max Life to transform
2020). It continues to report lower- Rushabh Gandhi. "By leveraging Gen- business processes through technol-
than-industry growth owing to pres- esis BCW's expertise and long-standing ogy. Max Life plans to select startups
sure on ULIPs and likely slowdown at experience, we aim to enhance to co-develop solutions in the areas of
ICICI Bank. Individual sum assured was IndiaFirst Life's brand visibility and con- artificial intelligence/machine
down 3% y-o-y reflecting moderation nect among all our stakeholders. We learning, smart underwriting,
in protection product. While ULIPs are confident this partnership will help blockchain, health & wellness,
have likely picked up sequentially, it us communicate our purpose as a intelligent data acquisition &
remains weak on a y-o-y basis. brand and build on our vision of secur- advanced data analytics.
ing lives and creating value."
SBI Life's individual APE was up 14% y-
o-y in October 2020 (decline of 4-14% "This is an exciting opportunity for us Saral set to heat up term
y-o-y over July-August 2020). Overall to support one of the youngest and insurance mkt
APE was up 13% y-o-y. Individual sum fastest growing life insurance compa- The term protection market in the life
assured was up 10% y-o-y while group nies in the country in its communica- insurance industry is set to heat up
sum assured was up 45% y-o-y; credit tions journey," said Genesis BCW CEO with insurers readying to launch Saral
life has likely held on well. Deepshikha Dharmaraj. "We are living — a standard term policy that has
in a world of heightened ambiguity,
Max Life' individual APE was up 49% been designed by the regulator, where
and IndiaFirst Life aims to give their
y-o-y while individual sum assured was insurers are expected to compete on
up 25% y-o-y. Traction in the non-par customers assurance in these price.
savings business continued to support challenging times. We look forward to In October, the Insurance Regulatory
growth in Q2FY21. Max Life has fared spreading their message of #LifeIs Full and Development Authority of India
better than most peers during the Of Certainties and help them build (Irdai) directed all life insurers to start
pandemic. Group APE was up 35% y- strong relationships with their stake- selling from January 1, 2021 the Saral
o-y while group sum assured increased holders based on trust and values." Jeevan Bima — a cover with standard
1.1X y-o-y; credit life has likely revived. wording for sum insured ranging from
Max Life Insurance launches Rs 5 lakh to Rs 25 lakh. Although in-
Genesis BCW wins na- second edition of its surers have been wary of selling lower

tional PR mandate for insurtech accelerator pro- value term covers, the rise in demand
for term cover during the pandemic
IndiaFirst Life Insurance gram has shifted focus to protection.
Genesis BCW has been appointed as After a successful first edition of Max According to ICICI Prudential Life In-
agency on record for IndiaFirst Life Life Innovation Labs in 2019, Max Life surance MD & CEO N S Kannan, there
Insurance Company Ltd (IndiaFirst Insurance Company Ltd. announced has been a 70% increase in online
Life), following a multi-agency pitch. the launch of the second edition of its search for ‘term insurance’ during the
Genesis BCW will strengthen IndiaFirst flagship insurtech accelerator pro- pandemic. “Retail sum insured has
Life's core brand value of being a trusted gram. With the launch of the second gone up by 5-6% during this period.
business leader in the life insurance and edition of Max Life Innovation Labs, Sum insured is growing ahead of GDP,
pensions sector, leveraging through an the life insurer is inviting technology which is good news for industry,” said
integrated communications approach startups to build smart fintech and Kannan. At the same time, claims have
combining strategic counselling and insurtech solutions for specific business been less than what was expected
communication, media advocacy, crisis challenges. during the pandemic. “We had created
preparedness and driving thought lead- Conceptualised in partnership with In- an additional reserve, which did not
ership in the banking, financial services vest India - the national investment get used up. This is a bit sad as it is an
and insurance (BFSI) space. promotion & facilitation agency of In- indication that insurance penetration
"We are delighted to announce Gen- dia, which will host the programme on is low,” he said.
esis BCW as our communications part- the Startup India Hub, the program Besides ICICI Prudential, Life Insurance
ner as we take our #CustomerFirst will provide startups the opportunity to Corporation and other private compa-
philosophy ahead," said IndiaFirst Life access knowledge, infrastructure, and nies are working on the product. R

84 July - December 2020 Life Insurance Today