MUMBAI: In a bid to widen the time period insurance coverage market, Aegon Life has developed improvements focused on the two ends of the market. The primary is Akhil Bharat — a time period insurance coverage plan that may be bought in minutes for a most sum insured of Rs 5 lakh — whereas the second is a high-value time period insurance coverage plan on a unit-linked insurance coverage platform.
Akhil Bharat is exclusive in that it may be bought by scanning a QR code, which then launches the proposal web page.A number of of the insured’s particulars on the proposal kind are mechanically populated by getting into their Aadhaar quantity. The corporate additionally makes use of facial recognition know-how to do many of the underwriting.
“It’s a quite simple ‘scan and purchase’ OTC product. Akin to Digi Yatra, we’re introducing transient selfie video clips for digital facial recognition to confirm the applicant’s identification,” mentioned Satishwar B, MD and CEO, Aegon Life Insurance coverage.
“Notably in instances involving lower-value merchandise the place bodily examination is absent, a danger of impersonation exists. This danger is successfully mitigated utilizing facial recognition know-how,” he added.
The second product — a time period plan on a ULIP platform — continues to be below works and will likely be launched quickly.
Akhil Bharat is exclusive in that it may be bought by scanning a QR code, which then launches the proposal web page.A number of of the insured’s particulars on the proposal kind are mechanically populated by getting into their Aadhaar quantity. The corporate additionally makes use of facial recognition know-how to do many of the underwriting.
“It’s a quite simple ‘scan and purchase’ OTC product. Akin to Digi Yatra, we’re introducing transient selfie video clips for digital facial recognition to confirm the applicant’s identification,” mentioned Satishwar B, MD and CEO, Aegon Life Insurance coverage.
“Notably in instances involving lower-value merchandise the place bodily examination is absent, a danger of impersonation exists. This danger is successfully mitigated utilizing facial recognition know-how,” he added.
The second product — a time period plan on a ULIP platform — continues to be below works and will likely be launched quickly.
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