Leap into Innovation: Using Technology to Revolutionise Life Insurance

By Sumanta Ghosh , Chief Technology Officer, Software Engineering

It's a leap year, a reminder that every four years, we gain an extra day—86,400 seconds of untapped potential. This concept inspires us at Aegon Life, where we see it as a metaphor for innovation: what leaps can we achieve with concerted effort?

At Aegon Life, we’ve embraced the journey of innovation—learning to fail quickly, adapt, and grow from the experience. These steps toward innovation have resulted in a giant leap toward shaping the new future of life insurance. This is taking us closer to the vision of making every Indian household financially secure.

Aegon Life’s Striding Ahead

The industry has seen significant digital transformation, becoming one of the most dynamic sectors in India. Aegon Life has placed itself leagues ahead in the industry with its affordable products tailored to the new, emerging India.

We have simplified life insurance and shortened buying journeys with digital underwriting, medical verification with facial analytics, and instant policy issuance- all with zero documentation. ???

Engineering Excellence

Behind these innovations is a team of dedicated software engineers (brilliant minds from different corners of the country) whose creativity and expertise have been crucial. Their efforts have not only simplified insurance processes, but also made them more accessible to everyone, everywhere. And I am proud to be leading them in this journey. (Watch them share their secrets here).???

Embracing Digitalisation Fully

We’ve transformed the customer experience by automating every step of the life insurance journey. So, right when a customer enters his/her basic details on our website, our systems spring into action at the backend to automate the entire process.

Our systems scan through over 1,500 attributes from various (government sources and social media platforms) to determine a customer’s identity, the life cover, and his/her eligibility for life insurance. ?This approach has enabled us to offer personalised, efficient service at scale.

Accessibility Around the Clock

Recognizing the importance of flexibility for our customers, we have designed our systems to be up and available 24/7. This allows customers to buy our products at their convenience, without any interruptions for system upgrades.

Scaling for Tomorrow

As we look to increase insurance penetration in India, our digital-first strategy positions us uniquely to achieve this scale. Our use of cloud technologies and real-time data processing ensures that we’re always ready to meet the evolving needs of our customers.

Innovation: An Ongoing Journey

At Aegon Life, innovation is continuous. We’re constantly exploring new technologies and refining our processes to stay ahead of the curve, ensuring we remain at the forefront of the industry.

As we leap into the future, we invite you to partner with us and join us on this journey of innovation and transformation, as we strive to make life insurance a seamless and integral part of everyone’s life. ?