by Suman Gupta
- Reaffirming its customer-first approach, the e-commerce channel delivers a 52% YoY+ growth in FY23
- 26% of new customers acquired through the e-commerce channel in FY23
Bangalore, 14 June, 2023: Max Life Insurance Co. Ltd (“Max Life”/ “Company”) announced a 52% growth in the e-commerce channel in FY23. This growth is backed by a strong surge in direct-to-customer online sales driven by innovative product solutions.
In FY23, Max Life had a substantial industry presence in the online protection space with 26% of its new customers acquired online. The Company has also doubled its market share in the online savings space in the fiscal. Few of its most-selling offerings including – the Smart Fixed-return Digital plan (UIN: 104N123V01), Smart Secure Plus Plan (UIN: 104N118V01), and Term Insurance for homemakers, are offered for online and digital-savvy customers through which Max Life is reaching new customer segments and is providing a superior digital experience.
- Viswanand, Deputy Managing Director, Max Life said, “We are focused on creating differentiation in a highly competitive and cluttered market and have ensured that flexible and feature-rich products are offered to the growing millennial segment. Our growth story in the e-commerce space is nothing short of remarkable, and our products and business agility remain the cornerstone of this business.”
The Company also attributes this growth to investing in digital initiatives that have created ease in the online customer journey, like the new Unified Payments Interface (UPI) to deliver a standardized online payment checkout, AI-powered enhanced onboarding journey, and the Buy Now-Pay Later option*. In FY23, the Company also surpassed the 99% claims paid ratio for the fourth consecutive year with its highest-ever individual claims paid ratio of 99.51%.
About Max Life Insurance : Max Life Insurance Company Limited is a Joint Venture between Max Financial Services Limited and Axis Bank Limited. Max Financial Services Ltd. is a part of Max Group. Max Life offers comprehensive protection and long-term savings life insurance solutions, through its multi-channel distribution including agency and third-party distribution partners. Max Life has built its operations over two decades through a need-based sales process, a customer-centric approach to engagement and service delivery and trained human capital. As per annual audited financials for FY2022-23, Max Life has achieved a gross written premium of INR 25,342 Cr.
