AFLI in a first-of-its kind partnership in India with industry giant PhonePe

India is the fifth largest life insurance market in the world’s emerging insurance markets, growing at a rate of 32-34% per annum. Competition has increased significantly in recent times leading to new and innovative products emerging within the industry. 

Through this first partnership of its type with PhonePe, AFLI is pioneering an avenue for insurers to bring clutter breaking, seamless and hassle-free solutions directly to consumers. PhonePe supports 40 million merchants and businesses leading to more than 300 million transactions daily on the platform.  

AFLI’s listing of the Group Term Life Insurance on a platform like PhonePe, helps customers by increasing awareness of insurance products. It allows users to check their eligibility, understand and purchase the insurance and receive their insurance cover documentation.  

Keeping in mind the ethos of the mission of “Insurance for all by 2047”, AFLI provided a solution that creates greater accessibility, allowing it to reach the end consumers.  

Thanks to an in-depth analysis of customer behaviour carried out by AFLI and PhonePe, AFLI was able to offer a seamless onboarding experience for users under the Group Term life insurance plan.  

The insurance industry in India has undergone quite some transformation over the past two years in terms of new developments and modified regulations, opening up new opportunities for growth while ensuring insurers remain relevant.