HDFC Life's strategic tie-up with Paytm
HDFC Life, one of Indias leading life insurance companies, announced its tie-up with Paytm. This partnership will enable Paytm customers to purchase innovative life insurance products offered by HDFC Life, via the mobile commerce platform. This tie-up is yet another milestone in HDFC Lifes ongoing journey to form strategic partnerships thereby making life insurance easily accessible to every Indian.
The nature of the offering is simple – both in terms of products and the purchasing platform. All customers of Paytm can purchase HDFC Life policies in a simple and hassle-free manner. The purchasing journey has been optimized so as to offer the product within a few clicks.
HDFC Life has been an innovator when it comes to products and distribution. The life insurer has been at the forefront of technology and tech-led collaborations. The Company has a strong distribution network giving it good reach and access to a wide customer base. As per the latest Claim settlement ratio (CSR) 2018-19 data released by IRDAI, HDFC Life has an industry leading CSR of 99.04%.
Paytm is one of Indias largest mobile commerce platforms with more than 450 million registered users. This tie-up further strengthens HDFC Lifes proposition of offering life insurance products in a simplified manner.
Speaking at the launch Pankaj Gupta, Sr. EVP – Sales & CMO, HDFC Life, said “At HDFC Life, we are constantly exploring opportunities to create and sustain new partnerships to strengthen our distribution network. We are happy to announce our tie-up with Paytm as this valued tie-up enables us to reach out to the vast customer base of Paytm and secure them financially.
India has a huge protection gap. A big section of the Indian population is underinsured. The government has taken various initiatives such as the PMJJBY to bring more individuals in the ambit of life insurance. With more young people entering the work force, the need for financial protection is greater than before. We have created a platform which enables individuals to purchase life insurance in a quick and easy manner. In a few simple steps, Paytm customers can secure themselves and their families using HDFC Lifes innovative product offerings.”
Amit Nayyar, President, Paytm, said "We are deeply focused on offering innovative and customised insurance solutions to millions of our customers. Our aim is to help increase insurance penetration in India and we are committed to simplifying the journey for our customers, right from the purchase to the claim process. The partnership with HDFC Life further strengthens our ability to offer various life insurance products to our customers. This will empower them to make an informed choice about the various coverages as per their needs and enjoy the benefits of a hassle-free purchase journey."