With an aim to improve insurance penetration which is currently less than 5 percent of the gross domestic product. Shriram Life Insurance has launched this initiative with its partner SureBuddy.
Reportedly on Thursday, Shriram Life Insurance said it has partnered with SureBuddy and will be offering free insurance cover of Rs 50,000 to the users of the SureBuddy. SureBuddy is a company in the insuretech space.
In order to get access to the free life insurance, the users have to download an Android app called 'FREE Life Insurance’ powered by SureBuddy. The user will get 10 ads a day i.e. 300 a month on their mobile phones, for a life insurance cover of Rs 50,000 from Shriram Life Insurance. The ad revenue generated through non-intrusive advertising will help Shriram Life in providing this sponsored life cover.
Shriram Life Insurance said, "The ad images, which will appear after a phone call or text message and are non-disruptive. The user must continue viewing the advertisements on his or her mobile to keep the cover active.”
Casparus Jacobus Hendrik Kromhout, MD and CEO, Shriram Life Insurance Company said, “We aim at bringing people into the safety net of life insurance by means of this initiative which has the potential to reshape the insurance landscape in the country.
This is a group term life cover and maximum age for coverage is 50 years. SureBuddy gets the ad revenue from which the premium is paid.”
The ad images are non-disruptive which means they can be closed by a single tap and will appear after a phone call or text message. The advertisements can be closed in a second and it is not necessary that a user views the complete ad. By investing a little time of only 5 minutes in a month for viewing 300 adverts in total, the user is covered by Shriram.
To keep the cover active the user must continue to view adverts. For users who do not make enough calls or messages, other innovative solutions would be made available to allow the user to view enough ads through their normal mobile phone usage patterns.
Shriram Life Insurance aims to improve insurance penetration from its currently less than 5 percent of the gross domestic product through this initiative. It also explained that privacy norms and proper data security measured are put into place to ensure that no information can be stolen and customer data is secure.
“By digitising, disrupting and demonetizing sectors in the insurance industry, we are able to ensure that the bills are paid in the time of need and really make a difference to that family’s future. This is our purpose.” says Johan Basson, Co-founder, SureBuddy.
In the recent past, Shriram Life had partnered with Telenor and was offering a similar cover of Rs 50,000 to its Telenor users. The users by doing a monthly recharge of a certain amount on their Telenor connection could keep their policy active. However, that partnership with Telenor has now come to an end.
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