LIC International and Policybazaar.ae announce partnership to build custom insurance journeys to increase life insurance penetration in the region
UAE: Leading Life Insurance provider LIC International and Policybazaar.ae, UAE’s leading insurance aggregator and a part of the PB Fintech Group (NSE:POLICYBZR) have announced a strategic partnership aimed at revolutionizing the insurance industry and delivering unparalleled customer experience.
The collaboration will leverage Policybazaar.ae’s cutting-edge expertise to develop customer-centric journeys, enhance product marketing, and gather user input to drive product uptake online for LIC International. LIC International, is a JV company owned by Life Insurance Corporation of India with its HQ in Bahrain and branches in UAE and have announced the launch of two new customer centric Insurance Plans – Systematic Wealth Creation Plan and Single Premium Wealth Creator. LIC International is a niche brand present in GCC for more than three decades and well known for their capital guaranteed savings cum insurance plans. The types of products and services offered are denominated in USD, aligning them with the Dollar denominated pegged UAE Dirham, a fundamental and increasingly attractive proposition.
Through this partnership LIC International aims to gain a significant portion of the online distribution space by making its product accessible online. Policybazaar.ae will be aiding LIC International in this journey by building a platform wherein customers can easily learn, compare and make an informed decision before purchase as well as raise servicing in case of any issues. As the life insurance landscape continues to evolve rapidly, customer expectations have undergone a profound transformation. In response to these changing dynamics, LIC International will be redefining the way Life Insurance Products are researched online and unlock new opportunities to better serve its valued customers. The partnership with Policybazaar.ae is a pivotal step towards achieving this goal, combining LIC International’s industry expertise with Policybazaar.ae’s technological prowess and innovation.
LIC International’s Resident Manager (Dubai), Dr. Pradeep Mishra said, “We are thrilled to join forces with Policybazaar.ae to deliver exceptional customer experience in the life insurance industry. By combining our deep understanding of the insurance landscape with Policybazaar.ae’s cutting-edge technology solutions, we aim to transform the way insurance is perceived, purchased, and experienced by our customers online.”
Through this collaboration, LIC International will harness Policybazaar.ae’s expertise in developing customer-centric journeys to ensure that every interaction, is seamless, intuitive, and tailored to individual customer needs. By leveraging advanced data analytics and user insights, LIC International will be able to personalize insurance offerings, streamline processes, and deliver enhanced value to its customers.
Neeraj Gupta, CEO, Policybazaar.ae said, “We are delighted to partner with LIC International on their journey. Our innovative technology solutions will enable LIC International to not only enhance their marketing efforts but also gather invaluable user input, enabling them to continuously improve and optimize their product offerings.”
By leveraging Policybazaar.ae’s expertise, LIC International will gain a competitive edge by delivering targeted marketing campaigns, ensuring the right products are marketed to the right customers at the right time. The partnership will also enable LIC International to leverage user feedback and insights to refine their products, making them more accessible, relevant, and appealing to a wider customer base.
Policybazaar.ae started in 2018 is PB Fintech’s (NSE:POLICYBZR) first overseas venture and is an online financial products marketplace aimed to educate people on the importance of insurance as a protection tool and becoming a platform for consumers’ personal financial needs in the UAE market. Policybazaar.ae currently partners with more than 35+ insurance and banking partners with 400+ products on offer ranging from new-age life insurance, health insurance, motor insurance, credit cards, bank accounts, personal loans, car loans, home loans, and more.