New norms, fresh strategy give Bandhan Life a level playing field
MUMBAI: Bandhan Life Insurance is using the opportunity presented by the new regulatory caps on management expenses and minimum surrender value rules to reposition itself alongside peers as it begins afresh under a new strategy.
'The regulations coinciding with the company rolling out with its new strategy provides it the advantage of making processes more efficient,' said Satishwar B, managing director and CEO. He added that the new regulations have put all companies at par, requiring everyone to review their products even as Bandhan Life brings out a slew of new offerings. However, he acknowledged that the company 'will need to have economies of scale to meet the cap on expenses.
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Following its acquisition by Bandhan Financial Holdings, the insurer has repositioned itself as a full-spectrum player offering participating, non-participating, unit-linked and pension products. The focus is now on expanding into tier-2 and tier-3 cities, using Bandhan Bank's rural reach.
Bandhan Life, formerly Aegon Life, has adopted a fully digital underwriting model. Its system pulls data directly from utilities and service providers, eliminating paperwork and easing access for self-employed customers—historically a segment underserved by the life insurance industry.
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'Many self-employed individuals find it difficult to buy term insurance because they are not able to meet the financial criteria because they do not have the documentation,' said Satishwar. 'Today, 50% of our customers are buyers of term insurance and a large part of them are self-employed.' The company uses around 20 data points to assess an applicant's financial position without requiring conventional documents.
Moving away from its earlier digital-only approach, the insurer is now positioning itself as a multi-channel company. While Bandhan Bank remains a key partner, Bandhan Life is in talks with other banks to expand its distribution network. 'We are definitely interested in health insurance if the composite licences,' Satishwar added, indicating plans to diversify once regulations permit.
The company plans to grow at 100% annually over the next three years, targeting a fourfold increase in assets under management from Rs 5,000 crore to Rs 20,000 crore in five years.
On costs, Satishwar noted that life insurance expenses seem high mainly because they are front-loaded. 'If the pricing of traditionally sold policies are compared with those sold digitally, the premium is not very different,' he said.
Bandhan Life will also restate its balance sheet this year. The full acquisition by Bandhan means accumulated losses can no longer be carried forward for tax purposes, potentially changing its capital structure.
Meanwhile, the proposed Bima Sugam platform—a unified digital infrastructure for insurance services—is expected to enhance operational efficiency. According to Balakrishnan, the platform's one-to-many architecture could make it easier to integrate with a single payment gateways.
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