Tata AIA Life Insurance Co. Ltd. (Tata AIA) has been registered as the best-in-class persistency among Indian life insurance companies for FY2022. Compared to FY2021, the 13th Month Persistency ratio (based on Premium), the Company has improved to 87.75% from 86.48%. The company’s 25th Month Persistency is now 79.48%, up from 75.84% in FY2021.
Tata AIA Life measures operational excellence vide two metrics – persistency and death claim settlement ratio. During the last fiscal, its Individual Death Claims Settlement ratio improved from 98.02% in FY21 to 98.53%.
Commenting on the occasion, Naveen Tahilyani, Managing Director and Chief Executive Officer, Tata AIA Life said, “To be the best on persistency ratio is a testimony to our consumer-centric way of working to delight our consumers across all stages – from the point of sale to consumer onboarding to renewal and beyond. Keeping our consumer’s needs at the forefront, we offer multiple new-age digital solutions for their benefit and convenience”.
Tata AIA Life has introduced several ‘Ease of Doing Business’ (EoDB) initiatives. A variety of steps like Bank KYC, Digital Pre-Submission Calling (PSC), Telemedical Examination Reports (MER), Robotic Process Automation (RPA) and Optical Character Recognition (OCR) have been simplified and streamlined in the process of buying life insurance. The integration of credit bureaus, government databases, and third-party administrators has enabled a seamless customer onboarding experience, simplified underwriting and issuance processes, and compliance with regulatory requirements. With these deep connections, Tata AIA Life has digitised payments, policy completion, and submission, enabling consumers and salesforce to complete the process anytime, anywhere, and with minimal friction.
