Mumbai, 27 November 2024:
- User-friendly interface and functionality result in an impressive
4.7 rating on Android and 4.6 rating on iOS.
- The App is a demonstration of Tata AIA’s commitment to ensuring
Consumer Delight with innovative services and solutions.
Tata AIA Life Insurance (Tata AIA), one of
India's leading life insurers, has announced that its customer app has
crossed 1 million downloads. This milestone is yet another
testimony to the growing trust and dependence of Tata AIA customers on its
digital solutions that include mobile app, consumer portal, WhatsApp enabled
services etc. These solutions encourage a ‘Do-It-Yourself’ philosophy
empowering Tata AIA consumer to experience convenient and seamless ways to
manage their life insurance journey with the brand.
With this ultramodern app, consumers can manage their insurance policies
from anywhere at any time. They need not visit a branch or print policy
documents, as everything they need is available at their fingertips.
The app provides over 60 services 24x7, including
premium payments, tracking claim requests, portfolio updates, sum assured, fund
value, NAV details. It also offers industry-first features
like Instant Loans, improving the consumer experience and enhancing
the ease of transactions. Another ‘first of its kind’ feature includes instant
customer service, where transactions get completed in real-time and the
consumer is intimated instantly.
Apart from service led facilities, the app provides over 12
Health and Wellness services, promoting holistic well-being among users.
These include Outpatient Consultations, Diagnostics, Virtual/Online
Consultations, Emergency Care, Emotional Wellness, Nutrition Management etc.
"We are committed to enhancing our customers' experience by
continually innovating and expanding our digital offerings,"
said Soumya Ghosh, Executive Vice President and Chief Technology
Officer of Tata AIA. "Reaching over 1 million app
downloads is not just a number; it signifies our dedication to providing
best-in-class services that meet the evolving needs of our customers."
Through its sustained focus on digitization initiatives, Tata AIA has
improved its instant issuance process with an end-to-end Straight
Through Processing (STP) mechanism, which ensures an efficient
and swift response to inquiries. Tata AIA ensures seamless digital services for
its customers with an STP ratio of 97% in FY24.
The company's commitment to providing a superior payment experience is
reflected in its app-to-app native unified payment interface (UPI)
integration and transactions with no Card Verification Value (CVV). Tata AIA
Life Insurance takes pride in its digital infrastructure, achieving 100%
uptime on digital platforms with no outages recorded in this financial
year. This reliability ensures that customers can access vital services
anytime, anywhere.
In the past 12 months, the number of monthly active users has increased
2X with a daily and monthly active user engagement of 11%. Due to its ease of
use and best-in-class Consumer Experience, the app has seen a fivefold
increase in digital transactions. Its user-friendly interface and
functionality have earned the app an excellent rating of 4.7 on
Android and 4.6 on iOS.
As proven by the impressive 92 Customer Satisfaction Score of its
digital platforms, customer satisfaction remains the top priority for Tata AIA.
The Persistency ratio which reflects the percentage of consumers who choose to
renew their policies with Tata AIA, has earned the Company the top rank in four
out of five cohorts, including 13th-month persistency.
About Tata AIA Life
Tata AIA Life Insurance Company
Limited (Tata AIA) is a joint venture Company formed by Tata Sons Pvt. Ltd. and
AIA Group Ltd. (AIA). Tata AIA Life combines Tata’s pre-eminent leadership
position in India and AIA’s presence as the largest, independent listed
pan-Asian life insurance group in the world, spanning 18 markets in the Asia
Pacific region. Tata AIA reported a total Premium Income of INR 25,692 crore
for FY24, up 25% from FY23. The Company continues to rank among the Top 3
Private Insurers in Individual Weighted New Business Premium (IWNBP) with an
IWNBP income of INR 7,413 crore. The Individual Death Claims Settlement ratio
improved to 99.13%. The Company also achieved industry-leading Persistency
performance (based on premiums), ranking #1 in four out of five cohorts.
About the Tata Group
Founded by Jamsetji Tata in 1868, the Tata group is a global enterprise,
headquartered in India, comprising 30 companies across ten verticals. The group
operates in more than 100 countries across six continents, with a mission 'To
improve the quality of life of the communities we serve globally, through long-term
stakeholder value creation based on Leadership with Trust’.
Tata Sons is the principal investment holding company and promoter of
Tata companies. Sixty-six percent of the equity share capital of Tata Sons is
held by philanthropic trusts, which support education, health, livelihood
generation and art and culture.
In 2023-24, the revenue of Tata companies, taken together, was
more than $165 billion. These companies collectively employ over 1 million
people.
Each Tata company or enterprise operates independently under the
guidance and supervision of its own board of directors. There are 26 publicly
listed Tata enterprises with a combined market capitalisation of more than $365
billion as on March 31, 2024.
About AIA
AIA Group Limited and its subsidiaries
(collectively “AIA” or the “Group”) comprise the largest independent publicly
listed pan-Asian life insurance group. It has a presence in 18 markets –
wholly-owned branches and subsidiaries in Mainland China, Hong Kong SAR (1),
Thailand, Singapore, Malaysia, Australia, Cambodia, Indonesia, Myanmar, New
Zealand, the Philippines, South Korea, Sri Lanka, Taiwan (China), Vietnam,
Brunei and Macau SAR (2), and a 49% joint venture in India. In addition, AIA
has a 24.99% shareholding in China Post Life Insurance Co., Ltd.
The business that is now
AIA was first established in Shanghai more than a century ago in 1919. It is a
market leader in Asia (ex-Japan) based on life insurance premiums and holds
leading positions across the majority of its markets. It had total assets of
US$286 billion as of 31 December 2023.
AIA meets the long-term
savings and protection needs of individuals by offering a range of products and
services including life insurance, accident and health insurance and savings
plans. The Group also provides employee benefits, credit life and pension
services to corporate clients. Through an extensive network of agents, partners
and employees across Asia, AIA serves the holders of more than 42 million
individual policies and over 18 million participating members of group
insurance schemes.
AIA Group Limited is listed on the Main Board of The Stock
Exchange of Hong Kong Limited under the stock codes “1299” for HKD counter and
“81299” for RMB counter with American Depositary Receipts (Level 1) traded on
the over-the-counter market under the ticker symbol “AAGIY”.