VMPL
Mumbai (Maharashtra) [India], November 27: 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".
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