Tata AIA Life Insurance Company Limited (Tata AIA) has said that it has seen better sustainability levels in FY 2022 than other Indian life insurance companies, despite the challenging business and economic environment.
The 13th Month Continuity Ratio (on premium basis) of the Company has increased from 86.48% to 87.75% as compared to FY 2011. The 25th month continuation of the company now stands at 79.48%, up from 75.84% in FY21.
Persistence ratio is the percentage of consumers who choose to renew their life insurance policy every year. The higher the percentage of consumers opting for renewal, it means that they are satisfied with the product and service they have purchased from the insurer. In a sense, the persistence ratio is most important for the first few years after policy purchase, given that dissatisfied consumers will avoid renewing their policy in the initial years itself.
Tata AIA Life measures operational excellence through two metrics – persistence and death claim settlement ratio. Despite the challenging business and economic environment, Tata AIA Life has performed extremely well on these metrics in FY22. During the last financial year, its personal death claim settlement ratio increased to 98.53% from 98.02% in FY2011.
“Having the best continuity ratio is a testament to our consumer-centric way of working – to delight our consumers at all stages – from point of sale to consumer onboarding to renewal and beyond. Keeping the needs of our consumers at the forefront, We offer a range of new age digital solutions for their benefit and convenience.We serve our customers with speed and agility as their preferred life insurance partners, said Naveen Tahilani, Managing Director and CEO, Tata AIA Life. Committed to giving.
To support its ‘Customer First’ mission, Tata AIA Life has launched several Ease of Doing Business initiatives. Various steps in the life insurance buying process such as bank KYC, digital pre-submission calling, telemedical exam reports, robotic process automation and optical character recognition have been simplified and streamlined. The integration of credit bureaus, government databases and third party administrators has enabled a seamless customer onboarding experience, simplified underwriting and issuance procedures and compliance with regulatory requirements.
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