Tata AIA Life Insurance Company (Tata AIA Life) is a joint venture between Tata Sons and AIA Group Ltd. (AIA).
Tata AIA Life combines Tata Group’s pre-eminent brand strength and leadership position in India and AIA’s expertise and presence in 18 markets across the Asia-Pacific region.
Tata AIA Life offers a comprehensive and innovative suite of protection and long terms savings products. It is the second largest non-bank promoted life insurance company and has been profitable for the last seven years.
Tata AIA Life retained its sixth position amongst 23 private life insurance players on Individual Weighted New Business Premium (IWNBP) basis, with an annual growth of 33% in FY18. Over 90% of Tata AIA Life’s sales are digitally enabled.
Business Highlights FY18
- Maintained its sixth rank on IWNBP basis (33% YoY growth versus the private industry’s growth of 24%) and its position as the second-largest non-bank promoted private sector life insurance company
- Ranked amongst the best-in-class in terms of individual protection business mix with around 2X growth in protection premium over FY 2016-17
- Focused on customer service, with individual claims settlement ratio at 98% (one of the best in the industry) and 13th month persistency at 81.2%
- Witnessed substantial improvement across the Ease of Doing Business (EoDB) metrics
- Developed a multi-channel distribution model with no single channel contributing more than one-third of the new business
- Ranked amongst the best-in-class in terms of individual protection business mix (% of IWNBP)