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Company wins the award for the second consecutive year
Mumbai, 10th May 2017: Tata AIA Life Insurance has been recognized as the Aon Best Employer 2017 in India by Aon Hewitt, the global talent, retirement and health solutions business of Aon. The Aon Best Employers program evaluates employee opinions to measure engagement, leadership, performance culture and employer brand and recognizes employer excellence worldwide.
Kristyl Pais Bhesania, Senior Vice President & Head of Human Resource, Tata AIA Life, said, “It is indeed a matter of pride for us that Tata AIA Life has won the Aon Best Employers Award 2017, for the second consecutive year. The award is testimony to the employee-centric organizational culture that we have succeeded in building. At Tata AIA Life, we constantly endeavor to engage employees at a deeper level, creating ownership and personal leadership. Today, we are a vibrant, performance-driven organization, at the core of which is a deeply engaged and happy employee.”
Speaking on the occasion, Tarandeep Singh, Partner, Talent & Performance, Aon Hewitt (India) said “We congratulate Tata AIA Life Insurance for wining Aon Best Employer 2017, twice in a row. Their sincere and diligent leadership ensures that good people policies are followed by good execution. Tata AIA Life sets itself apart by effectively bridging the gap between strategy and implementation. Their highly engaged workforce bears testimony to that. We wish them continued success and hope that they keep the magic going.”
Tata AIA Life has very targeted human resource and organizational development interventions, beginning with an on-boarding delight experience, innovative employee engagement process, structured training and development programmes, talent management and, reward and recognition initiatives that have ensured a high employee engagement experience. Identifying high potential employees through a systematic assessment process, facilitating developmental plans and aligning their growth path to the key positions within the Organization are the key focus areas of the Company’s talent management process. Due to these measures, overall attrition of the Company is one of the lowest in the industry and it has been able to attract and retain top talents.
Aon Best Employers is designed to provide insights into how organizations create competitive advantage through their people and explores what makes a company a workplace of choice. During the study participating organizations are required to complete three diagnostic tools:
An interview with the CEO of participating organizations is part of the study to understand the CEO’s views on the alignment between the business and the HR practices of the participating organization. In addition, an HR audit is conducted after receipt of the completed PPI. An external judging panel then evaluates the participants and identifies the best employers.
The award endorses the integration of Tata AIA’s business strategy with its people-centric initiatives. Tata AIA is committed to building an organization which works with integrity, is customer focused, celebrates innovation and nurtures entrepreneurship.
About Tata AIA Life
Tata AIA Life Insurance Company Limited (Tata AIA Life) is a joint venture company, formed by Tata Sons 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 Life has written retail new business weighted premium of INR 572 crores for the nine months ending December 2016, that represents a growth rate of 85% over the previous year. As of March 31, 2017, the 13th month persistency of the company stands at 82.6%. At the end of FY 16, the retail claims settlement ratio of the company was 96.8%.
About the Tata group
Founded by Jamsetji Tata in 1868, the Tata group is a global enterprise, headquartered in India, comprising over 100 independent operating companies. 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 2015-16, the revenue of Tata companies, taken together, was $103.51 billion. These companies collectively employ over 660,000 people.
Each Tata company or enterprise operates independently under the guidance and supervision of its own board of directors and shareholders. There are 29 publicly-listed Tata enterprises with a combined market capitalisation of about $116.41 billion (as on March 31, 2016). Tata companies with significant scale include Tata Steel, Tata Motors, Tata Consultancy Services, Tata Power, Tata Chemicals, Tata Global Beverages, Tata Teleservices, Titan, Tata Communications and Indian Hotels.
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 in Asia-Pacific – wholly-owned branches and subsidiaries in Hong Kong, Thailand, Singapore, Malaysia, China, Korea, the Philippines, Australia, Indonesia, Taiwan, Vietnam, New Zealand, Macau, Brunei, Cambodia, a 97 per cent subsidiary in Sri Lanka, a 49 per cent joint venture in India and a representative office in Myanmar.
The business that is now AIA was first established in Shanghai almost a century ago. It is a market leader in the Asia-Pacific region (ex-Japan) based on life insurance premiums and holds leading positions across the majority of its markets. It had total assets of US$185 billion as of 30 November 2016.
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-Pacific, AIA serves the holders of more than 30 million individual policies and over 16 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 code “1299” with American Depositary Receipts (Level 1) traded on the over-the-counter market (ticker symbol: “AAGIY”).
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