Mumbai, 28th July, 2020: Tata AIA Life Insurance (Tata AIA Life) has announced the launch of Express Claims, a unique service initiative, which promises to process the life insurance claim pay-outs within four hours of registering the Claim.
Tata AIA Life’s Express Claims within four hours is the fastest claims pay-out by any life insurer in the country. In addition, Tata AIA Life representatives offer claims services at the doorstep by assisting with the necessary Claims related documentation so that the nominees do not need to visit the Tata AIA Life branch to register their Claim.
In case of death claims, the nominee, as per the process, needs to file Claim by filling a Claims Form along with Policy Holder Death Certificate, Nominee's KYC documentation comprising Aadhar Card, Pan Card and Bank Account details.
Speaking about the unique service initiatives, Mr. Yusuf Pachmariwala, Executive Vice President and Head of Operations, said, “The very reason why people purchase a Life Insurance policy is to financially secure their loved ones in case of policyholder’s death. It is therefore imperative that the claim be settled soonest as possible. Through these initiatives, we are introducing the ultimate hassle-free & speedy claims process. Express Claim & Easy Claim process is our way of fulfilling our promise of protecting families of our valued customers, should anything happen to them especially in these unprecedented times. The Express Claims payout and Claims services from home will be a huge support to the families in their hour of need. Our tech-enabled initiative coupled with our beneficiary outreach is part of our ongoing commitment to customer convenience and reiterates our Customer-First policy.”.
“Our customers can rest assured, knowing that their families will have immediate access, even within four hours, to the Claims amount, without them having to visit a Tata AIA Branch, if and when the time comes”, Mr. Pachmariwala added.
Over the years, Tata AIA has introduced some new measures like Dedicated Claims Number, Single Point of Contact (SPOC) Claims Officer, on-the-spot approval, instant Processing of Payout, etc. Tata AIA has introduced several Claims improvement initiatives in the last couple of years to deliver the industry-leading Individual Claim Settlement performance and came up with yet another year of solid Claims Settlement Performance with 99.06%* in FY20, and registered over 99% Claims Settlement Ratio for the 2nd year in a row.
The process for the Express Claim is as mentioned below:
- The beneficiary visits our nearest Branch with requisite documents.
- Our Rakshakarta assists the beneficiary with documentation and immediately updates internal systems.
- The claim is processed with payment credited within 4 hours, on the same day
For Easy Claim (Doorstep Claim Service), the process is as below:
- Beneficiary calls our helpline & our team schedules an appointment for Doorstep claims service..
- Our representative visits the beneficiary’s residence to assist with the Claims process at his/her home.
- The claim is settled without claimant visiting our Branch/Office
These initiatives mark yet another significant step in Tata AIA’s customer-centric policies that are sure to set a new benchmark in the industry.
* Individual Life Death Claims as per annual audited financials for FY 2019-20.
About Tata AIA Life Insurance
Tata AIA Life Insurance Company Limited (Tata AIA Life Insurance) is a joint venture company, formed by Tata Sons Pvt. Ltd. and AIA Group Ltd. (AIA). Tata AIA Life Insurance 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 Insurance has written retail new business weighted premium of Rs. 2,692 crore for the financial year 2019-20. For the same period, the 13th month persistency of the company was at 89.10% and, the individual death claims settlement ratio was 99.06%. One of the fastest growing companies in the Life Insurance sector, Tata AIA Life Insurance is now ranked at no. 5, based on individual weighted new business premium.
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 2018-19, the revenue of Tata companies, taken together, was $113.0 billion (Rs. 792,710 crore). These companies collectively employ over 720,000 people.
Each Tata company or enterprise operates independently under the guidance and supervision of its own board of directors. There are 28 publicly-listed Tata enterprises with a combined market capitalisation of over $160 billion (Rs. 11, 10,308 crore) as on March 31, 2019.
Companies include Tata Consultancy Services, Tata Motors, Tata Steel, Tata Chemicals, Tata Consumer Products, Titan, Tata Capital, Tata Power, Tata Advanced Systems, Indian Hotels and Tata Communications.
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 SAR, Mainland China, Thailand, Singapore, Malaysia, Australia, Cambodia, Indonesia, Myanmar, the Philippines, South Korea, Taiwan (China), Vietnam, Brunei, Macau SAR, New Zealand, a 99 per cent subsidiary in Sri Lanka, and a 49 per cent joint venture in India. The business that is now AIA was first established in Shanghai a century ago in 1919. 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$284 billion as of 31 December 2019.
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 36 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”).