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Mumbai, June 17th, 2020: Tata AIA Life Insurance (Tata AIA Life) has tied up with East Consultancy Services to offer Aadhaar based, offline e-KYC service for seamless customer on-boarding during online application process for its life insurance solutions. The initiative will further help Tata AIA Life in going paperless by eliminating the need for physical documents viz. proof of identity, address and date of birth for ‘Know Your Customer’ (KYC) process when the customer opts for this service. This will make Tata AIA Life’s end-to-end digital sales system, which enables remote purchase of its life insurance solutions, more efficient and is also in line with the measures to combat the Covid-19 pandemic.
By minimising the use of physical documents, the service will not only reduce time and effort involved in the application process, but also ensure that consumers can buy life insurance solutions from the safety and comfort of their homes. Apart from enhancing consumer convenience and ensuring their safety, it will also ensure the safety and security of their important personal documents, as customers will no longer be required to provide physical KYC documents.
Speaking about this service, Mr. Yusuf Pachmariwala, Executive Vice President & Head of Operations, Tata AIA Life Insurance said, “Customer convenience and Ease of Doing Business is at the root of everything that we do. Even during the extremely challenging lockdown, we were able to keep our promise of serving our customers by swiftly transitioning our processes to virtual mode. With the smart use of advanced technologies, we ensure speed, agility and security in our transactions. The e-KYC technology is especially helpful in the current scenario of maintaining physical distancing. It further underlines our continuous effort to enhance consumer experience without compromising on their security and safety”.
Tata AIA Life has already introduced several Ease of Doing Business (EoDB) initiatives to support its ‘Customer First’ mission. The initiatives like Bank KYC, Digital Pre-Submission Calling (PSC), Tele and Video Medical Examination Report (MER), Online Permanent Account Number (PAN) and Bank account validation, Robotic Process Automation (RPA) and Optical Character Recognition (OCR) has made the process of buying life insurance simple, convenient and paperless.
Tata AIA Life will soon extend the service for verification of the agents, as part of ‘Know Your Agent’ (KYA) requirement.
Tata AIA Life will use East Consultancy Services’ integrated offline KYC (ECS OKYC) solution to offer Aadhar based offline eKYC service. The Bangalore based company was founded in 2014 and it specialises in offering highly scalable transactional platforms, designed around Aadhaar ecosystem, OCR and Enterprise digital signing solutions.
About Tata AIA Life
Tata AIA Life Insurance Company Limited (Tata AIA Life) 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 Life 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 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”).