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PayBima to offer a range of solutions backed by leading Digital technology and customer service
Mumbai, 10th November, 2020: Tata AIA Life Insurance (Tata AIA Life), one of India’s leading providers of Pure Protection Solutions, today announced that it has partnered with PayBima, the digital arm of Mahindra Insurance Brokers Ltd., as a Broker to distribute its industry-leading life insurance solutions. The association is in line with Tata AIA Life’s mission to provide Ease of Doing Business (EoDB) to its customers and aims to make the process of buying life insurance solutions simple, easy, and convenient.
As part of the agreement, PayBima.com will offer the life Insurance solutions of Tata AIA Life on its platform. PayBima will leverage its analytics skill to offer personalised life insurance solutions best suited to the needs of its customers. PayBima will be fully integrated with Tata AIA Life digitally-led ecosystem to offer a seamless Online buying experience by eliminating the need for physical documents.
Chief Distribution Officer, Tata AIA Life Insurance, Venky Iyer said, “Online Insurance distribution platforms provide great convenience to consumers looking to buy Life Insurance. . It dove-tails very well into our digitally-led, multi-channel distribution outreach approach. We welcome PayBima as the newest member of the group of our valued distribution partnerships. With its strong capabilities and commitment to making Life Insurance more accessible, PayBima will help us address the Protection gap in the country. We are confident that it will be a significant contributor to fulfil the rising Life Insurance Protection needs in these uncertain times and protect the financial future of our customers and their loved ones.”
Dr. Jaideep Devare, Managing Director, Mahindra Insurance Brokers Ltd. said, “PayBima, with its advanced analytics and personalised customer journeys, is committed to make insurance accessible to all through a credible, comprehensive and convenient platform. This alliance with Tata AIA Life will help us to further enhance the choice to our customers on PayBima.”
Tata AIA Life has been at the forefront of customer led innovation and has introduced many unique service initiatives in the recent past to provide more ease and convenience to Customers, enabled by advanced digital technologies. To go beyond the promise of providing protection, the Company has launched unique service initiatives, Easy Claim, and Express Claims. For FY20, the company has consolidated its leadership position in Individual Claims performance with a 99.06% Claims Settlement ratio.
PayBima is the digital platform powered by Mahindra Insurance Brokers Ltd. (MIBL), an established and reputed name in the insurance broking industry, with over 16 years of experience. With the use of advanced analytics, PayBima enables customers to evaluate a wide range of insurance products across categories, with expert guidance and assistance, right from the first click to the claim settlement process. MIBL is a part of the $19.4 billion Mahindra Group, and has serviced more than 1.5 crore policies and settled over 3.5 lakh claims since inception.
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”).