Digital Transformation and Health & Wellness Journey
In India, Tata AIA Life has pioneered our use of digital and analytics tools, transforming our approach to
partnership business and we are industrialising these tools in other partnerships across the Group.
Naveen Tahilyani - Managing Director and Chief Executive Officer, Tata AIA Life
Tata AIA leads the Group and Indian market in partnering with both traditional players, such as banks
and brokers and new-era digital platforms.
We are a differentiated and highly-focused multi-channel business with the most productive agents in
the market. We are a leader in protection business in a market that has low insurance penetration and
a large protection gap.
Our partners include leading domestic banks and multinational banks, and these provide us access to
12,000 branches across the country and more than 100 million retail customers. To support our bank
partners' online customer journeys, we have adopted a fully-digitalised and remote assisted sales
process that allows for customers to be onboarded within 35 minutes.
Our deep integration with partners' systems allows us to capture leads directly from dedicated CRM
tools that combine customer data with AIA's advanced analytics techniques including propensity
modelling.
Integration with credit bureaus, government databases and third-party administrators all of these
have allowed a rapid transfer of data, enabling seamless customer onboarding experience, simplified
underwriting and issuance processes, and also compliance with regulatory requirements such as Know-
Your-Customer obligations.
Using these deep connections we have digitalised payments, policy completion and submission,
meaning that both customer and agent can complete the process anytime, anywhere and with minimal
friction to arrive at issuance. With this digital integration, we can see the positive impact on the top line,
the bottom line, in productivity and in wallet share.
We understand bancassurance well. We have used our wealth of experience to create an incredibly
attractive proposition. These tools and systems are now helping us extend our reach to a whole new
categories of business partner business. Policybazaar, for example, is India's largest online digital
insurance marketplace with 93 per cent market share.
Yashish Dahiya - Co-Founder and Group Chief Executive Officer of Policybazaar.com
Policybazaar accounts for almost a fourth of India's total life cover. Acknowledging as an enabler of
business, I don't look at technology for technology sake. Artificial intelligence, data analytics, voice
analytics, behavioural analytics. But we do it because it makes sense for that particular purpose in the
business and because it adds something.
Tata and the Policybazaar team have diligently worked on each area that we connect. I think the
partnership is based on a lot of trust. They are a very strong partner ... I think a very long term partner.
We still have a lot of product innovation to do. Still, only about 10 per cent of people in India who can
buy life insurance have bought life insurance.
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