Mumbai, 28Nov 2024: Tata AIA Life Insurance(Tata AIA), one of India’s leading life insurers, hasannounced that its customer app has crossed 1 milliondownloads. This milestone is yet another testimony to the growing trust and dependence of Tata AIA customers on its digital solutions that include mobile app, consumer portal, WhatsApp enabled services etc. These solutions encourage a‘Do-It-Yourself’ philosophy empowering Tata AIA consumerto experience convenient and seamless ways to manage their life insurance journey with the brand.
With this ultramodern app, consumers can manage their insurance policies from anywhere at any time. They need not visit a branch or print policy documents, as everything they need is available at their fingertips.
The app provides over 60 services 24×7, including premium payments, tracking claim requests, portfolio updates, sum assured, fund value, NAV details. It also offers industry-firstfeatures like Instant Loans, improving the consumer experience and enhancing the ease of transactions. Another ‘first of its kind’ feature includes instant customer service, where transactions get completed in real-time and the consumer is intimated instantly.
Apart from service led facilities, the app provides over 12 Health and Wellness services, promoting holistic well-being among users. These include Outpatient Consultations, Diagnostics, Virtual/Online Consultations, Emergency Care, Emotional Wellness, Nutrition Management etc.
“We are committed to enhancing our customers’ experience by continually innovating and expanding our digital offerings,” said Soumya Ghosh, Executive Vice President and Chief Technology Officer of Tata AIA. “Reaching over 1 million app downloads is not just a number; it signifies our dedication to providing best-in-class services that meet the evolving needs of our customers.”
Through its sustained focus on digitization initiatives, Tata AIA has improved its instant issuance process with an end-to-end Straight Through Processing (STP) mechanism, which ensures an efficient and swift response to inquiries. Tata AIA ensures seamless digital services for its customers with an STP ratio of 97% in FY24.
The company’s commitment to providing a superior payment experience is reflected in its app-to-app native unified payment interface (UPI) integration and transactions with no Card Verification Value (CVV). Tata AIA Life Insurance takes pride in its digital infrastructure, achieving 100% uptime on digital platforms with no outages recorded in this financial year. This reliability ensures that customers can access vital services anytime, anywhere.
In the past 12 months, the number of monthly active users has increased 2X with a daily and monthly active user engagement of 11%. Due to its ease of use and best-in-class Consumer Experience, the app has seen a fivefold increase in digital transactions. Its user-friendly interface and functionality have earned the app an excellent rating of 4.7 on Android and 4.6 on iOS.
As proven by the impressive 92 Customer Satisfaction Score of its digital platforms, customer satisfaction remains the top priority for Tata AIA. The Persistency ratio which reflects the percentage of consumers who choose to renew their policies with Tata AIA, has earned the Company the top rank in four out of five cohorts, including 13th-month persistency.