Mumbai:
Bucking the trend, at the time of nationawide lockdown due to the outbreak of Covid-19 pandemic,Tata AIA Life insurance, by harnessing its digital capabilities,has recorded a 26 per cent cent year-on- year(y-o-y) rise in its new premium income to Rs 154.36 crore in the month of April.
The number of policies of Tata AIA Life Insurance sold in April 2020 stood at 29,712 as compared to 19,026 policies in April 2019, showing y-o-y uptick of 56 per cent
The life Insurance industry led by the state owned Life Insurance Corporation(LIC) showed a de-growth of 44 per cent whereas 23 private life insurers showed a decline of 40 per cent in their new premium income in the month of April 2020.The number of policies sold by the life insurance industry has plunged by 68 per cent y-o-y to 4,16,200 during the reporting period.The private sector life insurers have seen a 34 per cent y-o-y fall in in the sale of their new policies to 2,31,554 in the month of April.
Tata AIA Life Insurance along with a couple of other life insurers have remained in the positive zone while 80 per cent of life insurance companies have seen negative growth in their new premium income in the month of April.
Rishi Srivastava,MD & CEO,Tata AIA Life Insurance said,“The first step was to transition to complete remote working enabled by end to end digital capabilities so that we can continue to be of service to policyholders and consumers 24×7.We ensured there was no break in our online availability through SMS, whatsapp, website, online chat. The next step was to ensure that the health of our employees and agents is taken care of.‘’
Tata AIA Life Insurance employees and their immediate family have medical insurance and emergency medical funds trust and for its advisors, the comoany promised reimbursement up to Rs 25,000 for hospitalisation related to COVID-19 till end of June’20.Also,the company furthered its promise of protection to existing policyholders by extending a special additional benefit of Rs 5 lakhs for Covid-19 related claims.
“This ensured we pivot to serving our consumers completely digitally at all times and provide them the reassurance needed.,’’ said Srivastava.
Tata AIA Life has always been at the forefront of technology-led innovations and processes, and been a proponent of self-service, which today is the need of the hour, he said.
According to the data published by the Life Insurance Council, bank promoted life insurance companies HDFC Life and ICICI Pru Life continue to have a larger market share at 18.1 per cent and 14.7 per cent in April 2020, even though they have shown negative growth in premium collection in individual policies segment during April 2020.