Tata AIA Life eyes deeper penetration in IT hubs

JV between Tata Sons, AIA Group has launched eLife Version 2

Eyeing a deeper penetration in the IT hubs, life insurer Tata AIA life Insurance Company, a joint venture between Tata Sons and AIA Group Ltd, has launched eLife Version 2, an integrated sales search engine for simplifying the process of buying and selling life insurance solutions.

 

“We are looking at the market where there is good IT base. We are targeting the ‘Do it yourself’ segment’ in these cities”, said Shivdutt Das, Vice President, distribution intelligence, strategic initiatives and product development, Tata AIA Life Insurance at the launch of new eLife Version 2 here.

 

“Our aim is to reduce the human intervention to a larger extent”, he added. The company aims to have a better penetration in cities like Bangalore, Bhubaneswar, and Hyderabad etc through this product.

 

Tata AIA Life Insurance has recently introduced five mobile-based insurance applications (Apps) to help its customers in their insurance-buying decisions. An individual can buy an insurance policy through these Apps which are available on Google Play Store and Apple App Store.

 

Protection Gap calculator, Retirement Gap calculator, Child Need Planner calculator, Child ULIP plus Term Plan Combo calculator and ULIP Plus Term Plan Combo calculators are the five Apps available on mobile platform. 

 

The applications are designed to provide customised solutions by calculating customers’ income protection needs based on their current income and criteria, mapping it to expected inflation and their future financial needs.

 

Users can download these applications on their Android and iOS platform from the App stores available on their smart phone and tablets.

 

“The eLife version ushers in the concept of paperless and 24 hours office for the advisors, which enables them to raise their productivity and optimally serve their potential customers”, read a company release.

 

The company has sold about 5000 new policies in the last financial year in Odisha and has earned Rs 9 crore as new business premium, contributing about three percent of the company’s new business.

 

The total assets under management of the company are estimated at Rs 15,978 crore.