Tata AIA Life Introduces Aadhaar Based Offline e-KYC Service
- Tata AIA Life Insurance (Tata AIA Life) on Wednesday said it has tied up with East Consultancy Services to offer Aadhaar-based paperless offline e-KYC service.
- The e-KYC (Know Your Customer) service will provide seamless customer on-boarding during online application process for the company”s life insurance solutions, Tata AIA Life said in a release.
- This will make Tata AIA Life”s end-to-end digital sales system, which enables remote purchase of its life insurance solutions, more efficient.
- The move is also in line with the measures to combat the COVID-19 pandemic, the release said.
- “The e-KYC technology is especially helpful in the current scenario of maintaining physical distancing. It further underlines our continuous effort to enhance consumer experience without compromising on their security and safety,” Tata AIA Life Executive Vice President & Head of Operations Yusuf Pachmariwala said.
- The company said it has already introduced several measures like bank KYC, digital pre-submission calling, tele and video medical examination report, online Permanent Account Number and bank account validation, robotic process automation and optical character recognition that has made the process of buying life insurance simple, convenient and paperless.
- Tata AIA Life will soon also extend the service for verification of agents as part of ”Know Your Agent” (KYA) requirement, it added.
About TATA AIA Life Insurance-
Tata AIA Life Insurance Company Limited (Tata AIA Life) is a joint venture company, formed by Tata Sons 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. 2,232 crore for the financial year 2018-19. For the same period, the 13th month persistency of the company was at 83.3% and, the individual death claims settlement ratio was 99.07%.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.
- Headquarters– Mumbai,Maharashtra
- Chairman– Saurabh Agrawal
- CEO & MD– Rishi Srivastava
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