Tata AIA Introduces Industry’s First Premium Payment Feature via WhatsApp and UPI
Tata AIA, the life insurance arm backed by the Tata Group, has launched a pioneering digital payment service in partnership with WhatsApp and Unified Payment Interfaces (UPI). This groundbreaking feature allows policyholders to make instant premium payments through WhatsApp and UPI-enabled payment options. The initiative aims to provide a seamless premium payment experience for both tech-savvy and non-tech-savvy customers. With this innovative offering, customers can conveniently pay their premiums digitally and receive quick payment confirmations and acknowledgments.
“At Tata AIA, we are committed to providing our policyholders with convenient, hassle-free premium payment options using modes that are preferred by them. Our bottom-up approach, armed with technology, allows us to understand the needs of our consumers and continually improve our services”, said Sanjay Arora, Executive Vice President & Head of Operations of Tata AIA, as per sources. He added, “Thanks to an in-house intelligent platform built in collaboration with WhatsApp and PayU, we have taken a significant step forward in improving consumer experience and enhancing the ease of transactions for them.” The 13-month persistency ratio witnessed growth, reaching 88.1% in FY23, while the company’s total renewal premium income surged by 32% to ₹11,964 crore in the same fiscal year.
Read More At: Mint