To reinforce its value of ‘Consumer Obsession’, Tata AIA Life Insurance (Tata AIA) has introduced digital payments via WhatsApp and Unified Payment Interfaces. This industry-first feature provides an instant premium payment facility through WhatsApp and UPI-enabled payment options.
WhatsApp and UPI have become household messaging and payment facilities, respectively, in India. Tata AIA leverages its 500 million WhatsApp and 300 million UPI users to offer premium payment options, catering to consumers’ preferred modes of transaction. This penetration demonstrates Tata’s commitment to providing convenience and ease of use for its customers. The insurance industry introduces a new payment option, enabling digital premium payments and quick confirmation and acknowledgement.
This agile, seamless process is accessible to both tech and non-tech-savvy consumers, providing a hassle-free premium payment experience. Tata AIA improved Individual Death Claims Settlement ratio and Persistency ratio in FY23, ranking top in persistency cohorts. Sanjay Arora, Executive Vice President & Head of Operations of Tata AIA, said, ” 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.”
