Tata AIA Life Insurance Co. Ltd. (Tata AIA Life), one of the top 5 life insurers in the country in terms of Individual Weighted New Business Premium, (IWNBP), has achieved the highest year-on-year growth of 61.9%% for the period Apr'19-Jul'19, whereas the industry grew at 15.1%. The IWNBP stood at INR 648 Cr as on July 31, 2019 as compared to INR 400 Cr as on July 31, 2018, as per the recent IRDAI released data.
Tata AIA Life Insurance has also achieved the highest individual claim settlement ratio at 99.07% for FY 2018-19 as per the publicly disclosed data. Claim Settlement Ratio is one of the important insurance parameters and is a key consideration for individuals who look at buying Life Insurance.
Claim Settlement Ratio is the number of claims that the insurer pays following the death of policyholders. Thus, if a life insurer has an individual Claims Settlement Ratio of 99%, it means that the insurer pays 99 out of every 100 claims that get filed with the Life Insurer.
Tata AIA Life has written IWNBP of INR 2,232 Cr for FY 2018-19. For the same period, the 13th month persistency of the company was at 83.3%.
Commenting on the performance, Mr. Rishi Srivastava, MD and CEO, Tata AIA said, "Our objective is to be India's leading Protection provider and bring as many lives as possible under life insurance cover. Our ability to serve our consumers with speed, accuracy and minimal inconvenience to the claimant comes from our high-quality work in under-writing, our prudent risk evaluation process and uncompromising consumer support. When the consumer is taken care of, the business numbers follow. Our financial results as well as our superior individual Claim Settlement Ratio are a result of our consumer-centricity, what we internally refer to as consumer obsession."