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Tata AIA Life to issue life insurance policies on real-time basis

The insurer will approach the IRDA soon on the e-life tablet

July 05, 2012 3:58 IST | India Infoline News Service
Private insurer Tata AIA Life has developed a tool called ‘e-life’ through which all life insurance policies could be issued immediately.

The insurer will approach the IRDA (Insurance Regulatory and Development Authority) soon on the e-life tablet. Once approved, e-life will be launched in the metros initially. According to the company, e-life tablet would enable instant delivery of all kinds of life insurance policies. This would save time and cost for the agents.

The tool will be carried by agents who would suggest an insurance product suiting the need of the customer based on the information provided by him. The agent would upload the information provided by the customer regarding his financial goals on the software installed on the e-life tablet. The tablet would then run an algorithm that would immediately come out with the total insurance need of the customer.

Based on this analysis, agents would then suggest an insurance policy to the customer. Once the customer decides to choose a particular policy, the agent would fill up the proposal form, take pictures, scan the required documents and issue the policy instantly. The customer would be able to pay premiums through the application. The tablet would be offered to selective agents who meet certain criteria.

Besides basic term plans, life insurance policies are not available on a real-time basis in India. Usually, an insurance company takes at least three days to issue a policy.

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