Tata AIA Life Insurance partners with PayBima to drive Life Insurance Protection through Digital sales

The association is in line with Tata AIA Life’s mission to provide Ease of Doing Business (EoDB) to its customers and aims to make the process of buying life insurance solutions simple, easy, and convenient.

Nov 10, 2020 12:11 IST India Infoline News Service

Tata AIA Life Insurance (Tata AIA Life), one of India’s leading providers of Pure Protection Solutions, today announced that it has partnered with PayBima, the digital arm of Mahindra Insurance Brokers Ltd., as a Broker to distribute its industry-leading life insurance solutions. The association is in line with Tata AIA Life’s mission to provide Ease of Doing Business (EoDB) to its customers and aims to make the process of buying life insurance solutions simple, easy, and convenient.

As part of the agreement, PayBima.com will offer the life Insurance solutions of Tata AIA Life on its platform. PayBima will leverage its analytics skill to offer personalised life insurance solutions best suited to the needs of its customers. PayBima will be fully integrated with Tata AIA Life digitally-led ecosystem to offer a seamless Online buying experience by eliminating the need for physical documents.

Chief Distribution Officer, Tata AIA Life Insurance, Venky Iyer said, “Online Insurance distribution platforms provide great convenience to consumers looking to buy Life Insurance. It dove-tails very well into our digitally-led, multi-channel distribution outreach approach. We welcome PayBima as the newest member of the group of our valued distribution partnerships. With its strong capabilities and commitment to making Life Insurance more accessible, PayBima will help us address the Protection gap in the country. We are confident that it will be a significant contributor to fulfill the rising Life Insurance Protection needs in these uncertain times and protect the financial future of our customers and their loved ones.”

Dr. Jaideep Devare, ‎Managing Director, ‎Mahindra Insurance Brokers Ltd.  Said, “PayBima, with its advanced analytics and personalised customer journeys, is committed to make insurance accessible to all through a credible, comprehensive and convenient platform. This alliance with Tata AIA Life will help us to further enhance the choice to our customers on PayBima.”

Tata AIA Life has been at the forefront of customer led innovation and has introduced many unique service initiatives in the recent past to provide more ease and convenience to Customers, enabled by advanced digital technologies. To go beyond the promise of providing protection, the Company has launched unique service initiatives, Easy Claim, and Express Claims. For FY20, the company has consolidated its leadership position in Individual Claims performance with a 99.06% Claims Settlement ratio.

PayBima is the digital platform powered by Mahindra Insurance Brokers Ltd. (MIBL), an established and reputed name in the insurance broking industry, with over 16 years of experience. With the use of advanced analytics, PayBima enables customers to evaluate a wide range of insurance products across categories, with expert guidance and assistance, right from the first click to the claim settlement process. MIBL is a part of the $19.4 billion Mahindra Group, and has serviced more than 1.5 crore policies and settled over 3.5 lakh claims since inception.

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