Insurance News Details

Tata AIA Life introduces premium payment facility through WhatsApp and UPI

(28-Jun-23   14:28)

Tata AIA Life Insurance has introduced digital payments via WhatsApp and Unified Payment Interfaces (UPI)-enabled payment options. This feature provides an instant premium payment facility.

This option allows consumers a new channel to pay their premiums on an app that they are already familiar with. Currently in India WhatsApp have around 500 million users and UPI more than 300 million users.

This is also part of Tata AIA's goal to improve its Net Promoter Score (NPS), a system used to measure how well the company is meeting its consumer's needs and improving consumer behaviour.

Sanjay Arora, executive vice-president & head of operations of Tata AIA said, Our bottom-up approach, armed with technology, allows us to understand the needs of our consumers and continually improve our services. 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 newly added payment option is first-of-its-kind in the insurance industry. Consumers can pay premiums digitally and get their payment confirmation and acknowledgement easily.

In November 2020, WhatsApp received the greenlight to launch its payments service in India from the National Payments Council of India (NPCI), with a cap of 20 million users. This limit was raised to 40 million users in November 2021. In April 2022, NPCI further relaxed the cap on WhatsApp Pay to 100 million.

A communication drive through 'WhatsApp' and SMS services has been automated using Adobe based campaign management system, allowing the company to study behaviour and modify communication channels as needed.

Tata AIA Life has also enabled renewal premium collections through multiple digital modes and enhanced its language capability to five languages, including English, Hindi, Tamil, Gujarati, and Bengali.

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