MUMBAI: Tata AIA Life Insurance (Tata AIA Life), one of India’s leading Life Insurance Companies is adding 100 new branches to expand its distribution reach across the country. The Insurer currently has over 218 branches across 25 states and 175 cities of the country, while having a strong presence in the agency, broking, bancassurance, assisted purchase, and online space. Through this expansion, the Insurer will expand its reach significantly in over 18 Indian states, especially Maharashtra, Gujarat, Rajasthan, Uttar Pradesh, and West Bengal. Over 60 of the 100 new digitally-enabled branches have already begun operations, with the remaining to become operational by end of October’21.
The step is part of Tata AIA Life’s business growth strategy to expand its distribution as well as customer connect points and contribute to industry efforts towards increasing life insurance penetration in the country. The expansion is expected to contribute to significant growth.
Each branch has been enabled with digital solutions and processes to facilitate contactless customer service and paperless operations. Customers can interact with branch officials through video calls or if visiting the branch, can avail of a self-service digital kiosk, to get their needs serviced and queries addressed. Such digitization of physical branches will also help in sustaining physical distancing protocols.
Speaking on the occasion, Naveen Tahilyani, MD & Chief Executive Officer, Tata AIA Life Insurance, said,
“More and more consumers are realizing the need to avail protection and savings-oriented solutions today, as we navigate these challenging times. Amid this scenario, we, at Tata AIA, are making sure that we can serve consumers through various modes, especially through conveniently located branches in emerging locations. Given that these branches are digitally enabled, they will allow us to meet the evolving needs of the new-age consumers, while also supporting the Government’s efforts to deepen life insurance penetration and maintain safety protocols and procedures with regards to the continuing pandemic.”
Amit Dave, Chief Agency Officer, Tata AIA Life Insurance, added,
“70 out of the 100 new digitally enabled are being introduced in locations where we do not have an existing agency distribution setup. This will enable us to expand our reach and offer our protection & saving-related solutions to the local populace in these markets. Importantly, the move should lead to the generation of over 10,000 jobs, directly with employees on payroll and indirectly as bringing onboard digitally enabled and highly trained life insurance advisors.”
The need for comprehensive Protection, covering health and life insurance continues to be on the rise, backed by much greater awareness and increasing realization amid the current pandemic. There has been a considerable shift in consumer perception and attitude towards insurance solutions, the same being driven by the need to secure the financial future and manage expenses around medical emergencies. Over the pandemic period, there has been a marked dip in household allocations for discretionary spending vis-a-vis essentials and savings. As such, consumers are focusing more on essential needs and are motivated to invest more in Life Insurance solutions as a preferred financial asset.
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