Aim of the Partnership:
- To distribute the Life insurance solution of Tata AIA Life through Digital sales.
- To make the process of buying life insurance solutions simple, easy, and convenient.
Provisions of the Partnership
i.As part of the agreement, PayBima on its platform will offer the life Insurance solutions of Tata AIA Life.
ii.PayBima enhances its analytical skill to provide personalised life insurance solutions that are best suited to the needs of its customers.
iii.In order to provide seamless online purchasing, PayBima will be fully integrated with Tata AIA Life’s digitally-led ecosystem, by removing the need for physical documents.
PayBima with its strong capabilities to make Life Insurance more accessible, will help Tata AIA Life Insurance to address the protection gap in India.
The alliance helps PayBima to further increase the customers’ choice on PayBima.
Gist about PayBima:
i.On September 9, 2020 Mahindra Insurance Brokers Ltd launched paybima.com, to provide end-to-end insurance solutions.
ii.The digital platform is set to redefine the online insurance buying experience and drive insurance penetration in India.
iii.It enables customers to evaluate different types of insurance products with professional guidance and assistance. It is powered by advanced analytics
Gist about Tata AIA Life:
i. For FY20 the company has consolidated its leadership position in Individual claim performance with a 99.06% claims settlement ratio.
ii. It has launched unique service initiatives, Easy Claim and Express Claim.
Recent Related News:
On May 26, 2020, Vakrangee Limited (VL), a technology company based in Mumbai (Maharashtra), has entered into the Corporate Agency (Registration Code CA0249) partnership with Life Insurance Corporation of India (LIC) to distribute latter’s micro insurance products in unserved and underserved areas through its Nextgen Vakrangee
Kendra network spread across India.
About Tata AIA Life Insurance Company Limited :
It is Joint Venture formed by Tata Sons with a majority stake (74 per cent) & AIA with 26 per cent through AIA International Limited.
Chief Executive Officer(CEO) & Managing Director(MD)– Naveen Tahilyani
Chairman– Saurabh Agrawal
Commenced Operation– 2001
About Mahindra Insurance Brokers Ltd.,(MIBL):
It is an 80% subsidiary company of Mahindra & Mahindra Financial Services Ltd.
MD– Dr. Jaideep Devare
Chairman– Rajeev Dubey(Principal Advisor of Mahindra & Mahindra Ltd.)
Head office– Mumbai, Maharashtra