Tata AIA introduces Industry-First Premium payment through WhatsApp and UPI

 Tata AIA Life Insurance Co. Ltd, one of India's leading life insurers, has launched a premium payment service on its WhatsApp platform marking the first-ever launch of its kind in the life insurance sector. Previously limited to UPI-based transactions, Tata AIA consumers can now use a wide range of payment methods within WhatsApp. Using WhatsApp, policyholders can now easily make renewal payments through credit card, debit card, and net banking options. Policyholders can now pay a premium up to INR 1 crore, instead of the earlier limit of INR 2 lakh. In June 2023, Tata AIA introduced industry-first digital payment feature that provides an instant premium payment facility through WhatsApp and UPI-enabled payment options.

There are 27 services offered by Tata AIA on WhatsApp for its consumers. These include soft copies of the Policy document, premium certificate, claims initiation and updates, renewal premium payments, contact information update, service request tracking, NEFT update, unit statement, and fund value updates. The Company also has an interactive service bot called TASHA that responds to consumer queries 24 hours a day, 7 days a week.

Commenting on this occasion, Sanjay Arora, Executive Vice President & Head of Operations of Tata AIA, said, " We are excited to set the trend in the industry with the introduction of the new, consumer centric payment options on WhatsApp. By using this convenient and seamless payment process, consumers can now pay renewal premiums from their familiar WhatsApp interface and thereby enjoy more flexibility. Additionally, the integration of credit card, debit card, and net banking options eliminates the need to use the Unified Payment Interface (UPI). More than 2 billion people in over 180 countries use WhatsApp to stay in touch with friends and family, anytime and anywhere*.

Further, to add to the convenience of its existing consumers, Tata AIA adopts an Analytics-driven, Decile based approach to improve its renewal premium collections. The company has enabled renewal premium collections via multiple Digital modes and enhanced its language capability. Communication drive via WhatsApp and SMS services have been automated campaign management systems, enabling the Company to study behaviour and modify communication channels suitably.