Tata AIA Life Insurance to ramp up business in Telugu States
Hyderabad: Tata AIA Life Insurance has added nine new branches in two Telugu States during last three months to make the overall number of branches to 22, while 10 are in Telangana and 12 in Andhra Pradesh. Both States account 8 per cent of its agency business in financial year 2020-21. Telangana having Rs 125 crore and AP with Rs 66 crore together constitute 5.5 per cent of the company's total business in the fiscal.
"Tata AIA has 314 branches across India, out of which 100 branches were established during October-December period. The company has more than 40,000 advisors all over the country, including 4,400 in AP and Telangana. Among them, we have added 1,400 advisors in two States in last three months," Naveen Tahilyani, MD and CEO of Tata AIA Life Insurance, told Bizz Buzz.
"Life insurance industry is growing 20 per cent, whereas Tata AIA has witnessed the fastest growth rate at 32-33 per cent on any metric either total premium or new business. Our total premium grew to 11,105 crore this year. Despite Covid-19 pandemic, our business grew at 28 per cent last year against the industry growth of 6 per cent. We are confident that our growth story will continue," he said.
Naveen further said, "We are growing faster than the industry. Our business in AP and Telangana is expected to grow much faster with the addition of new branches and new advisors. We anticipate accelerating our business during December 2021 to March 2022. We are focusing on two Telugu States as we have seen consistency in achieving monthly targets of total premium as well as new business."
"Our business is mostly seasonal as 60 per cent of the insurance policies happen in December to March. Our fund performance is best in industry with 99.93 per cent of the assets under management (AUM). We have AUM worth Rs 54,000 crore last month. The total AUM has grown at 47 per cent in the first half of this year. We are growing very strongly as we were able to work online with our agents," he adds.
Though Tata AIA stands at fifth place among private life insurers in terms of business, it is the largest independent life insurance company, as it is not affiliated to any banking group. In terms of paying claims, Tata AIA stands among top three life insurers in the country with a claim settlement ratio of 98 per cent. The company aims to improve the claim settlement ratio further.