October 2023: Among Indian life insurance companies, Tata AIA Life Insurance Company Limited (one of India’s leading life insurance companies) has registered best-in-class operational performance.
Tata AIA registered the industry-best Persistency Ratio in 5 out of 5 cohorts for Q1FY24, which reflects the percentage of consumers who renew their policies with Tata AIA. The Individual Death Claims Settlement ratio improved from 98.53% in FY22 to 99.01% in FY23. In FY23, Tata AIA achieved the industry-best Persistent Performance in the four cohorts – the 13th Month, the 25th Month, the 37th Month and the 49th Month. During the first quarter ending June 2023, Tata AIA was the top performer in all five Persistency cohorts, including the 13th Month (88.2%), 25th Month (80.3%), 37th Month (76%), 49th Month (70.9%), and 61st Month (66.8%). Persistency ratio refers to the percentage of consumers who renew their life insurance policy every year. Generally, the higher the renewal rate, the more satisfied the consumer is with the product and the insurer’s service. Tata AIA’s Individual Death Claims Settlement ratio (another critical metric other than Persistency Ratio) improved from 98.53% in FY’22 to 99.01% in FY’23.
