 "Tata AIA tries to revamp brand")
Tata AIA Life Insurance Company is undergoing a brand makeover.
Ravi Vishwanath, deputy chief executive officer, says of its ‘Making good happen’ series: “The campaign will be in different phases and we would use various media, including television ads or social media. This is one of the largest campaigns by Tata AIA with respect to the investments made in it. The life insurance sector is out of the woods and is regaining its shape for a stronger phase of growth ahead.”
The campaign breaks with a four-minute film titled ‘Daddy aur Zooey’ a story of a father and son, the relationship they share, and what makes them the family of the year. The film will be aired on television and released as a shareable internet film on YouTube.
“It was important to introduce people to Tata AIA and our new brand identity. The purpose of our existence is to make good happen and we are trying to pass on this message through our campaign, about how insurance also exists to make good happen,” he adds.
The first phase of the campaign will bring across the brand and its values. Later, the different product propositions and solutions for various needs, aimed at both existing and new customers will be added.
The company entered a new phase this year with the appointment of Naveen Tahilyani as managing director and chief executive and a bancassurance partnership with Citibank. Tahilyani says nine products will be sold through the latter – four unit-linked plans, one term plan, two non-participatory traditional and two participatory traditional products. They will add 15 products in the next six months to this portfolio. About 70 people from Tata AIA will work with Citi for the bancassurance partnership.
The company aims to improve its persistency to 80 per cent, with additional emphasis on the second and third years, says Tahilyani. It will also use Citibank's ATM network to sell products. The number of agents is planned to be raised to about 20,000 in the near future, to be later increased to 60,000-80,000.
Under the bancassurance partnership, the company will launch wealth management, life protection, saving and retirement solutions.
The sales process will be enabled through a digital framework to minimise documentation, aimed at replacing 30-plus physical signatures, and remove hidden charges and increase transparency in the buying process.
Ravi Vishwanath, deputy chief executive officer, says of its ‘Making good happen’ series: “The campaign will be in different phases and we would use various media, including television ads or social media. This is one of the largest campaigns by Tata AIA with respect to the investments made in it. The life insurance sector is out of the woods and is regaining its shape for a stronger phase of growth ahead.”
The campaign breaks with a four-minute film titled ‘Daddy aur Zooey’ a story of a father and son, the relationship they share, and what makes them the family of the year. The film will be aired on television and released as a shareable internet film on YouTube.
“It was important to introduce people to Tata AIA and our new brand identity. The purpose of our existence is to make good happen and we are trying to pass on this message through our campaign, about how insurance also exists to make good happen,” he adds.
The first phase of the campaign will bring across the brand and its values. Later, the different product propositions and solutions for various needs, aimed at both existing and new customers will be added.
The company entered a new phase this year with the appointment of Naveen Tahilyani as managing director and chief executive and a bancassurance partnership with Citibank. Tahilyani says nine products will be sold through the latter – four unit-linked plans, one term plan, two non-participatory traditional and two participatory traditional products. They will add 15 products in the next six months to this portfolio. About 70 people from Tata AIA will work with Citi for the bancassurance partnership.
The company aims to improve its persistency to 80 per cent, with additional emphasis on the second and third years, says Tahilyani. It will also use Citibank's ATM network to sell products. The number of agents is planned to be raised to about 20,000 in the near future, to be later increased to 60,000-80,000.
Under the bancassurance partnership, the company will launch wealth management, life protection, saving and retirement solutions.
The sales process will be enabled through a digital framework to minimise documentation, aimed at replacing 30-plus physical signatures, and remove hidden charges and increase transparency in the buying process.
The tablet application is a paperless, automated sales interaction process that converts the cumbersome process, requiring 30-plus physical signatures per insurance policy, into a simple sign-on process. The unified integration of the online-offline sales process provides real-time instant servicing options at Citibank branches, including the provision of tax receipts and fund value statements, along with servicing other frequent requests of customers.