VMPL
Mumbai (Maharashtra) [India], March 16: Tata AIA Life Insurance Company Limited (Tata AIA), one of India's leading life insurers, is proud to announce its recognition as a Kincentric Best Employer 2023. Kincentric Is a globally renowned platform that showcases organizations which are industry leaders in employee engagement and development.
Tata AIA's recognition as the Kincentric Best Employer for the 8th consecutive year is a result of its effective people management in an increasingly complex business environment. "Consumer Obsession" is a core value of the Company and initiatives are implemented under the 'Customer First' mission. By consistently placing customers first, Tata AIA builds trust and loyalty among its customer base, enhancing the entire customer lifecycle experience, emphasizing sales, service, and claims transparency.
These efforts have yielded notable results, with an increase of 59% in individual Weighted New Business Premiums (IWNBP) in FY23. The Company ranks among the top three private life insurers by IWNBP income. Its unwavering commitment to customer satisfaction is reflected in its best-in-class persistency rate and claims settlement ratio.
Announcing the win, Venky Iyer, Chief Executive Officer & Managing Director, Tata AIA, said, "Being named as Best Employer in India by Kincentric for 2023, eight years in a row, is indeed a matter of pride for us at Tata AIA. It is testimony to the continuous efforts of our HR and leadership teams to create a thriving, fikar-free, and rewarding environment for our employees. This Award reinforces our commitment to our people-centric practices, empowering our people to achieve their aspirations and give their best and enable our consumers to be 'Har Waqt Ke Liye Taiyaar'".
In order to cultivate an environment that values talent, skill, and contribution, Tata AIA prioritises creating an environment where its employees are nurtured, recognised, and respected.
Kristyl Bhesania, President, and Chief Human Resources Officer, Tata AIA, reaffirmed this, saying, "As an organization, we strive to create an equitable, diverse, and inclusive workplace where employees are recognised as individuals. A supportive and inclusive work culture is fostered through competitive compensation packages, comprehensive benefits, benchmark capability-building initiatives, and career development opportunities. We value work-life balance and promote employee wellness through our wellness programs, which ensure alignment with our strategic imperatives and foster employee belonging and purpose."
"Over the years, we have seen organizations that have a relentless focus on aligning business and people strategy and keeping pace with the dynamic business world emerge as the Best Employers", says Anurag Aman, MD and Market Leader for Kincentric India.
A strong focus on people practices drives Tata AIA. In order to become the "Organization of the Future," the Company cultivates people-centric, high-performance cultures and develops future-ready leaders. An important part of the CEO's effort is ensuring employees fully understand how they contribute to the organization's ethos and are deeply involved in achieving its shared objectives.
The Company has taken the following steps to empower its people to achieve its business priorities.
* Benchmark Training & Development Programs: Providing comprehensive training on insurance products, industry regulations, customer service skills, and technology tools.
* Clear Communication & Goal Alignment: Make sure employees understand the company's strategic objectives and how they contribute to achieving them.
* Performance Management Systems: Setting up performance appraisal systems that align individual goals with organizational objectives, reward high-performing employees, and provide constructive feedback. Performance Management is based on the Balanced Score Card, which helps to understand what the company aspires to be, how it attains the vision, and how it measures progress.
* Employee Engagement Initiatives: Strengthening collaboration and agility among teams, establishing channels for feedback, and communicating transparently and openly.
* Investment in Technology: Giving employees access to user-friendly, efficient technology tools to enable them to deliver exceptional service.
* Diversity & Inclusion Efforts: Building an inclusive workplace where employees from diverse backgrounds feel valued, respected, appreciated, and empowered to contribute their unique perspectives.
With over 50 years of employee research and decades of experience and specialist expertise in culture and engagement, leadership assessment and development, HR and talent advisory, and diversity, equity, and inclusion, Kincentric partners with organizations to improve their health from the inside, transform at scale and achieve Best Employer levels of performance.
About Tata AIA Life
Tata AIA Life Insurance Company Limited (Tata AIA) is a joint venture Company formed by Tata Sons Pvt. Ltd. and AIA Group Ltd. (AIA). Tata AIA Life combines Tata's pre-eminent leadership position in India and AIA's presence as the largest, independent listed pan-Asian life insurance group in the world, spanning 18 markets in the Asia Pacific region.
Tata AIA reported an Individual Weighted New Business Premium (IWNBP) income of INR 7,092 Cr in FY23, an increase of 59% over FY22. The Individual Death Claims Settlement ratio improved from 98.53% in FY22 to 99.01% in FY23. The Persistency ratio, reflecting the percentage of consumers who choose to renew their policies with Tata AIA, has earned the Company the top rank in four out of five cohorts, including 13th-month persistency. Compared to FY22, the 13th Month Persistency ratio (based on Premium) of the Company improved to 88.1%.
About the Tata Group
Founded by Jamsetji Tata in 1868, the Tata Group is a global enterprise, headquartered in India, comprising 30 companies across ten verticals. The group operates in more than 100 countries across six continents, with a mission 'To improve the quality of life of the communities we serve globally, through long-term stakeholder value creation based on Leadership with Trust'.
Tata Sons is the principal investment holding company and promoter of Tata companies. Sixty-six percent of the equity share capital of Tata Sons is held by philanthropic trusts, which support education, health, livelihood generation and art and culture. In 2022-23, the revenue of Tata companies, taken together, was $150 billion (INR 12 trillion). These companies collectively employ over 1 million people.
Each Tata company or enterprise operates independently under the guidance and supervision of its own board of directors. There are 29 publicly listed Tata enterprises with a combined market capitalisation of $300 billion (INR 24 trillion) as on July 31, 2023.
About AIA
AIA Group Limited and its subsidiaries (collectively "AIA" or the "Group") comprise the largest independent publicly listed pan-Asian life insurance group. It has a presence in 18 markets-wholly-owned branches and subsidiaries in Mainland China, Hong Kong SAR(1), Thailand, Singapore, Malaysia, Australia, Cambodia, Indonesia, Myanmar, New Zealand, the Philippines, South Korea, Sri Lanka, Taiwan (China), Vietnam, Brunei and Macau SAR(2), and a 49 per cent joint venture in India. In addition, AIA has a 24.99 per cent shareholding in China Post Life Insurance Co., Ltd.
The business that is now AIA was first established in Shanghai more than a century ago in 1919. It is a market leader in Asia (ex-Japan) based on life insurance premiums and holds leading positions across the majority of its markets. It had total assets of US$276 billion as of 30 June 2023.
AIA meets the long-term savings and protection needs of individuals by offering a range of products and services including life insurance, accident and health insurance and savings plans. The Group also provides employee benefits, credit life and pension services to corporate clients. Through an extensive network of agents, partners and employees across Asia, AIA serves the holders of more than 41 million individual policies and 17 million participating members of group insurance schemes.
AIA Group Limited is listed on the Main Board of The Stock Exchange of Hong Kong Limited under the stock codes "1299" for HKD counter and "81299" for RMB counter with American Depositary Receipts (Level 1) traded on the over-the-counter market under the ticker symbol "AAGIY".
Notes:
(1) Hong Kong SAR refers to the Hong Kong Special Administrative Region.
(2) Macau SAR refers to the Macau Special Administrative Region.
About Kincentric
Kincentric, a Spencer Stuart company, helps organizations unlock the power of people and teams to ignite change and drive better business results. With decades of experience and specialist expertise in areas such as culture, employee engagement, leadership assessment and development, HR and talent advisory, and diversity, equity and inclusion, we use data-driven insights to architect solutions that add value, enhance agility and increase organizational effectiveness. For more information, visit kincentric.com.
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