Tata AIA Life Insurance, often known as Tata AIA, has begun accepting digital payments using the messaging platform WhatsApp and the Unified Payment Interface (UPI). This feature makes it possible to make an immediate payment for premium services using WhatsApp and other payment methods that support UPI.
There are already more than 300 million people using UPI and over 500 million people using WhatsApp in India. With this option, customers have access to a new payment channel on an app that they are already familiar with, allowing them to pay their premiums.
This is also part of Tata AIA’s ambition to enhance its Net Promoter Score (NPS), which is a method used to assess how effectively the firm is satisfying the demands of its customers and influencing their behaviours.
“Our bottom-up approach, armed with technology, allows us to understand the needs of our consumers and continually improve our services,” said Sanjay Arora, executive vice president and head of operations for Tata AIA. We have made a huge step forward in improving the customer experience and boosting the convenience of transactions for them as a result of the implementation of an in-house intelligent platform that was designed in conjunction with WhatsApp and PayU.
The National Payments Council of India (NPCI) has given its approval for WhatsApp to begin its payments service in India in November 2020, with a maximum of 20 million users. In November 2021, the maximum number of users was increased to 40 million. The NPCI announced in April 2022 that it would further loosen the limit for WhatsApp Pay, bringing it down to 100 million.
It is the first time in the history of the insurance business that this particular method of payment has been made available. Customers now have the option to pay their premiums online, and they may just as quickly get confirmation and a receipt of their payment.
Tata AIA has also expanded its linguistic capabilities to include English, Hindi, Tamil, Gujarati, and Bengali. Renewal premium collections may now be made using a variety of digital channels, and the company can now communicate in all five of these languages.
Using an Adobe-based campaign management system, a communication drive through ‘WhatsApp’ and SMS services has been automated. This enables the organisation to monitor behaviour and change communication channels as required.
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