Naveen Tahilyani’s Post

As I pen this post, there are two famous quotes that come to mind. One by a great poet, Ralph Waldo Emerson who said ~ “The first wealth is health” and the other by a great statesman, Winston Churchill ~ “Healthy citizens are the greatest asset any country can have.” Without good health, we are unable to enjoy life to the fullest or be productive contributors to the economy of our great country. With a population of 1.4 billion, non-communicable diseases (NCDs), such as heart disease, diabetes, hyper-tension, and cancer, cause 63% of all deaths in India. This is estimated to cost the Indian Exchequer over $3.50 trillion in lost economic output between 2012 and 2030, nearly the value of our annual GDP today. With loss in productivity, impairment of health and ability, and the ever-rising costs of healthcare and medical expense, Indian consumers stand to lose significant income. Healthcare cost in India is borne by consumers, with Out-of-pocket expenditure (OoPE) accounting for ~60% of healthcare spending. At Tata AIA Life Insurance, we are concerned about this situation. And we are taking steps to transform ourselves, to become a ‘Partner’ to our consumers, empowering them to secure themselves and their loved ones from such exigencies. I am happy to announce the launch of #TataAIA Pro-Fit—a unique convergence of Life insurance, health care, and wellness, packaged as a singular, transformative solution. Pro-Fit transcends the boundaries of conventional insurance, providing you with a comprehensive security net. It is a complete health plan that funds your medical expenses and wellness needs, while giving you the opportunity to generate wealth with market linked returns. From covering day care treatment to over 130 surgical procedures to 57+ critical illness treatments in India and 49 other countries, the plan encompasses a wide gamut of health and wellness solutions. What’s more, it offers market-linked returns and tax-free withdrawals towards health expenses. Diversity and inclusivity lie at the heart of this proposition. Tailored discounts for Gen Z, women, and the transgender community underscore our dedication to fostering a healthier future for all. Policyholders can enjoy all Pro-Fit benefits for up to 100 years, ensuring complete peace of mind. I would like to thank my team at Tata AIA for fusing insurance, healthcare, wellness, and wealth generation into a singular, seamless framework. We are excited to have embarked on a transformative journey, embracing the quintessence of a #WellthyLife! I do hope that this proposition will be taken across the length and breath of the country by our advisors and partners, to Pro-Fit India in a sustainable manner. I urge my team and colleagues to be harbingers of change and ensure that our circle of protection continues to extend across India. This proposition, along with India’s National Action Plan, will benefit Indians in building a healthy future for all! #TataAIAProFit

Insurance for All – A movement for India’s #inclusivegrowth As we celebrate #NationalInsuranceAwarenessDay, I am reminded of IRDAI's vision of ‘Insurance for All by 2047’. To achieve this, we need to address several key areas. Firstly, there is need for enhanced #awareness and #education about the importance and benefits of #insurance. We need #innovative programs to bridge the knowledge gap among Indians. IRDAI’s State Level Insurance plan is a right step in this direction. Secondly, the #affordability of insurance products must be catered to. As insurers, we need to devise innovative pricing models and product offerings that cater to the diverse needs and income profiles of the population. These could include micro-insurance initiatives, group policies, and customized plans for different segments. Thirdly, #digital #transformation will play a pivotal role. Insurers in collaboration with InsureTech companies must work together to develop user-friendly digital/ mobile platforms and simplified processes that make insurance accessible to all, even in the most remote areas. Lastly, regulatory support and #collaboration are essential for the success of this vision. IRDAI has already taken commendable steps towards streamlining regulations and promoting innovation in the insurance sector. A favourable policy environment that encourages insurers to design inclusive products, fosters healthy competition, and protects the interests of #policyholders will be crucial in achieving the desired outcomes. At Tata AIA Life Insurance AIA, we have always strived to be at the forefront of financial inclusion and have taken concrete steps to reach out to the diverse segments in the society. Our efforts in West Bengal and Mizoram are in line with IRDAI’s State level insurance plan. We have expanded our footprint across #Bharat, with 100 digitally enabled branches introduced in each of the last 2 years and 100 more branches planned this year. Further, we have invested in digital tools across the entire consumer journey spanning product purchase, servicing, #claims and #renewal. While ensuring best-in-class #consumer experience is one part of our consumer focus, equipping them with relevant and innovative solutions is the other. One of our latest offerings on this front is the health & wellness proposition, Vitality. This encourages our consumers to lead a healthy lifestyle and, in the process, avail benefits such as discount on insurance premiums. Today, we offer riders ns along with our insurance plans, thereby ensuring that our consumers enjoy comprehensive protection from accidental and health related exigencies.   These initiatives, along with several more, have been at our core efforts to make life insurance, affordable, accessible, and available for India and Bharat. ‘Insurance for All’ is not just a vision; it is a #social imperative, that can transform the economy and ensure a more resilient #India for generations to come. #InsuranceForAll  

At Tata AIA Life Insurance , our core value of Consumer Obsession guides us in all our endeavors. Be it our #insurance solutions, #service experience, #distributionchannels, #technology & #digital initiatives, we strive to make each one of them #consumer centric. As we usher in the new financial year, I thought it pertinent to reflect on our recent journey and accordingly chart the way ahead. We introduced various #innovative propositions to address #consumer needs across various life stages. These include protection-oriented solutions e.g. Term insurance with Health & Wellness benefits, Investment linked #protection plans with sizeable life cover and market linked returns etc. To communicate these solutions effectively, we went vernacular to reach citizens of ‘#Bharat’, with a #Hindi website with more renditions planned. On the service front, we added to our digital tools, available 24x7, across #online, #mobile apps, #socialmedia etc, basis consumer preference for such facilities. In each of the above areas and more, our #committed, #energetic, and highly engaged #employees were the driving force. Our distribution partners across Agency, Banca, Broking channels too played a critical role. Most importantly, our Regulator, IRDAI has been an enabler, having announced multiple consumer-friendly initiatives with the clear vision of ‘Insurance for All by 2047’. As we reflect on our actions, we are humbled that our #consumers benefited and in reciprocation reposed their trust in us. Our persistency ratio, i.e. % of consumers who chose to renew their policy with us, helped us be ranked No. 1 in 4 out of 5 cohorts including 13th Month persistency. Mapping our consumer’s experience across touch points, our Net Promoter Score (NPS) reached new highs. Consumer experience is critical as is giving them the right #financial advice. Showcasing the highest standard of financial advisory, we had the maximum number of Advisors join the globally renowned MDRT club. As a natural outcome of this, our Agency channel was ranked No. 1 in #India and amongst the top 10 globally. We received the Kincentric Best Employer Award for the 7th year in a row and were certified a ‘Great Place to Work’ in our first year of participation, a testimony to our engaged employee base. To top it all, Tata AIA joined the league of Top 3 insurers in the retail #lifeinsurance space (basis IWNBP*) in FY2023.        Even as we celebrate our journey, with each passing day, our #commitment to serve our consumers better keeps deepening. We will continue our thrust on #consumer obsession in all our endeavors. As Jeff Bezos, the founder of Amazon said, “We see our customers as invited guests to a party, and we are the hosts. It is our job every day to make every important aspect of the customer experience a little bit better”. #consumers #centricity #growth #financialyear #journeytosuccess #health #insurance

A journey of 1000 miles always begins with the first step. And we took this step 22 years ago with our foray to protect India’s aspiring citizens.   Since setting the foundation in 2001, we have come a long way guided by our vision to become #India’s pre-eminent insurance provider, enabling #dreams, and inspiring Indians to live #healthier, #happier lives. Translating this into direct benefit for our #consumers through our mission, we have strived to introduce the best and simplest life and health #insurance solutions, that are in sync with their individual life stage needs. After all, our core value of Consumer Obsession, drives our every effort, be it introducing #innovative, consumer-centric solutions or aiming to reach the North Star in #technology-enabled service excellence.   Having said this, the real force behind our inspiring trajectory has been the collective strength of our #employees, #partners, and advisors. Each one of them has contributed immensely, as we continuously progressed on the path to make the citizens of #Bharat feel secure and empowered. It is their #commitment and relentless effort that has resulted in consumers reposing their trust in us. Their unstinting determination has enabled us to stand true to the legacy of the Tata Group, epitomizing the complex aspect of a trustworthy consumer brand.   In the process, we have achieved several milestones, many of them in the year when we turned 22, making it a truly ‘Special 22’:   - Ranked No. 3 in the retail insurance space in the private sector (basis IWNB), YTD FY23, driven by robust growth across our distribution and consumer facing #digital platforms - No. 1 in persistency, the most important barometer of #trust, when consumers choose to renew their insurance policies with us. In fact, Tata AIA Life Insurance AIA ranks No. 1 in 4 out of the 5 cohorts including 13th-month persistency - Unique consumer propositions including market-linked protection and health covers as well as globally renowned health & wellness solutions in the form of Vitality proposition    As we celebrate our 22nd anniversary, our eyes are set firmly on the #future. We are excited about the journey that will unfold for us. We are inspired to expand our circle of protection to the furthest parts of Bharat, to realize our vision.   At this juncture, I would like to quote my favourite poet, Maithili Sharan Gupt – नहीं विघ्न-बाधाओं को हम, स्वयं बुलाने जाते हैं, फिर भी यदि वे आ जायें तो, कभी नहीं घबड़ाते हैं। मेरे मत में तो विपदाएँ, हैं प्राकृतिक परीक्षाएँ, उनसे वही डरें, कच्ची हों, जिनकी शिक्षा-दीक्षाएँ॥   Here’s raising a toast to the 22 years that went by and to the next 22 that await us! #milestone

Mahatma Gandhi once said, “It is health that is real wealth, not pieces of gold and silver.” It is truly time, for us to pay heed to this piece of profound wisdom. In a world where we are hard-pressed for the #time given our responsibilities and priorities, we tend to ignore our most important asset – our health. Be it #mental, #social, or #physical, our #health is usually way down in our priority list. As per a report published by the World Health Organization (WHO), over 60.46 lakh people died due to Non-Communicable Diseases (NCDs) in India in 2019. It further revealed 22% probability of deaths between the ages of 30 and 70 due to NCDs, including cardiovascular diseases, cancer, diabetes or chronic obstructive pulmonary disease. Given this, it is imperative that we take matters into our own hands and act. Be it our #diet, our #exercise regimen, or our mental well-being, the journey starts with us pledging to lead a well-their #lifestyle. To support consumers in this journey, we are proud to announce the launch of Tata AIA Life Insurance Vitality, a science-based wellness program designed in association with the Vitality Group Inc., to help them track and improve their health. With the launch of this holistic wellness program, consumers in India can benefit from the globally renowned Vitality proposition that is already available across 39 countries. Tata AIA Vitality comprises a combination of time-tested #wellness programs and #cutting-edge engagement strategies to help consumers know their #health status, enabling them to take essential preventive or curative measures toward living a life of well-being. The app-based platform is based on three basic and easy-to-follow principles – 1. Know Your Health, which allows one to assess where he/she stands on the health front 2. Improve Your Health, which comprises weekly challenges and activities to scale up one’s mental, physical, and social fitness 3. Get Rewarded, which provides discounts on policy premiums etc. Personally, I am very excited that we have introduced this proposition to our consumers. It offers us one more opportunity to partner with them and plays a value-adding role in their daily life beyond securing their future. I sincerely do hope that with Tata AIA Vitality, we will #encourage our consumers to actively follow a well-thy lifestyle, and stay inspired to enjoy a #healthier, #happier life.  #TataAIA #health #wellness #fitness #lifeinsurance  

Earlier this year, I shared a post on my trip across the country for our Million Dollar Roundtable (MDRT) events where I met several enterprising agents in our distribution channel. The cohesive #power of those achievers was truly #inspiring. The sheer #talent and perseverance prevalent in the room left me energized and confident about our business’s growth trajectory. 1,496 of our Agent Advisors are now part of the Million Dollar Round Table (MDRT), making Tata AIA Life Insurance AIA the #1 MDRT Company amongst #LifeInsurers in India. With a global ranking of #9, we have also entered the elite list of the World's Top 10 MDRT companies. What makes me, even more, #proud, is that of the 1,496 MDRT Agents who qualified for this coveted group, 689 were #women, making up 46% of the overall #MDRT Agent count. Our JV Partner, AIA also set a record during the year to become the company with the highest number of #MDRT members for an unprecedented eight consecutive years. Since 2010, the number of MDRT members in the AIA family has increased by an impressive 768%. What does this mean for our #consumers? Well, for starters, the assurance of getting the best advice for life from professional agents who are the best among the best. Also, #insightful guidance on #financial investing that is closely aligned to their individual unique needs. Not to forget, a delightful experience and service that is in a league of its own. MDRT membership is recognised #internationally as the standard of excellence in the life insurance and financial services industry. This #achievement underlines the #positive #transformation of our Agency force and reinforces our belief that our advisors are among the finest in the world.  It aligns with our core #mission of providing the best and simplest life and health insurance solutions, that are in sync with the needs and life goals of our consumers. #India's life insurance industry holds tremendous potential, and a professional Agency force of accomplished partners can act as a catalyst to increasing penetration of life insurance in India. We have invested in our Advisors, equipping them with the Right #knowledge, tools, and skills to ensure a differentiated experience for our consumers. We believe that with such excellent expertise under our wings, we can truly transform how life insurance is perceived and purchased across the country. We wish all our Agent Advisors and especially our MDRT #winners, the very best, today and every day! We are proud of you, and we look forward to seeing this list grow exponentially, year on year, every year. #insurance #agents #achievement #consumers #proud

Life insurance is like a leak in your roof. The more you wait to repair it, the more expensive it gets! And just as a roof is essential, so is Life insurance.    Unfortunately, while the #pandemic made us realize the need for life and health insurance, we are still relegating insurance purchases to a later date. #India’s protection gap stood at 83% or $16.5 trillion as of 2019, the highest amongst all countries in #AsiaPacific, as per the report published by Swiss Re. This translates into a whopping INR 1200 lakh crore. Simply put, the industry is providing protection only to the extent of 1/6 of what the country needs.   Furthermore, the size of the retirement savings gap in India could touch USD 85 trillion by 2050 (USD 3 trillion currently), given longer lifespans and reduced savings. By 2050, 19% of Indians will be above 60 years of age, but only 25% have begun to prepare for this by investing in some form of pension cover. What makes this forecast more worrisome is that by 2050, India’s average age expectancy will increase by 10% to 77 years, thus leaving us in a situation of living longer, but with lesser money.   There is an urgent need to address these gaps – after all, we don’t want to compromise on the lifestyle that we and our families need and have grown accustomed to. Insurance is not just a tool to save taxes. It inculcates in us, a financial discipline, that enables us to plan our future better. It offers #protection and enables #savings for everything we aspire to achieve.   Let’s start some real conversations on #LifeInsurance, #pension and #protection in our friends and family circles. Let’s talk to our colleagues at work. Let’s ensure that some of the people who help us and support us the most—our drivers, maids, and security guards—understand Life insurance and are covered. Maybe instead of giving them an annual or Diwali bonus, we sponsor them for a life insurance policy?!   Let us do our bit for our society and protect our nation. #TataAIA #insurance #nationalinsuranceawareness #lifeinsurance

Every time I see someone smoke, I am reminded of the line – I will huff and puff till I bring the house down. In this case, the metaphorical house is first the smoker’s own and then that of those around them. Smoking and consuming tobacco is a habit injurious to health—this is a fact we all know. It impacts our functioning and leaves us susceptible to several critical illnesses. The pandemic taught us how such #lifestyle choices leave us vulnerable – both in terms of #health and #finances. Apart from this, smoking and tobacco consumption has a very significant impact on our #environment. The damage caused by tobacco farming spans massive use of water, large-scale deforestation, and contamination of the air and water systems. The annual greenhouse gas emissions of tobacco production equal 84 million tons of carbon dioxide. This is equivalent to driving your car all the way to the sun and back over 230 times! It’s a lot!! Over 3.5 million hectares of land are destroyed for tobacco growing every year. And tobacco causes more than 8 million preventable deaths globally. Thus, tobacco today is no longer just a driver of high mortality; it is now a threat to the development of our society and civilization. As an organization that is socially conscious, Tata AIA Life Insurance has been making efforts to minimize this impact. Over the last 3 years, we have planted over 600,000 #trees, in the names of our policyholders through a collaborative initiative with them. We are at work to secure our consumers and the environment. We have also initiated several campaigns involving our employees, consumers, and channel partners – all aimed at enabling them to adopt a health and wellness-oriented lifestyle. As we look ahead, we are preparing to play a larger role through comprehensive and structured initiatives in the space of holistic well-being.   While today is a day to remember the impact of smoking on our health and our environment, I am hoping this is also a milestone day for the smokers amongst us. Maybe, today is just the day that you finally quit—do this for yourself, your loved ones and the environment! #WorldNoTobaccoDay #health #wellness #environment

At Tata AIA Life Insurance, we are humbled and honoured to have won two coveted awards at the 3rd Emerging Asia Insurance Awards organized by the Indian Chamber of Commerce. Being chosen as the ‘Best Life Insurance Company of the Year’ and winning the award for ‘Best Strategies for Insurance Spreading’ is a testimony to the trust reposed by our consumers in us.   We dedicate these accolades to our beloved Bill Lisle, whom we lost recently. Bill envisioned our robust growth journey as our Regional Chief Executive and Group Chief Distribution Officer. Over the last seven years, ever since he joined the Board of Tata AIA, no one has worked more tirelessly and energetically than Bill for the betterment of the company. He brought us the best of the AIA Group’s expertise across products, technology, process, and people. But most importantly, he brought us infectious energy, inspiration, never say die attitude and a wry sense of humour. He had this amazing ability to inspire everyone to go beyond their limitations without seeming to push them. He stuck with us through thick and thin, kept us grounded when we were getting ahead of ourselves and motivated us when we doubted our abilities.   Above all, he was a very fine human being—approachable and full of genuine caring. A few years ago, when I went through a serious health issue, almost no one was more helpful than Bill, even after our professional association had ceased. He kept in touch regularly, helped organize the best medical care possible and was liberal with his sage advice and time. Every time he came to India, he made time to meet and check in on the family. And mine is one of many such stories. The entire industry across Asia will be full of professionals whom Bill had touched in a very deep way—both professional and personal.   Bill—this award is for you. And we pledge that we will continue on this path of delivering excellence to our consumers which you have shown us. Your legacy will continue to inspire us at Tata AIA—forever and ever.