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TATA AIA partners PayU to introduce premium payment feature
July 03, 2023
Tata Group-backed life insurance arm, Tata AIA on Wednesday introduced digital payments via WhatsApp and Unified Payment Interfaces. This newly added payment option is first-of-its-kind in the insurance industry and offers an instant premium payment facility through WhatsApp and UPI-enabled payment options.
For easy use for both tech and non-tech-savvy consumers, it also offers a hassle-free premium payment experience.
Through the new feature, policyholders can pay premiums digitally and receive a quick premium payment confirmation & acknowledgment.
Sanjay Arora, Executive Vice President & Head of Operations of Tata AIA, said, “At Tata AIA, we are committed to providing our policyholders with convenient, hassle-free premium payment options using modes that are preferred by them. Our bottom-up approach, armed with technology, allows us to understand the needs of our consumers and continually improve our services.”
Arora added, “Thanks to an in-house intelligent platform built in collaboration with WhatsApp and PayU, we have taken a significant step forward in improving consumer experience and enhancing the ease of transactions for them.”
Notably, WhatsApp and UPI have become household messaging and payment facilities, respectively, in India. The country has close to 500 million WhatsApp users today and more than 300 million UPI users.
Important Links:
- 4-IN-1 Professional Diploma in Banking, Financial Services & Insurance (PDBFSI): https://tscfm.org/courses/4-in-1-professional-diploma-in-banking-financial-services-insurance-pdbfsi/