Reduce Document Submission
About TATA AIA
Tata AIA Life Insurance Company Limited (Tata AIA Life) 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 Life has written retail new business weighted premium of Rs. 2,692 crore for the financial year 2019-20. For the same period, the 13th
Problem Statement
Challenge title
Reduce Document Submission
Challenge Description
Insurance is a highly regluated business, and is a form of risk management primarily used to hedge against an uncertain loss. The Insurance companies in order to assess the risk usually rely on various factors like : customer medical history, current health etc.. They also collect a number of KYC related documents as well from a customer such as (Identity Proof, Address proof, income proof etc.). The entire process is cumbersome for the agent as well as the customer. We want to reduce document submission by building new technologies in the journey like OCR and other methods as well.
Challenge Pain Points
Large no of documents required
Dcoument Submission and Veirification takes a lot of time
Large Issuance time, documents submitted in multiple iterations
Expected results
Reduced no of documents required
Faster Issuance Timelines
Strengthened underwriting capability
better process management
Eligibility
- Any startup registered in Kerala
- Startup should have unique id(KSUM) and DPIIT number(startup India) for applying towards the challenges.
