AIA Group Limited announced today the formation of a new long-term strategic partnership between AIA Company Limited and Practo, India’s leading digital healthcare platform. Tata AIA Life Insurance, a Joint Venture between AIA Group and Tata Sons, working to collaborate with Practo through this strategic partnership to offer solutions to their respective customer bases.
Synergies resulting from this partnership may provide access to digital healthcare to Tata AIA Life’s customers. Similarly, Practo’s customers will exclusively access solutions offered by Tata AIA Life subject to regulatory approvals. Tata AIA Life was India’s leading protection provider both by product mix and by new business premiums in 1Q21.
Together, Tata AIA Life and Practo will promote and encourage consumer wellness in India, helping millions of Indians to live Healthier, Longer, Better Lives.
Bill Lisle, AIA Group Regional Chief Executive and Group Chief Distribution Officer, said, “This partnership is the outcome of AIA’s commitment to providing compelling, integrated and personalised propositions to our customers in India. Practo has an outstanding track record as India’s leading digital healthcare platform and we look forward to collaborating to benefit customers of both entities.. Our partnership with Practo reflects our commitment to the Indian market and our confidence in its long-term prospects given the combination of strong economic growth, rising incomes and low insurance penetration.”
Shashank ND, Co-founder & CEO, Practo, said, “We are excited to partner with AIA, the largest independent publicly-listed pan-Asian life insurance group. We foresee various synergies resulting from this partnership that align with our core strategies on many fronts. AIA brings a world-class approach to insurance solutions with its bespoke products and solutions. Its preeminent leadership in the life insurance sector will be extremely valuable to Practo’s current and future customers, who will have access to a range of high-quality life insurance products. By coming together, AIA, Tata AIA Life and Practo will go a long way in leveraging our collective strengths and developing innovative products, allowing us to drive far more impact for our customers.”
Welcoming the strategic tie-up, Mr. Rishi Srivastava, MD & CEO of Tata AIA Life Insurance, said, “Taking forward the values of AIA Group & Tata Sons, our purpose of protection transcends the payer role traditionally followed. In the past couple of years’, we have gone beyond the transactional model to partner with consumers for holistic protection solutions that they need. Through this partnership, beyond synergies at both sides, the consumers of Practo can access best-in-class solutions for safeguarding themselves and building a healthier life.”
All the figures pertain to FY 18-19 and emanates from Audited financial statements
Founded in 2008, Practo is India’s leading healthcare platform. Practo’s vision is to help mankind live healthier and longer lives by simplifying ways to be healthy. Practo connects the entire health ecosystem – patients, doctors, pharmacy, diagnostics, clinics, hospitals and other partners – together, to generate exceptional value and service for all. By integrating different parts of the healthcare journey and putting them together end-to-end on Practo’s platform, patients can have one seamless experience, irrespective of their specific needs.
Tata AIA Life is a joint venture company, owned by Tata Sons Ltd. and AIA Group Limited. Tata AIA Life differentiates itself in the Indian insurance market with a protection-focused product strategy, a commitment to growing a high-quality Premier Agency and further developing its multiple bank partnerships. In 2019, the business maintained its leading position in the pure retail protection market in India.
Tata AIA Life Insurance Company Limited (Tata AIA Life Insurance) is a joint venture company, formed by Tata Sons Pvt. Ltd. and AIA Group Ltd. (AIA). Tata AIA Life Insurance 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 Insurance has written retail new business weighted premium of Rs. 2,692 crore for the financial year 2019-20. For the same period, the 13th month persistency of the company was at 89.10% and, the individual death claims settlement ratio was 99.06%. One of the fastest growing companies in the Life Insurance sector, Tata AIA Life Insurance is now ranked at no. 5, based on individual weighted new business premium. - Press Release.
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