Kolkata, India: With the aim of supporting the Insurance Regulator, IRDAI’s vision of achieving “Insurance for All by 2047,” Tata AIA Life Insurance Co Ltd (Tata AIA) has been taking a series of initiatives to increase awareness and penetration of insurance in West Bengal. Tata AIA is the lead insurer in West Bengal as per the State level insurance strategy devised by the Regulator.
Initiatives taken:
1. Bimarath: In collaboration with its bancassurance partner, IndusInd Bank, Tata AIA organized Bimarath – a unique on-ground initiative in June and July 2024. The company designed two promotional vans with LED display units for showcasing videos on life insurance benefits. Throughout 16 districts, the vans visited 19 IndusInd branch locations, including South and North 24 Parganas, Howrah, Hooghly, East and West Bardhaman, Nadia, Birbhum, Purulia, Coochbeher and Alipurduar. Over 5,000 potential consumers were contacted through these events.
2. Partnership with Chartered Accountants Association: Tata AIA and the Chartered Accountants Association of Malda joined forces on July 1 to celebrate Chartered Accountants Day (CA Day). As part of the event, Tata AIA representatives discussed the benefits of life insurance solutions and how the life insurance industry offers a financially rewarding and professionally enriching career. Nearly 50 financial professionals attended the event, some of whom have already taken up Life Insurance Agency careers with Tata AIA.
3. Advisor Recruitment Drive: The Company organized a Career Opportunity Presentation to recruit Life Insurance Advisors in Siliguri. The financial practitioners attended another such event at Krishnagar, Nadia. Approximately 70 people attended these two events, and many of them decided to take up agency careers with Tata AIA Life.
4. Partnership with Bengal Chamber of Commerce & Industry: In June this year, Tata AIA sponsored the Annual Financial Awareness Conclave of the Bengal Chamber of Commerce & Industry, the oldest chamber of commerce in India. The event, which centered around the theme of Transforming MSMEs through Finance, also featured a speech by Tata AIA on “Insuring Risk Assessment for MSME Growth: The Role of Insurance”. Over 200 small and medium business owners attended the event.
Girish Kalra, Chief Marketing Officer of Tata AIA Life Insurance, said, “As a lead insurer in West Bengal, Tata AIA is committed to raising awareness on the importance of life insurance. The intent is to enable consumers to secure their loved ones’ future and help them realise their aspirations. We have adopted the integrated campaign approach combining mass media activities, direct consumer outreach programs and penetration drive. We will continue to empower our consumers in line with our brand positioning of Har Waqt KE Liye Taiyaar so that they can live a fikar-free life.”
Other initiatives that the company has been implementing for over a year include:
· Masik Bima Divas: The second Thursday of the month is observed as Masik Bima Diwas. Activities are conducted at the branches of Tata AIA to apprise walk-in consumers of the importance of life insurance coverage and various kinds of life insurance solutions.
· Tata AIA also conducts a Social Media campaign that has enabled the Company to communicate the benefits of life insurance and its solutions to users across the state. Using topical and local themes defining the protection element of Life Insurance, the Company has reached over 2 million users in West Bengal. A variety of West Bengal icons and subjects have been used in these campaigns, such as the Royal Bengal Tiger, Victoria Memorial Hall, and Darjeeling tea. As seen from the Engagement ratio of 9.93%, almost one out of ten users liked or shared these Social Media posts.
· Using the network of the Common Service Center (CSC), the Digital Service Deliver network of the Government of India, Tata AIA distributes life insurance solutions to the people of rural Bengal via the Village Level Entrepreneurs (VLEs) of the CSE network. These VLEs play a significant role in West Bengal’s rural landscape and help Tata AA reach far-flung corners of the state. As part of the branding support for these VLEs, shop signages were installed at over 500 VLE locations throughout 19 districts.
Tata AIA has improved its penetration in West Bengal as a result of these initiatives. As of July 2024, the company had secured the lives of over 11,000 consumers.
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