Tata AIA Recognized as a Kincentric Best Employer 2023

Named a Best Employer for the eighth consecutive year, making it the only Indian insurance company to earn that distinction

Bengaluru, 12th March, 2024: Tata AIA Life Insurance Company Limited (Tata AIA), one of India’s leading life insurers, is proud to announce its recognition as a Kincentric Best Employer 2023. Kincentric Is a globally renowned platform that showcases organizations which are industry leaders in employee engagement and development.

Tata AIA’s recognition as the Kincentric Best Employer for the 8th consecutive year is a result of its effective people management in an increasingly complex business environment. “Consumer Obsession” is a core value of the Company and initiatives are implemented under the ‘Customer First’ mission. By consistently placing customers first, Tata AIA builds trust and loyalty among its customer base, enhancing the entire customer lifecycle experience, emphasizing sales, service, and claims transparency.

These efforts have yielded notable results, with an increase of 59% in individual Weighted New Business Premiums (IWNBP) in FY23. The Company ranks among the top three private life insurers by IWNBP income. Its unwavering commitment to customer satisfaction is reflected in its best-in-class persistency rate and claims settlement ratio.

Announcing the win, Venky Iyer, Chief Executive Officer & Managing Director, Tata AIA, said, “Being named as Best Employer in India by Kincentric for 2023, eight years in a row, is indeed a matter of pride for us at Tata AIA. It is testimony to the continuous efforts of our HR and leadership teams to create a thriving, fikar-free, and rewarding environment for our employees. This Award reinforces our commitment to our people-centric practices, empowering our people to achieve their aspirations and give their best and enable our consumers to be ‘Har Waqt Ke Liye Taiyaar’”.

In order to cultivate an environment that values talent, skill, and contribution, Tata AIA prioritises creating an environment where its employees are nurtured, recognised, and respected.

Kristyl Bhesania, President, and Chief Human Resources Officer, Tata AIA, reaffirmed this, saying, “As an organization, we strive to create an equitable, diverse, and inclusive workplace where employees are recognised as individuals. A supportive and inclusive work culture is fostered through competitive compensation packages, comprehensive benefits, benchmark capability-building initiatives, and career development opportunities. We value work-life balance and promote employee wellness through our wellness programs, which ensure alignment with our strategic imperatives and foster employee belonging and purpose.”

“Over the years, we have seen organizations that have a relentless focus on aligning business and people strategy and keeping pace with the dynamic business world emerge as the Best Employers”, says Anurag Aman, MD and Market Leader for Kincentric India.

A strong focus on people practices drives Tata AIA. In order to become the “Organization of the Future,” the Company cultivates people-centric, high-performance cultures and develops future-ready leaders. An important part of the CEO’s effort is ensuring employees fully understand how they contribute to the organization’s ethos and are deeply involved in achieving its shared objectives.

The Company has taken the following steps to empower its people to achieve its business priorities.

· Benchmark Training & Development Programs: Providing comprehensive training on insurance products, industry regulations, customer service skills, and technology tools.

· Clear Communication & Goal Alignment: Make sure employees understand the company’s strategic objectives and how they contribute to achieving them.

· Performance Management Systems: Setting up performance appraisal systems that align individual goals with organizational objectives, reward high-performing employees, and provide constructive feedback. Performance Management is based on the Balanced Score Card, which helps to understand what the company aspires to be, how it attains the vision, and how it measures progress.

· Employee Engagement Initiatives: Strengthening collaboration and agility among teams, establishing channels for feedback, and communicating transparently and openly.

· Investment in Technology: Giving employees access to user-friendly, efficient technology tools to enable them to deliver exceptional service.

· Diversity & Inclusion Efforts: Building an inclusive workplace where employees from diverse backgrounds feel valued, respected, appreciated, and empowered to contribute their unique perspectives.

With over 50 years of employee research and decades of experience and specialist expertise in culture and engagement, leadership assessment and development, HR and talent advisory, and diversity, equity, and inclusion, Kincentric partners with organizations to improve their health from the inside, transform at scale and achieve Best Employer levels of performance.