TATA AIA, a leading insurance company in India, sought a solution to improve its underwriting process. Taction developed a calculator tool to help agents calculate accurate policy premiums, resulting in increased customer satisfaction and streamlined workflows.
TATA AIA's agents faced challenges in delivering accurate financial advice due to reliance on manual calculations, leading to inefficiencies and errors in policy premium calculations.
React JS, Node JS, MySQL
Taction developed a custom calculator solution for TATA AIA that included a policy premium calculator, life insurance calculator, and health insurance calculator. These tools allow agents to input policy details and receive accurate, real-time calculations.
- Policy Premium Calculator: Calculates premiums based on input policy details like coverage amount, duration, and payment frequency.
- Life Insurance Calculator: Provides a breakdown of premium amounts and benefits considering age, sum assured, and policy term.
- Health Insurance Calculator: Computes premiums based on age, coverage type, and duration, with a summary of benefits.
- Integrated Database: Secured access for authorized agents, ensuring data integrity and efficient workflow integration.
The solution delivered by Taction has significantly streamlined TATA AIA's underwriting process, with a 95% reduction in manual errors and an 80% increase in agent productivity. Underwriting time has been cut by 70%, and customer satisfaction levels have increased to 90%.
By implementing the calculator solution, TATA AIA achieved remarkable results, reducing calculation errors, improving agent efficiency, and enhancing customer experience. With 90% customer satisfaction, TATA AIA has strengthened customer trust and loyalty.
Taction’s calculator solution for TATA AIA has streamlined the insurance underwriting process, enhancing accuracy, reducing errors, and improving agent productivity. This solution has provided tangible benefits to both agents and customers, significantly transforming the way TATA AIA calculates and delivers policy premiums.
