Citibank and Tata AIA Life on Tuesday announced plans to sell customised insurance products through the bank’s branches.
This relationship in India is an outcome of AIA Group Ltd (AIA), one of the two joint venture partners in Tata AIA Life Insurance and, Citibank N.A. reaching an agreement on an exclusive bancassurance partnership across 11 markets in the Asia-Pacific region, namely India, Hong Kong, Singapore, Thailand, China, Indonesia, the Philippines, Vietnam, Malaysia, Australia and Korea.
The sales process will be enabled through a digital framework that will minimise documentation, remove hidden charges and increase transparency in the buying process, said Naveen Tahilyani, CEO and Managing Director, Tata AIA Life.
Kartik Kaushik, Country Business Manager, Consumer Banking, Citibank India, said the bank has given its inputs to Tata AIA for specially designed customised products which will be sold through the channel.
The sales process at Citibank branches will be through a tablet application process that converts the cumbersome process, requiring 30-plus physical signatures per insurance policy, into a simple sign-on process.
It will also provide a complete need analysis to assess the customer’s insurance needs and give product recommendations based on prioritisation of financial goals.
The unified integration of the online-offline sales process provides real-time instant servicing options at Citibank branches, including the provision of tax receipts and fund value statements.