- Driven by its core value of ‘Consumer Obsession’, the initiative underpins Tata AIA’s commitment to support its consumers through their life journey
- It furthers Tata AIA’s resolve to become a ‘PARTNER’ to its consumers offering them innovative solutions that go beyond the transactional ‘Payor’ approach
Bangalore, October 28, 2022: Tata AIA Life Insurance (Tata AIA), one of India’s fastest-growing life insurance companies, has tied-up with Medix, a global company in medical management solutions with a team of 300 in-house physicians, and a global quality accredited network of over 4,500 world-leading and independent medical specialists. The engagement will offer TATA AIA’s consumers access to a local and global network of accredited medical specialists to manage their medical journey related to serious illnesses. This service is complementary for policyholders who have purchased eligible life insurance products across term, savings, and pension plans, the list of which shall be published by insurer on its website from time to time.
This alliance would offer the Personal Medical Care Management (PMCM) facility in India, bringing world class, healthcare advice to consumers. This will include reassessment of the medical case, diagnosis thereof and tailoring an optimised treatment plan with quality care including referrals to leading local specialists and coordination of care. Through this service, Tata AIA’s consumers can track, manage, communicate with dedicated medical teams, and receive updates on their medical journey, ensuring quality driven continuity of care. This will alleviate the stress and uncertainty experienced by patients and their families, when dealing with serious medical problems. Subsequently, Medix will continue to support them and collaborate with their treating doctor on ongoing treatments, side effects, complications, and questions.
A study by Harvard University indicates that 5.2 million medical errors occur every year in India. Cancer (38%), Vascular events (29%) & Infectious diseases (13%) account for 80% of these errors. Given the opportunity to avail Medix’ Personal Medical Case Management service, Tata AIA consumers will immensely benefit from expert medical care advice from globally renowned medical healthcare experts.
Speaking on the tie-up, Naveen Tahilyani, MD & CEO of Tata AIA, said, “Holistic wellness is an important conversation in today’s context. And, at Tata AIA, we have constantly strived to enable our consumers to live healthier, happier, and longer by partnering them in their health and wellness journey. Through the association with Medix, we aim to further enhance our value proposition. The association with Medix will also allow our consumers access to personalised recommendations from global medical experts combined with ongoing medical support.”
Commenting on the partnership, Ms. Sigal Atzmon, President and CEO of Medix, said, “At Medix, we have been pioneering and advancing cutting edge virtual care, always combining digital solutions with human interactions and provide our customers with objective advice, and support, enabling improved accessibility and implementation of high-quality medical care. An exciting new chapter in our mission to close the gap between patients and healthcare systems at large has been opened by our association with TATA AIA India in providing Personal Medical Case Management Services. This association with TATA AIA truly makes a difference; it represents a shared commitment and vision to reduce unwarranted healthcare variations across the region, improve medical outcomes, and most importantly, improve the overall care experience.”
About Tata AIA Life
Tata AIA Life Insurance Company Limited (Tata AIA Life) is a joint venture company, formed by Tata Sons Pvt. Ltd. and AIA Group Ltd. (AIA). Tata AIA Life 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. For the financial year 2021-22, the total premium income of Tata AIA Life increased to INR 14,445Cr., a growth of 30%. For the same period, the Company registered a Retail New Business Weighted Premium of INR 4,455 Cr. The 13th month persistency of the Company was at 87.8%, and the Individual Death Claims Settlement ratio was at 98.53%. One of the fastest growing companies in the Life Insurance sector, Tata AIA Life maintained its rank no. 5, based on Individual Weighted New Business Premium.
About the Tata group
Founded by Jamsetji Tata in 1868, the Tata group is a global enterprise, headquartered in India, comprising 30 companies across ten verticals. The group operates in more than 100 countries across six continents, with a mission ‘To improve the quality of life of the communities we serve globally, through long-term stakeholder value creation based on Leadership with Trust’.
Tata Sons is the principal investment holding company and promoter of Tata companies. Sixty-six percent of the equity share capital of Tata Sons is held by philanthropic trusts, which support education, health, livelihood generation and art and culture. In 2021-22, the revenue of Tata companies, taken together, was $128 billion (INR 9.6 trillion). These companies collectively employ over 935,000 people.
Each Tata company or enterprise operates independently under the guidance and supervision of its own board of directors. There are 29 publicly listed Tata enterprises with a combined market capitalisation of $311 billion (INR 23.6 trillion) as on March 31, 2022. Tata companies include Tata Consultancy Services, Tata Motors, Tata Steel, Tata Chemicals, Tata Consumer Products, Titan, Tata Capital, Tata Power, Indian Hotels, Tata Communications, Tata Digital, and Tata Electronics.
AIA Group Limited and its subsidiaries (collectively “AIA” or the “Group”) comprise the largest independent publicly listed pan-Asian life insurance group. It has a presence in 18 markets – wholly-owned branches and subsidiaries in Mainland China, Hong Kong SAR(1), Thailand, Singapore, Malaysia, Australia, Cambodia, Indonesia, Myanmar, New Zealand, the Philippines, South Korea, Sri Lanka, Taiwan (China), Vietnam, Brunei and Macau SAR(2), and a 49 per cent joint venture in India.
The business that is now AIA was first established in Shanghai more than a century ago in 1919. It is a market leader in Asia (ex-Japan) based on life insurance premiums and holds leading positions across the majority of its markets. It had total assets of US$340 billion as of 31 December 2021.
AIA meets the long-term savings and protection needs of individuals by offering a range of products and services including life insurance, accident and health insurance and savings plans. The Group also provides employee benefits, credit life and pension services to corporate clients. Through an extensive network of agents, partners and employees across Asia, AIA serves the holders of more than 39 million individual policies and over 16 million participating members of group insurance schemes.
AIA Group Limited is listed on the Main Board of The Stock Exchange of Hong Kong Limited under the stock code “1299” with American Depositary Receipts (Level 1) traded on the over-the-counter market (ticker symbol: “AAGIY”).About Medix
Medix is a ground-breaking medical management company engineered to direct the full potential of leading science, expertise, treatments, and technology to people’s most critical health needs.
Since 2006, Medix has been changing the course of health for millions of customers by delivering impactful medical responses that are borderless, personalised and data-driven. We embolden health & life insurers, employers, financial groups, consumer facing retailers, distributors and governmental institutions to transcend conventional care models, moving beyond transactional care to better health, human, and financial outcomes.
Medix’ responses are tailored by world-leading medical teams and proprietary AI and data analytics: combining the best digital tools with real human presence and operations on the ground for any health need throughout life. Medix offerings span:
- Medical Prevention: Tools to reduce risk and get ahead of health challenges, from self-triage digital HRAs to personalized screening plans to early diagnostics, detection and risk management.
- Case Management: Continuous and multidisciplinary responses to serious and complex medical conditions, from musculoskeletal, cancer, cardiac, Covid-related issues – and more – to holistic consultations and navigation of treatment.
- Rehabilitation: Personalised assessment of rehabilitation needs and support on the path to recovery, from multidisciplinary advice to personalized rehabilitation management services.
- Mental Health: Navigating the complex world of mental health, from diagnosis to treatment to long-term management.
Medix services can be found all over the world, active in more than 90 countries, with bases in Mumbai, New York, London, Munich, Tel Aviv, Singapore, Jakarta, Kuala Lumpur, Bangkok, Melbourne and Hong Kong. As a shared value company, Medix drives social and economic growth in the communities we serve while delivering proven better medical and human outcomes.