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TATA AIA Life Insurance to Use Predictive Analysis for Improved Renewals
February 15, 2019
In a bid to improve the renewals rate, private insurer TATA AIA Life is capitalizing on predictive analysis to identify the customers that are likely to pay their insurance premium on their own, and those who need to be reminded.
Yusuf Panchmariwala, who is the SVP and Head of Operations at Tata AIA Life said that when a customer purchases an insurance policy, they track their persistency closely. They are using analytics to find out the odds of a particular customer of having their policy lapsed and to make sure that they pay the premium on time.
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