Instant Policy Issue

An insurance agent walks into your home with a ‘tablet’ in his hand and offers a life insurance policy of your choice instantly, on a real-time basis. Tata AIG Life, to be renamed as Tata AIA Life, has developed a tool that would facilitate instant delivery of all kinds of life insurance policies.

Called ‘e-life’, the tool will be carried by agents who would suggest an insurance product suiting the need of the customer based on the information provided to him. The data, which are based on discussions with customers (on their financial goals and aspiration), would be uploaded on to the tablet. The system would then run an algorithm that would instantly come out with the total insurance need of the customer.

Based on this analysis, agents would then suggest an insurance product.Life insurance policies, barring simple term plans, are not available on a real-time basis in India. The customer would be able to pay premiums through the application. Typically, an insurer takes at least three days to issue a policy.