Tata AIG Life pioneers micro insurance for rural markets

Our Corporate Bureau
08 August 2006

To create awareness about the launch, Tata AIG Life has created special films aimed at increasing awareness of the importance of insurance in the rural community. This awareness program is reinforced with the help of our existing Moffices (mobile vans), paintings and posters depicting and spreading the desired message across the villages.

The contribution from rural business today has reached a landmark size of 23 per cent of Tata AIG Life's monthly sale. The company has tied up with various NGOs, rural agents and community groups leading to creation of growing number of employment opportunities for women and enabling them to be the supplementary income earner in their households.

To make further inroads, spread insurance awareness and distribution in rural India, Tata AIG Life has also launched five new micro insurance sales offices (MISOS) at Kodad and Chitoor in Andhra Pradesh, Jaunpur in Uttar Pradesh, Jhalawar in Rajasthan, and Kannur in Kerala

These MISO's will reach out and specifically cater to the rural population and provide insurance protection at affordable rates. A specially trained rural team will service the rural communities. The product information brochures, application forms, training material as well as policy holder contracts will be made available in nine regional languages while the processing requirements have been simplified.

"AIG was the first major international insurer to offer micro insurance 11 years ago starting with its efforts in Uganda and is committed to being the world's leader in providing appropriate insurance to the rural poor," explains Sunil Mehta, country head and chief executive, AIG Inc. "AIG has embarked on a strategy which will deliver products and services in align with the demand of the rural community in over 50 countries; AIG is already present with its micro insurance operations in India, South Africa, Brazil, Honduras, Uganda, Ecuador and Guatemala. AIG's commitment to the rural society is a long term permanent part of its corporate strategy"