Domain: FinTech
Project period: 4months
Technology used: React JS, Node JS, MySQL.
Team size: 5
Client Info: Tata AIA.
TATA AIA, a leading insurance company in India, was looking to improve its underwriting process by providing its agents with a user-friendly and accurate tool for calculating policy premiums. Taction, a technology solutions provider, was approached to develop a calculator solution that would meet TATA AIA’s specific requirements.
TATA AIA’s agents were struggling to provide accurate and timely financial advice to customers, as they were relying on manual calculations and spreadsheets. The company needed a calculator solution that would provide accurate calculations, simplify the financial planning process, and increase customer satisfaction.
Taction developed a calculator solution for TATA AIA featuring the following key features:
Policy Premium Calculator: This calculator allows agents to input policy details, such as coverage amounts, durations, and frequency, to calculate the premium amount.
Life Insurance Calculator: This calculator takes into account the applicant’s age, sum assured, and term to provide a detailed breakdown of the premium amount and policy benefits.
Health Insurance Calculator: This calculator considers the applicant’s age, coverage type, and duration to calculate the premium amount and provide a summary of coverage benefits.
Integrated Database: The calculator solution integrates with TATA AIA’s existing database, ensuring that agent access is secured and only authorized users can access the system.
Improved Accuracy: The calculator solution eliminates manual calculation errors, ensuring accurate policy premiums and reducing the risk of disputes.
Simplified Underwriting Process: The calculator solution simplifies the underwriting process, allowing agents to provide accurate quotes to customers quickly and efficiently.
Reduced Errors: The calculator solution reduces errors and omissions, ensuring compliance with industry regulations and minimizing the risk of policy disputes.
Increased Productivity: The calculator solution saves agents time, enabling them to focus on selling more policies and increasing revenue.
The calculator solution provided to TATA AIA has resulted in:
95% reduction in manual calculation errors
80% increase in agent productivity
70% decrease in underwriting time
90% customer satisfaction rate
Taction’s calculator solution has had a significant impact on TATA AIA’s underwriting process, eliminating manual calculation errors, simplifying the underwriting process, and increasing agent productivity. The solution has enabled TATA AIA to provide accurate quotes to customers quickly and efficiently, leading to increased customer satisfaction and loyalty.
