SAS to help the insurer meet the new compliance requirements head-on.
Mumbai, 3 April 2024 – Tata AIA Life Insurance Company – one of India’s fastest-growing life insurance companies has chosen SAS, a leader in AI and analytics, to help the insurance company in its adoption of the Indian equivalent of IFRS 17 reporting standards. The Insurance Regulatory and Development Authority of India (IRDAI) is expected to mandate a transition to the new reporting standards for Indian insurers, which will require the insurers to modernize and upgrade technology, especially data capabilities in risk and actuarial operations, to comply with the accounting reporting standards.
SAS will collaborate with Tata AIA Life Insurance to address the reporting requirements of the new standards expected to be mandated soon by the regulator. In addition to facilitating compliance, the solution also provides insurers with advanced reporting features, including drill-down capabilities. These features will empower insurers to access detailed information, enabling robust financial disclosures and analysis, which can be used well before the new reporting regime comes into force.
SAS’ IFRS 17 solution is shaped by insurance and risk practitioners on the front lines of a new era of compliance. SAS has helped several global and regional insurers comply with the new compliance regime and has been awarded the IFRS 17 solution of the year by Asia Risk Awards in November 2023.
Samit Upadhyay, President and Chief Financial Officer, Tata AIA Life Insurance, said, “We are pleased to partner with SAS as we embark on a transformative journey towards regulatory compliance and look forward to their committed support in addressing the complexities of IFRS17 standard.”
Noshin Kagalwalla, VP & Managing Director, SAS India, said, “Insurers are confronted with the most disruptive regulatory shift to ever affect the industry’s financial reporting, and we are thrilled to support Tata AIA Life Insurance as a strategic partner. We will assist them in complying with the new rigorous standards in IFRS 17 and provide the requisite data granularity that goes beyond mere compliance, adding value to their business operations.”
Tata AIA Life Insurance Company Limited (Tata AIA) 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.
Tata AIA reported an Individual Weighted New Business Premium (IWNBP) income of INR 7,092 Cr in FY23, an increase of 59% over FY22. The Individual Death Claims Settlement ratio improved from 98.53% in FY22 to 99.01% in FY23. The Persistency ratio, reflecting the percentage of consumers who choose to renew their policies with Tata AIA, has earned the Company the top rank in four out of five cohorts, including 13th-month persistency. Compared to FY22, the 13th Month Persistency ratio (based on Premium) of the Company improved to 88.1%.
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