Tata AIA Life Insurance Company Limited (Tata AIA Life) is a joint venture company, formed by Tata Sons 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 Life has written retail new business weighted premium of Rs. 2,232 crore for the financial year 2018-19. For the same period, the 13th month persistency of the company was at 83.3% and, the individual death claims settlement ratio was 99.07%.One of the fastest growing companies in the Life Insurance sector, Tata AIA Life is now ranked at no. 5, based on individual weighted new business premium.
- Analysis of Actual V/s Plan Expense information for presentation to Senior Management/Board
- Working with local business team to perform variance analysis on Plan V/s Actual expenses.
- Tracking the actual expenses v/s Plan.
- Preparation of periodic MIS on expenses.
- Playing key role in the cost optimization project in identifying cost saving opportunities and implementing efficiencies as appropriate.
- Carry on in depth analysis of expenses to identify inefficiencies if any and work as business partner with business user to ensure each penny is well spent.
Internal Process
- Effective contribution to the organization growth with due efficiency and productivity according to established guidelines and budgets.
- Facilitate approval of business case/purchase request in terms of approved budget within agreed timelines.
- Benefit realization tracking of various business cases
- Amicable expense allocation under various channels and line of business
- Work with colleagues in sales, solution, legal and operations to develop compelling cost optimization strategies to achieve or exceed business objective ensuring appropriate risk management.
- Work on various function to develop expense budget for the organization
- Time to time carry expense forecast and carry variance analysis with actuals
- Month on month publication and discussion with function on their cost center reports vs plan/forecast
