Mumbai, Maharashtra, India:
- Tata AIA receives Great Place to Work certification, in its very first attempt
- The insurer has also won the Kincentric's Best Employer recognition for the last 6 years
- Another testimony of its employee friendly culture is the score of 91% on Employee Engagement, from a recent survey conducted in October 22
Tata AIA Life Insurance (Tata AIA) has earned the Great Place to Work® Certification, a hallmark of Best Workplaces in the country. This recognition is conferred by the Great Place to Work® Institute, based on a rigorous work culture assessment process. The recognition requires 70% or more of a company's employees to rate it as a great workplace and is considered among the most prestigious achievements for a people-centric organisation.
A four-step process is used to conduct the Certification process.
- Trust Index is the first step, which consists of an employee survey.
- Culture Audit that evaluates the People Practices of the organization through a detailed assessment
- Qualifying Criteria – Following the assessment, The Institute determines if the organization meets the criteria for Qualification
- Actionable Insights – In the last phase, the organization gets to build a winning people strategy.
Earlier this year, Tata AIA was recognized as one of India's Best Employers for 2022, according to Kincentric's premium assessment. The programme identifies organisations that demonstrate outstanding people practices and workplace excellence. Tata AIA Life won the accolade for the sixth consecutive year and was the only life insurer in India to have been chosen among 15 other organisations.
Speaking on this occasion, Kristyl Pais Bhesania, President and Chief Human Resource Officer, said, "Research suggests that employees who are happy with their employers and who feel their employers provide good career opportunities are more likely to stay with their organisations and contribute more. At Tata AIA Life, we strongly believe that our people are our greatest asset, and we have established a high-performance work culture that fosters a high level of engagement among our teams. It is an honour to be named a Kincentric Best Employer and to earn Great Place to Work® certification, both of which demonstrate our dedication to our employees."
Tata AIA has always placed employee wellbeing at the forefront of its priorities. The Company implements several initiatives through the year to ensure that its workforce is always engaged, happy, and motivated. These include birthday and anniversary leave, block leaves, special events for family members, recognition for new talent, consistent performers, long service tenure employees. Further, the company has policies around No call/ meeting hours/ days (especially weekend) etc. The company endeavors to keep expanding its people friendly practices as it moves forward in its journey as a preferred employer.
About Great Place to Work®
Great Place to Work® is the global authority on building, sustaining and recognising High-Trust, High-Performance CultureTM at workplaces. Its mission is to build a better world by helping organisations become Great Places to Work FOR ALL. Building a Great Work Culture is Better for People, Better for Business and Better for the World. The organisation serves businesses, non-profits and government agencies in more than 60 countries, across all six continents, touching more than 10,000 organisations every year. Contact us to know more.
A Brief about Kincentric Best Employers Program
The Kincentric Best Employers program is based on comprehensive employer engagement data, utilising the objective measure of employee opinion to identify leading employers. Backed by 20 years' worth of data on employee experience, Kincentric Best Employers recognises leading organisations worldwide, using the most objective measure possible - employee opinion. It differentiates on people factors that are the key to accelerating success: high employee engagement, profound agility, engaging leadership and talent focus. We partner with clients to improve the health of their organisation from the inside by igniting sustainable change. Becoming the Best Employer leads to better business results, more efficient transformation, greater organisational effectiveness, and improved outcomes for all stakeholders.
About Tata AIA Life
Tata AIA Life Insurance Company Limited (Tata AIA Life) 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. For the financial year 2021-22, the total premium income of Tata AIA Life increased to INR 14,445Cr., a growth of 30%. For the same period, the Company registered a Retail New Business Weighted Premium of INR 4,455 Cr. The 13th month persistency of the Company was at 87.8%, and the Individual Death Claims Settlement ratio was at 98.53%. One of the fastest growing companies in the Life Insurance sector, Tata AIA Life maintained its rank no. 5, based on Individual Weighted New Business Premium.
About the Tata Group
Founded by Jamsetji Tata in 1868, the Tata group is a global enterprise, headquartered in India, comprising 30 companies across ten verticals. The group operates in more than 100 countries across six continents, with a mission 'To improve the quality of life of the communities we serve globally, through long-term stakeholder value creation based on Leadership with Trust’.
Tata Sons is the principal investment holding company and promoter of Tata companies. Sixty-six percent of the equity share capital of Tata Sons is held by philanthropic trusts, which support education, health, livelihood generation and art and culture. In 2021-22, the revenue of Tata companies, taken together, was $128 billion (INR 9.6 trillion). These companies collectively employ over 935,000 people.
Each Tata company or enterprise operates independently under the guidance and supervision of its own board of directors. There are 29 publicly listed Tata enterprises with a combined market capitalisation of $311 billion (INR 23.6 trillion) as on March 31, 2022. Tata companies include Tata Consultancy Services, Tata Motors, Tata Steel, Tata Chemicals, Tata Consumer Products, Titan, Tata Capital, Tata Power, Indian Hotels, Tata Communications, Tata Digital, and Tata Electronics.
About AIA
AIA Group Limited and its subsidiaries (collectively “AIA” or the “Group”) comprise the largest independent publicly listed pan-Asian life insurance group. It has a presence in 18 markets – wholly-owned branches and subsidiaries in Mainland China, Hong Kong SAR(1), Thailand, Singapore, Malaysia, Australia, Cambodia, Indonesia, Myanmar, New Zealand, the Philippines, South Korea, Sri Lanka, Taiwan (China), Vietnam, Brunei and Macau SAR(2), and a 49 per cent joint venture in India.
The business that is now AIA was first established in Shanghai more than a century ago in 1919. It is a market leader in Asia (ex-Japan) based on life insurance premiums and holds leading positions across the majority of its markets. It had total assets of US$340 billion as of 31 December 2021.
AIA meets the long-term savings and protection needs of individuals by offering a range of products and services including life insurance, accident and health insurance and savings plans. The Group also provides employee benefits, credit life and pension services to corporate clients. Through an extensive network of agents, partners and employees across Asia, AIA serves the holders of more than 39 million individual policies and over 16 million participating members of group insurance schemes.
AIA Group Limited is listed on the Main Board of The Stock Exchange of Hong Kong Limited under the stock code “1299” with American Depositary Receipts (Level 1) traded on the over-the-counter market (ticker symbol: “AAGIY”).
