History
Tata AIG was formed in 2001 as a joint venture between the Tata Group and American International Group following the liberalization of India's insurance sector.[7]
In October 2001, Tata AIG partnered with IDBI Bank Insurance Consultancy to distribute its general insurance products, starting with the personal accident policy Futureguard via select IDBI Bank ATMs in Mumbai.[8] In November 2001, Tata AIG received approval from the Insurance Regulatory and Development Authority to introduce group pension products, becoming the first private insurer in India to do so.[9]
In 2002, the company partnered with various non-governmental organizations to tap into the rural market and develop new insurance products.[10][11] At the same time, it launched a new personal accident insurance policy named "Shanti," with Naseeruddin Shah as its brand ambassador.[10] In March 2002, it partnered with Thomas Cook to sell international travel insurance products.[12] By the end of the 2002 fiscal year, rural policies made up 11% of Tata AIG's total policies, above the mandated minimum of 5%.[13]
In May 2014, Tata AIG established the Tata AIG Academy to educate its distributors.[4] It partnered with India Post Payments Bank to distribute its non-life insurance products in September 2021.[14]
In May 2024, Tata AIG launched a Satellite In-Orbit Liability policy, reportedly the first in the country.[15] In June 2024, it was reported to have issued a performance surety bond valued at over ₹100 crore, described as the largest in India.[16]
