Issue No. 21
Display to 31 May 2024
THE AWARDS ISSUE BEST INDUSTRY PLAYERS LAUDED IN THE 7TH INSURANCE ASIA AWARDS 2023
Insurance Asia
RISKS ESCALATE FOR SRI LANKAN INSURERS INSURERS SWEAT TOWARD FASTER RISK MITIGATION AMIDST THE HOTTEST YEAR YET NEW ACCOUNTING RULE MAY STRAIN CAPITAL RESERVES OUTDATED SYSTEMS CAUSE DATA BREACHES, STUNT MARKET
Pearlyn Phau CEO, Singlife Group p. 20
Hengky Djojosantoso CEO, Ciputra Life p. 22
INSURANCE INITIATIVE OF THE YEAR - VIETNAM HEALTH INSURANCE INITIATIVE OF THE YEAR - VIETNAM
AIA’s dream is to help Vietnamese people live Healthier, Longer And Better Lives
Its transformation journey involves emphasizing health, turning advisors into Health Advisors, and introducing innovative insurance products like "Bùng Sức Sống 10+ with Vitality" to encourage healthier lives. employees, consultants, customers, and the community gradually understand health and make changes to their daily habits. To strengthen these three pillars, various healthy lifestyle activation programmes are being implemented not only within the company but also externally to build a healthy living community.
AIA implements healthy lifestyle activation programmes
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ormerly in charge of the position of Chief of Marketing and Proposition, then leading the Agency Distribution team, Ms Le Vu Mong Ha – Chief Agency Officer AIA Vietnam, shared about AIA’s dream - 10 Million Vietnamese people live Healthier, Longer and Better lives, and how AIA has transformed to become a partner to customers. From “Payer” to “Partner” with health-led strategy According to Ms. Ha, since 2020, the AIA Group as well as AIA Vietnam has embarked on a journey of transformation from being a "Payer" to becoming a "Partner" This transformation aims to encourage one billion people to live Healthier, Longer and Better lives across Asia. In the next 3 years, AIA Vietnam will continue to build and improve the Health and Wellness ecosystem: "To pursue this transformation, AIA Vietnam has been focusing on three pillars to bring about strong changes from within the organisation to society," Ms Ha stated. Firstly, AIA Vietnam designs all services and products with a Health-led emphasis. In addition to life insurance and investment, healthcare solutions have become the unique value that AIA aims to provide to customers. Secondly, through various distribution channels that communicate and advise directly with customers, AIA Vietnam collaborates with service providers to develop training programmes to enhance medical knowledge and care skills for the entire advisory team. Thirdly, AIA Vietnam established a health content library providing valuable, useful, and trustable health information to help 44 INSURANCE ASIA
Each advisor is a health advisor Going beyond a team of trustable and reputable insurance advisors whose stories focused solely on protection and compensation, we have a journey to the shift of the insurance advisory team into AIA Health Experts, combining quantity with quality. They initiate conversations with customers about health and why choosing AIA as a "partner" rather than a "payer" provides assurance. This is why AIA Vietnam launched the firstever Health Academy programme in Vietnam. The unique feature of this academy lies in the fact that some training programmes are provided by the Healthcare Human Resources Training Center under the University of Medicine and Pharmacy of Ho Chi Minh City. By July 2023, more than 2,600 AIA Vietnam advisors had participated in the "Health Knowledge Training Academy" to gain insights into health. Amongst them, 200 advisors successfully completed the in-depth training programme under the guidance and sponsorship of the University of Medicine and Pharmacy, Ho Chi Minh City. "This is a crucial step to enhance the overall value and professional image, as well as the credibility of the AIA distributions when representing the AIA brand in the eyes of customers and the Vietnamese community," Ms Ha added. She emphasised that each AIA advisor must be a health expert to accompany
customers on the journey towards Healthier, Longer and Better lives. A first-in-market insurance product integrated with a health and wellness programme Speaking about "Uplift your life 10+ with Vitality" (“Bùng Sức Sống 10+ cùng Vitality”) the first-in-market insurance product integrated with a health & wellness programme, Ms. Ha pointed out: "Beyond the value of a regular life insurance product, "Bùng Sức Sống 10+ with Vitality" doesn't stop at investment benefits or risk coverage." Specifically, AIA Vitality is a scientifically proven health and wellness programme that helps encourage healthier lifestyles by helping customers understand their health, improve their well-being, and receive attractive rewards. In addition to the AIA Vitality rewards from the insurance product, customers also receive rewards from the AIA Vitality programme for maintaining a healthy lifestyle, such as gift vouchers from AIA Vitality partners. AIA Vitality acts as a daily guide, "holding the hand" of customers to remind them to develop healthy habits. With weekly challenges, customers receive rewards and practical benefits upon completion. AIA Vitality is integrated into AIA Vietnam's "super app," AIA+, and is available on application stores for both IOS and Android. Ms. Ha also shared that, in the near future, AIA will launch another flagship health proposition, creating a crucial milestone for AIA in the transformational journey, and strengthening AIA’s position in the insurance and healthcare industry. That strategy is a part of our mission to encourage Vietnamese people to live Healthier, Longer and Better lives.
AIA Vitality
AIA Vietnam's efforts to provide valuable health information and create a healthy living community
DOMESTIC LIFE INSURER OF THE YEAR - SINGAPORE ADVISERS INITIATIVE OF THE YEAR - SINGAPORE
AIA Singapore wins Domestic Insurer of the Year and Advisers Initiative of the Year in Singapore It was honoured for its launch of iSMART+ and for enabling people to live Healthier, Longer, Better Lives.
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or AIA Singapore, a leading life insurer, navigating the challenging post-pandemic climate means making a deeper commitment than ever to its customers, stakeholders and the wider community. Having won the title of Domestic Insurer of the Year at the Insurance Asia Awards for its seventh consecutive year now, AIA Singapore has demonstrated continued agility and focus on its brand purpose of enabling people to live Healthier, Longer, Better Lives (HLBL). AIA Singapore shares that there is no simple path to success, only perseverance in developing the most compelling solutions, a heart to serve its customers’ diverse and evolving needs, and an unwavering commitment to the community. Building on its purpose to help the community live HLBL, AIA Singapore renewed its corporate social responsibility and commitments with the creation of the AIA Better Lives Fund, aiming to reach out to even more children and families in need. AIA Singapore also leveraged the Group’s status as the long-standing Global Principal Partner of Tottenham Hotspur Football Club and launched a series of initiatives around Singapore’s deep love of football, recognising the vital role that sports play in promoting a healthy lifestyle and its positive influence in people’s lives. Commitment to charity and innovation In 2022, AIA Singapore raised over S$500,000 for its charities through various initiatives including Grant-A-Wish, AIA Better Lives Fund Charity Golf and Dinner, and the AIA Kids’ Football Clinics. In addition, AIA’s Green Pledge, a contribution of S$5m over
a period of five years to the Garden City Fund’s Plant-ATree programme, continues to help create a greener and more sustainable city through the collective efforts of its employees, management, and partners. This year, AIA Singapore makes an even stronger entrance with a double celebration, having also clinched the award for Advisers Initiative of the Year with the launch of iSMART+ – an innovative super-tool that was developed exclusively for its insurance representatives to help them with day-to-day client management. Revolutionising client management AIA Singapore identified a common challenge among its insurance representatives – significant time was spent on administrative duties, impacting the insurance representatives’ capacity to do their best in building closer relationships with their clients. To tackle the challenge of managing and assisting multiple clients effectively and efficiently, iSMART+ was introduced. The tool provides a one-stop solution that allows for the effective management of clients’ information, needs, preferences, and policies, remarkably reducing the amount of time that insurance representatives spent on administrative tasks. With the help of iSMART+, insurance representatives can now focus on deepening their relationships with their clients, helping them plan and protect what matters most to them. iSMART+ improves customer relationship management by precisely informing insurance representatives on when and how to engage with clients in a compelling manner. Customer Lifestyle Triggers based on analyticsbacked models are pushed to insurance
representatives through iSMART+, providing personalised customer insights that empower insurance representatives to go beyond presenting general statistics and customise their pitches and recommendations based on a keener understanding of their clients – from their personal preferences to their specific needs and insurance gaps. With this, insurance representatives are able to provide a holistic service-oriented experience that touched on what clients needed the most. Placing customer needs first At its core, iSMART+ is about placing customer needs at the forefront of its purpose, like everything AIA Singapore does. To improve customer engagement and satisfaction, the tool was developed with multiple innovative features. It provides its insurance representatives with access to pre-approved marketing content for social media postings, helping them develop further conversations through social media. Alerts and notifications help insurance representatives be aware of customer milestones such as birthdays, and additional in-app features allow them to send gifts to clients as conversation starters. AIA insurance representatives are able to use iSMART+ via its app or through any browser, to stay productive and responsive to clients’ needs, anytime, anywhere. The app saw unequivocal success, with an 85% adoption rate across AIA’s tied distribution channel of over 5,000 insurance representatives. iSMART+ assisted AIA insurance representatives in generating approximately 126,000 leads in 2022 with healthy conversion rates. iSMART+ illustrates how AIA Singapore continually revolutionises digital experiences through its Technology, Digital and Analytics (TDA) strategy, which marries human touch and digital technologies seamlessly to provide the highest standards of service to customers. By prioritising high-tech, hightouch and high-trust services, AIA Singapore was able to build and offer a superior user experience with personalised advice, services and support, demonstrating its innovativeness and people-centricity.
For AIA Singapore, success lies in persevering to develop compelling solutions, serving diverse customer needs, and an unwavering commitment to the community INSURANCE ASIA 45