According to Accenture, 86 per cent of life insurers believe that they must accelerate the pace of innovation to retain their competitive edge. This inevitably involves investment in technology. In the digital era, “if you stop, you lose”. In this race, AIA Vietnam is transforming itself into an organisation of the future – a simpler, faster, and more connected AIA, a leader in the field of digitalised life insurance.
Asian Technology Excellence Awards 2021 has acknowledged AIA Vietnam for its attempt to lead in innovation and technological application. This year, the award honours 20 exceptional companies that are leading the digital transformation in the whole of Asia and AIA Vietnam is the only life insurer to win this prestigious award.
|AIA Vietnam has won two awards at Asian Technology Excellence Awards 2021 |
Notably, AIA Vietnam received a “double” award in two categories, which are “Cloud - Life Insurance” with the EDEN project and “Online Services - Life Insurance” with the leading Remote Sales Platform project. This is an invaluable recognition of AIA Vietnam’s bid for digital transformation, motivating the company to constantly innovate.
The EDEN project was launched in 2017 when AIA Vietnam’s technological system was serving 700,000 customers. With a view to expanding the capacity to three million customers by 2023, AIA Vietnam has been pouring millions of dollars into building new data and app infrastructure. This new platform is characterised by great stability and usability and has helped to enhance user experience for more than the current one and a half million customers, which contributes to AIA Vietnam’s impressive annual growth of 30 per cent.
Remote Sales Platform emphasises developing a tool named iPOS1 that assists sales, training, and communication to counter the effects of the pandemic that started in 2020. AIA was quick to invest to upgrade the app in six weeks. Within the first nine weeks of its operation since August 2021, 6,686 contracts have been remotely signed via iPOS2. The acceptance rate increased from 11.96 per cent in June to 43.02 per cent in August, and revenues exceeded $4.3 million.
Leading technologies in the EDEN platform, including cloud, micro-services, real-time data processing, deep learning for typing practice, and machine-learning for insurance assessment, are highly praised by the Asian Technology Excellence Awards 2021. Meanwhile, the Remote Sales Platform has brought about many conveniences such as simplifying sales processes, minimising risks with facial recognition technology and providing assistance for agents during lockdowns.
Technology application for user experience
The COVID-19 pandemic has posed an enormous challenge for the economy, yet AIA Vietnam was quick in its response and effectively seized the opportunity to speed up its digital transformation, making many of the procedures available online to avoid any disruptions of communication between customers and agents. Aside from the two projects that have been awarded, AIA Vietnam has just introduced MyAIA as a mobile app (the web version in 2017) with a dozen features dedicated to insurance policy, which has attracted more than 100,000 users.
|AIA Vietnam's top priority is customer experience |
Wayne Besant, CEO of AIA Vietnam, said: “Digitalisation is a crucial foundation for the success of AIA Vietnam. To accommodate the demand of customers in the new era, we are seeking to alter our operations step by step. If networking is the fulcrum of the insurance industry, then technology is the lever.”
In Vietnam, only 11 per cent of the population have used life insurance products; therefore, technology is considered a lever to help the industry approach more people in a quicker fashion. It also helps to accurately analyse demands and create “fitting” personalised products for everyone.
|AIA Vietnam is now focusing on digital transformation |
With its exceptional platform, AIA is entering the digital transformation phase called TDA (Technology, Digital, Analytics), which is synonymous with the company’s application of technology, digitalisation and analytic tools to enhance user experience and deliver outstanding products to customers on the digital platform. Most recently, AIA has signed an exclusive 10-year partnership with Tiki to help customers approach insurance products on this e-commerce platform more easily.
“No matter where the digitalisation is headed, our top priority is still the human factor. All innovations aim at bringing customers the best experience, contributing the best to the community and helping Vietnamese lead healthier, longer, and better lives”, CEO Wayne remarked.