Life insurance company AIA Philippines, formerly known as AIA Philam Life, has announced plans to double down on the use of technology, digital and analytics (TDA), as an effort to streamline its core business processes, improve operations, and improve service delivery to customers by empowering its employees.
Alongside its bancassurance subsidiary BPI AIA, the company will leverage on its access of large amounts of customer data for data analytics and cloud to gain a deeper understanding between the services they offer, the performance of the business models they employ, and how it impacts their clientele.
“With our recent rebrand to AIA Philippines and consequently, BPI AIA, we continue to ramp up our internal transformation to be better positioned for the future as we embrace our global capabilities, aspiring to lead in the TDA space within the life insurance industry,” stated Leo Tan, chief marketing officer of AIA Philippines.
Recognizing the advantages of data analytics evolved from being just one of AIA’s company initiatives to the front and center where all digitalization projects are now built upon. Both AIA Philippines and BPI AIA reported successful pivots during the pandemic, and amidst the newer challenges imposed by remote work, were able to address the immediate needs of partner businesses and customers.
After sharing the various TDA initiatives during a virtual conference, including the showcase of the My AIA platform that connects customers to the Total Health Solution ecosystem, AIA Philippines chief technology office Noel Mendoza emphasized the importance of the end user in the overall project design and development stage. This ensures that the implemented system will facilitate ease of use and encourage adoption.
“Our customers take the wheel. We will tailor, learn and evolve based on their wants and needs. We will use the data we have for better insights and understanding. We will re-design our business models around the services they will need. And finally, everything in the cloud, it’s where digital lives and comes alive,” Mendoza said.
Based on AIA’s recent annual presentation, there are four steps surrounding policy application and onboarding – electronic submission, electronic payment, electronic questionnaires, and electronic policy. Thanks to the company’s new AI underwriting solution, 76% of submissions have already been auto-underwritten, the underwriting capacity has increased ten-fold, straight-through processing rate shot up to 75%, and end-to-end customer onboarding has been whittled down to 20 minutes.
