Singapore, 26 May 2015 – AIA Group Limited (“AIA” or the “Company”) today announced the signing of a multi-year joint collaboration agreement with A*STAR’s Institute for Infocomm Research (I2R), Singapore’s largest information and communications technology, or ICT, research institute. AIA will leverage the consumer insights provided by I 2R to develop innovative behaviour-changing programmes and products to help bridge the vast protection gap across Asia. The protection gap is defined as the amount of insurance cover individuals and families have compared to what they need, and is estimated to reach US$41 trillion in the region and US$305 billion in Singapore1.
The partnership, which commenced on 30 April 2015, is the first-of-its-kind in the global insurance industry. Optimising the deep expertise of data scientists and researchers at I2R, the collaboration will focus on key areas such as customer profiling and behavourial prediction, as well as IT mobile security. The process involves conducting and analysing data from both primary and secondary research to uncover deep consumer insights.
“Life insurance is a very emotive offering, and its purchase is a very important step towards securing the financial future of a family,” said Simeon Preston, AIA’s Group Chief Operations Officer. “We believe this collaboration with A*Star will enable an even deeper understanding of consumers’ wants and needs, using the most advanced data analytics, and will help us serve our customers in more tailored, timely and secure ways.”
“Many Singaporeans still regard insurance as a low priority. If not addressed, this will become a significant problem for many as our population continues to age and as we see an increase in people suffering from chronic diseases of lifestyle. AIA Singapore takes seriously our commitment to address the real needs of individuals and families in Singapore, and our intent is to introduce revolutionary innovations that make a real change in their lives. We want the people of Singapore to have peace of mind so they can focus on achieving their dreams and aspirations,” said Mr Tan Hak Leh, Chief Executive Officer of AIA Singapore.
Singapore’s ageing population is expected to triple to 900,000 by 2030 from approximately 300,000 in 20122 . In addition, approximately 2 in 5 Singaporeans aged 20 years and above are already suffering from at least one chronic ailment which includes high blood pressure, high cholesterol levels and diabetes3.
Dr. Lee Shiang Long, Executive Director of A*STAR’s Institute for Infocomm Research (I2R) said, “I2R’s technologies will enable AIA Group to gain greater insights from their customers’ sentiments through data analytics, while also protecting the privacy of their customers through secure mobile platforms. This will contribute to creating more targeted, meaningful solutions for customers.”