Insurers have also taken up the responsibility to ensure young Singaporeans start understanding the importance of narrowing their protection gap from an early age.
AIA Singapore (AIA) is committed to training our financial advisors via mentorship programmes and ensuring they complete relevant certifications before being allowed to advise clients or distribute our products. In addition, we have a highly experienced management team that mentor younger financial advisors.
To engage younger Singaporeans, AIA has been reaching out to students in universities to educate them on the importance on financial literacy and to recruit interested graduates.
They will form the next generation of financial advisors who understand the unique situation of young Singaporeans and who are able to meaningfully engage them by offering crucial insurance coverage to close gaps in their insurance coverage.
Life Matters blog
AIA also manages our own Life Matters blog aimed at engaging and educating Singaporeans about living healthily, planning for the future and experiencing life. This is another resource for young Singaporeans to tap on to continue building their financial and insurance literacy.
Improving Singaporeans’ health and lives
To create more meaningful engagements with policyholders when it comes to living healthier, longer and better lives, AIA Vitality, a science-backed wellness programme, rewards Singaporeans for making healthier lifestyle decisions.
Through AIA Vitality, policyholders are incentivised to look after their health, go for regular health screenings, upkeep an active lifestyle, eat right and quit smoking.
More recently, AIA introduced its AIA Quality Healthcare partners, a mobile app offering AIA HealthShield Gold Max policyholders easy access to quality healthcare specialists in a few simple clicks. This not only provides customers better service, but also acts as a deterrence to overcharging in the industry.
AIA has also partnered KidZania Singapore to encourage children to lead healthier lives and minds from a young age with two establishments, the AIA Insurance Office and the KidZania Singapore Stadium. KidZania Singapore opens children to explore different professions in the real world. This includes many areas of interest from sports commentators to financial advisors.
With changing consumer preferences when it comes to purchasing products and services, onboarding Fintech, or InsureTech, solutions is key.
Our two-pronged approach focuses on utilising technological solutions to inspire our customers to healthier living and streamlining our customer experiences by boosting the productivity of our distribution channels.
Via the AIA Vitality mobile app, we are able to create meaningful interactions with our customers by partnering them in their efforts to boost their physical wellbeing. By tracking their health decisions and improvements, AIA is able to adjust their insurance premiums based on AIA Vitality member’s Vitality status. This platform has also enabled us to encourage more active lifestyles by implementing fun and interactive challenges on a weekly basis.
In 2017, we saw a seven-fold increase in AIA Vitality members and distributed close to 1.7 million rewards to members who participated in healthy living activities. Active AIA Vitality members together took almost 60 billion steps towards better health in 2017, which is equivalent to walking around Singapore almost 200,000 times.
Our AIA Healthcare mobile app offers policyholders exclusive access to our AIA Quality Healthcare Partners within three working days. This app also facilitates seamless appointments with specialists by providing medical details of our insured members.
The company also revolutionised insurance purchasing with its Digital Underwriter on the AIA Interactive point-of-sales (iPoS) system introduced in 2015. Providing instantaneous approvals for standard insurance applications, a far cry from the industry average of two to three days.
Our client-facing app, AIA eCare, empowers our policyholders with on-demand details on their policies and does away with cumbersome paperwork and forms. This gives them an overview of their policies encouraging them to kick-start new conversations with their trusted financial advisors to close new coverage gaps.