Standard Life International Ltd (Singapore Branch) leaves Singapore
Standard Life ceased to be a member of LIA, effective 18 November 2015.
Zurich Life Insurance (Singapore)
Zurich International Life (Singapore Branch)
Zurich Life and Zurich International Life ceased to accept new business, effective 1 December 2015.
Zurich will continue to maintain MAS-licensed entities to service existing customers.
New Associate Member admitted
We welcome RGA International Reinsurance Company Limited Singapore Branch, which was admitted as LIA's latest and 6th life reinsurer member on 23 December 2015.
LIA Guidelines issued
AIA Singapore's Digital Underwriter: A quicker and easier way to get insured
12 October 2015
With technology taking over nearly every aspect of Singaporean life, it now comes as no surprise that even businesses such as insurance companies are taking the lead with easier and faster transactions, harnessing digital avenues to make transactions easier and more efficient.
Aiming to simplify the insurance purchase process, AIA Singapore, for instance, launched the country's first digital underwriting module last October. This module comes as the average Singaporean is underinsured and the protection gap for working adult population in Singapore is estimated to be S$462 billion, according to the protection gap analysis commissioned by the Life Insurance Association (LIA)1. In addition, every two in five Singaporeans now own a tablet computer compared to one in three in 2012, according to a 2013 Straits Times report - indicating that Singaporeans, now well-versed in the latest technology, are now receptive to going online for their business, including insurance.
"In today's fast-paced world, we know the importance of making it easy for customers to do business with us and we are committed to provide the best possible service at their time of need. This is a step in the right direction for us as The Real Life Company with a vision to be Singapore's undisputed number one insurer on every measure," shares Patrick Teow, Chief Executive Officer of AIA Singapore, describing the company's new digital underwriting service, which recently won the Innovator of the Year Award for the Financial Services Industry, for the Singapore Business Review Excellence Awards 2015.
The new digital service, AIA Singapore claims, is part of its commitment to improve Singaporeans' lives via innovative solutions that bridge the country's protection gap and to offer a holistic customer experience.
With AIA's digital underwriter, customers now answer and submit insurance application forms digitally, effectively bidding farewell to the days of old when manually filling up lengthy and generic insurance forms was very much the norm.
"Leveraging iPoS's (interactive point-of-sales) leading technology, the company's underwriting questions have been simplified and personalised to suit specific profiles, which can reduce the number of questions customers need to answer by more than half," AIA Singapore says.
Transactions are faster: thanks to on-the-spot, electronic underwriting, which allows for instant confirmation of results for standard insurance applications, once underwriting is completed and policy contracts issued - a much faster turnover time compared to the current waiting time of up to three days.
"This will remove the anxiety and frustration customers sometimes experience while waiting days for a verdict on their applications," AIA Singapore notes. But while transactions are faster, they are no less dynamic or responsive. The AIA digital underwriter "will respond to any additional disclosure from customers and ask supplementary questions," in order to expedite the underwriting process for standard insurance applications.
Transactions are also more convenient: by going online, customers can simply browse through streamlined and personalised policy questions with a "cleaner, slicker" design for use on digital devices such as tablets, thus enhancing productivity for customers who are always on the go.
Aside from improving the process of applying for insurance for customers, AIA's enhanced iPoS with the new digital underwriter also gives more than 4,000 AIA Financial Services Consultants (AIA FSCs) a distinct advantage by further simplifying the business process for them.
"AIA FSCs will also spend less time on administrative matters and more time on providing quality advice to meet customers' protection and financial needs, and our underwriters can focus more on handling complex cases and expedite the approval of customer applications," AIA Singapore says.
At the end of the day, what exactly drives AIA Singapore's commitment to constantly offer new and innovative products for its customers? It all boils down to a passion for innovation.
"AIA is pursuing a culture of innovation as part of our commitment to anticipate and provide the best possible service to meet the changing needs of our customers. We will continue to roll out this technology in other AIA markets as we lead the way and set new standards for efficiency, productivity and customer experience in the industry" Sim Preston, Group Chief Operations Officer of AIA Group, said.
Moving forward, AIA will continue to introduce innovative products and services to help ensure that customers remain financially secured and protected.
Developing the game-changing digital underwriter in iPoS is a continuative innovation to iPoS, which was launched in 2012. iPoS in AIA Singapore was recognised as Innovation of the Year 2013 Award at the 17th Asia Insurance Industry Awards, and received the 'Excellence in Distribution Channel Management Award' at the Financial Insights Innovation Awards in the same year.
1 LIA - 2012 Protection Gap Study Singapore: http://www.lia.org.sg/files/news/2012/08/LIA_Protection_Gap_Study_2012_Report_28Aug12.pdf