AIA Singapore offers an award winning after sales insurance solution: POS EZ
AIA Singapore Team recently won Innovator of the Year - Life Insurance at the SBR Management Excellence Awards 2018 for their new digital platform POS EZ.
Whilst a simple change in address would have traditionally taken the customer two forms, a face-toface meeting, and three working days for processing, AIA Singapore has cut this down to a matter of minutes. The firm’s POS EZ online platform enables AIA Singapore’s insurance representatives to facilitate a multitude of customer requests round the clock without any geographical restrictions. This is made possible by providing customers with remote authentication capabilities - a first in Singapore.
The remote authentication function allows customers to authenticate their requests via a two-factor authentication (2FA) using a personal Onekey device that is already employed for transactions in more than 50 Singapore government agencies. This feature provides an extra layer of system and physical security for all authentication requests.
For this award-winning solution, AIA Singapore Team recently cinched the Innovator of the Year - Life Insurance at the
SBR Management Excellence Awards 2018. This prestigious industry award is recognition of the country’s most outstanding business leaders and teams whose initiatives have brought tangible business gains for their company’s operations.
Integrated digital ecosystem
The AIA Singapore’s team focused on elevating service standards and enhancing customer experience through improved digital after-sales service. This resulted in the creation of POS EZ. Melita Teo, Chief Operations Officer of AIA Singapore, tells us about the motivation for creating the award winning POS EZ platform and what this initiative means to AIA Singapore.
“The motivation behind POS EZ was our desire to provide servicing in a seamless, convenient and fast way, and empowering our AIA Financial Services Consultants, Insurance Representatives and policyholders to selfhelp through digitalisation and automation. AIA Financial Services Consultants, Insurance Representatives and policyholders can now spend more time discussing and reviewing their protection and financial needs. Being a market leader, we want to be at the forefront of leveraging technology to meet high expectations of our policyholders and provide service excellence,” says Melita.
Digitally enabled insurance
Melita says that POS EZ is now a vital component for AIA Singapore to fulfill their overall goal as a company. “Policy servicing is one of the most important elements, and the longest period of interaction between
AIA Singapore and our policyholders, from the moment the policy coverage begins to the time of claims or policy maturity,” explains Melita adding, “Before AIA Singapore introduced POS EZ, all servicing relating transactions are usually done on paper and required a physical signature. Most insurers focus mainly on automating the sales experience, and servicing is usually put on the back burner. At AIA Singapore, we especially designed POS EZ to offer a high level of empowerment and convenience to our AIA Financial Services Consultants, Insurance Representatives and customers.”
POS EZ together with AIA Singapore’s other digitalisation initiatives, empower the company to become the best digitally enabled Insurer where our focus has always been putting their needs at the heart of everything we do, enabling convenience and an excellent service experience.”
POS EZ has performed well since it was launched in April and Melita outlines the key milestones on the transformation journey so far. “With the human centred design interface and the remote authentication capability, the convenience of digital submission via POS EZ has been very pronounced and well-received by our AIA Financial Services Consultants, Insurance Representatives.”
“In the few months since launch, we have received more than 50,000 submissions via POS EZ and half of those submissions have been processed instantly (via our Straight Thru Processing (STP) engine) without any human intervention. For the other half, the processing touch-time has been reduced by 30%, benefiting from POS EZ’S built-in validations,” she says.
Keeping the human touch
“By not encumbering our AIA Financial Services Consultants and Insurance Representatives to follow up on routine and admin requirements, they can now have deeper conversations and engagements with their customers. Conversations can now focus more on their customers’ financial health and personal well-being, thereby building deeper, long-term relationships,” says Melita.
Building on POS EZ as a benchmark of success, Melita outlines AIA Singapore’s future vision, “AIA Singapore has a comprehensive Customer Experience and Distribution Experience Transformation roadmap, and we will continue to build human centered digital assets to empower our customers to lead Healthier, Longer and Better Lives!”
“In the few months since launch, we have received more than 50,000 submissions via POS EZ.”
Tan Kang Wee of AIA Singapore at the 2018 Management Excellence Awards