AIA Singapore bags Technology Excellence Award for information management
AIA Singapore’s agency force has closed 77% more cases on average thanks to iResource.
Catching sight of the insurance sector’s inability to keep up with other industries when it comes to conducting business through digital platforms, AIA Singapore developed iResource to deliver high-touch experience to customers, revolutionising the way insurance agents work through high technology.
With iResource yielding higher efficiency and productivity, AIA Singapore took home the Information Management Award under the life insurance category at Singapore Business Review’s first Technology Excellence Awards.
To address the pressing digital gap within the industry, iResource is AIA Singapore’s one-stop multi-purpose application for the company’s agency force, which is AIA Singapore’s largest distribution channel and main touchpoint for more than a million customers.
Thanks to iResource, customers can be easily briefed by agents regarding AIA policies and benefits through rich and interactive content, which significantly cuts the necessary time to close a deal.
Under 3 seconds, agents can churn out accurate figures specific to customer’s needs, such as the rate of return for wealth accumulation products, and in as fast as 90 seconds, agents can put together a personalised presentation for their clients.
Because of this, agents can meet more customers in a week and deliver pitches swiftly and smoothly, as opposed to estimating and printing stacks of quotations for every client.
“From 10 appointments a week in the past, I now meet 15. Whilst it boosts my production, the bigger picture is that many in Singapore are still underinsured. This has allowed me to meet a lot more prospects,” explained Ermafitri Nasir, financial services manager at AIA Singapore. “iResource has made my job a lot easier.”
iResource also allows agents to learn about new products via a single, standardised platform, which prompts them to ask more meaningful questions during training sessions, thus sharpening their sales pitch with more insights and information for customers.
Agents are also kept in the loop of the company’s marketing initiatives, such as latest deals, discounts and industry updates, which they can relay to customers as trusted advisor and life partners.
Since iResource makes the workload easier, more efficient and more convenient, it inspires both prospective and existing agents to be successful in their careers.
At present, AIA Singapore’s agency force has closed 77% more cases on average, thanks to this innovation.
iResource paved the way for agents to be on top of their game and has helped secure AIA Singapore’s position as a market leader. Additionally, it allowed the company to continuously rank first in terms of number of Million Dollar Round Table (MDRT) registered members, with four in five MDRT qualifiers relying heavily on iResource as of 2018.
In 2018, the number of active agents also increased by 28%, welcoming new faces as part of the company’s growing organisation.
With iResource, agents have more time to attend to higher value engagement, resulting in increased efficiency and productivity.
Upon implementation of iResource, AIA Singapore’s agency force has soared to great heights, one that would reflect high tech, high touch and high growth.
Thanks to the new platform, AIA Singapore achieved business growth and better business performance.
The number of cases closed increased by 77% as a result of improved efficiency and simplicity of purchasing insurance products, driving the double-digit growth of 18% in value of new business (VONB) for the fiscal year of 2018.
Furthermore, iResource has allowed the company to significantly reduce its carbon footprint, replacing 1.7 million documents and a daily average of 16,000 pages with digital content.
Recognising Singapore’s leading companies in technology innovation, the Technology Excellence Awards lauds outstanding companies that have pioneered groundbreaking IT products and solutions and implemented avant-garde technology initiatives which have made an impact in their business.
The Technology Excellence Awards, presented by Singapore Business Review, was held on 30 May 2019 at the Conrad Centennial Singapore.
This year’s nominations were judged by a panel consisting of Cheang Wai Keat,
Head of Advisory, Ernst & Young LLP; Darwin Thio, Director, Cybersecurity & Technology Services, Nexia TS; Daryl Pereira, Head of Cybersecurity, KPMG; Evelyn Lim, Executive Director, Tax Advisory, BDO LLP; and Jonathan Kok, Co-Head of Technology, Media & Communications Industry Group, RHTLaw Taylor Wessing LLP.
Check out the event photos during the awards night here.
If you would like to join the 2020 awards and be acclaimed for your company’s exceptional technology innovations, please email Julie Anne Nuñez at email@example.com