AIA Singapore Wins Digital Award for Life Insurance

AIA's artificial-intelligence-enabled platform streamlines the claims process for a faster and seamless end-to-end digital claims experience.

Leading life insurer, AIA Singapore's goal in redefining insurance through digitisation has charted an innovation with the Claims EZ portal. This latest innovation creates a simple and fast claims experience for customers. Today, 100% of AIA HealthShield claims are assessed by AI technology and, claims pay-outs are now disbursed instantaneously and directly into customers’ bank accounts by leveraging PayNow’s infrastructure.

It is this same innovation that is being recognised by Singapore Business Review (SBR) for the Digital Award for Life Insurance category for SBR’s Technology Excellence Awards 2021.

As technological evolution rapidly accelerates in Asia and across the world, SBR's Technology Excellence Awards 2021 recognises companies whose products, services, strategies and enterprises have made significant contributions to innovation, distinction, influence, and vigour.

AIA Singapore's contribution in the field of insurance has already garnered two awards from SBR's Technology Excellence Awards. Last year, it won SBR's Digital Award for Life Insurance for its comprehensive digital health ecosystem encompassing the My AIA SG app.

This year, AIA Singapore won the Digital Award for Life Insurance for its Claims EZ, an online claims portal that forms a crucial component in AIA's comprehensive digital ecosystem.

Claims EZ allows clients to submit claims on-the-go, using SingPass Mobile as authentication. Artificial Intelligence (AI) and supervised Machine Learning (ML) augment the process, immediately approving claims with a high confidence rate. This enabled employees to personally attend to more complex claims, expediting the assessment and turnaround times for payout.

For less tech-savvy customers, Claims EZ's remote authentication capabilities meant that AIA Insurance Representatives could support the electronic submission process via secured online platforms, circumventing the need for face-to-face meetings and physical signatures during the Circuit-Breaker and Phase 1 periods last year.

Through Claims EZ, AIA Singapore’s end-to-end turnaround time, from the point of submission to the final disbursement of claims payouts, have been reduced to one to four working days; a marked difference from the industry average of two weeks minimum.

"There was much financial anxiety when the COVID-19 pandemic really took hold last year, and we had needed to step up efforts to reassure customers of our ability to process and payout claims quickly. Simplifying and expediting the claims experience from submission to payment is a critical service proposition that significantly impacts customer satisfaction," said Melita Teo, Chief Customer and Digital Officer, AIA Singapore. "As we continue to further enhance the Claims EZ AI engine with more data, the system will self-learn and be able to more accurately identify anomalies in claims patterns, detect high-risk cases, and flag such cases to human assessors for further investigation."

Claims EZ's AI-enabled predictive model can automatically and accurately assess all claims via straight-through processing, speeding up the overall approvals process. Moreover, its early detection of suspicious and unusual claims for detailed investigations kept fraudulent claims at bay to keep healthcare costs sustainable for customers.

“In the long run, Claims EZ will facilitate proactive claims management, allowing us to moderate the rate of health insurance premium increases while maintaining a healthy claims reserve pool. This is one of the ways AIA is fulfilling its brand promise of bringing helping customers live healthier, longer, and better lives.” continued Teo.

The Technology Excellence Awards, presented by Singapore Business Review, was held via studio award presentations and video conferencing sessions throughout the second and third week of April.

This year’s nominations were judged by a panel consisting of Daryl Pereira, Head of Cyber at KPMG; Cheang Wai Keat, Partner, Consulting at Ernst & Young Advisory Pte. Ltd.; Henry Tan, Group Chief Executive Officer and Chief Innovation Officer at Nexia TS; Sivakumar Saravan, Senior Partner at Crowe Singapore; Cecil Su, Director, Head of Cybersecurity of BDO Singapore.

If you would like to join the 2022 awards and be acclaimed for your company’s exceptional technological innovations, please email Jane Patiag at [email protected].