AIA Singapore triumphs at SBR Technology Excellence Awards 2024 for digital innovation in life insurance

Its iPOS+ platform leads the way in enhancing customer engagement and operational efficiency, securing the Digital - Life Insurance award.

AIA Singapore was lauded at the prestigious SBR Technology Excellence Awards 2024 for its innovative strides in the digital insurance landscape. The company received the coveted Digital - Life Insurance award, for its significant contributions to transforming the digital ecosystem within the life insurance sector.

AIA Singapore stands as a trailblazer in digital innovation through its Technology Data and Analytics (TDA) strategy. This strategic approach focuses on empowering insurance representatives with the best-in-class digital tools and industry knowledge, underscoring the company's commitment to enhancing its agency force’s productivity and professionalism. This TDA focus, together with its people-first mandate, led to the development and launch of the iPOS+ platform in October 2023, a ground-breaking platform designed to enrich customer engagement throughout the financial planning and sales fulfilment process.

iPOS+, provides a seamless, secure, and simple mobile/digital experience for its users, with comprehensive features that streamline the end-to-end sales process. Its capabilities range from Financial Health Review (FHR) and quotation generation to application, review, sign-off, and payment processes. Notably, the platform is cloud-powered, ensuring rapid updates and enhanced security through automatic data uploads, ensuring that changes are reflected accurately and in real-time.

This platform provides insurance representatives a holistic view of customers' financial needs and gaps, empowering customers to make informed decisions, aligning with AIA's brand purpose of helping people live Healthier, Longer, Better Lives.

The "Non-Face-To-Face” Portal through iPOS+ marks a significant innovation in the industry. This feature enables a dynamic two-way interaction between insurance representatives and customers. This fosters closer collaboration and trust between the customer and insurance representative, by giving the customer total transparency and control over their own data and allowing them to take charge of their own FHR process. 

Another distinctive feature of iPOS+ is the application process, where its system performs a matching of the quotation with the FHR to ensure alignment with the customer’s financial profile and needs. If they do not match, a pop-up box is prompted, preventing insurance representatives from proceeding with the application, unless plans selected by the insurance representative meet the actual needs and preferences of customers.

Since its soft-launch in July 2023, iPOS+ has demonstrated remarkable efficiency improvements and user engagement, with more than 130,000 cases submitted. The platform's design enables applications to be filled 25% faster and reduces the number of fields applicants need to fill by 30%. Furthermore, the iterative development approach of iPOS+, featuring an average of one release every two weeks, underscores AIA Singapore's commitment to continuous improvement based on user feedback and technical enhancements.

The SBR Technology Excellence Awards recognition is a significant milestone for AIA Singapore, reflecting its leadership in the digital transformation of the life insurance industry. iPOS+ is part of a broader digital ecosystem that includes AIA Vitality, a wellness programme that encourages healthy living and offers premium discounts, and the Customer Lifecycle Trigger (CLT), which provides analytics-driven insights and exclusive promotional codes.

AIA Singapore's success with iPOS+ is a clear indication of its dedication to innovation, customer satisfaction, and the provision of services that meet the evolving needs of the market. The company's efforts have not only streamlined the insurance purchasing process but have also significantly contributed to the digital transformation of the life insurance industry in Singapore.

The SBR Technology Excellence Awards is presented by Singapore Business Review Magazine. To view the full list of winners, click here. If you want to join the 2025 awards programme and be acclaimed for your company's outstanding contributions in pursuit of technological innovation, please contact Jane Patiag at jane@charltonmediamail.com.