AIA Thailand wants to become the country's first digital insurer and help 1 billion people across Asia live healthier lives by 2030 through the adoption of innovation and data analytics technologies to develop and provide health and life insurance products better suited to Thais' needs.
Krit Chanthanotok, chief executive of AIA Thailand, said the company recorded the industry's highest gross premiums worth 23.5 billion baht last year, representing a 26% market share, and the highest new business premiums worth 157 billion, a 23% market share.
For 2022, Mr Krit shared the company's "ABCDE" strategy that aims to maintain the growth momentum. The strategy consists of five aspects: agency transformation, business partner acceleration, customer-centricity, digitalisation journey, and environmental, social and governance (ESG).
Agency transformation includes enhancing the efficiency of online sales channels for life insurance products by equipping agents with digital technology, he said.
Business partner acceleration involves acquiring more partners, specifically banks, telemarketing firms and digital technology companies, to create a comprehensive digital ecosystem for customers.
Customer-centricity means putting customers' needs first when deciding on changes and development, said Mr Krit.
Digitalisation journey refers to emphasising the company's goal to adapt to the digital era with new innovation and technologies.
Finally, the company wants to promote a business approach and strategy based on ESG principles, he said.
Mr Krit said AIA wants to become a digital insurer using its auxiliary strategy focused on technology, digital and analytics to enhance app development.
AIA iSign, a digital insurance app, facilitates customer service by allowing the purchase of insurance deals without face-to-face contact.
ALive Powered by AIA, a personal assistant app for the whole family, provides its users with advice and health services. The app is available to non-AIA customers as well.
AIA iService is an app that allows customers to manage their own policies. One notable feature is the iClaim service, which allows the insured to make claims via the app, he said.
AIA is also working on a super-app that would provide all of AIA's app services on one app, said Mr Krit.
The company set up the AIA x RISE Accelerator project, offering tech-based startups a chance to collaborate with AIA. It also presented the company's mission to have 1 billion policyholders all over Asia, its "AIA One Billion" project.
"The main strategy is to become a digital insurer in the future digital world," he said.
"We want to be more than just a payer of insurance claims."