Thursday, March 15, 2018

AIG Singapore is the first in the general insurance industry to launch claims payment via PayNow

AIG Asia Pacific Insurance Pte. Ltd. (AIG Singapore)’s customers can now submit travel insurance claims online and request to receive the insurance claims payment via PayNow.

PayNow is an electronic fund transfer service available to customers of any of the seven participating banks: Citibank Singapore Limited, DBS Bank/POSB, HSBC, Maybank, OCBC Bank, Standard Chartered Bank, and United Overseas Bank. 

AIG Singapore’s travel insurance policyholders can now receive travel claims payout by simply providing their PayNow registered mobile number or NRIC/FIN number for the funds to be transferred to their account with these participating banks.

AIG Singapore is the first insurer to enable claims payment through PayNow on an enterprise to individual platform via DBS Bank (DBS) through IDEAL RAPID, a market-shaping application programming interface (API)-based instant settlement solution. Customers can now receive travel claims almost instantaneously upon the claims being approved.

Ms Cady Ho, AIG Singapore’s Vice President, Chief Claims and Customer Officer, said, “PayNow is a very convenient payment platform that will benefit almost 30,000 of AIG Singapore’s travel policyholders. We have plans to progressively roll out this claims payment service to our other products so that more customers can benefit from the convenience of faster claims payment and seamless claims experience.”

Mr Benjamin Yeo, DBS Managing Director and Head of Insurance Coverage, said that PayNow brings the promise of digitalisation to customers. “Policyholders can now benefit from a simpler, faster and more convenient claims process. In today’s “instant” economy, customers also don’t have to deal with the extra step of providing their bank account details, or banking in their cheques and then waiting for them to be cleared. Instead, they can now receive their claims immediately upon approval. We are pleased to support the industry’s forward-looking efforts in enhancing customer experience.”

Ms Claudia Salem, CEO of AIG Singapore and Head of Country Operations Southeast Asia said, “Sending money electronically instead of issuing paper cheques is a tablestakes capability in this day and age. This enhancement is one of many, as part of AIG Singapore’s prioritised roadmap in modernising our insurance services. The launch of the PayNow service for claims payments not only improves customer convenience but also aligns with our sustainability agenda to reduce AIG’s carbon footprint.”

Today, most of AIG Singapore’s personal insurance products and claims services are available online, and by 2020, they estimate that half a million personal insurance policies will be transacted electronically1. Paying claims electronically allows customers to enjoy seamless digital insurance experience which is expected to be the future of the industry for most consumer general insurance products.

Thursday, January 18, 2018

Opportunities and challenges for the health insurance industry

Commenting on the opportunities and challenges for the health insurance industry in 2018, Jason Sadler, President, Cigna International Markets, says:

The global health market is larger and more complex than ever. We see two macro trends which are impacting the global growth and delivery of health insurance and wellness products – the aging population and rapid developments in digital technology.

Aging Population: 

We see a huge opportunity for health insurers when it comes to older customers.  We’ve been conditioned to believe that economic and societal growth is driven by the aspirations of the young, however, there’s a ‘’silver lining”. 

The global spending power of over 60s is expected to reach $15 trillion globally within two years, representing a powerful wave of opportunity. Aging is one of the key topics in the 2017 Cigna 360o Well-being Survey which revealed that 20-25% want to work and volunteer after official retirement.

Keeping up with Rapid Development in Digital Technology:  

Monday, January 8, 2018

3rd Asia Trusted Life Agents & Advisers Awards launches with support of Philippines Insurance Commissioner

The search for the best in life insurance agency and advisory across the region kicks off today with the launch of the 3rd Asia Trusted Life Agents & Advisers Awards with the support of Mr Dennis B Funa, Insurance Commissioner of the Philippines, as Guest of Honour for the Awards.

Organised by Asia Insurance Review and Asia Advisers Network with LIMRA as co-organiser, the Awards is a truly regional platform. Over the past two editions we have seen winners from eight markets: China, Hong Kong, India, Malaysia, Singapore, Taiwan, Thailand and Vietnam.

Mr Mark Tucker, Group Chairman, HSBC Holdings, is Patron of the Awards, which offers a neutral platform to shine the spotlight on the unsung heroes and heroines of the insurance industry beyond production figures and highlight the role of agents and advisers even in the digital era.

The Awards categories are:
  • Insurance Agent of the Year
  • Financial Adviser of the Year
  • Rookie Insurance Agent of the Year
  • Insurance Agency Leader of the Year
  • Rookie Insurance Agency Leader of the Year
  • Inspirational Agent/Leader of the Year
  • Digital Agent/Agency Leader of the Year
  • Lifetime Achievement
  • Affinity/Bank Partner of the Year
  • Technology Provider of the Year for Agents
  • Insurance Company of the Year for Agents
  • Executive Champion of the Year
The transparent and independently-audited judging process counts some 20 judges drawn from industry leaders and experts on the judging panel.

AIA is Strategic Partner of the Awards and supporting organisations include: Association of International Life Offices (AILO), The Hong Kong Federation of Insurers (HKFI), Philippine Life Insurance Association (PLIA), Financial Services Managers’ Association (FSMA) Singapore, Insurance Association of Sri Lanka (IASL), Life Underwriters Association of Hong Kong (LUAHK), International Insurance Society (IIS) and Singapore Insurance Institute (SII).
Nominations close on 28 February 2018. For more information on the Awards and how to apply, visit:

Winners will be announced at a Gala Dinner in Manila on 7 May 2018 to be held in conjunction with the 29th East Asian Insurance Congress.

For more information on the awards, visit or

Mr Mohamad Hyqel
Awards Administrator, Asia Insurance Review

Wednesday, January 3, 2018



Direct platform provides real-time claims data and recommends insurance policy that most suits customer needs

AIG Asia Pacific Insurance Pte. Ltd. (AIG Singapore) has launched a new online travel insurance productTravel Guard® Direct – that leverages data to provide customers with valuable insights on their destination countries.

The product is the first in Singapore to allow customers access to real-time claims information for top destination countries across Asia Pacific, the United States and United Kingdom, so that customers can better understand travel risks, and make informed choices about the level of coverage they need.

An innovation of the standard Travel Guard plans, the new product is priced according to destination, duration and age, so customers can benefit from more accurate, effective pricing based on the risks involved. This also simplifies the travel insurance purchase experience as customers can now select a plan by travel destination, instead of figuring out which zone their destination belongs to.

This product is the latest in AIG Singapore’s initiatives to digitise the customer journey from purchase to claims, bringing greater efficiency and convenience. This follows a tie-up with DBS to offer instant travel insurance claims e-payment.

Mr Ignatius Chng, Vice-President and Head of Group Personal Insurance, AIG Singapore, said Travel Guard Direct was developed with a more customer-centric experience in mind and is part of the company’s ongoing digital transformation efforts to use technology to meet changing customer needs.

Monday, December 25, 2017

Aviva-COFCO launches big data laboratory in collaboration with Tencent Financial Cloud Cooperation set to capture digital insurance opportunities

Aviva-COFCO Life Insurance (“Aviva-COFCO”) and Tencent Financial Cloud today announced a strategic partnership to jointly set up the “Tencent Financial Cloud - Aviva-COFCO Big Data Laboratory” ("Laboratory”) in China. The newly established Laboratory will focus on combating financial fraud through financial cloud computing, providing artificial intelligence (AI) in customer service and improving risk management. 

The partnership aligns with Aviva’s “Digital First” strategy, and Aviva-COFCO decided to collaborate with Tencent Financial Cloud to capture increasing opportunities presented by big data and digital itonsurance. AI, cloud computing, big data and blockchain are already gaining traction in China’s financial sector where implementation of its national big data strategy will further accelerate the pace of digitalisation across the country.

Richard Yu, Aviva-COFCO’s President said:

“Our strategic partnership combines the power of Aviva-COFCO’s financial data with big data analytics expertise of Tencent Financial Cloud. This synergy will disrupt the financial services industry and provide convenient, fast, comprehensive and attractive financial products and services to corporate and individual customers.”

As part of its “Digital First” strategy, Aviva invests approximately £100 million in digital transformation every year. It has set up Digital Garages worldwide to innovate, explore, and test new digital insurance ideas, as well as provide capability support and drive digital initiatives across its businesses, including Aviva-COFCO, in which Aviva owns a 50% stake. In January this year, Aviva has also announced an agreement with Hillhouse Capital and Tencent to launch a digital insurance company in Hong Kong.

Aviva-COFCO has been an early adopter of innovation and big data applications in insurance. Since 2014, the company has set up a dedicated big data team and an independent online sales department which have conducted pilot projects on various areas including data analysis, AI in customer service and innovative product design. To serve a wider business community, it is planning to launch an independent intermediary that is based on big data and driven by internet technology in 2018.

Tencent Financial Cloud has rich experience in cloud computing, big data and AI. As part of its work on integrated solutions for the insurance sector, it has also carried out innovative trials in areas such as insurance risk control, claims, customer service and sales. 

The Laboratory plans to work in the following areas: