AIA Singapore’s insurtech investment recognised at the 2021 Asian Experience Awards
The company earned the Singapore Digital Experience of the Year award in the Financial Services category.
As an industry leader in the health, healthcare and life insurance space, AIA Singapore plays an important role in helping to ensure that individuals and families have access to quality and sustainable healthcare protection for the long-term.
The leading life insurance and securities group partnered with AiDa Technologies in the development of Claims EZ, an artificial intelligence (AI)-powered digital portal that transformed the insurance claims process, delivering a truly seamless, end-to-end, online experience for customers.
For this, the insurer was recognized at the Asian Experience Awards 2021, bagging the Singapore Digital Experience of the Year trophy in the Financial Services category.
Claims EZ works by utilising AI and machine learning technologies to facilitate 100% of AIA’s pre-authorisation requests and claims submissions for health insurance at scale. The system processes and verifies these requests and only continues with insurance claims that achieve a 90% machine confidence level.
Through this verification process, the system is able to detect suspicious and unusual claims during its early stages and helps them to pinpoint suspected fraudulent claims. Because of the efficient and secured processing, the system allows AIA to manage claim costs and keep healthcare financing sustainable for individuals and families.
“As we continue to feed the AI engine with more data, the system will eventually be able to identify anomalies in claims patterns with higher accuracy, detect fraudulent and high-risk cases, and flag such cases to human assessors for further investigations,” said Melita Teo, Chief Customer and Digital Officer at AIA Singapore.
The insurer also intends to leverage technology and data analytics to transform its business ecosystem and enable them to work more efficiently. Strengthening the business’ digital ecosystem is an ongoing process, and they are keen to invest in new technologies that will bring the greatest value for their clients.
“Using AI for claims assessment is just one example. Aside from this, we have also embarked on the use of machine learning algorithms to better understand the needs of our customers. Through analysing millions of customer data, we were able to uncover deep and meaningful customer insights that allow our AIA Insurance Representatives to deliver more personalised experiences to our customers whilst helping customers to fulfil their protection needs and achieve their financial goals,” Teo said.
AIA’s commitment to continuously invest in strengthening its comprehensive digital ecosystem is not only a business strategy, but a principle of service. The company’s core value of bringing quality to life is practiced in all aspects of its business and leads by example as an employer and a trusted partner for their customers.
“At AIA Singapore, our priority is ensuring that our digital ambitions are rooted in our brand promise of enabling healthier, longer, better lives. We take a holistic approach in accelerating our digital pivot,” Teo said. “As successful digital transformation is not just about technology; it’s about the people too. The use of technology is not about replacing their work, but to free up their time for higher-value tasks such as taking care of our customers,” Teo added.
One of the main contributions of AIA Singapore’s investment in insurtech was its positive impact to the financial services sector and its economy. Claims EZ’s system enabled the company to work effectively and efficiently which resulted in helping more people claim health insurance benefits during critical times at a significantly faster rate, giving them peace of mind to focus on their recovery.
When fully developed, Claims EZ will enable AIA Singapore to proactively moderate the rate of health insurance premium increase whilst maintaining a healthy claims reserve pool for all AIA customers.