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It was recognised for its Remote Sales Platform and Eden projects.
AIA (Vietnam) Life Insurance Co., Ltd. spotted early on the need to adapt to the changing technological landscape. Identifying the key factors that are needed to effect such changes, it spearheaded two major projects which landed them recognition in Asian Business Review’s recent awards programme.
The insurer received the “Vietnam Technology Excellence Awards for Cloud – Life Insurance and Online Services – Life Insurance” trophy in the recently concluded Technology Excellence Awards.
The awards programme aims to recognise exceptional companies that are riding the digital disruption wave and leading the technological revolution and digital transformation journeys in their respective industries.
The first highlighted project of AIA Vietnam is the Eden Project. Back in 2017, the technological systems and applications of the company frequently experienced disruptions, as AIA Vietnam operated on legacy architecture and end-of-life technology.
Resources were shared between the company’s offices in many countries, causing the systems to be unstable during peak times. At that time, AIA Vietnam was serving around 700,000 customers, and the target was to serve around three million customers by 2023, from all channels.
Through the Eden Project, the notion of building a new platform with new architecture using the native cloud, micro-services, and new technology, as well as real-time data processing, was a key strategy. Alongside that, it also adopted new technologies such as Deep Learning (OCR) for data entry and Machine Learning for underwriting, to improve customer experience and productivity.
With an initial investment of US$2.9m, the Eden project took 24 months to build up a foundation for new infrastructure, a new application, and a data platform.
This change has produced remarkable business growth of 30% compounded annually. With the new platform, AIA Vietnam was able to rapidly build up other applications and systems.
In February 2021, its EOL reached 35%, compared to the group’s target of 45%. It also recorded high stability and availability at 99.99%.
The second project is the Remote Sales Platform Project, which was a response to the COVID-19 outbreak from April 2020. AIA Vietnam first developed an application called iPOS1 to support its Sales and Training – Communication.
By 2021, in line with the company’s desire to bring its customers a more positive experience, it built a Remote Sales Platform as a step towards transforming to a digital model to create an advantage in reaching out to mass-target customers and to expand its agents’ system.
A total of US$200,000 was invested in the project, which was implemented by 40 technical employees within six weeks.
This Remote Sales Platform brought remarkable advantages to the business, such as streamlining sales processing, strengthened integrity, and reduced fraud with face detection technology, pre-underwriting for customers with good credit, and provided good support for agents to do business during the lockdown, allowing them to maintain their income and other benefits.
Within nine weeks of implementation by early August 2021, 6,686 contracts have been signed. The adoption rate grew from 11.96% in June to 43.02% in August, whilst revenue reached above US$4.3m.
Watch the interview below to know more about their winning project: