Insurance Company of the Year - AIA Singapore

Описание: Tata AIA Life Insurance Company

The 156-years old Tata group brand is synonymous with trust. Tata AIA Life Insurance in the 23rd year of its establishment is known to offer the best and simplest life and health insurance solutions, which are coordinated with the customer’s individual needs and life goals.

The company has a protection-focused product strategy, maintaining the industry-leading position in protection mix among top players. It is at the third rank amongst top private players, making it the largest non-bank promoted private life insurer in India.

The company grew faster than the industry, with 13% growth for the year vs 7% growth in overall industry. The organisation has the fastest growing agency channel amongst the top private players at 51%. It contributed 2204 MDRTs for the calendar year 2023 as against 1700 in the year 2022 – a jump of 29%.

Its market share amongst private players grew to 10.4% in financial year 2023-24 from 8.1% in financial year 2022-23.

During 2023 the company won the prestigious Kincentric Best Employer Award, for the 8th consecutive year and maintained its leadership position in retail sum assured with an increase of 32% while now being the largest player in retail sum assured.

The organisation follows a multi-channel distribution model with balanced portfolios. Both proprietary and partnership distribution channels have managed to grow at healthy double-digit growth rate. Tata AIA’s agency channel is amongst the most productive in the private industry.

Tata AIA Life Insurance Company dedicates 2% of the average net profits made during the three preceding financial years for fuelling undertakings that are relevant to the communities of its ecosystem and also works to create impact in the rural communities, particularly in the verticals of health and sanitation.

AIA Singapore

AIA Singapore is a life insurance company that has an agency force that sets the professional standards for other insurers to measure against and continues to invest in and support it to thrive in the changing multi-channel environment.

With the largest network of close to 5,716 and 201 insurance representatives in Singapore and Brunei respectively, it targets to help millions of people live healthier, longer, better lives.

With compulsory Institute of Banking & Finance (IBF) endorsed training, the company has 1,315 (23%) IBF certified representatives as of now and is targeting 3,500 (61%) by 31 December 2024.

AIA holds the highest number of MDRTs in Singapore for the ninth year with 1,380 qualifiers. Through its MDRT ambassadors, the company motivates, trains and grows its MDRT community. With one in four representatives as MDRT qualifiers, AIA leads the industry in high productivity and commitment to excellence.

Recognising the evolving landscape of customer engagement across multiple channels, the company has equipped its representatives with the best-in-class digital tools to provide personalised high-tech and high-touch advice. In 2023, the company upgraded its technological tools. iSMART+ and iPOS+ platforms.

The AIA Health360 brings offerings under four major pillars – plan well, protect well, be well and live well – which together, addresses the facets of holistic wellness and provides individuals with a tangible framework in planning for their well-being.

In 2023, AIA representatives conducted over 800 worksites in companies and organisations promoting healthy living, health screening and AIA Vitality. It also launched think well in 2023, the region’s first insurer-backed digital mental health solution, in collaboration with WhiteCoat.