AIA Singapore’s analysis of their demographic and transactional data revealed that most people are underinsured and/or not financially secure enough to fully enjoy their retirement. However, AIA’s ability to build on that knowledge and take action was hampered by slow and expensive traditional research methods and segmentations that did not represent the diversity of their customer base. While AIA Singapore had made major investments in research and data analytics, the insights they uncovered were limited to generalized statements about their customers’ potential needs.
The business needed a rapid and repeatable method to complement and enhance their transactional and demographic data with actionable insight from a representative cross-section of customers.
Driven by the desire to put customers at the heart of their business and empower them to live healthier, longer, and better lives, AIA Singapore introduced the AIA360 insight community. AIA360 brings together a broad cross-section of well profiled customers. The ability to engage customers repeatedly over time uncovers insight that enhances traditional data analytics to better understand “why” their customers make the choices they do and the factors that influence future financial decisions. The result is an innovative suite of financial products and services informed by consent data and agile insight that balance the needs of their customers today, while allowing them to plan for a future of financial stability and security.
AIA360 is used across the business by multiple teams to de-risk marketing, CX, and product decisions. AIA Singapore can co-create innovative products, test hypotheses, prioritize product features, and uncover value propositions for products and solutions that resonate with customers. Direct feedback from their trusted, deeply profiled, opted-in, and highly engaged AIA360 members means decisions are made based on the customer, not on conjecture and assumptions. This reduces internal friction, speeds decision making, accelerates innovation, improves customer experience, sets customers up for success, and increases revenue.