AIA Singapore

AIA Singapore uses agile, ongoing insight to increase conversion, build loyalty, and deliver innovative customer-centric products

40% YOY increase in revenue from AIA’s Retirement Saver products

9 times increase in digital traffic on Vitality mobile app

3-point increase in NPS

overview

As part of the largest independent publicly listed Pan-Asian life insurance group, AIA Singapore works to ensure customers have access to a wide range of innovative insurance products and solutions that truly meet the needs of both individuals and businesses. Their shared vision is to be the world’s pre-eminent life insurance provider while playing a leadership role in driving economic and social development across the region and empowering customers and their families to live healthier, longer, and better lives.

Fast Facts

Industry:

Financial Services

Role:

Marketers

Insights professionals

Product Managers

Use case:

Customer experience

Marketing effectiveness

Product innovation

Business Outcome:

Accelerate innovation

Drive revenue growth

De-risk decisions

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Business Challenge

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.

Solution

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.

40% YOY increase in revenue from AIA’s Retirement Saver products

9 times increase in digital traffic on Vitality mobile app

3-point increase in NPS

Customers are at the heart of everything we do at AIA Singapore so it is crucial for us to deepen our engagement with our customers and gain quality insights about their evolving needs. Deep insights from AIA360 have enabled us to launch revolutionary segment-targeted solutions that are aligned with our customer’s real needs – from empowering our AIA Financial Services Consultants / Insurance Representations with a comprehensive suite of products and tools, to providing our customers with high-quality financial advice.

-Ho Lee Yen, Chief Customer and Marketing Officer, AIA Singapore

AIA Singapore adopted a data-driven approach to decision-making rather than relying on gut instincts. Back-end data only helped us identify transactional behavior but the business needs to know the real “Why” behind the data. Having the robust AIA360 insight community allows the business to quickly identify the reasons behind the trends. This enables us to create actionable plans to further delight our customers, improve our marketing efforts, and accelerate innovation.

-How Chee Koon, Head, Consumer Marketing, AIA Singapore

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