Preparing for the future of life insurance

AIA Philippines

Posted at Aug 24 2021 09:48 AM

Photo source: Pexels
Photo source: Pexels

Despite its growing importance and relevance to the current health situation, the life insurance industry was also greatly affected by the pandemic. For a business that relies heavily on building relationships with clients that necessitates face to face meetings, lockdown restrictions limited the mobility of financial advisers. 

For AIA Philippines, one of the country's premier life insurance companies, although the past year has proven to be challenging and a time of great mourning for the world, it was also a time for innovation and quick acclimation. Formerly known as AIA Philam Life, the change in name is not the only thing the company has in store for the year. 

''While we are the same company, we need to evolve to keep up with the changing needs of our customers,'' said AIA Philippines CEO Kelvin Ang. ''The pandemic became the catalyst that accelerated our transformation. These changes—in our organization and people development, our approach to social responsibility and financial discipline, the way our customers experience our products and services, among many others—will all come together to help us realize our Purpose.''

 AIA Philam Life is now officially AIA Philippines. Photo source: AIA Philippines Facebook page
AIA Philam Life is now officially AIA Philippines. Photo source: AIA Philippines Facebook page

Philam Life has been part of the AIA Group since its acquisition in 2009. Over the years, the company has made efforts in uniting its heritage and the global strength of its mother company. It believes that the transition to a new name is significant in showing how AIA Philippines is bringing together over seven decades of local presence and the global expertise of the AIA Group to better serve the Filipino people during these challenging times. 

''Our Purpose of helping people to live Healthier, Longer, Better Lives has never been more relevant than it is today. Against the backdrop of these challenging circumstances, we are making this transition because we know that we must take the step to fully embrace a future full of possibilities – and to help close the insurance gap for families across the Philippines,'' shared AIA Group Regional Chief Executive Jacky Chan.

Apart from rebranding, another priority concern of the company was finding alternative ways to remain accessible to customers. It has shown its quick adaptability to the 2020 situation, launching a robust digital selling platform that financial advisers can use, where digital selling could be finished within 20 minutes.

Other internal transformations are in the pipeline, guided by the strategic direction of the AIA Group. The company will make full use of technology, digital, and analytics to strengthen its operations, from developing products and services for customers, to making service delivery faster and more efficient. Another is the shift from corporate social responsibility to the more holistic Environmental, Social, and Governance (ESG) approach. This move aims to make sustainability an integral part of its conduct of business while ensuring the strength and stability of AIA Philippines in the long term. 

Despite all these changes made to be better prepared for the future, AIA Philippines reassures existing and potential customers that its purpose has not changed. It promises to continue its mission of racing against risk to protect every Filipino family, empowering them to live Healthier, Longer, Better Lives.

To know more about AIA Philippines, visit its website or Facebook page.

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