//AIA General Berhad Launches Innovative Digital General Insurance Initiative

AIA General Berhad Launches Innovative Digital General Insurance Initiative

Source: AIA, 9 December 2020

AIA General Berhad (a subsidiary of AIA Bhd.) today announced a new initiative that is set to catapult the general insurance provider into the online space and enable it to cater to a new customer segment – digital consumers. This will place AIA General Berhad at the forefront of digital insurance in Malaysia as part of its efforts to expand its product offering while engaging with customers in new and dynamic ways.

The first digital insurance plan to be launched under the new initiative is AIA Online Shield – an affordable personal accident plan that covers accidents, COVID-19 and dengue fever. This timely plan offers customers the flexibility to choose their desired benefits and coverage term, providing compensation up to RM50,000 in the event of death caused by accidental means, as well as up to RM12,000 for COVID-19 and dengue fever, respectively.

The customer journey from purchase through to claims has been simplified and will be entirely digital, amplifying the company’s efforts to make insurance more accessible and affordable. AIA Online Shield will make its digital debut on Malaysia’s leading online shopping platform, Shopee in conjunction with its upcoming 12.12 sales campaign.
With Malaysia having the highest percentage of digital consumer population in South East Asia1, the initiative represents a major next step in AIA General Berhad’s mission to expand its digital distribution channels and address the unmet needs of a younger generation of customers who mostly make purchases online.

Commenting on AIA General Berhad’s milestone in the digital general insurance ecosystem, Eric Chang, its Chief Executive Officer said: “The world is constantly evolving and becoming increasingly digital – spurring transformations at a rapid pace. This initiative is part of our efforts to find new ways to serve our customers and their ever-changing protection needs by enabling the purchase of insurance in any way that they prefer, including online. We have also observed how the increase in the consumption of digital services has exposed customers to new risks that are seldom addressed, and our goal is to introduce new and innovative products that can meet those needs.”

To make this new product possible, AIA General Berhad is partnering with ZA Tech Global Limited – leveraging its market-leading software and technological capabilities to create and deliver simple yet specialized general insurance products through highly efficient digital platforms. The partnership will enable AIA to provide tailor-made protection instantly based on customers’ lifestyle activities.
Eric added: “AIA Online Shield marks the beginning of AIA General Berhad’s digital transformation journey. We look forward to partnering with more digital platforms in Malaysia to bring new and innovative products to the market that will help Malaysian consumers and their families live Healthier, Longer and Better Lives in an increasingly digital world.”

Ben Ng, AIA Bhd.’s Chief Executive Officer, echoed the same sentiments: “We are incredibly excited by the enormous prospects that our digital insurance initiative brings – with it comes the potential of being able to further meet the evolving needs of these new customers over time through our over 16,000-strong agency force that are fully equipped and able to provide sound financial planning advice and guidance as well as insurance and takaful plans with comprehensive protection.”

AIA General Berhad began operations to provide general insurance offerings in 2018. With its commitment to define new ways of customer engagement, AIA General Berhad offers various general insurance protection plans including motor, personal accident as well as home insurance solutions.

For more information on AIA General Berhad and AIA Online Shield, please visit www.aia.com.my.

[1] Digital Consumers of Tomorrow, Here Today – A Sync Southeast Asia Report by Facebook and Bain & Company, Aug 2020