AIA Goes iPOS

AIA Singapore has launched what it touts to be the insurance industry's first interactive point-of-sale (iPOS) system. It is aimed at helping agents cut down time in getting their policy applications submitted and enable customers to receive insurance advice and coverage as quickly as within a day.

AIA is the first insurer globally to launch a standalone, mobile point-of-sale system via an app running on Apple's iPad tablet. The app will help facilitate the whole process from fact-finding and analysis of the customer's financial health to recommendation of suitable policies and submission, Tan said.

The Singapore office spearheaded the project as it was a critical market for AIA and is one of the most connected countries in the world. Customers here would be familiar with the use of e-signatures to seal the policy application, and there was a ready pool of talent locally to help the company develop the system. This "multimillion dollar" project is not limited to Singapore though, but will span the whole Asia-Pacific, or specifically, the 14 markets in which AIA has an operational presence.

The next markets to receive the app will be Malaysia, Indonesia and Hong Kong, but the system will have to be localized to suit the market's regulatory requirements and needs. This means the rollout will be carried out within the next 12 to 18 months.

Cutting down time, paper
One of the key advantages of the iPOS tool is cutting down the time agents need to submit financial health reviews and policy forms to their agency leaders for review and approval. Without this, the underwriting process cannot be initiated. With the paper-and-pen method, AIA's financial services consultants will have to lug around stacks of forms and advisories to present to potential clients, and need to frequently return to the office to get the required approvals and receipts for customers.

The iPOS method is expected to cut the whole submission process time down from 1 to 2 days to just a few hours.