Insurance giant AIA Singapore has launched its latest digital offering iPoS (interactive Point of Sales) on the iPad which allows users to sign up for insurance online minimising the paper -work in the process.
The usage of electronic submissions for life insurance policies, which will still happen through agents, helps AIA cut down the lengthy process of insurance, enabling the company to service more clients.
The app which has launched in Singapore claims to be the first-of-its-kind globally. It will soon roll out in Malaysia.
Regionally, the product will roll out in Hong Kong and Indonesia in phases, each catered and localised to government policies and customer needs.
A similar product has already been launched in Taiwan, however in Singapore the app allows users to fill up the form without internet connection. In Taiwan sales can only be made in the presence of internet connection.
According to William Lisle, AIA group EVP and group chief distribution officer, the new offering is to attract the busy "generation Y individuals" as they can now obtain insurance coverage within the day rather than sit through several meetings.
Lisle also told Marketing that the app is mainly promoted through agents. Currently around 1200 agents in Singapore are actively using the product.