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AIA leverages analytics to deliver tailored insurance products

Nurdianah Md Nur | May 28, 2015
The collaboration with A*STAR I2R will also enable AIA to close the wide protection gap across Asia.

AIA Group Limited (AIA) has signed a multi-year joint collaboration with Singapore's A*STAR Institute for Infocomm Research (I2R) in an effort to better understand their customer needs.

The partnership will focus on key areas such as customer profiling and behavioural prediction, as well as IT mobile security.

By leveraging these consumer insights provided by I2R's data scientists and researchers, the insurance group hopes to develop products that will bridge the vast protection gap across Asia. According to AIA, the protection gap is defined as the amount of insurance cover individuals and families have compared to what they need. The gap is projected to reach US$41 trillion in the region and US$305 billion in Singapore.

"We believe that this collaboration will enable an even deeper understanding of consumers' wants and needs to help us serve them in a more tailored, timely and secure way," said Simeon Preston, AIA's Group Chief Operations Officer.

Besides this partnership, AIA has invested in several initiatives that advocate and promote health and wellness around the Asia Pacific region. It recently launched AIA Accelerator, a 12-week programme that will help eight selected startups in the field of digital healthcare to accelerate their business.

 

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