AIA enters insurtech arms race with snappy 3-minute-to-buy online platform

AIA, the largest life insurer in Hong Kong in terms of market share, has launched a new online sales platform that will enable customers to buy insurance products in three minutes, the company announced on Tuesday.

The development comes in the wake of a push by the Insurance Authority in September to encourage insurers to use insurtech, or technology such as big data to reduce costs and enhance services. Last month AIA introduced a robot called Andy to answer insurance-related questions from customers.

In January, Manulife introduced electronic methods to receive claims. Meanwhile, MetLife Hong Kong in October started using big data to analyse the behaviour of customers to determine medical premiums, while Allianz has started using big data to determine motor vehicle insurance premiums.

“Recognising that digital technology has become an integral part of our daily lives, we have been investing in the development of fintech. We are committed to supporting our products and services with digital technology where it can make a material difference to customer experience,” said Peter Crewe, chief executive of AIA Hong Kong and Macau in an interview with the South China Morning Post.

Known as AIA iShop, the platform will allows customers to search nine simple insurance products. The products include life, medical and personal accident cover. Customers can access the platform via their smartphone or desktop computer.