In today's fast-paced world, we want things done right away. Things that we used to do in a traditional way, now faster and more effective with digital platform. Recently, AIA Philam Life launched its "Coffee Closing Project" that will clients get protected in 20 minutes through Philam's Digital Selling Platform.
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| AIA Philam Life |
Applying for a life insurance can be challenging as it usually takes several days at least for applications to be processed. Add to that the difficulty of social distancing restrictions, then you really have a problem. Fortunately, AIA Philam Life, the country's premiere life insurance company, has adapted to this lifestyle and now has a platform that can provide customers a way to protect themselves and their families under the same time it takes to buy coffee and finish it before it gets cold - all within the comforts of their own home.
“The pandemic served as the catalyst that pushed us to beef up our digital capabilities quickly. As soon as the physical distancing measures were put in place, we knew we had to respond with speed and ended up launching the enhanced digital selling platform (the precursor of coffee closing), our Facebook Messenger chatbot, claims and policy requests online via email, among others, within two months of the quarantine. Some of these were already in development and the situation forced us to be ready to launch as soon as possible,” shared Kelvin Ang, AIA Philam Life Chief Executive Officer.
Faster way to get protected
In the past, a traditional life insurance policy application can take almost a month or so to wind its way through the application procedure which involves physically meeting with a financial advisor, submitting a lot of paperwork and exchanging printed proposals, before it gets to the tedious underwriting process, and paying your bill.
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| Philam Life's Coffee Closing Project |
AIA Philam Life's Coffee Closing Project simplified this into a three-step, 20-minute process which includes e-Submission and e-Signature where the client can review all the information they provided and acknowledge the agreement, e-Payment where the customer pays via debit or credit card, and Auto Underwrite which finalizes their insurance policy. All of this can be done through AIA Philam Life’s iPad-based interactive Point- of-Sale (iPoS) tool and a secure link provided by the financial advisor.
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| Visit AIA Philam Life to know more |
At the heart of Coffee Closing is Fusion, the first AI (artificial intelligence)-powered and award-winning digital underwriting platform in the industry which helps validate insurance applications in a faster, more reliable, and accurate manner. Fusion has been proven to process 3,000 life insurance applications per second and 60,000 times faster than the traditional manual underwriting procedure. By transcending rule-based automation and using superior cognitive automation, the system learns patterns from analyzing a hundred years’ worth of AIA customer data to bring a century’s worth of knowledge into the present.
“Since 2012, we’ve been continuously upgrading and improving our digital platforms to make sure that our people are equipped with best in class tools that can enable them to provide a seamless experience to our customers,” said Margarita Lopez, AIA Philam Life Chief Operations Officer. “And to make sure that we are not making assumptions on what is important for them, we involved our customers at the very heart of our design, reimagining what we could do to address what matters to them. The result is a completely delightful digital experience for customers and for our financial advisors alike,” she shares.
AIA Philam Life will continue to strengthen its digital capability as the company announced digitalization as one of its strategic imperatives. “Technology, Data and Analytics will be the driving force that will enable our plans moving forward. AIA Philam Life intends to be at the forefront and lead in digitalization for the life insurance industry,” said AIA Philam Life Chief Technology Officer Emmanuel Mendoza.
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| AIA Philam Life: Margarita Lopez, Kelvin Ang, Necy Santiago and Emmanuel Mendoza |
Know more about AIA Philam Life by visiting their website at philamlife.com, Facebook page at https://www.facebook.com/AIAPhilamLife/, emailing philamlife@aia.com or calling (02)8528-2000; website at philamlife.com.
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