Axa Affin Life Insurance charges ahead with digital transformation

INSURANCE is for everyone, not just the affluent. That’s the message that Malaysia’s central bank, Bank Negara Malaysia (BNM), has been promoting in the recent past.

As a result, insurers, who believe that reaching customers across the country is a challenge for its large network of agents, are quickly building their online presence and platforms to distribute their products and solutions.

Axa Affin Life Insurance, a prominent player in the country, seems to have adopted a practical approach to building their distribution network in the digital world.

“BNM feels that using digital will help insurers reach a wider audience, hence, we started building our online offering. We first started with cancer care insurance online, then subsequently followed by life insurance. Now, we also offer medical insurance online,” Axa Affin Life Insurance Head of Digital Joseph Aw told Tech Wire Asia at the RISE 2019 Conference.

Speaking from experience, Aw believes that medical insurance works best online because it’s easier and more convenient for potential policyholders to sit down, read, understand, and answer questions.

Truth be told, some of the key insurance players in Malaysia are looking at going digital, but the journey has been slow.

Analysts at key research organizations such as Gartner and IDC often talk about the legacy infrastructure at insurance companies which seems to be the biggest obstacle on the path to leveraging digital — however, as customers demand better experiences — delaying the journey to digital is no longer an option.

During the interview, Aw reveals that the company has managed to quickly put their sales/distribution process online, and is working quickly to put the claims process online as well.

“Our sister concern Axa Affin General Insurance has been able to put the claims process online. However, in the life insurance business, not everything can be instantly automated. There’s a lot that goes into validating a claim — which is why we need to stop and think before we put the claims process online.”

Obviously, Aw’s organization faces the same challenges as other insurers in the market, but it seems as though the company sees a great opportunity in the online space which is why it is keen on charging ahead with its digital transformation.

“Our biggest opportunity right now is to delight customers in the digital space and capture the market by offering a great experience, product, and service. It’s a level playing field — the online world — and we’re keen on wowing customers and winning big.”

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