#CTOinsights

As the #digitaltransformation space evolves, AIA continues to spearhead technology, digital and analytics (TDA) transformation in the insurance industry. Being a pioneer in digital transformation, AIA has continued to have an increased focus on digitisation. We've put in place agile cross functional teams to leverage on the power of our strong people and technology.

Over the years we have built a strong team of experts who are passionate about technology and innovation and tapped into the expertise of our regional teams. Therefore, we have been able to deliver solutions that help us meet the evolving needs of our customers, Wealth Planners and Bancassurance executives with high levels of personalization, accessibility and transparency. We are proud to have been recognized by Insurance Asia Awards, along with several other local awards, for our work on innovation and bringing industry leading solutions to the market. The company's goal is to be the leader in customer satisfaction, financial performance and value creation and to that end we have implemented seamless systems, executed multiple application modernization projects and moved rapidly to the cloud to become more agile. ?

Customer experience is an important competitive differentiator in today’s business world and hence digitizing operations is essential. The entire value chain process of our life operations has been digitized through the workflow automation solutions by creating transparency, visibility and efficiency digitally. The new workflow automation solutions have integrated multiple teams into the process to enable faster decision making and top-down accountability, resulting in a seamless customer journey and higher customer satisfaction.

Multiple application modernization projects were successfully implemented in this regard while shifting majority of its systems and workloads to the cloud. This has helped us reduce operating expenses and most importantly supported a substantial improvement in straight-through-processing rates where customer transactions processed without any human intervention all the way to policy issuance happens electronically.

Last year also signified more focus of our FinOps journey which is a practice to manage and optimize cloud costs which led to rearchitecting, redesigning and enhancing applications and cloud resources. This robust FinOps practice allowed us to optimize our costs and improve financial discipline. However, it’s important to remember that FinOps is not simply about saving money. It needs to help you make money while maximizing productivity – the best of both worlds.

In 2023, AIA will continue to be a digital-first organization, leveraging technology to provide superior service and access to the best data. We will continue to transform our business model from one focused on direct operations to one based on innovative technology and advanced analytics that support our clients’ needs.?