To Create Future Growth Engines in Saturated Market
AIA Korea announced on July 27 that it is stepping up efforts to enhance its digital capabilities to position itself as a future leader in the insurance industry.
To that end, the company plans to set the company-wide digital transformation as its top management priority and will invest in three areas by 2023: digital, analysis, and technology.
AIA Korea aims to enhance customers' digital experience by utilizing the AIA Vitality application and increase efficiency across the entire company by introducing digital technologies and solutions throughout the organization.
Besides, AIA Korea will not only establish an insurance screening system and an insurance claim process that combines big data and AI technology, but also increase risk management capabilities and productivity by utilizing data analysis technology in customer management and product development areas.
Moreover, the announced plan is to modernize its way of communication with the latest technologies company-wide and apply advanced technologies to the cloud and network system to realize digital transformation with business partners.
AIA Korea’s plan is also in line with the corporate vision presented by its parent company AIA Group. AIA Group recently appointed Li Yuan Siong, who previously served as co-CEO and Chief Insurance Business Officer for 15 years at China's InsurTech leading company, Ping An Insurance, and has focused on enhancing digital capabilities at the group level.
As part of its efforts to achieve these goals and visions, AIA Korea has also recently hired Chief Marketing Officer (CMO) and Chief Technology Digital Officer (CTDO), both of whom are experts with digital capabilities.
Harshal Shah, former director of AIA Group Partnership Distribution, was appointed as CMO. He has worked in the financial services industries across banking and insurance for more than 20 years. He was in charge of various digital businesses, digital marketing led transformation & strategy projects in his previous roles across Asia.
Kim Young-seok joined AIA Korea as CTDO. He was formerly a partner at Ernst & Young and helped set up digital banks including Kakao Bank and Line Bank and worked on building next-generation technologies for financial services companies such as KB Kookmin Bank and Lina Korea.
The newly joined executives are expected to contribute significantly with the outstanding customer focused digital capabilities in terms of analytics, technology, and strategy to provide new digital experiences to customers in line with CEO Peter Chung's vision.
Chung stated, "I believe digital transformation is necessary to deliver the expectation of customers in this fast-changing world and this highly competitive environment.” He added, "AIA Korea will take the lead in providing more convenient experiences and optimal services to the customers and the employees through digital innovation centered on customers in Korea, one of the countries that have the best IT infrastructure in the world."
Meanwhile, AIA Korea has been leading the InsureTech field by launching its innovative digital service "AIA Vitality" in 2018 to help customers form healthy lifestyles on their own. The Vitality application currently has about 1.6 million subscribers. In addition, AIA ON, an AI call center, has been introduced in Korea to ensure that consumers can experience the convenience and usefulness of call centers in the digital environment as well.