Thailand: AIA CEO promises insurance products catering to senior citizens

| 08 Apr 2024

AIA Thailand will prioritise insurance products for senior citizens aged over 80, company CEO Nikhil Advani said.

The move is part of the company's 2024 business strategy to maintain its industry leadership while continuing to grow, following the group's global record-breaking results in 2023 of US$7.7 billion.

Speaking at his first press conference since being appointed CEO in May 2022, Mr Advani said AIA Thailand's focus on elder groups catered to the country as a super-ageing society, where people are more concerned about living happily in both wealth and health as they age.  

Citing AIA's status as the industry's first insurer to extend premium insurance to seniors over the age of 80, he said customised products tailored to the lifestyles of the elderly would be readily accessible soon. 

However, he did not elaborate on what types of products and services would be offered, only claiming that they would meet every demand.

To demonstrate its commitment to senior citizens, AIA recently launched the “Living to 100” campaign, which encourages Thais to plan their health and finances, allowing everyone to live healthier, longer, and better lives.

Mr Advani said the campaign had received a positive response, pointing to potential growth in Thailand's silver economy.  

Meanwhile, in order to sustain the company's industry-leading position, he unveiled the ABCDEF strategy, which aims to improve customer care and service in life and health insurance, reported The Nation.

It covers:

  • Agency transformation by improving and modernising life insurance agency channels using digital technology and quality recruitment to grow the agent force;
  • Business partner acceleration by strengthening existing sales channels and expanding collaboration with new partners;
  • Customer centricity;
  • Digitalisation journey by strengthening AIA's position as Thailand's first digital insurer, with a focus on digital innovation and improving service delivery via an All-in-One Application for customers and agents;
  • Employee well-being by promoting workplace equality and allowing staff to express their opinions; and
  • Future healthcare by offering solutions that meet customer needs and ensuring that all Thais have access to standardised medical services, as well as comprehensive and appropriate personalised health protection.  He pointed out that by leveraging technology in the Straight-Through Process (STP) of policy applications, AIA Thailand had achieved an 87% automation rate, significantly increasing its ability to approve up to 1,500 individual life insurance policies per day and process up to 9,000 claims per day.