AIA Philam Life weathers pandemic, banks on digitalization

Insurance firm AIA Philam Life said Friday it remains financially afloat despite the challenges brought by the COVID-19 pandemic as it banks on digitalization and new investment products to survive the economic and health crisis.

“Our financial strength, through our assets and net worth, remained robust throughout 2020 with no significant impact from the pandemic,” Gary Ogilvie, AIA Philam Life Chief Financial Officer (CFO), said in a virtual press conference.

Without disclosing specific figures, Ogilvie said AIA Philam Life’s “new business results, measured as annualized new premiums, continue to improve in the third quarter, reflected in the strong double-digit growth vs the previous one.”

“Furthermore, we are pleased with our product mix and shift to protection and related improvement in our new business margins. We remain confident of the opportunities ahead, with the low insurance penetration rate, and our strategy coupled with an increased awareness of health risks and the value of protection following the pandemic,” he said.

The insurance firm was also able to stay the course by quickly strengthening its digital capabilities, initially with the Facebook chatbot, the enhanced digital selling (EDS), and “Coffee Closing,” which is now fully operational allowing digital selling to be completed within 20 minutes.

“With our digitally enabled agency force, we are ready to continue addressing the protection needs of Filipinos, now at a faster rate. As we continue to adapt to the situation, this also means technology, digital, and analytics will be at the center, becoming our enablers in the fulfillment of our mission,” AIA Philam Life CEO Kelvin Ang said.

AIA Philam Life is also introducing the global fund range that will be made available through its suite of variable insurance products aimed at addressing the long-term savings needs of customers, with support from AIA Investment Management Pte. Ltd. (AIA IM).

AIA IM is an AIA-affiliated company that was incorporated in 2016 as the hub for regional investment management, solely managing the assets of the AIA entities within the AIA Group and providing investment solutions for customers.

“A first to market approach in the Philippines, the Elite Fund Portfolios Range provides unit linked customers access to global investment strategies managed by best in class fund managers,” said Mark Konyn, AIA Group Chief Investment Officer.

“The Elite Funds combine the different strategies to match client risk profiles and focus on delivering long term investment returns. AIA’s experienced team of investment professionals monitor the funds and strategies in the same way we manage our own money,” Konyn said.—AOL, GMA News