AIA Life’s performance in the first half of the year bucked the trend and showed bright spots at the start of the “new five years”
On September 11, AIA Life shared the “New Five-Year Plan” and phased results at a national media conference. The “New Five-Year Plan” has shown strong development momentum at the beginning, with frequent operating highlights in the first half of the year.
Specifically, AIA Life’s new business value increased by 14% year-on-year, up 29% since February, annualized new premiums increased by 53%, after-tax operating profit increased by 7%, and total weighted premium income increased by 18%.
Data shows that AIA Life’s 2023 MDRT registrations once again topped the global list, becoming the life insurance company with the largest number of MDRT members in the world and in mainland China for the second consecutive year. The integrated digital customer interaction platform “AIA Youxiang” APP has 4.4 million registered users; the construction of the AIA Life ecosystem has been fruitful, with 2.9 million customers already enjoying ecosystem services. As of July 31, 2023, AIA Life has signed contracts with more than 1,300 domestic direct payment medical networks, more than 700,000 overseas medical networks and nearly 400 senior care networks. In 2022, AIA’s customer net promoter score (NPS) and customer interaction (CES) indicators in mainland China ranked first in the market for six consecutive years.
Zhang Xiaoyu, CEO of AIA Life, said that “confidence, customers, innovation, and essence” are the four key words for future development. He is full of confidence in the development of China’s insurance industry and will promote AIA Life’s “new five-year plan” with “customer-driven” as the starting point. High-quality development, taking innovation as the first competitiveness, adhering to the essence of insurance, insisting on providing guarantees and long-term solutions to the market, paying attention to front-end risk management, guiding the healthy development of the company with scientific financial management, and will launch Health Care 3.0 in the future system.
In terms of product innovation, AIA Life, which has been deeply involved in the critical illness insurance market for many years, continues to break through the connotation and extension of critical illness insurance. In April 2023, AIA launched the “Friendly Cancer Prevention” professional one-stop cancer prevention management service, leading the industry into the “Critical Illness 3.0” era that integrates “cancer prevention + critical illness protection + health services”. In addition, AIA is also committed to covering critical illness protection to a wider range of people. It will launch “Ruyi Youxiang” in 2022, a breakthrough in customizing lifelong critical illness protection for sub-standard groups, in order to meet the urgent health protection needs of sub-healthy people. Bringing another innovative practice. Wealth management products are another starting point for “customer-driven business innovation”. Based on a deep understanding of the wealth levels and risk preferences of different customer groups, AIA Life continues to develop traditional products and new products such as dividends, universals, and investment-linked products. . At the same time, AIA has also actively responded to the country’s policy call for the development of “third pillar pension” and launched personal pension insurance products to determine benefits and long-term protection and help customers achieve steady appreciation of wealth assets. Jiang Limin, chief customer officer of AIA Life, said that everything starts from the customer. In the future, based on big data of customer behavior characteristics, customer portraits and labels will be formed, and the target customer groups will be subdivided into eight categories, so as to carry out more targeted product innovation and Serve.
In terms of ecosystem, AIA Life is committed to creating a “health ecosystem + senior care ecosystem”. According to reports, unlike some insurance companies in the industry that invest heavy assets in building retirement communities, AIA Life has specially integrated high-quality resources from all parties at home and abroad, focusing on a high-quality self-built service team + multiple partner model, and has begun to show results. AIA Life’s medical expert team, project management team, 7X24-hour bilingual service center, and health care butler team work together with diverse partners to continue to consolidate AIA ecosystem services, including “Beijing, Shanghai, and Guangzhou Express”, “Project Management System”, and “Bless the Future” “The health ecosystem, including many services, continues to provide customers with full-journey, one-stop health services, while the “senior care ecosystem” with the “Health Care Butler” service as the starting point continues to improve customers’ elderly care for the strong and weak. Full journey services for all levels of disability and disability.
In terms of marketing agent channel construction, AIA Life continues to create “health and wealth management partners” and “insurance entrepreneurs” who will accompany customers throughout their lives. In the first half of this year, AIA Life’s per capita new business value contribution by active marketers increased by 17%, and the per capita new business value per marketer was four times that of the industry. 90% of marketers have a college degree or above; the marketer usage rate of “AIA Pilot”, a one-stop business work platform for marketers, has reached 95%, supporting double-digit growth in production capacity.
In terms of bancassurance cooperation, relying on the bancassurance channel cooperation with the Postal Savings Bank of China and the Bank of East Asia, AIA Life’s bancassurance channel new business value achieved breakthrough growth in the first half of 2023, increasing by more than three times. Wu Haoli, chief financial officer of AIA Life, said that “excellent diversified channels” is another strategic pillar and growth point of AIA Life in the “new five years”. In the future, AIA will adhere to and continuously strengthen the traditional advantages of bancassurance channels, design comprehensive risk protection solutions for customers through the analysis and identification of customer stratification and customer needs, and continue to develop in terms of product diversification, service scenarios, and resource ecology. At the same time, with the hierarchical training courses, professional certification system and activity management system for bank financial managers, we fully empower and support partners.
