Business Daily Media

The Times Real Estate

.

AIA Singapore embarks on initiative to help Singaporeans gain better understanding of their insurance coverage

2 in 5 customers are not familiar with the details of their insurance policies, AIA Singapore's latest study finds.

SINGAPORE - Media OutReach Newswire - 19 August 2024 - AIA Singapore today announced its initiative to help customers better understand their insurance policies, improve their financial literacy in a continued bid to bridge the nation's protection gap.

Through this initiative, the organisation aims to encourage more Singaporeans to attain adequate protection.

Alarmingly, a recent study commissioned by AIA Singapore found that over 2 in 5 customers are not familiar with the details of their insurance policies[1]. The survey also found that the majority of customers are most likely to selectively read their policy documents. Accordingly, customers' top three reasons for skimming or not reading their policy documents are — that the information is difficult to understand, lack of time for a more thorough read, and ease of tapping into their insurance representatives for advice.

"Minimising jargon in our policy documents and simplifying them will enable everyone to better understand what their policies cover and don't cover, allowing them to identify their protection gaps."

"Enhancing financial literacy and holistic wellness can go a long way with clear communication, and we hope this initiative serves as an effective step in that direction", said Ms Irma Hadikusuma, Chief Marketing and Proposition Officer of AIA Singapore.

Bridging Singapore's Significant Protection Gap, Particularly Among the Younger Demographics

AIA Singapore's initiative is set against the backdrop of significant protection gaps in the country. There exists a 74% gap in critical illness protection and 21% gap in mortality protection, according to the 2022 Protection Gap Study by the Life Insurance Association, Singapore[2].

While young adults aged 20 to 24 and fresh graduates face significant protection gaps, external research shows that they have an interest in purchasing insurance but lack the necessary knowledge to make informed decisions[3].

Moreover, the survey found that the use of simple and plain English enables most consumers to feel more confident about purchasing insurance policies on their own[4].

"Compared to more matured generations, younger consumers tend to be more active online. In fact, our study[5] found that over half of them are likely to explore digital touchpoints to expand their knowledge about insurance."

"Alongside our efforts to continuously enhance the skills and competencies of our insurance representatives, this initiative serves as an avenue for us to enable our customers to proactively protect themselves against financial uncertainties — especially amid rising costs of living and healthcare", Ms Irma added.

AIA Singapore's commitment to enabling customers to better understand their insurance policies, will be implemented through a multi-phased approach, starting with AIA HealthShield Gold Max (AIA HSG) policy materials. Customers with AIA HSG plans will be informed progressively from 27 July 2024.



[1] AIA Singapore Plain English Study. N=500.

[2] 2022 Protection Gap Study – Singapore (Sep 8, 2023). Life Insurance Association, Singapore. Available at: https://www.lia.org.sg/media/3974/lia-pgs-2022-report_final_8-sep-2023.pdf

[3] 'Singapore youth want to buy insurance – but have no idea how' (Apr 5, 2019) Insurance Business Magazine. Available at: https://www.insurancebusinessmag.com/asia/news/breaking-news/singapore-youth-want-to-buy-insurance--but-have-no-idea-how-164059.aspx

[4] AIA Singapore Plain English Study. N=500.

[5] AIA Live Better Study 2023 was conducted from November 2022 with more than 500 Singapore consumers each quarter, from aged 18 to 55+.

Hashtag: #AIASingapore

The issuer is solely responsible for the content of this announcement.

About AIA  

AIA Group Limited and its subsidiaries (collectively "AIA" or the "Group") comprise the largest independent publicly listed pan-Asian life insurance group. It has a presence in 18 markets – wholly-owned branches and subsidiaries in Mainland China, Hong Kong SAR[1], Thailand, Singapore, Malaysia, Australia, Cambodia, Indonesia, Myanmar, New Zealand, the Philippines, South Korea, Sri Lanka, Taiwan (China), Vietnam, Brunei and Macau SAR[2], and a 49 per cent joint venture in India. In addition, AIA has a 24.99 per cent shareholding in China Post Life Insurance Co., Ltd.

The business that is now AIA was first established in Shanghai more than a century ago in 1919. It is a market leader in Asia (ex-Japan) based on life insurance premiums and holds leading positions across the majority of its markets. It had total assets of US$286 billion as of 31 December 2023.

AIA meets the long-term savings and protection needs of individuals by offering a range of products and services including life insurance, accident and health insurance and savings plans. The Group also provides employee benefits, credit life and pension services to corporate clients. Through an extensive network of agents, partners and employees across Asia, AIA serves the holders of more than 42 million individual policies and over 18 million participating members of group insurance schemes.

AIA Group Limited is listed on the Main Board of The Stock Exchange of Hong Kong Limited under the stock codes "1299" for HKD counter and "81299" for RMB counter with American Depositary Receipts (Level 1) traded on the over-the-counter market under the ticker symbol "AAGIY".



[1] Hong Kong SAR refers to Hong Kong Special Administrative Region.

[2] Macau SAR refers to Macau Special Administrative Region.

News from Asia

Backbase and Synpulse partner to accelerate banking transformation across APAC

Combining Backbase's Engagement Banking Platform with Synpulse's regional expertise to deliver customer-centric solutions SINGAPORE - Media OutReach Newswire - 13 March 2025 - Backbase, the leade...

Technology driving positive outlook for Malaysian small businesses

Malaysia’s small businesses lead the region in innovation Younger entrepreneurs dominate small business landscape AI investment on the rise ...

ST Telemedia Global Data Centres Accelerates AI Ambitions, Achieves Certification under NVIDIA DGX-Ready Data Center Program

SINGAPORE - Media OutReach Newswire - 13 March 2025 - ST Telemedia Global Data Centres (STT GDC), one of the world's fastest-growing data centre colocation service providers headquartered in Singa...

HL Assurance Becomes First in Singapore to Launch Core Travel Insurance Coverage Add-Ons

HL Assurance addresses key concerns for the modern traveller in their new combination of essential travel insurance add-ons. SINGAPORE - Media OutReach Newswire - 13 March 2025 - Singaporeans can ...

USPACE Partners with AICO to Launch 6,000-Satellite Constellation Plan

— Hybrid Constellation Focused on Direct Mobile-Satellite Connectivity to Empower “Belt and Road” Digital Future HONG KONG SAR - EQS Newswire - 13 March 2025 - At the "100 Satellites" exhibition he...

Octa broker receives the 'Best use of AI in fintech' award

KUALA LUMPUR, MALAYSIA - Media OutReach Newswire - 8 March 2025 - OctaTrader, Octa broker's proprietary trading platform, was recently awarded for the 'Best Use of AI in Fintech 2025' by Global Bu...

Visa offers seamless tap-to-ride experiences for Visa cardholders on Ho Chi Minh City Metro Line 1

HO CHI MINH CITY, VIETNAM - Media OutReach Newswire - 13 March 2025 - Visa (NYSE: V), a global leader in digital payments, has continued its role as an Official Co-sponsor of the Inauguration Cer...

Make a Splash This Summer: Celebrate Water and Culture at Five Iconic Bangkok Destinations with ONESIAM

ONESIAM’s Songkran celebrations, part of Siam Piwat’s guest experience program, offer tourists an elevated summer journey through culture, tradition, and immersive festivities BANGKOK, THAILAND - ...

DHL Express Hong Kong becomes the Official Partner of Kai Tak Sports Park

Both parties will collaborate to drive the growth of sports and entertainment events to the city and help to foster the development of Hong Kong into a premier hub for mega live events ...

Henkel presents the next edition of the Martha Schwarzkopf Award for outstanding female scientists

DÜSSELDORF, GERMANY - Media OutReach Newswire - 13 March 2025 - For the fourth time, Henkel is proud to present the Martha Schwarzkopf Award for Women in Science, dedicated to supporting and empow...

Empowering small businesses: Localsearch rolls out affordable digital solutions

New suite of digital solutions designed to boost visibility, engagement, and customer acquisition In response to a rapidly evolving digital lan...

Why Responsible Leadership is a Competitive Advantage for Small Businesses

In today’s fast-changing business landscape, leadership is evolving. While large corporations are reassessing their diversity, equity, and inclusi...

Why it’s a great time to include the EU in your export push

With the US market beset with unknowns, training your sights on mainland Europe in 2025 makes sound sense. Wondering whether the introduction o...

Success Isn’t About Labels—It’s About Mindset

In the lead up to International Women’s Day, I’ve been reflecting on my own success as a business owner and whether or not being a woman has playe...

Accelerate Action- Thryv champions women in business for International Women’s Day

Thryv® (NASDAQ: THRY), provider of the leading small business software platform, is celebrating International Women’s Day by shining a spotlight o...

Sydney Startup Launches AI Platform To Lead the Charge on Gender Pay Gap Action

EvenBetter.ai launches in Australia with First Customers Knight Frank and Fuji Australia Sydney-based startup EvenBetter.ai has today launched th...

Sell by LayBy