AIA Launches Revolutionary Electronic Application

Advisers wedded to a love of manually filling out the reams of paper that constitute today’s compliance-heavy insurance application forms might find news of our software innovation a trifle disturbing.

In a move consciously designed to make business life faster, easier and more rewarding for advisers and their clients who choose to do business with us, we have launched what we believe is a stunning new software solution called eApp.

It is featured as part of an upgrade of our existing WinAIA quotation software, and those who embrace the innovation offered by this revolutionary electronic application process will find there are definite, and tangible, benefits.

Before talking more about eApp, it’s important to put the rationale for the development into context which means looking at the role of technology in the financial services industry.

It’s hardly a startling revelation to say that its use is open to constant review, analysis and revision. On a global basis the industry, in its divergent stages of evolution depending on the territory or market conditions, responds to the challenge of technology in different ways.

Some companies, depending on their distribution philosophy, act as de facto software solution designers and providers in order to bind distributors to their business. Others have avoided developing any initiatives given the complexity, cost and maintenance issues.

In contrast, AIA’s approach has been more measured and focused. Rather than wanting to create an artificial dependency with people who choose to do business with us, or avoid the issue completely, we’ve instead concentrated specifically on areas where we’ve identified—and been told--technology will genuinely make doing business with us easier.

In turn, this ‘ease’ of inter-action should also enhance relationships between the adviser, their clients and us as the solution provider.

The interface between all three parties in an insurance transaction begins, of course, with an application form. Our decision to apply technological innovation to this important, but time consuming, process was a sensible area for AIA to concentrate our time and resources on.

This was the logic behind the creation but we wanted, before any further development, to actively assess how the application would work in a real adviser/client situation. We therefore field tested eApp with a number of advisers and three clear business benefits emerged.

First, eApp unquestionably improves accuracy. It validates data as it is entered minimising the need for verification, or correction, during new business processing. Delays caused by insufficient, erroneous or unreadable information are completely avoided.

Second, eApp definitely saves time. As quotations are done the appropriate application fields are automatically updated. Also as applications are sent electronically, rather than via post or courier, they can be acted upon immediately. In a number of the field trials advisers even had their PAs fill in the information allowing them to get on with developing new business.

Third, eApp delivers adviser and client benefits faster. Quicker turn-around times mean policies are issued, and clients protected, sooner. With policies issued faster, commissions are also expected to be generated quicker which means cash flows for adviser’s businesses will be greatly enhanced.

In itself eApp is a practical and powerful tool which, if the field trials are a true indication, has dramatically changed some adviser’s business practices and productivity.

eApp also shows the market that AIA is looking to the future—not only with electronic trading but also with a ‘weather eye’ on the probable compliance requirements presently under consideration. When these become effective the impact on how advisers will have to do business will be considerable.

We think, as well as the other considerable benefits, eApp will definitely help soften the blow.

Anything new often seems daunting but seeing the reaction of those advisers now using eApp, compared to their original hesitancy, tells us this solution is something that anyone looking at innovative ways to save time and increase business should give a go.

David Whyte was the general manager of AIA New Zealand and chief executive of the Ginger group. He know runs DCW Consulting.

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