OUR STRATEGIC OBJECTIVES
CRAFTING A CLEARAND FOCUSED ROADMAP
GEOGRAPHICAL EXPANSION BY LEVERAGING STRONG DISTRIBUTION CHANNELS
- Drive geographically diversified business growth
- Strengthen distributor collaborations via continuous engagement and communication
FY20 ACHIEVEMENTS
29 Offices added (net)
Increase in distribution partners
6,805
Agents
3
Brokers
1,137
SPs
KEY MATERIAL ISSUES ADDRESSED
- Providing cost-effective and innovative insurance products
- Partnering in community development
- Addressing various social issues
- Environment protection
EMBEDDED COST DISCIPLINE ENSURING PROFITABLE GROWTH
- Continue to diversify our product portfolio
- Deploy risk score based underwriting model using predictive analytics to achieve a prudent risk-reward balance
FY20 ACHIEVEMENTS
Reduced total cost ratio to 9.9% from 10.5% in FY19
Reduced commission ratio to 4.0% from 4.2% in FY19
Reduced opex ratio to 5.9% from 6.3% in FY19
KEY MATERIAL ISSUES ADDRESSED
- Timely reimbursements and response to business partners
- Adopting a robust, swift and efficient risk management mechanism
CUSTOMER-FIRST APPROACH
- Derive deep customer knowledge and insights through several engagement programmes
- Listen and act on customer feedback and deliver service improvements across all touch points
- Real-time data and updates
FY20 ACHIEVEMENTS
1.55 million
Policies added
Reduced surrender ratio to 3.9% from 5.2% in FY19
Improved persistency ratios for all time frames
KEY MATERIAL ISSUES ADDRESSED
- Quick and easy processing of claims and faster response to customer queries
- Providing cost effective, innovative insurance products
DIGITAL TRANSFORMATION
- Digitalise agent-customer relationship
- Scale up use of automation and Artificial Intelligence in core operations
- Increase share of end-to-end digital policies
- Gain a 360° view of the customer and provide the next best offer
FY20 ACHIEVEMENTS
86%
Renewal payment digitally collected
37%
Increase in protection policies sold digitally
KEY MATERIAL ISSUES ADDRESSED
- Data privacy and information security
- Quick and easy processing of claims and faster response to customer queries
- Environment protection
ENHANCED TRAINING
- Provide specialised training programme (product training and sales skills) based on tenure and background of distributors
- Build a capable in-house training team for structured and targeted training
- Use online training powered by Artificial Intelligence to increase skill and knowledge
FY20 ACHIEVEMENTS
Engaged with
186,495
trained insurance professionals
versus
184,452 in FY19
KEY MATERIAL ISSUES ADDRESSED
- Regular trainings and career development activities for our people
- Effective management of regulatory changes
