FinTech Magazine February 2019 | Page 100

AXA SINGAPORE
AXA SINGAPORE
100
Gaining double digit growth across all product types , the life insurance market in Singapore paid out more than S $ 5bn to policyholders and beneficiaries in 2017
Singaporeans are now living to over 80 years of age , where longer lifespans , rising healthcare costs and an increased demand for new digital tools have placed increased pressures on traditional insurance companies
AXA Group has invested in overhauling its outdated processes and adopting a new digital approach in order to cater towards this growing demand
In order to reduce paperwork and enable faster claims turnaround , the business has worked to overhaul its backend capabilities to provide not only cost-efficiency , but to deliver exceptional support to its digital savvy customers
AXA has sought to fully empower its customers . By taking an indepth look at its distribution models , it has overhauled its processes , leveraging new technologies along the way .
Two years ago , we rolled out an ambitious initiative locally for our front to back office transformation . We chose EAB Systems , HK as our lead system implementation partner and moved to the cloud for increased agility
We are utilising technologies from Kofax , Couchbase and Red Hat , choosing local software to complement our cloud-based solution
We have onboarded about 1200 agents across different channels and launched all of AXA ’ s key products ( 21 in number ) within an astounding one year time frame . We are now rolling this out across FA channel and this is the 1st time that AXA is opening STP solution for this group of distributors .
FEBRUARY 2019