We spoke with AXA Singapore ’ s Chief Operating Officer , Eric Lelyon about developing customer centric products and services for its digitally savvy consumers
AXA SINGAPORE
We spoke with AXA Singapore ’ s Chief Operating Officer , Eric Lelyon about developing customer centric products and services for its digitally savvy consumers
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T he Singaporean market is witnessing
significant demand for life and health insurance products . Gaining double digit growth across all product types , the life insurance market paid out more than S $ 5bn to policyholders and beneficiaries in 2017 , with health insurance premiums also totalling S $ 374mn for YTD Q42017 .
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 existing insurance incumbents As part of the Monetary Authority of Singapore ’ s efforts to attract foreign investment to further ignite its economy , insurtech startups have brought new business models to the table , as well as new digital technologies , such as chatbots and mobile apps , helping insurance giants to step up to the challenge and remain competitive .
Transforming its service delivery across an entire gamut of insurance services , from Life & Savings , to Health and Property & Casualty , AXA Group has invested in overhauling its outdated processes and adopting a new digital approach in order to cater towards this growing demand .
FEBRUARY 2019