PETALING JAYA: AIA Bhd, one of the top three life insurers in the country, is looking to go big into the Gen Y market, a segment it sees as being relatively untapped with vast potential for growth.
AIA chief executive officer Bill Lisle said the company saw huge opportunities to grow its business in Malaysia, particularly in the Gen Y segment.
In a bid to capture a larger Gen Y customer base, he said AIA planned to recruit more full-time Gen Y agents this year who would be in a better position to connect and understand the need of this segment.
Lisle said this when sharing his views during AIA’s corporate visit to Menara Star. Star Publications (M) Bhd group managing director and CEO Datuk Seri Wong Chun Wai was among The Star’s key management team at the event. Group chief operating officer Calvin Kan, acting group chief editor Leanne Goh and other senior management staff were also present.
Lisle said AIA last year recruited 5,800 agents, or popularly known as life planners, both full and part timers, of which 80% to 90% were Gen Y agents.
To date, it has close to 17,000 agents in total, making it one of the biggest in the industry. As one of the industry leaders, he said AIA would bring in new products next year like those that would focus on wellness and lifestyle to ensure stronger emphasis on health.
One of the biggest challenges faced by consumers was in managing their retirement needs, Lisle said, adding that Employees Provident Fund savings were not sufficient and, on an average, it would last about three years post-retirement.
He said currently 80% of all submissions of new business cases in AIA were done electronically, noting that policies could now be underwritten and processed in less than an hour. In 2012, AIA paid US$1.7bil (RM5.3bil) to acquire ING’s Malaysian insurance businesses – life and general insurance as well as employee benefits business.