American International Assurance Co (AIA), the largest insurer in the Asia-Pacific region by overall premiums, yesterday unveiled an aggressive expansion plan, including a capital injection of US$100 million to tap the local market in the next few years.
The insurer’s local branch, which has relied heavily on telemarketing for sales of insurance policies for the past two decades, plans to create a technological sales team to strengthen its business in Taiwan, AIA Taiwan chief executive officer Choo Sin Fook (朱信福) said.
“We have drawn up an innovative business model and aim to hire up to 3,000 local sales agents familiar with tablet computers and Skype software applications to advance sales of protection insurance products,” Choo said.
To that end, the parent company in Hong Kong plans to invest US$100 million in fresh capital over the next few years to strengthen infrastructure facilities and sales staff, Choo said.
Revelations that 80 percent of Taiwanese prefer face-to-face communication when weighing protection insurance policy purchases warranted the business strategy change, he said.
Taiwanese lead global peers in terms of insurance premiums, but lag far behind when measured by insurance amount, Choo said.
“We aim to narrow the gap, which promises great business opportunities,” he said. “We’re looking for prospective colleagues who share the agenda.”
Currently, each Taiwanese owns 2.03 insurance policies, with insurance amount averaged at two years of annual per capita income, Choo said, adding the international standard stands at 10 years.
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