The Boy Scouts have a famous motto: “Be prepared.”

It’s a great way to emphasize that everyone should have the skills and tools to perform their duties.

One of the most important duties is to ensure that they and their family members are taken care of – whether in terms of financial stability, health and wellness, or housing. Insurance is an effective way to do this as it gives a person a form of protection, should anything go wrong.

However, many people around the world still don’t fully appreciate this fact, and opt not to be insured. In Indonesia, for example, insurance penetration rates have remained woefully low.

This is especially concerning given that the country is highly prone to natural disasters. For instance, in the case of the 2004 tsunami, the archipelago lost an estimated US$4.5 billion. Meanwhile, a report estimated that total insured claims were less than US$500 million – a clear sign of just how much value was lost due to inadequate insurance coverage.

On top of that, Indonesia’s growing middle class and younger generation are getting more inclined to put their money into investments. However, this could also mean they’re neglecting the importance of life insurance or general protection.

As such, leading major insurance firms like AIA Indonesia have had to scrutinize how they can help close this gap.

The challenges went in two by two

One of the biggest reasons for this insurance gap in Indonesia is education, says Sainthan Satyamoorthy, president director of AIA Indonesia.

“There is a lack of understanding about the need for insurance and how it plays into a person’s financial position,” he continues.

Apart from that, the right kind of advice about insurance is not always available.

That means that there is a significant need for “high-quality, professional, and trusted advisors to go out and educate people,” the president director shares.

In this area, digital solutions – such as those offered by sales distribution platform Vymo – are a great help as they offer new capabilities for advisors during the sales process.

Partnering up

In 2021, AIA Indonesia partnered with Vymo to help its financial advisors improve the way they understand customers’ financial goals and advise them.

While establishing the partnership, Vymo had several discussions with AIA to understand the latter’s challenges and industry goals to figure out how it could help. Through those discussions, AIA’s goal became clear: Its salespeople had to be more effective with their time and provide additional help for its sales leaders to coach and support their sales teams.

Subsequently, Vymo developed and tailored its solution to address those pain points by evaluating which actions led to positive results. It then incorporated that information into a playbook within its platform.

“That means that sufficient guidance can be given at the right point in time to the salespeople,” explains Rajesh Sabhlok, managing director of Vymo Asia Pacific.

Additionally, the platform helps users record their activity, deal with customer requests, and generate reports for their line managers.

“It saves the salespeople’s time because Vymo automatically detects their activities while giving managers visibility into what’s happening on the ground,” Sabhlok adds.

Now that the partnership is slightly over a year old, both AIA Indonesia and Vymo are looking to take their relationship to the next level.

“We’re always looking at how we can improve and adjust the usage of the solution by our teams, so that we can keep improving,” says AIA’s Satyamoorthy.

Vymo is a sales engagement platform that provides solutions for companies across the world. Through deep analysis of data, Vymo helps generate impactful insights for sales professionals. Its platform has helped more than 65 companies – see how it can help yours by requesting a demo today.

This content was produced by Tech in Asia Studios, which connects brands with Asia’s tech community. Learn more about partnering with Tech in Asia Studios.