Continue # Infosys POV 
 markets.  Insurer Country Segment CAGR (2017-2021) Company  growth  relative to  segment Growth Drivers Company Segment Personalized  CX New Product  Innovation Distribution &  Ecosystem Prudential Thailand Life 7.5% 0.2% 47x ✓ ✓ AIA Thailand Life 4.4% 0.2% 28x ✓ ✓ ✓ Etiqa Malaysia Non-Life 7.3% 0.5% 13x ✓ ✓ ✓ Allianz Malaysia Non-Life 3.1% 0.5% 5.8x ✓ ✓ ✓ Malayan Philippines Non-Life 12.7% 2.7% 4.8x ✓ ✓ Allianz Philippines Life 54.9% 11.8% 4.7x ✓ ✓ ✓ FWD Philippines Life 43.4% 11.8% 3.7x ✓ ✓ ✓ Pioneer Philippines Non-Life 9.5% 2.7% 3.6x ✓ ✓ Bangkok Thailand Non-Life 10.5% 4.7% 2.2x ✓ ✓ Dhipaya Thailand Non-Life 10.0% 4.7% 2.1x ✓ ✓ Etiqa Malaysia Life 13.9% 7.0% 2.0x ✓ ✓ Allianz Malaysia Life 11.7% 7.0% 1.7x ✓ ✓ ✓ Prudential Malaysia Life 8.7% 7.0% 1.3x ✓ ✓ Thriving in the Post-Covid Insurance Growth © 2023 Infosys Consulting 15 The insurers presented in the table have significant size in their market and market-beating growth rate. It will  therefore leave fast-growing companies out that are comparatively small in the market. Information is collated from  each country’s official insurance statistics and may differ from companies’ own annual reports.<|endoftext|>

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 3.8  4.0  4.1  4.2  4.5  17.9  18.7  18.1  17.7  18.0  0 2 4 6 8 10 12 14 16 18 20 2017 2018 2019 2020 2021 Thailand Life Insurers GWP Success Story – AIA, Thailand SUCCEEDING IN THE NEXT NORMAL Thailand is the largest insurance market in  ASEAN. Its insurance penetration reached  5.4% in 2021, highest among its peer countries.  Its GWP has grown at a CAGR of 2.9% from  2017 to 2021.  The life insurance segment in Thailand  contributes close to 75% of the overall GWP in  Thailand.  However, the progress of the life  segment has been tumultuous with 0.1%  CAGR. 2021 showed 2.0% GWP growth after  two consecutive years of decline.<|endoftext|>The largest insurer in the industry, AIA  Thailand, was also the fastest growing during  the period. Its GWP grew at 3.5% CAGR,  increasing its market share from 21% to 25%.<|endoftext|>AIA Thailand’s success can be attributed to  three key strategic initiatives: shift towards  higher margin products, tech-driven agency  development programs and digitalized  customer experience.  AIA made a strategic shift towards selling higher margin products such as unit-linked  and long-term protection products which  became more popular due to pandemic. As a  result, in 2021, AIA Thailand’s profitability from  the life segment improved by 19 percentage  points compared to the previous year, from  71% to 90%. AIA also shrewdly used bundling  strategies to gain additional revenue. It  generated 20 M USD additional revenue by  cross-selling its protection products to the  17,000+ customers looking for COVID vaccine  side-effect protection.22 Others B USD 4.4% -0.1% 2.6%* -8.5% 0.1% CAGR Thailand 2.4% 4.4% * - FWD Thailand acquired Siam City Insurance in 2019.  -5.9% -5.6% 7.5% Thriving in the Post-Covid Insurance Growth © 2023 Infosys Consulting 16 

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 SUCCEEDING IN THE NEXT NORMAL AIA deployed digital solutions for agency  productivity and quality improvements. Its  agency talent development program embeds  analytics throughout the agency's  development lifecycle. Its award-winning talent  development program, provides a one-stop  solution with a digitalized and seamless  experience from prospecting, candidate  assessment and selection, to personalized  coaching and developmental programs.  Through this, they can identify high-potential  agents early and create customized support for  their retention and continuous development.23 AIA strives to become Thailand’s first digital  insurer with an omnichannel digital customer  experiences to serve new and existing  customers. Besides telehealth and  telemedicine program, it launched ALive, a  personal assistant app for underserved young  families (18-34 years old) segment. Also  available for non-AIA customers, its users have  access to a wide range of services and  community for parenting. The app had over a  million downloads with a rating of 4.5/5.0 on  Play Store. The app generated 20% online to  offline leads and reactivated dormant  customers to drive sales.24 AIA iService App has also brought substantial  operational efficiencies. Through the iService  app, customers can manage their own policies  and make claims. AIA was able to resolve 76%  of the minor health claims within the same day  as of 2021.25, 22 KEY ACTIONS FOR INSURERS ✓ Identify underserved customer segments to  create outcome-based offerings with a pull- based sales model ✓ Employ HR analytics to identify high- potential talent and handhold them with AI- powered learning paths for sustained agent  productivity ✓ Use agency management platforms for  agency differentiation, to drive higher  productivity and improved agent retention Thriving in the Post-Covid Insurance Growth © 2023 Infosys Consulting 17 

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 SUCCESS STORY – FWD, Philippines SUCCEEDING IN THE NEXT NORMAL The Philippines’ insurance penetration has  hovered around the 1.6%. However, the  pandemic caused a step-change in insurance  purchases leading to insurance penetration  increasing to 2.1% in 2021. The step-change  included; life insurance growth averaged 11.8%  CAGR.   FWD life insurance’s GWP has grown close to  four times faster than the market, at 43.4%  CAGR, increasing its market share from 2% in  2016 to 6% in 2021. It has become the 6th  largest life insurer in the Philippines. This  remarkable, continuous growth was built on  three key pillars: creating innovative holistic  product solutions, increasing accessibility  through ecosystems and partnerships, and  utilizing digital technologies for superior  customer experience.  Thriving in the Post-Covid  Insurance Growth © 2023 Infosys Consulting 18 0.09 0.15 0.18 0.28 0.38 4.0 4.4 4.5 5.0 6.3 0 1 2 3 4 5 6 7 2017 2018 2019 2020 2021 Philippines Life Insurance GWP B USD 43.4% 17.3% CAGR 54.9% -3.7% 19.2% 11.0% 9.9% 7.5% 11.8% Others Philippines Success Story – FWD, Philippines 

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 SUCCEEDING IN THE NEXT NORMAL Thriving in the Post-Covid Insurance Growth © 2023 Infosys Consulting 19 In 2021, FWD introduced new holistic product  solutions like ‘Babyproof’, ‘Family Hero’,  ‘Manifest’, and ‘Health and Wellbeing’ that  catered to end-to-end consumer needs. These  products targeted the young adults and  families and were promoted extensively on  digital channels to increase their accessibility  during the pandemic. These tailored products  targeted consumers who were relatively new in  their insurance journey and provided guidance  on how to build and secure long term wealth.26 FWD built multiple partnerships to increase  product distribution. For example, the  partnered with a pawnshop chain to make  affordable insurance plans and digital solutions  available to the pawnshop’s 30 million  customers across its 2,500 branches  nationwide. In another partnership with  insurance aggregator Kwik