AIA NZ - Insurer Innovation Award 2022

1. AIA confidential and proprietary information. Not fordistribution.
28/04/2022
Public APIs for pricing, quotes and application initiation
Submission for the
Insurer Innovation
Award: AIA New
Zealand Open APIs

2. AIA confidential and proprietary information. Not fordistribution.
2
AIA NZ is a member of the AIA Group, which comprises the largest independent publicly listed pan-Asian life insurance
group. It has a presence in 18 markets in Asia-Pacific and is listed on the Main Board of The Stock Exchange of Hong Kong. It
is a market leader in the Asia-Pacific region (excluding Japan) based on life insurance premiums and holds leading positions
across the majority of its markets.
Established in New Zealand in 1981, AIA is New Zealand’s largest life insurer, and has been in business in New Zealand for
over 40 years. AIA NZ’s vision is to champion New Zealand to be the healthiest and best protected nation in the world.
AIA NZ offers a range of life and health insurance products that meet the needs of over 450,000 New Zealanders. AIA NZ is
committed to an operating philosophy of Doing the Right Thing, in the Right Way, with the Right People. AIA NZ operates a
shared value insurance model with science-backed health and wellbeing programme AIA Vitality, and promises to help Kiwis
lead Healthier, Longer, Better Lives.
AIA NZ is also a prominent member of the New Zealand Financial Services Council (FSC).
About AIA

3. AIA confidential and proprietary information. Not fordistribution.
3
Project background
 Through 2018-2020 AIA NZ created a digital portal for their
independent financial adviser (adviser) community, called
AIAHub.
 This enabled advisers to digitally generate quotes for
customers, progress quotes through an application process,
and finally submit applications to AIA NZ to issue a policy.
 AIAHub gave advisers the ability to generate quotes for any
AIA NZ products, using dynamic underwriting. Once an
application was underway, customers could restart their
application process via self service.
 The platform was a success. By 2021, 80% of new policy
applications were being submitted electronically via the
tool, with more than 20% of these processed with no
manual intervention required.
 While this was a positive step forward in the NZ market, the
development highlighted still un-met needs of the adviser
community, along with the opportunity to work more
closely with the growing sector of digital aggregator
comparison sites.
AIAHub screen shots
Home page
Quote builder Application

4. AIA confidential and proprietary information. Not fordistribution.
4
Problem statements
 Advisers need to use their own CRM system for customer
fact find and are required to toggle between platforms to
complete an application. They are also required to re-key
customer information as part of the application process,
increasing the risk of errors.
Adviser community Digital providers and future business models
 Outside of AIAHub there is no ability for advisers or
customers to generate a quote for AIA products.
 A manual process is used to provide digital providers with
AIA pricing information. This requires configuration and
testing on their platforms. It is not scalable, could be prone
to an error, and means information can only be used to
provide an estimate for customers.
 As new digital insurance providers emerge in the NZ
market, AIA needs a simple and standard way to provide
third party access to our product catalogue.
CRM AIAHub CRM AIAHub
Fact find &
indicative
quote
Re-key
customer
information
to generate
and compare
quotes
Enter quote
details and
generate
statement of
advice
Complete
application
and submit
Opportunity Opportunity
• Adviser productivity gain of 50 minutes (10%)
per application
• Reduce risk of re-key errors
• Increase adviser engagement with AIA
• Increase conversion of AIA products
• Remove the manual process required to
support current digital aggregators
• AIA can easily be part of additional and future
digital business models as they emerge
Original
adviser
process

5. AIA confidential and proprietary information. Not fordistribution.
5
The approach and success criteria
Approach Success criteria
Create a suite of APIs that can enable third party
platforms to:
1. Display the price of AIA products.
2. Generate quotes for customer specific product
requirements.
3. Seamlessly progress to an application process
within AIAHub for a preferred quote.
Deliver integration with Xplan, the market leading adviser
CRM in NZ, for a seamless experience from fact find to
application submission.
Satisfy adviser and digital aggregator challenges.
Reuse existing services from AIAHub to ensure
100% consistency and minimise operational
overhead.
Secure, performant and reliable APIs.
Easy integration for future partners of any scale.

6. AIA confidential and proprietary information. Not fordistribution.
6
• Initial integration with the Xplan CRM was
critical to ensure initial usage of the new APIs
and validate all the interaction designs with a
live partner (~30% CRM market share).
• Using the integration, advisers can work solely
in Xplan until they begin the application
process with no need to re-key any
information.
• From this iteration, developer guidelines were
created to ensure a streamlined process for
future third party integration.
• Public facing versions of our RESTful APIs
retrieve AIA products and generate quotes.
• Reuse existing internal components while
allowing for dedicated security settings on
external API end points.
Project delivery
Solution overview API catalogue Xplan integration
AIAHub
Third Party
Platform
WAF
Public APIs Internal APIs
API Gateway
Middleware
& Product
Catalogue
Identity &
Access
Management
Name Description
Generate
security token
- Returns a security token for the third
party application and optionally the
adviser/applicationcombination.
Occupation
class list
- Returns occupation class list.
- This is used in the premium calculation
API call and can be stored in cache.
Product and
benefits
- Returns AIA products and benefits.
- This is used in the premium calculation
API call and can be stored in cache.
Premium
calculation
- Returns a quote with a premium
calculation.
Quote output - Returns a quote output document PDF.
Proceed with
quote
- Returns a URL that will redirect an
adviser to AIAHub to seamlessly proceed
with an application.
Existing components and
interfaces
New components and
interfaces
Xplan CRM AIAHub
Fact find
Quote comparison
Statement of advice
Quote document generation
Single sign-on to AIAHub for
application
Complete
application
and submit
New
adviser
xPlan
process

7. AIA confidential and proprietary information. Not fordistribution.
7
Xplan: CRM integration and user experience
Services enabled
 All APIs
 Quoting limited to single life only with first
implementation
Time to implement
 14 weeks
Feedback and results
 “The Xplan Quote API has enabled significant productivity
savings of up to 50 minutes for advisers operating under
the AIA Financial Advice Provider licence, and other
advisers using the Xplan CRM. The integration with Risk
Researcher, ability to store and print quotes, and
connection to the AIA quoting engine, helps to ensure the
provision of advice which delivers good customer
outcomes.” – AIA NZ Practice Development Manager
Xplan screen shots – estimate, quote, apply
Premium estimate
Quote and pdf
Proceed to application

8. AIA confidential and proprietary information. Not fordistribution.
8
NZFSG: CRM integration and experience
Services enabled
 All except proceed to quote API
 Proceed to quote planned for a future release
Time to implement
 10 weeks
Feedback and results
 “Everything has been great. There were three initial minor issues
which were all resolved quickly. Since then, everything has been
working as planned” – New Zealand Financial Services Group
(NZFSG) Head of Customer Experience.
 “It was very easy, we only had one query back from the IT
integration team during the setup, so I think that is a massive
result” – AIA NZ Strategic Accounts Manager.
NZFSG EagleQuote screen shots
Premium estimate Quote presentation

9. AIA confidential and proprietary information. Not fordistribution.
9
Performance and results
Adviser and customer experience
Performance and reliability
Increased AIA product conversion
Maximise reuse and ease of partner integration
 Time saving benefit of up to 50 minutes (10%) achieved
for advisers using the integration.
 The integration ensures customers and advisers receive
accurate information to support the advice process.
 Positive adviser feedback to date.
 14% - Share of quotes performed
 6.5% - Share of applications progressed
 Validation of conversation uplift is ongoing
 3 second average response
time for APIs.
 > 99% API success rate.
 No unplanned outages
affecting users since launch.
 Internal tech effort to onboard a new partner: 3 days
 Implementation time for new partner: <3 months
 No measurable increased operating costs to support
the APIs or API consumers
 Three additional digital providers or CRMs in the
pipeline to integrate

10. AIA confidential and proprietary information. Not fordistribution.
10
Summary
 AIA NZ has created a market leading portfolio of open APIs that enable third
parties to:
– Display the price of AIA products.
– Generate quotes for customer specific product requirements.
– Seamlessly progress to an application within AIAHub.
• The initial feedback and experience with Xplan and NZFSG demonstrates the
new integration creates an improved adviser experience and mitigates any
risk of data entry issues and re-key errors.
• The services have strengthened our partner relationships as they prove to be
reliable and performant.
• Integration has proven to be an easy process for partners and is something
that can efficiently scale to support a strong pipeline of new partners.
Going
forward
• AIA NZ is best positioned in the NZ market to support an innovative and diverse range of new digital business
models with the potential to unlock value in all parts of the insurance value chain.