AIA Singapore - Insurer Innovation Award 2022

1. AIA confidential and proprietary information. Not for distribution.
AIA confidential and proprietary information. Not for distribution.
The World’s Digital
Insurance Awards 2022 –
Insurer Innovation
Entry submission by AIA Singapore

2. AIA confidential and proprietary information. Not for distribution.
Xplore withAlly – Challenge and Strategy
Challenge:
For our customers, especially young adults and families, protecting one’s finances and planning for the future have always been challenging, with multiple important decisions at every life
stage. However, many current financial planning tools are lengthy and complex, resulting in a lack of motivation for customers to complete. With our commitment to being a key provider of
financial wellness, we wanted a simpler and engaging way to educate our customers in financial planning, informing them of key actions in managing, safeguarding, and growing their
personal finances.
Strategy & Execution:
With our goal in mind, we launched ‘Xplore with Ally' – a multi-needs financial calculator, helping our customers get one step closer to bringing their dreams to life. How ‘Xplore with Ally’
supports our customers with financial planning:
1. Simple and intuitive
Through a few questions that can be done in under three minutes, customers are able to view a snapshot of their current financial health with a personalised AIA Ally Score and
financial insights.
2. Holistic overview
From protection, retirement, child’s education and more, our holistic ‘Xplore with Ally’ financial health check ensures our customers’ unique lifestyle needs and goals are fully
considered.
3. Educational and Actionable
Customers are better equipped to make decisions in fulfilling their financial needs and goals by understanding their current financial gaps with personalised insights.
4. Complement agent advice
AIA Insurance Representatives can tap on the preliminary analysis provided to customers as a reference to guide individuals towards a comprehensive solution to manage their
income, expenses, and investments, and achieve their financial goals.
The first-of-its-kind in the market, ‘Xplore with Ally’ is prompted by AIA Insurance Representatives for potential prospects/customers who wish to have a preliminary understanding of their
needs and goals. Xplore with Ally helps to create new sources of value within the larger insurance value chain.

3. AIA confidential and proprietary information. Not for distribution.
Agent triggers Xplore with Ally
AIA InsuranceRepresentativesloginto iSMART
to generatea uniquelinkto engagepotential
customerthat anInsuranceRepresentative
meets, isreferredto, assignedto, orduring trigger
moments(e.g., maturity).
Customer on Xplore with Ally
Xplorewith Allyis responsiveonall devicesandcan be
accessedanywhere.
Customerfillsupbasicpersonalinformation,
goalsandneeds.
Goalsandneedsanalysiswitha AIA Allyscore
Agent follow up
Customerprovidesconsentforinfo to besharedfor
Agent followup.
Agent will view leaddetailon iSMARTandPDF report
via email.
Leadinfoshared
Xplore withAlly Journey Overview
Journey:
Xplore with Ally
Campaign
XplorewithAllyCampaign
URLwith
embedded
consultantcode

4. AIA confidential and proprietary information. Not for distribution.
XplorewithAllyQuestionnaire
When an AIA Insurance Representatives meet with their customers (prospective or ongoing), they
can present Xplore with Ally to the individuals. They will need to fill up their needs/goals with their
respective questions. For select questions, insights will be presented to assist answering the
questions. Questions presented have also been kept to a minimum to support a quicker completion.
Most financial calculators in the market are designed to only take into account a specific area of
focus but Xplore with Ally combines important areas of an individual’s life including an individual’s
basic finances, goals, priorities and living lifestyle preferences in order to produce a holistic
overview of the individual’s financial health.
Question Insights
Let us know what is important to you. (Users can
select up to 3)
"Life Protection offers a payout if you pass on or
are left in a situation of total permanent disability
(TPD), while Critical Illness (CI) Protection offers
a payout for a CI diagnosis, both subject to
coverage terms."
Besides yourself, how many other people do you
support financially?
"If you have loved ones depending on your
income, you’ll want to take care of them
financially no matter what happens to you."
Please rate the importance of life protection to
you
"The LIA study in 2017 showed that an average
working adult has a mortality protection gap of
S$169,673, the shortfall needed to meet the
financial needs of his/her loved ones in the event
of death."
Please rate the importance of critical illness
protection to you
"Critical illness protection payout can be used to
cover the shortfall in your hospitalisation plan
(MediShield Life or Integrated Shield plan) as
there are limits to what they cover, so you won't
have to dip into your savings."
At what age would you like to retire?
"Based on studies by AIA in 2021, Singaporeans
plan to retire at 60 years old, on average."
Please rate the importance of your child's
university education to you
"We understand that child's future is a priority. As
you plan for that, remember to plan for your
future too."

5. AIA confidential and proprietary information. Not for distribution.
XplorewithAllyReport
Upon completion of the questionnaire, Xplore with Ally will generate a personalised report with an Ally
Score based on the answers provided. Built on the mathematics of Prospect Theory, Ally Score
measures one’s personal financial satisfaction score. This is calculated based on an individual’s desired
financial goals in addition to their prevailing protection coverage, against simulated personal and market
risks to provide an indication towards one’s future financial health. The report will also display current
gap analysis as well as potential score uplifts.
Report presented is concise and simple to understand. Users will be encouraged to connect with AIA
Insurance Representatives for follow up.
Upon customers consent for follow up, a report will be emailed to the prospect. The report will also be
provided to AIA Insurance Representatives and leads information made available on iSmart.

6. AIA confidential and proprietary information. Not for distribution.
Xplore withAlly – Results and Testimonials
Results:
Since its launch, ‘Xplore with Ally’ has successfully reached and engaged our customers, generating close to 1,000 leads in less than two months.
As we continue to evolve ‘Xplore with Ally’ with additional features, we strive to be the go-to tool for assessing financial needs supporting our customers in their journey towards financial
freedom, standing by our commitment to enable healthier, longer, better lives.
Testimonials:
1. This is a great remote prospecting tool to stir interest, with the option for customers to share the result to the agent – AIA Insurance Representative.
2. An interesting and refreshing way to engage younger clients – AIA Insurance Representative.
3. Good to see all my needs on one page, made me think about what’s really important to focus on – Customer.