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The Digital Insurer Awards
Insurer Innovation 2024
Revolutionizing Insurance
Introduction
Ageas Federal Life Insurance (AFLI) is one of
India’s prominent life insurance companies
that strives towards creating value for its
stakeholders. We are a joint venture between
Ageas, an international insurance giant based
out of Europe and Federal Bank, one of India’s
leading private sector banks.
Our traditional distribution network
Having commenced operations in 2008, we
were able to achieve breakeven within just 5
years; our passion for innovation and growth
helped us achieve this feat. Through a
nationwide network of our own branches,
partner bank branches and a sizeable network
of advisors, we have achieved presence across
the length and breadth of the country.
Our purpose
Our overarching purpose is to empower people
to create the life and lifestyle of their choice
and we aim to achieve that by helping people
plan for the future with life insurance. Our
product portfolio offers a diverse range of
wealth management, protection and
retirement solutions for individual and
corporate customers.
ABOUT US
Ageas Federal Life Insurance
Introducing APIM, a solution to capitalize on the
self-servicing capabilities for our digital partners
1AFLI's Strategic Approach
AFLI is poised to lead the industry with its innovative project
focused on launching a digital B2B2C partnership channel.
2Powered by API Portal
Central to our initiative is the implementation of an API
portal, empowering digital partners with self-service
capabilities.
3
Secure, Efficient, and Controlled
Our API portal ensures secure, efficient, and controlled
access for digital partners to test and integrate with AFLI's
digital products
Unlocking Value in Insurance: The Digital Insurer (TDI) seeks
innovation projects that revolutionize the insurance value chain
and create new sources of value.
The Digital Insurer (TDI)
4
Driving Digital Transformation
AFLI's initiative represents a significant step towards driving
digital transformation within the insurance sector,
enhancing collaboration and value creation.
The industry is
facing challenges
in speed of
integration and
the quality of
support thereafter
High policy issuance TAT
Since data sharing and data
uploading was a manual task, which
led to a high TAT for policy issuance
which in turn meant the customer
used to get the COI after 10 days
(on average)
Security Concern
Data sharing for policy issuance
used to be manual raising concern
for data security
Low Speed To Market
New partner onboarding used to
involve physical process set up
which in turn needed manual
intervention leading to higher TAT
Due to manual intervention,
operational efficiency was very low
which in turn required additional
manpower
Operational Efficiency
THE
CHALLENGES
Introducing the
API Management Solutions
THE
SOLUTION
Supervised
For seamless API operation, we
maintain continuous error
monitoring, promptly rectify issues,
utilize alerts for performance
degradation detection, and employ
data analytics tools for incident
troubleshooting and root cause
identification.
< 30 Day Integration
AFLI distinguishes itself by
completing end-to-end integration
with partner platforms within 30
days, ensuring smooth operations
and instilling partner confidence.
Secure
Our APIs feature OAuth 2.0
protection for secure authorization,
enforced request limits, & advanced
firewall security against threats.
Our dedicated team ensures API
maintenance to uphold the latest
standards, continuously expands
support for new plans & features to
enhance flexibility, and implements
evolving client needs-driven
functionalities.
Supported
APIM enables
integration with
partner in less than
30 days while also
providing rapid and
quality assistance
Portal can be accessed by
anyone by clicking on this link:
https://developer.ageasfederal.com/
 End to end integration for policy issuance for all group
products can be done using two APIs;
 Quote API
 Policy Issuance API
APIM
Developers Portal
Product Offerings:
Group Credit Shield (Loan Protection)
Group Microsurance (Micro Loan Protection)
Group Term Life (Non-Linked Pure Risk Plan)
Policy Automation
End-to-end policy
generation automated
Loan Protection
Insuring both bank and
customers against
unforeseen incidents
Instantaneous policy
issuance (Low TAT),
facilitated by automated
fund tagging
Encompassed coverage for
over 6000+ lives and
attained a New Business
Premium (NBP) of 112
thousand USD within the
initial 12 months of
implementation
30-Day Onboarding
Onboarding efficiency
soaring higher than
industry benchmarks
Checkpoint Elimination
Eradicated the need for
manual intervention
Credit Shield: 6000+ lives covered, business generating above 112
thousand USD premium in initial 12 months, leveraging APIM automation
(Covers all loans except Home loans)
Two new journeys expected to go live by Aug’24
Policy Automation
End-to-end policy
generation automated
Microsurance
Insuring under-insured
customer segments
Instantaneous policy
issuance (Low TAT),
facilitated by automated
fund tagging
Encompassed coverage for
over 1 million lives and
attained a New Business
Premium (NBP) of 8 Mn USD
within the initial 8 months of
implementation
7-Day Onboarding
Onboarding efficiency
soaring higher than
industry benchmarks
Checkpoint Elimination
Eradicated the need for
manual intervention
Microsurance: Over 1 Million lives covered, business generating above
8mn USD premium in initial 8months, leveraging APIM automation
Claims automation ongoing. Expected go-live: Jul’24
Term Life: Convenience to customers leveraging the
digital transformation brought about by APIM
1st implementation of Regular Pay Group Term Product in India. Expected go-live: Jun’24
Term Life
Insuring customers
against unforeseen
incidents
Digital Transformation
No medical examinations
or physical documentation
required
Flexible Payment Schedule
Offering a versatile product
with options for both monthly
and yearly payment
frequencies
Conducting liveliness
verification via facial
scanning and facilitating
KYC processes through
Digilocker
Providing instant access to
digital certificates of
insurance for enhanced
convenience and efficiency
Customers may enjoy tax
benefits on the premiums
paid, enhancing the overall
value proposition
Thank you.

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Ageas Federal Life Insurance Company - Insurer Innovation Award 2024

  • 1. The Digital Insurer Awards Insurer Innovation 2024 Revolutionizing Insurance
  • 2. Introduction Ageas Federal Life Insurance (AFLI) is one of India’s prominent life insurance companies that strives towards creating value for its stakeholders. We are a joint venture between Ageas, an international insurance giant based out of Europe and Federal Bank, one of India’s leading private sector banks. Our traditional distribution network Having commenced operations in 2008, we were able to achieve breakeven within just 5 years; our passion for innovation and growth helped us achieve this feat. Through a nationwide network of our own branches, partner bank branches and a sizeable network of advisors, we have achieved presence across the length and breadth of the country. Our purpose Our overarching purpose is to empower people to create the life and lifestyle of their choice and we aim to achieve that by helping people plan for the future with life insurance. Our product portfolio offers a diverse range of wealth management, protection and retirement solutions for individual and corporate customers. ABOUT US Ageas Federal Life Insurance
  • 3. Introducing APIM, a solution to capitalize on the self-servicing capabilities for our digital partners 1AFLI's Strategic Approach AFLI is poised to lead the industry with its innovative project focused on launching a digital B2B2C partnership channel. 2Powered by API Portal Central to our initiative is the implementation of an API portal, empowering digital partners with self-service capabilities. 3 Secure, Efficient, and Controlled Our API portal ensures secure, efficient, and controlled access for digital partners to test and integrate with AFLI's digital products Unlocking Value in Insurance: The Digital Insurer (TDI) seeks innovation projects that revolutionize the insurance value chain and create new sources of value. The Digital Insurer (TDI) 4 Driving Digital Transformation AFLI's initiative represents a significant step towards driving digital transformation within the insurance sector, enhancing collaboration and value creation.
  • 4. The industry is facing challenges in speed of integration and the quality of support thereafter High policy issuance TAT Since data sharing and data uploading was a manual task, which led to a high TAT for policy issuance which in turn meant the customer used to get the COI after 10 days (on average) Security Concern Data sharing for policy issuance used to be manual raising concern for data security Low Speed To Market New partner onboarding used to involve physical process set up which in turn needed manual intervention leading to higher TAT Due to manual intervention, operational efficiency was very low which in turn required additional manpower Operational Efficiency THE CHALLENGES
  • 6. THE SOLUTION Supervised For seamless API operation, we maintain continuous error monitoring, promptly rectify issues, utilize alerts for performance degradation detection, and employ data analytics tools for incident troubleshooting and root cause identification. < 30 Day Integration AFLI distinguishes itself by completing end-to-end integration with partner platforms within 30 days, ensuring smooth operations and instilling partner confidence. Secure Our APIs feature OAuth 2.0 protection for secure authorization, enforced request limits, & advanced firewall security against threats. Our dedicated team ensures API maintenance to uphold the latest standards, continuously expands support for new plans & features to enhance flexibility, and implements evolving client needs-driven functionalities. Supported APIM enables integration with partner in less than 30 days while also providing rapid and quality assistance
  • 7. Portal can be accessed by anyone by clicking on this link: https://developer.ageasfederal.com/  End to end integration for policy issuance for all group products can be done using two APIs;  Quote API  Policy Issuance API APIM Developers Portal
  • 8. Product Offerings: Group Credit Shield (Loan Protection) Group Microsurance (Micro Loan Protection) Group Term Life (Non-Linked Pure Risk Plan)
  • 9. Policy Automation End-to-end policy generation automated Loan Protection Insuring both bank and customers against unforeseen incidents Instantaneous policy issuance (Low TAT), facilitated by automated fund tagging Encompassed coverage for over 6000+ lives and attained a New Business Premium (NBP) of 112 thousand USD within the initial 12 months of implementation 30-Day Onboarding Onboarding efficiency soaring higher than industry benchmarks Checkpoint Elimination Eradicated the need for manual intervention Credit Shield: 6000+ lives covered, business generating above 112 thousand USD premium in initial 12 months, leveraging APIM automation (Covers all loans except Home loans) Two new journeys expected to go live by Aug’24
  • 10. Policy Automation End-to-end policy generation automated Microsurance Insuring under-insured customer segments Instantaneous policy issuance (Low TAT), facilitated by automated fund tagging Encompassed coverage for over 1 million lives and attained a New Business Premium (NBP) of 8 Mn USD within the initial 8 months of implementation 7-Day Onboarding Onboarding efficiency soaring higher than industry benchmarks Checkpoint Elimination Eradicated the need for manual intervention Microsurance: Over 1 Million lives covered, business generating above 8mn USD premium in initial 8months, leveraging APIM automation Claims automation ongoing. Expected go-live: Jul’24
  • 11. Term Life: Convenience to customers leveraging the digital transformation brought about by APIM 1st implementation of Regular Pay Group Term Product in India. Expected go-live: Jun’24 Term Life Insuring customers against unforeseen incidents Digital Transformation No medical examinations or physical documentation required Flexible Payment Schedule Offering a versatile product with options for both monthly and yearly payment frequencies Conducting liveliness verification via facial scanning and facilitating KYC processes through Digilocker Providing instant access to digital certificates of insurance for enhanced convenience and efficiency Customers may enjoy tax benefits on the premiums paid, enhancing the overall value proposition