Post by Wenli Yuan
Celent and Asia Insurance Review are proud to host 4th Asia Insurance Technology Awards which recognize excellence and innovation in the use of technology within the insurance industry. The award was given on the Asia Insurance CIO Technology Summit on 20 Nov 2014 in Mandarin Orchard Singapore.
Asia Insurance Technology Awards is organized by Celent together with Asia Insurance Review. Thirty eight nominations from insurers in Australia, China, Hong Kong, Taiwan, Singapore, Malaysia, India, Sri Lanka, Indonesia and the Asia Pacific Headquarters of global insurers were evaluated this year and nine winners were selected by Celent AITA evaluation team consisting of analysts from Asia, Europe and North America. There are many impressive cases. Unfortunately we can’t honor all of them. I would like to take this chance to congratulate all the companies that had submitted their nominations for their great achievements!
The winner for Best Mobile Application Award was ICICI Lombard General Insurance
ICICI Lombard implemented the Assure Tablet Application that allows agent and sales persons to complete the entire workflow in the field, including collect customer information, accept payment via Debit or Credit Card, and print policy issue. The project has improved productivity of sales persons by 33%, and reduced the policy issuance cost by 47%. The company won the award because of the use of mobile technologies to enhance efficiency and productivity, and the quantitative business result achieved.
There are two winners for Digital Transformation Award. One winner was AIA Malaysia
AIA Malaysia introduced the Integrated Digital Platform – an iPad-based suite of applications, which acts as a mobile office for all AIA Malaysia Life Planners. The platform is comprised of a Point-of-Sale solution, iResources, ePolicy, ePayment, iServe, eRecruitment, and eLearning. The company won the award because of the digital transformation of the agent channel and the quantitative business results achieved.
Another winner for Digital Transformation Award was Achmea Australia
Achmea Australia implemented Sapiens IDIT’s core insurance solution and Risk Scan mobile solution, enabling their risk specialists to do an initial risk analysis on-site with farmers. The company won the award because of the use of mobile technology, dematerialization, integration of the front-end with the core system to realize Straight-Through-Processing. Its relationship-based business model delivers a unique proposition to the Australian farming community. This also makes them a winner of this year’s Best Newcomer Award, which recognizes the best new player in the insurance technology field.
The winner for IT Leadership Award was Mr. Somesh Chandra, Director of Customer Service, Operations and Technology of Max Bupa Health Insurance
Max Bupa implemented a business process automation platform to automate its core business processes. It significantly reduced the turn-around time for policy issuance and claims, increased productivity, and reduced operating cost. The vision and leadership in the delivery of technology to business belonged to the company’s director of IT, Mr. Somesh Chandra.
There are two winners for Best Insurer: Technology Award. One winner was MetLife Global Technology & Operations Asia
MetLife deployed MongoDB Big Data technology, and implemented “The Wall” initiative in MetLife’s Japan call centre, which provides a 360 degree view of MetLife’s customers by simultaneously leveraging data scattered across more than 70 systems onto a single screen. The company won the award because of the successful usage of big data technology.
Another winner for Best Insurer: Technology Award was Reliance General Insurance
Reliance General Insurance implemented Enrollment Manager, a system that enables process driven automation for managing enrollment related activities and data handling value chain for a government-run health insurance scheme, to achieve maximum enrollment conversions. The company won the award because of the quantifiable business benefits and the important role technology plays in the organization.
There are two winners for Innovation Award. One winner was Fubon Insurance
Fubon Insurance introduced “Immediate Assistance” service, a service that allows for immediate response from a representative immediately after they see a car accident. Fubon’s professionalism and dedication is displayed by the fact that this service extends even to non-policyholders of Fubon. By using Fubon insurance’s internal mobile claims app, they have accelerated the claims process for policyholders. And for non-policyholders, the experience allows for sharing of information on what to do in case of a claim. By offering the service beyond client’s expectations, Fubon Insurance build up their professional image and successfully increase the motor sales volume.
Another winner for Innovation Award was MetLife Hong Kong
MetLife Hong Kong introduced an innovative mobile app – The MetLife Infinity app, which is a virtual time capsule, allowing people to securely capture, host, organize & share important messages, photos and videos with designated people of their choice either instantly, or at a predetermined time in the future. Users can also upload practical items that their loved ones may need to access, such as important documents and details for accessing accounts and policies, insurance documents, trust forms, wills, etc. The innovative app leads to brand awareness, created positive word of mouth, and drives action – 40% of those who registered on Infinity opted in to receive promotional information. The company wins the award for its innovation in using social network and mobile technology.
5th Asia Insurance Technology Awards will open for nomination during June 2015.
I’ll post another blog when the nomination is open, you also can find information on Celent website http://www.celent.com/aita.