March 18, 2013 by Leave a Comment
The Successful Model Insurer Asia Summit 2013
Model Insurer Asia Summit 2013 was held successfully on March 14 in The Fullerton Hotel in Singapore. Insurers and vendors are gathered to celebrate the technology achievements made by Asia insurance companies, and discuss the innovation topics. Same as last two years, we started the event with a presentation discussed the latest business and technology trends in the Asia Pacific region. Based on Celent annual Asia insurance CIO survey, the presentation tried to let insurers understand more about where they stand now, where they will be going, and how they can position themselves to take advantage of upcoming opportunities. One of the two major themes of the event is to give Model Insurer Asia 2013 awards to the winner insurers. Celent Senior Vice President, Dr. Neil Katkov first gave a brief introduction about the Model Insurer Asia award, such as the concept of model insurer Asia, the nomination and selection process, and also reviews IT best practices and measurable business results used in evaluating the Model Insurer Components. Then we gave awards to 17 distinguish IT projects under ten categories. These projects span key areas of the product and policyholder lifecycle, including agent portal, analytics, business process management, claims, distribution/new business, infrastructure/architecture, policy administration, risk management, service, and underwriting. The award winners and their projects are: •AEGON-CNOOC Life Insurance: Implementing a BPM system integrated with core policy admin system and image/workflow system to provide a single entry solution on workflow and data input for all policy administration activities. •Agriculture Insurance Company of India: Implementing a web-based, integrated, online systems solution to reach the last mile farmer at an affordable cost, and to automate the operational and administrative processes to optimize resources and minimize costs. •AIG Asia-Pacific: Implementing a distribution-focused policy fulfilment platform supporting the SME market segment. •Birla Sun Life Insurance: Introducing a process performance management framework to improve end users’ experience of service delivery. •HDFC Standard Life Insurance: Designing and developing a system which can be used at the point of sale to realize real time underwriting. •HDFC Standard Life Insurance: Implementing a portal to allow customers to buy policies online. •HNB Assurance: Implementing a claims management system that includes a customer relations center component and mobile component and automates the entire claim process for motor insurance. •IndiaFirst Life Insurance: Implementing a mobile initiative that empowers the sales force, automates the entire sales process, and further facilitates customer service. •MetLife Global Technology & Operations Asia: Implementing an operating system-agnostic mobile application platform that provides full-scale end-to-end sales resources to multiple distribution channels in real time. •Mitsui Sumitomo Insurance: Rapidly implementing a cloud-based Global Information Platform to facilitate prompt claim payment after a disaster. •Partners Life: Rapidly implementing a modern policy administration platform to support the launch of its new business. •Prudential Life Insurance Company of Korea: Introducing an iPad application to streamline distribution. •Royal Sundaram Alliance Insurance: Implementing a standard interface and enabling partners to access configurable web services for online policy issuance. •Shanghai Insurance Association: Implementing an insurance information exchange platform for auto insurance to regulate the market and improve industry’s risk management. •Tata AIG General insurance: Implementing a mobile application digitizing onsite enrolment and claims information gathering for cattle insurance to reach out to the rural sector cost-effectively. •Yingda Taihe Property Insurance: Implementing a claim service platform to automate claim processing for all property and casualty lines of business. •Zurich Insurance: Implementing a business transformation solution across four regions which allowed development, sharing, reuse, and support of market components and processes around the world. Some winners also accept the interview from Celent analysts. The video case study interviews will be uploaded to Celent website soon. It is the first time we have selected a Model Insurer Asia of the Year. The winner is HDFC Standard Life Insurance, for their Point of Sale project. Mr. Frederick D’souza, Head of Operations and Underwriting in HDFC Standard Life Insurance presented the case study of their award-winning project. Another major theme of this event is innovation. At the opening remarks, Celent Senior Vice President Dr. Neil Katkov mentioned Google driverless cars he had seen during his vacation this year at his hometown in California, raised the question – how insurers can respond to the on-going technology and lifestyle changes. During his afternoon presentation ‘Focus on Innovation – The Future of Insurance’, he discussed the technology trends driving insurance innovation, such as SoLoMo, and how insurers should respond to these changes. At the end of his presentation, he discussed deliberate insurance innovation by introducing Celent’s Innovation portfolio management model. Followed Neil’s presentation, a panel of insurers from the Asia-Pacific region discussed innovation in insurance. The distinguished panellists are: •Mayank Jain, Head, Quality and Process Excellence, Birla Sun Life Insurance, Ltd •Hung Le, Senior Systems Manager – Asia Region, Liberty International •Sanjay Karnatak, Chief Information Officer – IT Development & Support, TATA AIG General Insurance Co Ltd •Frederick D’souza, Head of Operations and Underwriting, HDFC Standard Life Insurance •Peter Lee, Regional IT Head, Global Life, Asia-Pacific and the Middle East, Zurich Insurance Panellists discussed firm’s approach to innovation, opportunities for innovation in the changes in Asia today, opportunities for Innovation Specific initiatives, innovation and emerging technologies in insurance, such as mobile, social media, Cloud, etc. The panel discussion was very insightful, and audience from the floor also join the discussion actively.