KyongSun Kong

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Asia Insurance CIO Technology Summit에 다녀와서…

2016년9월5-6일에 싱가포르에서 개최된 Asia Insurance CIO Summit를 다녀왔다. 100명 가까이 되는 참가자들이 모여 성황리에 끝났다. 보험사, IT업체 그리고 스타트업들이 모여 자리를 빛냈다.

이틀간에 걸쳐 열린 이 이벤트의 첫날째는 보험업계의 방향성을 논하는 발표들이 눈에 띄었다. 접근방식에 다소 차이는 있으나 고객중심적으로 발전해가야 한다는 이야기가 많았다. 또 첫날째에는 저희 Celent가 심사위원을 맡은 제6회 Asia Insurance Technology Awards 시상식도 있었다. 모든 사례를 보고 수상자 선정을 한 저이지만, 발표를 보고 다시금 놀라웠다. 특히 PetSure (Australia) Everledger와의 만남은 인상 깊이 남았다. 응모용지나 기사에서는 못 느낀 기세를 느끼며 압도 당했다. 앞으로의 계획도 이야기를 나누어 주셨다. 그 이야기를 들으니 더 흥미진진해졌다. Celent에서는 이러한 best practice들을 수집하고 추적 관찰을 하고 있고, 앞으로도 그럴 것이다.

이틀째는 스타트업을 중심으로 한 InsurTech 관련된 이야기가 이어졌다. AI를 활요한 보험업계의 접근 방법, P2P 보험의 진화에 관련된 발표들이 인상에 특히 남았다. 그 중 싱가포르에서 창업된 P2P보험사 Insubee의 동영상을 소개한다.

https://www.youtube.com/watch?v=G-lv_4VHCAk&feature=youtu.be

본격적인 서비스 개시는 내년 초를 게획하고 있다고 한다. 초기에 나왔던 P2P보험의 약점을 보완한 비즈니스모델이라는 평가다. 서비스가 개시된 뒤, 이 모델이 어느 정도 받아들여지는지 궁금하다.

Asia Insurance CIO Technology Summit에 참여해 여기에서는 못 쓰는 이야기들도 다양하게 보고 듣고 왔다. 더 자세한 디스커션을 원하시는 분은 아래 연락처로 연락을 주시기 바란다.

공경순 (Celent analyst) kkong@celent.com  
Mr. Yuya Fukumori (Celent account manager 한국시장 담당) yfukumori@celent.com

 

Announcing the winners of the 6th Asia Technology Insurance Awards

Celent and Asia Insurance Review hosted the 6th Asia Insurance Technology Awards (AITAs) at AIR’s CIO Technology Summit at Mandarin Orchard Singapore on September 5, 2016. The AITAs recognize excellence and innovation in the use of technology within the insurance industry. This year we’ve received over 40 nominations from Australia, Hong Kong, Taiwan, China, India, Sri Lanka, Malaysia, Japan, Singapore and the Asia Pacific Headquarters of global insurers. There were many impressive submissions, from which our international panel of Celent insurance analysts selected the very best to receive the six awards.

Digital Transformation Award
This award honours an insurer who has made the most progress in implementing digitization initiatives. The winner was AXA Asia and PetSure (Australia). AXA Asia implemented Health Claims Portal (HCP), includes a mobile app and a web portal. Portal is available to four key user roles: 1) Customer & group scheme members for digital/self-service, 2) intermediaries including brokers and agents, 3) corporate HRs for their managing their group health schemes, and 4) back-office support and administration. The tool would be available in 7 markets from 12 AXA Life and GI entities. PetSure (Australia) implemented Vet Hub: getting vets to directly submit the claim from within their own PMS system, and a new portal for customer to track progress has been developed.

IT Leadership Award
This award honors an individual who has displayed clear vision and leadership in the delivery of technology to the business. The recipient will have been responsible for deriving genuine value from technology and has demonstrated this trait with a specific project or through ongoing leadership. The winner was Sriram Naganathan – CIO, Liberty Videocon General Insurance. Liberty Videocon General Insurance implemented Digital Enterprise Program including Delivery Platform, Enabling Platform and Data Platform. The vision and leadership in the delivery of technology to business belonged to the company’s CIO, Mr. Sriram Naganathan.

Best Newcomer Award
This award recognizes the best new player in the insurance technology field. The winner was Everledger. Everledger Use blockchain technology, built a permanent, global, digital ledger that tracks and protects diamonds and other luxury goods on their lifetime journey by providing insurance companies, financiers, traders, consumers and law enforcers with an immutable history of an item’s authenticity, existence of ownership.

Best Insurer: Technology
This award honors the insurer who has made the most progress in embracing technology across the organization. The winner was New China Life Insurance and Max Life Insurance. New China Life Insurance implemented Magnum Mobile, the smart mobile underwriting system developed by Swiss Re, built into a point-of-sale tablet for agents. During the FY 15-16, Max Life IT team has executed over 50 significant projects for either improving user experience or productivity, meeting regulatory/statutory requirements or for internal usage, and has made big progress in embracing technology across the organisation.

Big Data and Analytics Award
This award honours insurer or broker who has made the most progress in utilizing data analytics technologies. AXA Hong Kong was the winner. AXA Hong Kong developed a customer retention model and designed retention effort to maximise the long-term customer value including Create Holistic Customer View, Identify High Value Customer, Predict Success Retention Probability and Prioritize Retention Effort.

Innovation Award
Finally, this award recognizes the innovation business model  applying of emerging technology, or the innovative usage of technology. IDBI Federal Life Insurance and Ping An Property & Casualty Insurance Company of China won the award. IDBI Federal Life Insurance creates a new distribution channel platform through which customers can directly purchase insurance products without any intermediary. They launched the e-channel with a different strategy – Think Different, Think Opposite. Ping An Property & Casualty Insurance Company of China implemented Smart Selfi: Mobile platform for vehicle insurance sales force , gave full play to the advantages of the mobile internet. Key Functions are underwriting, connecting the printer, commission discount, team maintenance.

We look forward to more submission in 2017!

 

Nominations for the Sixth Annual Celent Model Insurer Asia Awards (2016 Awards) are now Open!

Every year, Celent recognizes the effective use of technology in the Asia Pacific region through its Model Insurer Asia Awards program. The nomination period for 2015 has already open. If you know of an insurance company which exhibits best practices in the use of technology, please click here and complete the nomination form. Submissions are being accepted until 30 October 2015. Through our Model Insurer Asia Awards Program, Celent recognizes the year’s top technology initiatives. Past winners include Max Bupa Health Insurance, Ageas Insurance Company (Asia), AXA Asia, Birla Sun Life Insurance, Tokio Marine & Nichido Fire Insurance, Yingda Taihe Property Insurance, Cathay Century Insurance, and Ping An Direct to name a few. Celent’s Model Insurer research is designed to try to answer an apparently simple question: “What would it look like for an insurer to do everything right with today’s technology?” Obviously, the question is not nearly as simple as it appears. The terms “everything” and “right” will mean very different things to different insurance companies depending on their size, the complexity of their operations and product sets, and their technological starting points. The approach that Celent has taken therefore is to offer, at a high level, some key best practices in the use of technology across the product and policyholder life cycle and in IT infrastructure and management that a “model insurer” would use. On the back of the global Model Insurer research by our colleagues in North America and Europe, we at Celent Asia are conducting an Asia Pacific specific program to identify the potentially unique “Model Insurer” solutions that have recently been deployed in our region. Of course, there is no such thing as a “Model Insurer Asia” — every insurer does some things well, and others not as well when it comes to technology. Therefore, Celent is gathering leading real world examples of the effective use of technology in the Asia Pacific region. These case studies are presented annually at Celent’s annual Model Insurer Asia Event. The cases represent key themes that Celent sees in the insurance industry today:
  • Legacy and Eco-system Transformation: Legacy technology can hinder innovation, since insurers must typically offer backward compatibility. Insurers must not only modernize, but transform, their internal systems and the ways in which they interact with a vast web of customers, counterparties and regulators. This theme recognizes projects related to core system replacement or transformation including policy administration, billing, claims, and rating/underwriting.
  • Digital and Omni-channel Technologies: Digital transformation is moving from the physical to the virtual world, from person-to-person interaction toward person-to-machine or machine-to-machine. Integrating and coordinating among disparate and silo-ed delivery channels will be critical to satisfying ever-increasing customer expectations. Using the definition that digital automates formerly complex tasks allowing them to be mastered, then reproduced and distributed at no cost, this theme recognizes projects such as online customer portals; industrialization of processes, engaging user interfaces, online sales with STP, integration with business partners, leveraging social networks, and the use of mobile technology.
  • Innovation and Emerging Technologies: Celent defines innovation as fundamental changes to products, services, or business models that break existing tradeoffs and provide value to the customer. New hardware, software, and network technologies feed insurance innovation. This theme recognizes projects such as the expansion into to previously untapped markets due to technology, the use of technologies not previously used in the insurance industry, or the development of an innovation culture within an IT organization.
  • Data Mastery and Analytics: Ever since technology began to be used beyond pure accounting in the industry, data has become a key source of competitive advantage for identifying profitable niches, managing risk and improving service. New external data sources, data derived from devices, and new techniques for interpreting data are pushing the competitive boundaries for insurers at an accelerated rate. This theme recognizes projects such as predictive analytics (claims fraud, underwriting, pricing, climate analysis), prescriptive analytics (triage, sales automation, ‘next best action’), and virtualization (dashboards and heat maps, catastrophe management, network analysis, geo-political risk analysis).
  • Non-core Implementation Best Practices: Once an insurer has designed its strategy and roadmap for its enterprise architecture, the next challenge is how to navigate a successful path through implementation and how to protect the investment in new systems it has selected. What does it take to safe-guard new investments in technology and answer the inevitable question “What’s next?” This theme recognizes projects such as the successful reuse of technology for new initiatives, successful implementation of a non-core system such as illustrations, document automation, electronic applications, or agency management systems, or finding successes in new methods and processes for distribution and sales.
  • IT Management Best Practices: IT Management is the discipline whereby all of the information technology resources of a firm are managed in accordance with its needs and priorities. While there are technology systems that are helpful in this area, the most critical elements to success are best practices, organizational structures, and corporate culture. IT and business alignment requires a solid and lasting foundation for IT management across all of the projects. Building a predictable and reliable IT management organization is the final challenge. This award recognizes IT departments for building a better organization and showing the success with the new methods or processes.
An important note is that a Model Insurer Asia Award is recognition of an insurer’s effective use of technology in a certain area or theme, not necessarily a statement that the insurer is absolutely best in class (although some may be). Model Insurer success highlights the insurer’s ability to improve performance and meet market demands when tackling issues that face all insurers today. To nominate an initiative at your company as a Model Insurer Asia, please use the following brief form below. Please note that vendors are welcome to assist their client insurers with their nominations, however vendors/suppliers are not qualified to receive an award. All nominations MUST include insurer contact information, and all follow-up will be done primarily with the insurer, not the vendor. Guidelines for Celent Model Insurer Asia Award Submissions This information will assist you in completing a nomination form for a Celent Model Insurer Asia Award.  Below are generalized criteria that are considered by Celent when evaluating submissions. For further details, you can also download the attached complimentary report: Becoming a Celent Model Insurer: A Guide to Celent’s Annual Award Program. General submission and award criteria:
  • The initiative has been implemented in the Asia Pacific region at an insurance company (a company that takes on risks under the policies it sells in return for the payment of premiums). MGA, TPAs or self-insured companies are not eligible for nomination. The nominated initiative is LIVE and functioning at the insurance company. Pilot programs are not considered live and in production.
  • The nominated insurer has been involved in the submission and is willing to be actively involved in the post submission evaluation process which includes follow up emails and interviews, and possible inclusion in the Celent Model Insurer Report.
  • Quantitative success metrics are measured and provided. Nominations without quantitative success metrics will not be accepted.
  • Quantifiable results from a pilot program are acceptable however it must be noted that the results are from a pilot. Full production results are preferred.
  • The initiative has not been submitted for another Celent 2016 Award, e.g., Model Insurer.
Quality of Nominations The importance of the quality of the nomination itself, and of the supporting information, cannot be overemphasized. The nomination should be as specific, accurate, and complete as possible. It is imperative that the true merits of the initiative be conveyed through this information. Keep in mind that in most cases those involved in the selection process will have no personal knowledge of the nominated initiative and will lean heavily on the information provided below for the information they need to make reasonable judgments. In some cases, Celent will check publicly available information to augment or substantiate the information provided. The deadline for nominations is Friday, 30 October 2015. Once submitted, all communication will occur between Celent and the insurer, however Celent will acknowledge the receipt of the submission with both the insurer and, if applicable, the vendor partner.

モバイル金融サービスに挑む姿勢

アジアにもフィンテックの熱気が押し寄せてきています。フィンテックを活用した次世代型ビジネスモデルを模索している金融機関も多いことでしょう。6月に日本で金融機関と面談した際にも、先月、韓国でのインターネット専業銀行に関するカンファレンスで登壇した際にも、その熱気を実感しました。 韓国では現在、インターネット専業銀行の設立許可を巡り、議論が交わされています。韓国の人口5100万人に対し、モバイルバンキング(スマホアプリ)利用者は延べ約5000万人。これほどモバイルバンキングが普及している中で、インターネット専業銀行がどのように差別化できるのか、韓国のプレーヤーは頭を抱えています。 実際に、私がカンファレンスで登壇した時に日本のネット銀行の事例をお話しさせて頂いたのですが、発表後に多くの方が私のもとにやってきて、個別のミーティングをお願いしたいと列を成しました。その熱気は3月、登壇したカンファレンスの時よりも、より一層高まっていました。 アジア各国ではスマートフォンの普及に伴い、モバイルバンキングへの関心が高まっています。しかし焦点は既に、モバイルバンキング導入そのものではなく、他行といかに差別化できるのかという点にシフトしています。 アジアのモバイルバンキングの現状将来性に関するレポートを執筆する際に行ったインタビューでも、モバイルバンキングをもはや必須のチャネルとして認識している銀行が目立ちました。また、増加するサービス内容に比例して、複雑化するユーザーインタフェースを改良すべきだと考える銀行も多いようです。 銀行はセキュリティ関連には敏感である一方、機能の高度化といったIT投資にはさほど積極的ではなく、ユーザーエクスペリエンス向上など、顧客目線を重視した戦略に注視しています。つまりモバイルバンキングの議論の中心は、テクノロジーではなくビジネスモデルであるということです。 銀行にモバイルバンキングの波が押し寄せている中、各チャネルの戦略も変わりつつあります。モバイルバンキングで処理できる部分が増えることで、インターネットバンキング自体の役割は少しずつ縮小されてきており、特にリテール部門ではモバイルバンキングの存在感が増してきています。また、テラーの役割も高度化の道をたどっており、以前よりも専門性を求められるチャネルになりつつあります。 このようにチャネルの変化が目まぐるしい中、銀行は、自らがどのように対応していくべきか、足早に調査・研究していく必要があるでしょう。コメントやご見解など、ぜひお聞かせください。

Mobile Payments in Southeast Asia

With the rapid growth of smartphone penetration in Southeast Asia, e-commerce and mobile commerce is one of the hottest issues in the region. Not only local players but also global e-commerce players have entered into the region to expand their business. However, a number of Southeast Asian countries still have low banking account penetration rates, hence people may not have access to payment methods for e-commerce and mobile commerce. Mobile payments may be one of the solutions for e-commerce payment. With the growing popularity of e-commerce and m-commerce, mobile payments is receiving more attention than before. Not only global mobile payments players such as PayPal but also local players like MOL, Fasspay, 2C2P, Smart Money, and GCash operate business in Southeast Asia. Some Southeast Asian countries still have a relatively high level of unbanked population but mobile payments is rapidly being accepted in the region because smartphone penetration rates are growing much faster than bank account penetration rates.  Also, people can hold a mobile payments account without a banking account at some mobile payments services. However, there are some obstacles to the future growth of mobile payments in Southeast Asia. A number of people are not well aware of mobile payments services, hence mobile payments players should invest more into marketing activities, although investment in infrastructure and equipment is also important. A number of payments players are considering entering into the Southeast Asian mobile payments market, but they may face difficulties to set up their business in the region. Each country has different regulations, telecommunications infrastructure, payments infrastructure and financial environment. Players who consider entering into the market should develop strategies to fit each country’s conditions. Celent believes that mobile payments in Southeast Asia will grow strongly for the next few years because the infrastructure is already in hand and smartphone penetration is still growing swiftly. Celent will keep an eye on this trend and update the trends in upcoming reports and blogs.

ネット専業銀行イベント参加の所感@ソウル

本日、韓国ソウルで開催されたネット専業銀行に関するイベントにご招待いただき、日本のネット専業銀行の現状などについて講演して来ました。日本のネット専業銀行の事例は世界的にも多く取り上げられていますが、今回は、これまでに行なったインタビューを基に、私の見た日本のネット銀行の現状をお伝えしてまいりました。 講演後、多くの方とご挨拶をさせていただきましたが、聴衆のお役に立てたようで大変うれしく思うと共に、本件への関心の高さを実感しました。 来場者にお話を伺うなかで、いくつか共通の関心事項が浮き彫りになりました。
  1. ネット銀行設立にあたって、最も望ましいビジネスモデルは何か。
  2. 日本の各ネット銀行は、どのように差別化を図っているのか。
  3. 流通業主体のネット銀行のビジネスモデルを知りたい。
韓国では、昨年末あたりから、専門家を集めた委員会を構成し、ネット専業銀行の設立許可に向けた議論が進められています。日本で築き上げてきたノウハウを研究したいと言う企業や銀行が多く、今後、ベンチマーキングのために訪日したいとの声も多く聞こえてきました。 日本のネット銀行の持続的な成長曲線を見て、学ぶべき点が多いと感じている韓国企業が大勢います。日本のネット銀行との提携も十分に考えられる選択肢でしょう。今後の動向をセレントでも引き続き追っていく予定です。 同様のご関心をお持ちの方や、日本から見た韓国銀行業界についてのご認識など、ぜひお聞かせください。

Alipay Entering into South Korean Market

During the Lunar New Year, more than 100,000 Chinese visited South Korea. The way people shop in a duty free shop, or in a convenience store is quite different than before: They pay with the world’s well-known Chinese mobile payment, Alipay, the most successful case of Fintech in the world. In Seoul main streets and on Korean internet sites, we can easily find advertisements of Alipay. China UnionPay already entered into the South Korean market, and even a brand of my credit card issued in South Korea is UnionPay. They partner with BC Card, South Korea’s card issuer and they have been expanding their business in South Korea. China’s payment has entered into South Korean market in earnest and South Korean players have been getting into the game. T-money, the largest prepaid card player in South Korea and Hana Bank, the fourth largest bank in South Korea partnered with Alipay. As an example, Chinese tourists in South Korea can pay back to Alipay’s account after using T-money for foreigners if they have any remaining credits. T-money is available not only transportation including metro, bus and taxi but also for payments at convenience stores and other selected shops. Also, T-money has introduced a new service for domestic users, providing compensation system for Mobile T-money when a user loses a phone, providing a safer environment for T-money users. For Hana Bank, they haven’t started a service with Alipay but it will be launched soon. After launching a new service with Alipay, Chinese tourists will be able to pay with Alipay at merchants of Hana Bank. In other words, they can use Alipay in broader places like orthopaedics, nail salon and hair salon than what T-money service offers. The similar case has been seen in South Korea and Japan. Cashbee, South Korea’s mobile payment card partnered with Japan’s three major MNOs, NTT DoCoMo, KDDI and Softbank. Japanese tourists can now pay with their smartphone in South Korea after installing a dedicated application. A wave of Fintech has come to Korea. The country is attempting a different approach with the use of Fintech. Some players already recognized their current approach is not acceptable anymore hence it is the time to shift their strategy for future growth. Payments area has been getting global and more attractive for users. For example, Alipay gives 4.5% interest when a user deposits money. Yes, it’s attractive. However, players should evaluate what is important for their future growth without tapping into the current trend. Establishing an initiative for business growth should be the overriding concern now amid mounting attention to Fintech.

Start-up of internet-only banks in South Korea

South Korea’s government has begun to move to permit internet-only banks. It is in discussion with a group of financial institutions, vendors and other institutions, and the outline for internet-only banking services will be set up around April. In South Korea, most banks, we can say all banks, already offer direct banking including internet, mobile and smartphone, and many customers are accustomed to them. However, dedicated internet banks have not been allowed to date due to regulatory and other issues. Currently, there are two main challenges to setting up an internet-only bank in South Korea. 1. Identity confirmation through direct channel: the current law requires customers to open a new bank account at a face-to-face channel with their ID. So people visit a bank branch at least once to start banking transactions, although direct banking services are at a quite mature level in South Korea. The requirement for identity confirmation should be revised accordingly when permission is granted for dedicated internet banking. 2. Relaxation of the Separation of Banking and Commerce: in the current law, institutions belonging to the commerce sector cannot provide banking services, and their ownership share in a bank is stringently limited at 4%, compared to 25% in US and 20% in Japan. To encourage the entry of various kinds of sectors into the internet-only banking market, the relaxation of this law is one of the important issues. Currently, a number of institutions including banks, vendors and other sectors are negative on entering the market and will keep a wait-and-see attitude for now. Before entering the market, they should learn from case studies of overseas internet–only banks. To cite a case, there are many good examples of online account opening using the advanced facial recognition tools. I will appear at a conference on internet-only banking in Seoul on March 10, and will present case studies and learnings from the Japanese market. Anyone interested in the event details, please visit http://fintechkorea.com/.

サムスンのスマホ決済ベンチャー買収について

先週、サムスンがスマートフォン決済ソリューションベンダーであるループペイを買収したとの報道があった。今回の買収は今後のサムスン製スマートフォンの更なる飛躍を意味するものになるのかが注目されている。 ループペイの技術の長所は汎用性であり、既存の磁気式カードリーダーにスマートフォンをかざすことで決済が遂行される。既存のスマホ決済は専用端末機を要するケースが多く、アップルペイも然りだ。 しかし、サムスンが今回導入したスマホ決済技術は専用端末機の導入は必要としない。加盟店は端末機のための追加コストがかからないため、導入に積極的な姿勢を見せるだろう。既存のスマホ決済にはなかった、汎用性・互換性を備えているループペイ社の技術は今後、サムスン製スマホの更なる成長を牽引する要因のひとつになるだろう。

Samsung’s acquisition of smartphone payment solution vendor LoopPay

Last week, Samsung announced the acquisition of LoopPay, a US-based smartphone payment solution vendor. It has been receiving attention as it may be poised to bring further growth to Samsung’s smartphone. The strength of LoopPay technology is broad versatility. Its technology enables smartphone payment at a touch to a magnetic card reader. Most existing smartphone payment services require the implementation of a dedicated payment terminal, and ApplePay is not an exception. However, dedicated terminals will now not be required with Samsung’s smartphone payment technology. The fact that a merchant will not incur additional cost for a payment terminal makes this smartphone payment service more attractive. The LoopPay technology with its versatility and compatibility should become one of the future growth drivers for Samsung smartphone.