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.
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!