The 2017 Model Insurer Asia Nominations Start Now!

Every year, Celent recognizes the effective use of technology through its Model Insurer Asia Awards program. We are pleased to announce that the nomination period for 2017 award is now open.

From September 15, we will be accepting Model Insurer Asia nominations. The window for new entries will close on November 30. We are looking forward to receiving your best IT initiatives. The Model Insurer Asia award program recognizes projects that essentially answer the question:

"What would it look like for an insurance company to do everything right with today’s technology?"

It awards insurance companies which have successfully implemented a technology project in five key categories:
•Data mastery and analytics.
•Digital and omnichannel technology.
•Innovation and emerging technologies.
•Legacy transformation.
•Operational excellence.

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.

Does your company have what it takes?

If you believe that your company exhibits best practices in the use of technology, please read the Model Insurer Asia Submission Guidelines, and complete the brief nomination form by November 30, 2016.

Nominations for the 2016 Asia Insurance Technology Awards (AITAs) are now open

The Asia Insurance Technology Awards (AITAs) recognize excellence and innovation in the use of technology within the insurance industry in the Asia Pacific Region.

Nominations for the 2016 AITA Awards are now open. Please find more information on Celent website http://www.celent.com/aita, and you can download the nomination form from there. The deadline for submitting the nomination form is 24 June 2016.

AITA AWARDS CATEGORIES

IT Leadership

This award honours 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.

Nominations accepted from insurers. Vendors are welcome to assist their client insurers with their nominations, however vendors/suppliers are not qualified to receive this award. All nominations MUST include insurer contact information, and all follow-up will be done with the insurer, not the vendor.

Best Insurer: Technology

This award honours the insurer who has made the most progress in embracing technology across the organisation.

Nominations accepted from insurers. Vendors are welcome to assist their client insurers with their nominations. However, vendors/suppliers are not qualified to receive this award. All nominations MUST include insurer contact information, and all follow-up will be done with the insurer, not the vendor.

Digital Transformation

This award honours an insurer or broker who has made the most progress in implementing digitization initiatives, such as sale and service of products online, eco-system integration (such as with business partners, repair shops, medical providers, distribution, etc.), leveraging social networks, work-place enablement (such as BYOD, collaboration tools, etc.), business process automation (STP), engaging user interface design, or leveraging mobile technology.
 
Nominations accepted from insurers. Vendors are welcome to assist their client insurers with their nominations, however vendors/suppliers are not qualified to receive this award. All nominations MUST include insurer contact information, and all follow-up will be done with the insurer, not the vendor.
 
Big Data and Analytics

This award honours insurer or broker who has made the most progress in utilizing data analytics technologies, 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).

Nominations accepted from insurers. Vendors are welcome to assist their client insurers with their nominations, however vendors/suppliers are not qualified to receive this award. All nominations MUST include insurer contact information, and all follow-up will be done with the insurer, not the vendor.

Best Newcomer

This award recognizes the best new player in the insurance technology field. The recipient will have introduced a game-changing solution to the industry.

Nomination accepted from insurers, vendors and Fintech/Insurtech firms

Innovation

This award recognizes the innovation business model, applying of emerging technology, or the innovative usage of technology.

Nomination accepted from insurers, vendors  and Fintech/Insurtech firms

Call for nomination for Model Insurer Asia Award, deadline extended

Celent is still accepting nominations for our Sixth Annual Model Insurer Asia Awards. To nominate a firm, fill out the entry form at http://www.celent.com/node/31094 by November 13, 2015. Please read the Guidelines on the same page before you complete the nomination form. Questions? Email Wenli Yuan at wyuan@celent.com and copy KyongSun Kong at kkong@celent.com.

Announcing the winners of the 5th Asia Technology Insurance Awards

Celent and Asia Insurance Review hosted the 5th Asia Insurance Technology Awards (AITAs) at AIR’s CIO Technology Summit at Le Meridien Hotel Jakarta on 1 September 2015. The AITAs recognize excellence and innovation in the use of technology within the insurance industry. This year we received over 30 nominations from Australia, Hong Kong, Taiwan, India, Sri Lanka, Indonesia, and Pakistan; as well as the Asia Pacific divisions 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. The Innovation Award recognizes innovation in business models or in the use of technology. The winner was MetLife Asia. MetLife Asia implemented Advanced Data Analytics to transform big data into customer insights and to deliver a more personalized customer experience – delivering the right products and services, for the right people, at the right time. They are using these insights to inform product and services development, and to deliver sales leads to agents. The company won the award because of the innovative usage of data analytics. The IT Leadership 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 Girish Nayak, Chief – Customer Service, Operations and Technology at ICICI Lombard General Insurance. ICICI Lombard implemented a business assurance project to address the ever present gap between real business uptime on the ground vs technology uptime. The firm implemented an in-house customer experience center; and deployed an infrastructure as a service model in Microsoft Azure Cloud. These initiatives generate genuine value for the business. The Digital Transformation Award honors an insurer who has made the most progress in implementing digitization initiatives. BOCG Life was the winner. BOCG Life implemented the Electronic Commerce System to provide online needs analysis and policy services. Through a transparent, direct and needs-oriented process, it facilitates prospective customers applying for multiple products they need in one go, and allows customer to adjust the offer according to their budget. The company won the award because of the way it is building trust and developing long-term relationships with customers through digital transformation. The Best Newcomer Award recognizes the best new player in the insurance technology field. The winner was CAMS Insurance Repository Services. CAMS Insurance Repository Services launched the Insurance Repository to provide e- Insurance Accounts to maintain policies as e-policies. This brings new efficiencies and benefits across the stakeholders, including Policy Holders, Insurers, Agents and the Regulator. The company won the award because they demonstrated real, unique value to the ecosystem. The award for Best Insurer: Technology honors the insurer who has made the most progress in embracing technology across the organization. The winner was RAC Insurance. RAC Insurance implemented a series of projects to digitize the business between suppliers, members and RAC Insurance. These projects include Claims Allocation, Motor Repairer Integration, and a B2C platform. The company won the award because of the way technology transformed the organization’s capability by offering an exceptional, one-touch experience for their members through online channels. Finally, the New Business Model Leveraging Mobile Applications Award recognizes the insurer who has developed a new, perhaps disruptive business model involving the innovative use of mobile technology. Max Life Insurance won the award. Max Life Insurance launched mServicing and mApp which enable digital servicing of customers, sales force and operations. The company won the award because of the use of mobile technologies to increase agent activity and engagement, enable speedy issuance of policies, and enhance business quality and operational efficiency. Be on the lookout for the 6th Asia Insurance Technology Awards in 2016. We’ll post another blog when the nomination period opens, sometime around June 2016. You can also find information on Celent’s website: http://www.celent.com/aita.  

Nominations for the 2015 Asia Insurance Technology Awards (AITAs) are now open

The Asia Insurance Technology Awards (AITAs) recognize excellence and innovation in the use of technology within the insurance industry in the Asia Pacific Region. Nominations for the 2015 AITA Awards are now open. Please find more information on Celent website http://www.celent.com/aita, and you can download the nomination form from there. The deadline for submitting the nomination form is 26 June 2015. 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. 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 in the nomination form to make reasonable judgements. AITA AWARDS CATEGORIES IT Leadership This award honours 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. Nominations accepted from insurers. Vendors are welcome to assist their client insurers with their nominations, however vendors/suppliers are not qualified to receive this award. All nominations MUST include insurer contact information, and all follow-up will be done with the insurer, not the vendor. Best Insurer: Technology This award honours the insurer who has made the most progress in embracing technology across the organization. Nominations accepted from insurers. Vendors are welcome to assist their client insurers with their nominations. However, vendors/suppliers are not qualified to receive this award. All nominations MUST include insurer contact information, and all follow-up will be done with the insurer, not the vendor. Digital Transformation This award honours an insurer or broker who has made the most progress in implementing digitization initiatives, such as sale and service of products online, eco-system integration (such as with business partners, repair shops, medical providers, distribution, etc.), leveraging social networks, work-place enablement (such as BYOD, collaboration tools, etc.), business process automation (STP), engaging user interface design, or analytics (analyse customer behavior, propensity, risks, etc.). Nominations accepted from insurers. Vendors are welcome to assist their client insurers with their nominations, however vendors/suppliers are not qualified to receive this award. All nominations MUST include insurer contact information, and all follow-up will be done with the insurer, not the vendor. New Business Model Leveraging Mobile Applications This award recognises the insurer who has developed a new, perhaps disruptive business model involving the innovative use of mobile technology. Nominations accepted from insurers. Vendors are welcome to assist their client insurers with their nominations, however vendors/suppliers are not qualified to receive this award. All nominations MUST include insurer contact information, and all follow-up will be done with the insurer, not the vendor. Best Newcomer This award recognizes the best new player in the insurance technology field. The recipient will have introduced a game-changing solution to the industry. Nominations accepted from insurers or vendors. Innovation This award recognizes the innovation business model or in the usage of technology. Nominations accepted from insurers or vendors.

The winners for the 4th Asia Insurance Technology Awards

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.

Nominations for the Fifth Annual Celent Model Insurer Asia Awards (2015 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 2014 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 31 October 2014. Through our Model Insurer Asia Awards Program, Celent recognizes the year’s top technology initiatives. Past winners received their recognition through outstanding implementation of technology areas such as agent portals, document management, claims, billing, distribution management, and policy administration. 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, and Cathay Century Insurance, to name a few. Celent’s Model Insurer research is designed to try to answer the deceptively simple question: What would it look like for an insurer to do everything right with today’s technology? Obviously, the question is not as simple as it appears. The terms “everything” and “right” will mean very different things to different companies. The approach that Celent has taken is to tease out high level 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 been recently deployed in our region. Of course, there is no such thing as a Model Insurer Asia across the board. Therefore, we focus on specific real world examples of individual technology initiatives in the Asia Pacific region. These case studies are presented at Celent’s annual Model Insurer Asia event and represent key themes: •Legacy and ecosystem transformation: Legacy technology can hinder innovation, since insurers must typically offer backward compatibility. Insurers must not only modernize, but also transform their internal systems and how they interact with 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 omnichannel technologies: Digital transformation is moving from person-to-person interaction toward person-to-machine or machine-to-machine. Integrating and coordinating among disparate and siloed delivery channels will be critical to satisfying ever-increasing customer expectations. Using the definition that digital automates 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 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: 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, geopolitical risk analysis). •Non-core implementation best practices: What does it take to safeguard investments in technology and answer the inevitable question, “What’s next?” This theme recognizes projects such as successful reuse of technology for new initiatives; 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. 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 Best in Class. Model Insurer Asia success highlights the insurer’s ability to improve performance and meet market demands when tackling issues facing the industry today. To nominate an initiative at your company as a Model Insurer Asia, please use the brief form on here: Nomination form. 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 the nomination form. Below are generalized criteria that are considered by Celent when evaluating submissions. 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 (in production) 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 Asia 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 2015 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, October 31, 2014. 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.