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!

 

Call for submission for the fourth annual Celent Model Insurer Asia Award

Through our Model Insurer Asia Awards Program, Celent recognizes the top technology initiatives in the Asia-Pacific region. Past winners include Calliden Group (Australia), Partners Life (New Zealand), PICC Health (China), HDFC Standard Life Insurance (India), IndiaFirst Life Insurance (India), Nextia Life Insurance (Japan), Prudential Life Insurance Company of Korea, Baoviet Holdings (Vietnam), PT Prudential Life Assurance (Indonesia), HNB Assurance (Sri Lanka), AIG Asia Pacific, Zurich Insurance, to name a few. (View past winners of the Model Insurer Asia Awards ) Award criteria:
  • The initiative has been implemented at an insurance company, a company that takes on risks under the policies it sells in return for the payment of premiums
  • The nominated insurer has been involved in the submission
  • The nominated initiative is live and functioning
  • Quantitative success metrics are measured and provided
  • The initiative must have been implemented in the Asia Pacific region, and should not have been submitted for another Celent 2014 Award, e.g., Model Insurer
Nominations for Celent Model Insurer Asia Awards are currently being accepted. To nominate an initiative at your company as a model insurer component, please complete this 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 with the insurer, not the vendor. 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 November 29, 2013. Winners of this year’s awards will be announced at the Model Insurer Asia Summit in March 2014 in Singapore. A report including winner case studies will be published on the same day of the event.