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.

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 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.

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.

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.