Celent and Asia Insurance Review
The Asia Insurance Technology Awards (AITAs) recognize excellence and innovation in the use of technology within the insurance industry in the Asia Pacific Region. The past winners (see below), were chosen from a highly competitive field that included nominations from across the region.
We are now accepting nominations. You can access the form below or using the online form.
NEW Nomination Deadline: Friday, 31 May 2019
The awards will be given out on 27 June 2019 at the 7th Asia Motor Insurance and Claims Management Conference.
For questions regarding the AITAs, please contact Zao Wu.
AITA AWARDS CATEGORIES
Data, Analytics and AI
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”)
- Virtualization (dashboards and heat maps, catastrophe management, network analysis, geopolitical risk analysis)
- Innovative functionality enhancements for consumer digital platforms (e.g. mobile apps, online).
- Artificial intelligence techniques used to achieve the next level of benefits (in underwriting, claims processing, fraud identification, propensity modelling)
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
- The industrialization of processes
- Development of engaging user interfaces
- Online sales with STP
- Integration with business partners
- The leveraging of social networks
- The use of mobile technology.
Innovation and Emerging Technologies
We define 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
- The development of an innovation culture within an IT organization.
This category also includes Insurtech initiatives which are rapidly expanding development and application of new technologies and operating models with the aim to fundamentally change current business models, financial models, and/or industry ecosystem. Process automation (e.g. BPM, STP, RPA, document imaging, etc.).
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
- Document management
- Customer relationship management
- New business
What does it take to safeguard investments in technology and improve upon IT processes? This theme recognizes projects such as:
- The successful reuse of technology for new initiatives
- Implementation of a non-core system such as illustrations
- Document automation
- Electronic applications
- Best practices in IT governance
- IT operational management
- IT risk management
- Security policies.
Achieving operational excellence, requires transforming processes and systems into competitive advantages by making them leaner, faster, more flexible and of higher quality.
AITA PAST WINNERS
Data, analytics and AI:
Taikang Insurance Group Co. Ltd., China
Reliance General Insurance Co. Ltd., India
Digital and omnichannel technologies:
Cathay Life Insurance, Taiwan
Taiwan Life Insurance Co. Ltd., Taiwan
Innovation and emerging technologies:
Prudential Assurance Company, Singapore
Bajaj Allianz General Insurance Co. Ltd, India
Legacy and ecosystem transformation:
China Continent Property & Casualty Insurance Company Ltd. (CCIC), China
Bajaj Allianz General Insurance Co. Ltd, India
Kotak Life Insurance Company Limited, India