Asia Insurance Technology Awards (AITAs)

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20 June 2018

Nominations are still open...

...But they will not be for long.

Nominations close on Friday, 20 July 2018, and the awards will be given out on 17-18 September 2018 at the 3rd Asia Cyber Risk Summit.


The Asia Insurance Technology Awards (AITAs) are presented by Celent and Asia Insurance Review, and seek to recognize excellence and innovation in the use of technology within the insurance industry in the Asia Pacific Region.

DOWNLOAD THE NOMINATION FORM

You can download the nomination form here. Nominations should be submitted to Zao Wu at zwu@celent.com.

NOMINATE THE INSURER

Select the insurer to nominate, and get 3 testimonials from customers/ staff who have benefited from the project. Please note that in a transition from previous years, participating vendors should nominate insurers.

AITA AWARDS CATEGORIES

1. 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
  • Illustrations
  • Billing
  • Claims
  • Rating/underwriting

Operational Excellence

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.

QUESTIONS?

Please direct questions regarding the AITAs to Zao Wu at zwu@celent.com.

Insight details

Sector
Content Type
Blogs
Focus
Industry Trends
Location
Asia-Pacific