Cathay Life: Bold Pursuit of Innovation
Winner of Celent Model 2022 Award for Innovation Execution
In the case of its Project GIANT and MARS Mission, Cathay Life Insurance had observed that the following trends had given rise to several challenges and opportunities, which were accelerated in 2020 by the COVID-19 pandemic:
·New environment: Changing consumer preferences and expectations; increasingly open financial environments and laws
·New competition: Emergence of disruptors that challenge the status quo
·New technologies: New technologies that unleash the imagination
·Driven by the external environment, insurance companies placing greater emphasis on health issues
Faced with these trends, Cathay upholds the spirit of “What If We Could” and two core philosophies: “technology and data-driven changes” and “bold pursuit for innovation models.” It does so in hopes of reshaping employees’ thinking by guiding them to think outside of the box to actively consider how to use innovative technologies to change the company’s core business procedures and reshape client experiences, thereby maintaining the company’s position as a client-centric insurance company.