Winners of 2nd Asia Insurance Technology Awards
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15 November 2012Wenli Yuan
Celent and Asia Insurance Review are proud to host 2nd Asia Insurance Technology Awards which recognize excellence and innovation in the use of technology within the insurance industry. The award was given on the Asia Insurance CIO Summit on 9 Nov 2012 in Marina Mandarin Singapore. Asia Insurance Technology Awards is organized by Celent together with Asia Insurance Review. Twenty nine nominations were received this year from India, Japan, South Korea, Sri Lanka, Singapore, Hong Kong, China, Australia and New Zealand, and eight winners were selected by Celent AITA evaluation team consisting of analysts from Asia, Europe and North America. The result is released on the Asia Insurance Review website: http://www.asiainsurancereview.com/Awards/TechnologyAwards.aspxThe winner of Best Mobile Application in the Life insurance sector was MetLife Global Technology & Operations Asia. Mobile technology is one of the key strategic themes identified by MetLife in its Asia IT Strategy. The MetMobile initiative is led by the Asia Pacific Region office which is working in collaboration with individual countries to roll out the new mobile applications across Asia. The pilot ‘Mobile Office System’ was launched in Korea in January 2012. Mobile Office System is a mobile application platform that provides full-scale, end-to-end sales resources to sales agents giving them the capability to access information and personalize sales proposals to customers in real time. MetLife will roll out the Mobile Sales and Mobile Services technology to the rest of Asia by December 2012. MetLife Global Technology & Operations Asia wins the award of Best Mobile Application because they provides a full scale mobile sales capability, support various distribution channels, quick uptake and high adoption by agents, (primarily because of the “mobile Operation System agnostic” capability and available on both tablet and other smart devices), and designed with the ability to leverage and reuse in multiple markets. The winner of Best Mobile Application in the non-life insurance sector was ICICI Lombard General Insurance. ICICI Lombard General Insurance implemented the Enterprise Mobility initiative, by launching several mobility applications targeting multiple LOBs. It targeted various stakeholders of the enterprise - end customers, agents, claims surveyors, and internal employees- and enabled quick service and information access at the touch of a button. ICICI Lombard General Insurance wins the award of Best Mobile Application because of the enterprise wide reach of the initiative, quick and high adoption rate enabling the organization in drawing business advantage, quantitative business benefits in regard to revenue growth and operational efficiency, and improvement in customer service. There were three winners in the category of Best Insurer: Technology: Janashakthi Insurance PLC, Union Assurance PLC, and Bank of New Zealand Insurances.Janashakthi Insurance launched Geographical Information System in July 2010. The in house developed system blends the core insurance application data with publicly available GIS services. For example, the system provides flood prone area mapping with actual claim data from the core insurance system for different level of the risk areas such as medium or high, to enable a better risk analysis; the system provides comprehensive set of features to monitor Motor Claim Processing Staff and enable collaboration between Call Centre staff and assessors. Janashakthi Insurance PLC wins the award of Best Insurer Technology because the use of game changing technology to improve risk management and to enhance customer service. From October 2011 to February 2012, Union Assurance implemented ‘Speed Cash’, a suite of technology products which enables to speed up Motor claim process. Projects include: - Motor call centre - 24*7 operation, providing single point of contact during motor accident; - GPS base tracking system - to enable call center staff tracking the Technical engineers (TEs) using GPS enabled smart phones; - Equipped Technical engineers with Android base smart phones, with application built to support their activity, such as allocation notification of the accident site; all policy information; take photos of vehicle and documentation; transfer these to centralized claim processing unit online; for claims within a particular limit, make a speed cash payment to customer, etc. Union Assurance PLC wins the award of Best Insurer Technology because the use of game changing technology, and to seamless integrate systems enabling Call center, Technical engineers, and center claim staff to work effectively. Bank of New Zealand Insurances implemented a bancassurance system called ‘Protect’. The Protect system was built using AXE’s Axelerator Insurance Platform, and was first launched in July 2011. ‘Protect’ enables Bank of New Zealand to cross sell life and health insurance products to their banking customers through their store, call centre and adviser channels. It automates key processes including needs analysis, quotation, application, underwriting, policy offer and issue. Customers can complete all the stages of the application process and the system will instantly generate the acceptance and policy document if the system approves the application as a clear case. This increases the conversion rate from enquiry to closed sale. Bank of New Zealand Insurances wins the award of Best Insurer Technology because the improvement of Straight through processing, reduction of time to market, and the quantitative business benefits the solution brings. The winner of E-commerce Award was Iffco Tokio General Insurance. Iffco Tokio General Insurance developed an B to B partner integration solution provide single platform for real time integration with partners for various business models for automobile, travel and health insurance, to enable Straight through processing. The project went live in November 2011, and has been already implemented to integrate most of their existing partners. This also helped them in adding many new business partners with minimum effort, using simple configuration. Iffco Tokio General Insurance wins the E-commerce award because the improvement of Straight through processing, reduction of transaction cost and management cost, improvement of time to market with new partners, and the quantitative business benefits the solution brings. The winner of Best Newcomer Award was Partners Life. Partners Life is a New Zealand-based life insurer, established in 2010. Partners Life implemented Bravura Solutions’ wealth management software application. The implementation took only four months to launch, in time for the company’s formally entering the New Zealand market in February 2011. The solution provides the core administration platform for a full range of life risk products, as well as providing web based tools for independent advisors, and service to end customers. In the first 11 month of business, Partners Life captured just over 13% of the new business market share in New Zealand, and has achieved this at 50% of the cost compared to the national average. Partners Life wins the award of Best Newcomer because of the rapid implementation, streamlined distribution, and operational efficiency. The winner of IT Leadership Award was Mr. Pramod Krishnamurthy, Chief Technology Officer of Birla Sun Life Insurance. Starting with the Business strategy and key objectives, Birla Sun Life Insurance defined the IT Strategy, laid out the To-Be roadmap and implemented a significant part of the desired systems landscape. The process of defining the IT Strategy started in Q4 2010, and it was implemented during the period January 2011 to March 2012. Now IT systems landscape extended to cover all the key business processes of the insurance value chain; Key IT initiatives leading to business benefits, such as Mobile Apps, E-Learning, R & R on website, Communication Engine, New Advisor Portal, illustration engine, etc. IT are better aligned and closely knit with the business functions. Best-in-class IT practices and processes were utilized. IT is moving from reactive to proactive mode, as strategic partners to business and not just service providers. The vision and leadership in the delivery of technology to business belonged to the company’s CTO, Mr. Pramod Krishnamurthy. 3rd Asia Insurance Technology Awards will open for nomination during July 2013. The awards will be presented in November 2013 during Asia Insurance Review's. CIO summit. I’ll post another blog when the nomination is open, you also can find information on Celent website http://http://www.celent.com/aita