Celent and Asia Insurance Review(AIR) hosted the 7th Asia Insurance Technology Awards (AITAs) at AIR’s 6th Asia Insurance CIO Technology Summit at Four Seasons Hotel, Singapore on September 5, 2017. The AITAs recognize excellence and innovation in the use of technology within the insurance industry. This year we’ve received a number of nominations from insurers and vendor inAPAC wide. There were many impressive submissions, from which our international panel of Celentinsurance analysts selected the very best to receive the six awards.
Big Data and Analytics Award
This award honours insurer or broker who has made the most progress in utilizing data analytics technologies. Allianz Asia and AXA Hong Kong were the winners. Allianz Asiacreated the first ever innovation to detect motor claims fraudsusing artificial intelligence (AI) to assist claims assessors.AXA Hong Kong implemented Data science initiative aim to pair up the right customers with the right agent (optimal pairing) to both improve company business results via cross sell success to orphans, that is a policyholder whose original agent is no longer associated with the company that issued the policy.
Digital Transformation Award
This awardhonours an insurer who has made the most progress in implementing digitization initiatives. The winners wereLiberty Videocon General Insurance andROAD CHINA ASSISTANCE, a MAPFRE company. Liberty Videocon General Insurance implemented a dynamic, scalable and flexible framework for Rating rules, underwriting/pricing and business rules. ROAD CHINA ASSISTANCE, a MAPFRE company implemented a brand new Auto Digital Ecosystem for China market to meet customers' changing habits.
This award recognizes the innovation business model applying of emerging technology, or the innovative usage of technology. Asia Risk Transfer Solutions (ARTS) and Liberty Insurancewon the award. Crop Risk Expert System (CRES) launched in India recently, CRES is ARTS' flagship software system for Agriculture Risk and is now in use by one of the largest general insurance companies in India to provide Agriculture insurance to millions of farmers. Liberty Insurance created a digital workforce by implementing Robotics process automation to cater to repetitive mundane tasks. A solution which can be further scaled up by automating multiple repetitive transactions at different levels in the organisation.
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. IT & Innovation Team, PT Zurich Topas Lifeand Mohit Rochlani, IndiaFirst Life Insurance were the winners.PT Zurich Topas Life implemented a new digital sales tool called Zurich Pro designed to be used by agents to fulfil a number of functions to assist both the customer and the agent. IndiaFirst Life implemented the automating end-to-end sales process by building an Integrated Insurance Sales Platform
Best Newcomer Award
This award recognizes the best new player in the insurance technology field. The winner wasCAMS Insurance repository Services.CAMS Insurance repository Services’ iCARE is comprehensive solution developed exclusively for insurance Revenue Cycle management. iCARE is capable of on the go customization with a plug and play model capability.
Best Insurer: Technology
This award honors the insurer who has made the most progress in embracing technology across the organization. The winner was Cathay Life Insurance. Cathay Life Insurancecreates Interaction between people, analysis of internal/external customers' requirements (sales agents and policyholders) and innovative service - leading the industry to initiate intelligent mobile insurance service platform in Taiwan.
We look forward to more submission in 2017!