#AIRawards

Best of Asia's insurance industry honoured at 20th Asia Awards ceremony

Some 15 winners were saluted at the 20th Asia Insurance Industry Awards held in conjunction with the 28th East Asia Insurance Congress in Macau with the Fubon Group of Taipei sweeping both the two prestigious awards for Life Insurance Company of the Year and General Insurance Company of the Year. Taiwan took a third award with Corporate Risk Manager of the Year coming from Qisda Corporation.

Both India and Hong Kong also saw three winners each. The highest number of award winners came from several regional players based in Singapore including Broker, Reinsurance Broker, Life Reinsurer, and Educational Service Provider.

In this era of disruption innovation, Innovation of the Year Award went to MetLife Asia for its "Beautiful" to serve the underserved segment of women in the age group of 30 to 50.

The Personality of the Year went to Mr G Srinivasan of The New India Assurance Company, a true trail blazer and pioneer for his dedication and hands-on passion in being the key visualiser of the strategies and driver of his organisation's success. And the Lifetime Achievement Award was given to Mr Toshiaki Egashira who retired from the helm of the MS&AD Insurance Group after an illustrious 30 year career.

Mr Sivam Subramaniam, Editor-in-Chief, Asia Insurance Review, host of the Awards Gala Dinner attended by some 500 delegates, said: "The Awards carry their own ripple effects to raise the bars and the winners must now stand tall to be counted. They will be the leaders of the industry who determine the future of these awards."

He paid tribute to the role of the 30 Judges who executed their duties with diligence in the search for excellence. The Awards, held in high regard for its well defined criteria and transparent process, was audited by KPMG.

The annual Asia Insurance Industry Awards are the only regional awards in the region and hosted by Asia Insurance Review, the leading journal and strategic partner in the region's insurance industry.

Knowledge Advisor

Sponsors

Life Insurance Company of the Year

Fubon Life Insurance Co Ltd

For launching programmes which fill protection gaps for the elderly and those living in rural areas, as well as using technology efficiently to streamline the company’s processes for both agents and insureds while maintaining profitability and offering innovative investment products, Fubon Life is this year’s Life Insurance Company of the Year.

In 2015, Fubon Life was the leader in Taiwan market, making after-tax profits of NT$41.02 billion (US$1.24 billion) and an EPS of NT$7.16, a 16% growth y-o-y. It posted a new premium income of NT$205.3 billion, growing 7.5% y-o-y, and a total premium income of NT$474.4 billion. Its total asset value exceeded NT$3 trillion thanks to risk control and adequate investment allocation.

Fubon Life’s three distribution channels – bancassurance, tied agents, and brokers & others – helped it maintain a competitive edge in a low-margin environment. By March 2016, customers could access its bancassurance products through 80% of all banks in Taiwan via their more than 4,000 branches. Its first deferred-sales-charge-discretionaryinvestment bancassurance product raked in nearly NT$5.7 billion in three weeks after launch and NT$8.6 billion by end 2015. To improve the service efficiency for its bancassurance channel, its “Application Counter on the Cloud” enabled new customers to complete their policy applications in 10 minutes.

Fubon has also equipped tied agents with Cloud, online and mobile service capability, thereby optimising application and claims procedures and making full use of in-depth digitalisation.

It actively recruits talent, especially among the young – the average age of new agents in 2015 was 29.7. The total sales headcount reached 18,823, representing an industry-leading growth rate of 12.8%.

To address the lack of social security net for the elderly, Fubon Life introduced the “Four Major Retirement Accounts” product to fill this protection gap. The innovative product – which covers major injuries/diseases and chronic diseases, and long-term care with monthly payments and offers protection for policyholders’ different phases of life, especially in later stages – has met with good response. In 2015, its long-term care products enjoyed a 29.1% growth.

Further, Fubon Life has also addressed the issue of dementia among the aged through its “Caring Program for the Elderly with Dementia”, training 20,000 employees from over 400 of its business locations to be “guardian angels” for dementia patients and their families, and setting up a website to promote the awareness of elderly care.

To fill the wide insurance gap of the population in rural areas, Fubon Life introduced its “Beyond the Border Recruitment Program” which has established 77 business locations around the country to offer localised services, develop training courses on business expansion and recruit with a special focus on internal entrepreneurship. More than 2,000 agents have enrolled in the programme to expand the reach of Fubon’s services to remote townships and villages.

It also launched its “Good Neighbor” and “Charity Ambassador” programmes to support the physically/mentally challenged, minorities/children and elderly people via nearly 100 charity organisations in Taiwan.

Sponsor’s Profile

Reinsurance Group of America, Incorporated (RGA) is a global leader in the life reinsurance industry, with approximately US$3.0 trillion of life reinsurance in force. From its world headquarters in St. Louis, Missouri, USA and operations in 26 countries, RGA provides clients with expert solutions in individual life reinsurance, group reinsurance, health reinsurance, facultative underwriting, product development and financially motivated reinsurance.

After more than four decades of growth, RGA has become one of the world’s most highly respected reinsurers, recognised for expertise in risk assessment and capital management, its ability to develop innovative solutions, and its unwavering commitment to its clients.

www.rgare.com

Winners List

General Insurance Company of the Year

Fubon Insurance Co Ltd

Besides embracing technology to develop innovative digital solutions in insurance purchasing and claims handling, risk prevention and business interruption to meet customers’ needs, Fubon Insurance has also maintained profitability and rolled out several CSR initiatives, leading the market and setting professional standards for the industry.

Established in 1961, Fubon Insurance is Taiwan’s first privately owned general insurer. With an extensive network across the country, it has been the market leader for 34 consecutive years. The company’s gross written premium in 2015 reached NT$30.4 billion, a 4.1% y-o-y growth, compared to the 2.8% y-o-y growth of the overall Taiwan market. The company’s market share increased from 22.1% to 22.5%.

Working towards the goal of being the ultimate “risk consultant” rather than just a “product provider”, Fubon Insurance collaborated with RMS and BELFOR to provide a typhoon risk research and disaster recovery service using the latest technology to enhance risk prevention and mitigate business interruption. Launched in 2015, this holistic riskprevention system has proved to be beneficial for corporate clients in multiple successful cases and has become an invaluable unique competency which differentiated the company from its competitors.

In 2015, Fubon Insurance launched its secured e-policy service – incorporating the Fubon Insurance APP, a mobile claim APP and an instant message software M+ – which enable customers to purchase insurance directly through their mobile devices, and featuring almost fully automatic underwriting and instant messaging claims services. The service allows customers to view their policies 24/7 within minutes once the underwriting is completed and, at the same time, reduces waiting time and eliminates the need for hard copies of policies.

Besides putting this new service in place, Fubon Insurance also narrowed the protection gap for underserved minority groups by introducing microinsurance, aquaculture and agriculture insurance. These products were specifically developed for groups that traditionally were not able to obtain protection against weather and other unforeseeable risks. In addition, it collaborated with alpine associations, private rescue groups, and public agencies and developed an innovative mountaineering insurance.

Further, Fubon Insurance’s “Immediate Assistance” offers just-in-time on-site assistance when accidents occurred and speeds up the claim process. Since the project’s inception in May 2013, over 5,700 cases have been served, 60% of which were not insured with Fubon Insurance, and 70% of the cases happened during off-work hours. The project received positive PR feedback from the public, gained new customers and was awarded the “Innovation Award” at the Asia Insurance Technology Award in 2014.

Also, as part of its CSR efforts, Fubon Insurance intends to extend its claims service to auto insurance damage prevention education/knowledge expansion and provide free lectures on road safety and insurance.

In 2015, it was awarded the “Most Admired P&C Insurance Company” by a prestigious insurance magazine in Taiwan and received recognition from Financial Supervisory Commission with the “Exemplary Pay Increase Practice in the Insurance category” / “Outstanding Performance Award in Micro Insurance”.

Sponsor’s Profile

Based in Hong Kong at the heart of Asia Pacific, and authorised by the Office of the Commissioner of Insurance of Hong Kong (OCI), Peak Reinsurance Company Limited (Peak Re) was licensed in December 2012.

With a shareholder funds of USD716.9 million (as of 31 December 2015), Peak Re is committed to providing innovative and forward looking reinsurance services for our clients across Asia Pacific, EMEA and the Americas. Peak Re is one of the few locally established reinsurance companies in Asia-Pacific, underwriting both life & health and property & casualty reinsurance business. We offer treaty reinsurance services globally, tailor-making risk transfer and capital management solutions to best fit clients’ needs.

We understand that as the world economy globalises and grows, complex new risks emerge and hence, so do the needs for new risk and capital management solutions. We work hand-in-hand with our clients to offer meaningful reinsurance solutions that address specific market challenges in support of long-term growth.

Because we listen, we make decisions with speed and integrity, and we have the commitment and courage to deliver. Peak Re is backed by Fosun International Limited and the International Finance Corporation, which respectively invested 85.1% and 14.9% in the Company. The company is rated “A-” by A.M. Best.

To learn more about how Peak Re can help you achieve a better financial position and protection, please visit our website

www.peak-re.com

Winners List

Educational Service Provider of the Year

Singapore College of Insurance

SCI’s programmes cater to senior managers and support staff, attracting young talent to the industry with a high retention rate. Its qualifications are recognised by respected insurance and financial service training institutions, including CII and ANZIIF. In addition, its exchange programmes, many well-attended specialist workshops and ASEAN managerial schools meet the training needs of the Asian insurance industry.

Supported by the Monetary Authority of Singapore and the Singapore Workforce Development Agency to attract bright young talent into the insurance sector, the Singapore College of Insurance (SCI) launched its Insurance Management Associate Programme (iMAP) and Insurance Executive Assistant Programme (iEAP).

iMAP grooms future insurance leaders through a comprehensive and practical-oriented training programme, supporting their ACII studies. Since 2009, the programme and its predecessor have attracted 145 new entrants, 86% of whom are still in the industry.

iEAP is a five-month competency-based programme which trains diploma graduates or career-convertees for supportlevel roles in insurance.

To expose iMAP’s management associates (MAs) to a global insurance perspective, SCI initiated its International Exposure Programme (IEP), providing a reciprocal student exchange opportunity with Universite Paris-Dauphine (UPD). The programme enabled 18 UPD eMBA students, comprising senior executives, to visit Singapore for workshops, lectures and social events. In exchange, 23 MAs attended lectures at UPD, including study visits to London, Paris, and Niort, where they networked with the Lloyd’s Under-35 group.

To address the need for Singapore’s practitioners to strengthen their technical expertise, SCI has organised numerous highly successful specialist workshops under its Regional Routes (R2) programmes, engaging regionally based specialists and speakers from the UK and Europe to conduct programmes on areas like marine, business interruption, onshore and offshore energy, advance loss of profits, financial lines and aviation insurance. Attracting an average of 500 participants per year, these interactive and practical-focused workshops attract 40% of the delegates from Asia. SCI is also currently developing specialist courses in enterprise risk management and compliance.

Many of SCI’s qualifications are recognised by respected insurance and financial service training and education institutions, including The Chartered Insurance Institute, The Chartered Institute of Loss Adjusters and ANZIIF. The recognition comes in the form of “recognition of prior learning” credits, exemption in modules, and recognition of similar qualifications between two training institutions.

The SCI’s Diploma programmes have been benchmarked by The UK National Academic Recognition Information Centre (NARIC). SCI has been reappointed by the ASEAN Insurance Council as the Programme Manager for the ASEAN School for Young Insurance Managers Programme (AYIM) and ASEAN School of Advanced Insurance Leadership (SAIL).

AYIM’s biennial six-day programme targets young ASEAN insurance managers earmarked for management roles. Since its first intake in 2006, SCI has trained 443 young managers under the Programme.

SAIL is an extension to the successful AYIM, targeted at the alumni of the AYIM, senior management of insurance organisations in ASEAN, as well as high-potential managers identified for senior leadership positions. Since 2012, SCI has trained 78 senior managers of insurance organisations in ASEAN. To support Singapore government’s SkillsFuture programme, SCI has 98 programmes currently eligible for the SkillsFuture Credit scheme.

Sponsor’s Profile

Aon Benfield, a division of Aon plc, is the world’s leading reinsurance intermediary and full-service capital adviser. We empower our clients to better understand, manage and transfer risk through innovative solutions and personalised access to all forms of global reinsurance capital across treaty, facultative and capital markets. As a trusted advocate, we deliver local reach to the world’s markets, an unparalleled investment in innovative analytics, including catastrophe management, actuarial and rating agency advisory.

Through our professionals’ expertise and experience, we advise clients in making optimal capital choices that will empower results and improve operational effectiveness for their business. With more than 80 offices in 50 countries, our worldwide client base has access to the broadest portfolio of integrated capital solutions and services.

To learn how Aon Benfield helps empower results, visit our website

www.aonbenfield.com

Winners List

Innovation of the Year

MetLife Asia Ltd

MetLife Asia’s development of Beautiful for women aged 30-50 was original in terms of product features, financial and medical protection integration, value-added services, a unique customer concierge experience and an innovative social media launch. By targeting an underserved segment, it generated proven results in sales and profit figures and showed potential for its launch in other markets.

MetLife Asia (MetLife) launched Beautiful – an innovative insurance product – to respond to the needs of the fast-growing demographic of women aged 30 to 50, whose purchasing power and career paths are strong but who are underserved in terms of their financial, health and lifestyle needs because of traditional social values linked to women in Asia, especially in Japan and South Korea.

Beautiful aims to:

  • Strengthen MetLife’s brand image as a contemporary “health and lifestyle services company” with a unique, robust and highly tailored product;
  • Disrupt the industry status quo with a product specifically appealing to females aged 30 to 50, in turn boosting sales and revenue; and
  • Develop a greater understanding of the needs of the target segment with launches in Japan and Korea, paving the way for region-wide implementation of the product.

MetLife engaged global market research company Ipsos and concluded that:

  • Consumer segments with lower emotional stress value products that emphasised proactive enjoyment of life, whereas higher-emotional-stress segments value security;
  • Individuals, especially non-married ones, embrace valueadded services (VAS) that deliver value in everyday life, not just during times of crisis; and
  • Consumers are put off by overcomplicated or confusing products.

MetLife then developed a first-of-its-kind lifestyle-oriented services and health protection enabling women aged 30-50 to:

  • Live Beautifully – MetLife Club, diverse pampering options, including discounts on travel packages, fitness clubs, healthy meals, and relaxation programmes, including detox, yoga, and spa;
  • Live Healthy – Female health concierge service, comprehensive annual checkups, dental services, discounts on Fitbit wearables, and online beauty tips; and
  • Live Securely – Coverage for emergency and long-term needs, lump-sum support on diagnosis of female-specific cancers, home management care, booking for top doctors and critical illness care.

Beautiful was launched in June 2015 in Japan and in November 2015 in Korea with a greater focus on the needs of single women in Japan, but a stronger focus on women within the family unit in Korea, each having been identified as the more underserved segment respectively.

MetLife’s social media campaign prepared Beautiful for its Asia-wide launch, with its video receiving around 15 million views in China, Hong Kong and Malaysia in female critical illness products.

MetLife’s strategic launch in Japan and Korea has highlighted the market gains that can be made with a highly focused, customer service and VAS-oriented product in Asia.

Sponsor’s Profile

Manulife Financial Corporation is a leading international financial services group providing forward-thinking solutions to help people with their big financial decisions. We operate as John Hancock in the United States, and Manulife elsewhere. We provide financial advice, insurance and wealth and asset management solutions for individuals, groups and institutions. At the end of 2015, we had approximately 34,000 employees, 63,000 agents, and thousands of distribution partners, serving 20 million customers.

At the end of June 2016, we had $934 billion (US$718 billion) in assets under management and administration, and in the previous 12 months we made more than $25.4 billion in benefits, interest and other payments to our customers. Our principal operations are in Asia, Canada and the United States where we have served customers for more than 100 years. With our global headquarters in Toronto, Canada, we trade as ‘MFC’ on the Toronto, New York, and the Philippine stock exchanges and under ‘945’ in Hong Kong.

Twitter@ManulifeNews
www.manulife.com or www.johnhancock.com

Winners List

Service Provider of the Year

MDIndia Healthcare Services(TPA)Pvt Ltd

MDIndia, the TPA with the highest number of medical professionals on its payroll in India, has a wide breadth of services catering to all levels of society. It has set benchmarks in the standardisation of costing, treatment and protocols in health insurance in India and has the flexibility of scaling up projects within tight timeframes.

MDIndia Healthcare Services is a licensed third party administrator (TPA) formed in 2000, focusing on health insurance.

Its wide breadth of services is reflected in those defined by geographic area (185 satellite offices and 10 project offices across India); customers (all verticals and medical tourism); business partners (direct and indirect channels); payers (all levels of healthcare institutions); array of services (from SMART card enrollment to wellness management); and premium serviced (from $5 per annum to $1,000 per annum per life).

On the innovation front, MDIndia created a pilot project where negotiating for quality and cost optimisation with doctors has resulted in better retention of customers and acquiring of new business, especially in the corporate vertical. This is despite the situation where doctor-patient relationship is India is sacrosanct and second opinions are rare.

To address limitations of physical claim dockets which is difficult to manage, MDIndia has created its end-to-end paperless system Iatros – a user friendly, web-based system with wide accessibility, improving efficiency.

Call centres at MDIndia work 24X7X365, with dedicated lines for senior citizens, high-risk women and VIPs. The answer time is 20 seconds, and 800 team members, including doctors, answer questions in 15+ vernacular Indian languages. Call centres have empowered customers with better awareness, resulting in less than 5% repeat callers.

Its mobile App, HAWK, has been a success with more than 50,000 downloads in the last eight months.

To address the huge challenge of non-standardisation of costing, treatments and protocols in the local health insurance industry, MDIndia has launched a knowledge-processing body for the insurers to create adjudication guidelines with evidence-based medicine, creating transparency in claims management. It has 378 doctors, from graduates to super specialists on its services, who adjudicate claims and create standard treatment protocols for the industry. The guidelines have been accepted by many insurers throughout India as Best Practices. MDIndia is the TPA with the highest number of medical professionals on its payroll in the country.

To deal with non-standardisation in professional fees, MDIndia has created databases for frequent claims to bring about cost optimisation – something that has been used as an industry practice by PSUs.

Using its medical expertise, MDIndia has pioneered a thirdlevel opinion on high-ticket claims for overseas accidental claims and life claims.

MDIndia has the capability of scaling up and implementing projects in varying locations, contexts and cultures by a welldesigned operational team within tight timelines.

It has a training team of 14 members headed by a cardiologist to ensure quality and calibration. Many of its team members are visiting faculty members from leading MBA institutes like the IIMs, NIA and Symbiosis.

For FY 2016, its revenue was INR135.3 crores (US$20.2 million), up 23.9% y-o-y and total premiums serviced was INR2,632 crores, up 20.0% y-o-y; with 1.4 million policies serviced.

Sponsor’s Profile

After 25 years of dedicated service to the region’s insurance industry, Asia Insurance Review (AIR) is hailed as a “Force for Good”, a “Must-read market leader”, “the Voice of Asia”, and “the premier professional regional journal that brings you informative editorial on trends and developments in Asia”

AIR is the official media partner of leading industry events in Asia, including the East Asian Insurance Congress (EAIC), the Pacific Insurance Conference, and the Singapore International Reinsurance Conference (SIRC), while being the Permanent Observer of the ASEAN Insurance Congress.

www.asiainsurancereview.com

Winners List

Corporate Risk Manager of the Year

Mr Danny Lin, QISDA Corporation*

Mr Lin is instrumental in setting up BenQ’s ERM framework featuring high-level management’s involvement, a risk indicator linked to corporate KPI and business strategies, and a top-down and bottom-up approach to RM. Besides rolling out innovative systems to better RM in the company, Mr Lin is an advocate of RM to the industry.

Since Mr Lin became a Risk Manager at the BenQ Group (BenQ) in 2005, he has established an ERM framework – drafting a risk management (RM) policy, creating a RM Committee (RMC), assessing /controlling/ improving/ responding to key risks, structuring Business Continuity Management systems (BCMs), and promoting awareness by training. The current ERM framework is modified according to the standards of ISO31000, ANZ4360, and COSO.

In 2015, AU Optronics, formerly BenQ Solar, launched Taiwan’s first locally designed and integrated full-recycling system for process water, utilising recycling methods and high efficiency evaporation equipment process to reduce process water to zero liquid discharge, and transforming a water-shortage crisis into a commercial interest.

BenQ’s approach to RM is unique in that:

  • It is one of the first companies setting up ERM and RMC in Taiwan;
  • Its RMC reports directly to the Board of Directors – the highest level among peers;
  • Its Key Risk Indicator is linked with corporate KPI and business strategy plan;
  • BCMs are in place to mitigate the impact of significant risk events; and
  • It manages risks using top-down and bottom-up approaches.

To promote ERM to all levels of the organisation, BenQ tailored seminars for four levels of managers. As only qualified managers and potential promotion candidates are invited to the upper-level RM seminars, attendance confers prestige.

In innovation, Mr Lin designed a risk-alert system to monitor suppliers’ financial status which has since successfully alerted many cases and triggered BCP.

BenQ developed its Safety MINI mobile app for better monitoring, logging of inspection, notification, and access to information in real-time.

As BenQ is an electronics group, its many departments face unique risks. For upstream IC design house, the risks are mainly in IP; for LCD production, due to its capitalintensive nature, fab safety; for downstream assembling, cash conversion cycle and SCM; and for branding, accounts receivable collection and foreign exchanges.

To consolidate, BenQ compiled a master Risk Check List 99. The list encompasses corporate governance, strategy, business, production, SCM, and operation details. It assesses static/inherent risks, and forms a bottom-up risk assessment process which is reviewed semi-annually. A topdown process, which assesses dynamic risks by drawing information from future event tables, expert reports, and business plans, completes the RM process.

Mr Lin is a board member of PARIMA representing Taiwan. He is also the Chairperson in the Science Based Industrial Park Branch of RMST. He recently held two RM workshops for Taiwanese risk managers in the aviation, logistic, electronics, medical, and others industries to enormous positive feedback.

He also regularly lectures in universities to promote ERM theory to students and ERM practice to EMBA students. He is now in a PhD programme focusing on risk maturity and firm performance.

*QISDA Corporation was formerly known as BenQ

Sponsor’s Profile

At AIG, we provide the safety that gives companies and individuals the freedom to grow. We work to pinpoint risks and prevent them from becoming losses so our clients are free to create the future; we help our clients identify unseen risks—and stop accidents before they happen.

For nearly one hundred years, our organization has faced and managed complex risks; and provided the risk expertise and financial strength that empowers 90 million clients in more than 100 countries. Today, our organization is evolving to better meet our clients’ needs.

We’re simplifying our structure so that we work more closely with clients, provide greater transparency, and deliver value faster and more efficiently. As One AIG, we’re becoming leaner, more focused, and more profitable. We recognize the constant need for change, and we’re up to the challenge.

www.aig.com

Winners List

Broker of the Year

Marsh Asia

Besides providing insightful and industry-leading reports covering the whole gamut of insurance fields and risk management, Marsh’s cutting-edge technology tools give clients value-add solutions and unique perspectives on risk. Grounded in sound financial management, it has sought to serve the local markets it operates in.

Over the past year, Marsh’s over 30 publications covered a wide range of topics, including geopolitical risk, terrorism, insurance regulations and taxation, transactional risks, health benefit costs, M&A, power and utilities, captives, drones, employee benefits, business resilience, business interruption, work injury compensation, cyber risk and energy.

In particular, its annual Asia Insurance Market Report and Global Insurance Market Quarterly Briefing are eagerly sought after by clients.

Its other publications provide timely risk and marketchange alerts pertaining to breaking news events, including the Tianjin Port explosion, the Southeast Asian regional haze crisis, and the Paris terrorist attacks.

Marsh was also the Strategic Partner for the World Economic Forum’s Global Risks Report, co-authoring the publication that is widely recognised as one of the world’s leading publications on how global risks could evolve in the next decade.

Besides cutting-edge publications, Marsh’s ClearSight is the industry’s first integrated platform that brings together datadriven workflow applications, analytics and collaboration tools to help clients understand their total cost of risk throughout the risk lifecycle. The Cloud-based platform, which includes third-party tools and data and features real-time data and analytics from anywhere, on any device, redefines the traditional risk management information systems.

Clients can also get an economic cost of risk, assessment of their risk tolerance vis-a-vis their capital positions and advice on risk financing or risk-mitigation investments via the Marsh Analytics Platform (MAP) which gives an informed view of future loss potential across industry, size, geography and product, using loss modelling and analyses of financials.

Marsh is also the only broker to partner with Lloyd’s to introduce clients to the Lloyd’s City Risk Index – a tool that enables clients to view risks through empirical lenses, providing an authoritative measurement of individual risks in terms of potential economic impact.

Marsh’s 2015 revenue of $5.7 billion reflects a 3% increase on an underlying basis and a 3% increase from acquisitions, offset by a 7% decrease resulting from the impact of foreign currency translation. The underlying revenue increase ref lects growth in all major geographies. International operations had underlying revenue growth of 3%, including 2% in Asia Pacific. The company maintains a diversification policy for cash and cash equivalent investments, and places its investments in a large number of high-quality financial institutions to mitigate credit risk. Concentrations of credit risk with respect to receivables are generally limited due to the large number of clients and markets across many geographic areas in which the company does business.

In 2015, Marsh acquired Korean-based insurance broker SIS Co Ltd to provide enhanced services to clients in Korea using the latter’s strong local knowledge and connections. In addition, to address the needs of the growing number of clients expanding or considering expanding their operations to Myanmar, Marsh established a representative office in Yangon.

Sponsor’s Profile

Tokio Marine Insurance Group

More than 130 years ago, we were established as the first insurance company in Japan. Our network now spans 483 cities in 38 countries, and we have never lost sight of conducting business with integrity, passion and quality.

Doing good and being good mean that profits are not the be all and end all of our existence, but a natural progression of doing the best for customers, employees and society. Working to be a Good Company brings us together as a united global insurance group.

We are a leading multinational insurer with presence in all the major regional markets with a broad distribution strategy utilising broker, agency, bank and direct channels. The trusted Tokio Marine brand is one of our most valuable assets. Tokio Marine is a highly customer-centric organisation and we pride ourselves in putting the customer at the heart of everything we do.

Tokio Marine in Asia

Tokio Marine Asia Pte Ltd is the regional headquarters, an intermediate holding company of Tokio Marine Group and a sister company of Tokio Marine and Nichido Fire Insurance Co Ltd (Japan).

We oversee 13 group companies within Asia-Pacific – in Singapore, Malaysia, Indonesia, Thailand, Philippines, Vietnam, India and Australia. This includes 8 general insurance companies and 5 life insurance companies, employing 7000 employees across the region.

In our commitment to expand the insurance business in the region, Tokio Marine Asia is proud to exclusively sponsor the “Broker of the Year” category for the 14th consecutive year at the 2016 Asia Insurance Industry Awards.

www.tokiomarineasia.com

Winners List

Reinsurance Broker of the Year

Aon Benfield

Aon Benfield has brought value-add to clients via its innovative modelling platforms, especially in catastrophes. It has shown itself to be an industry thought leader via its many reports and conferences on relevant industry developments, and it continues to serve local markets through internship and other programmes, while showing professionalism and transparency in business, and showing sound financial management.

Aon Benfield oversees the placement of more than $5 billion of reinsurance premium into the Asia Pacific annually. It brings the full range of treaty, facultative, analytical and execution capabilities to Asia Pacific clients, including the specialist solutions of its investment banking group, Aon Securities, and consultancy arm Aon Inpoint, and offers groundbreaking data analysis under its Re/View, Market Analysis, and Broker Insights platforms, designed to promote clients’ business growth and highlight strategic opportunities.

In addition, Aon Benfield’s modelling platforms bring valueadd to clients, including its flagship ImpactOnDemand, Impact Forecasting’s ELEMENTS catastrophe modelling platform, new probabilistic catastrophe models relating to f loods, earthquakes and typhoons in Asia Pacific, and its ReMetrica dynamic financial analysis platform for (re)insurers writing inwards business.

In thought leadership, Aon Benfield publishes more than 80 reports annually, addressing key industry considerations and challenges, including those of Asia Pacific. It is also committed to education through its conferences and seminars, including its Analytics Seminars in Australia and China, conferences on hazards, impact forecasting, and risk and capital modelling. Its Impact Forecasting team has published reports on damage reconnaissance surveys following the Nepal earthquake and the Chennai floods both in 2015.

In response to the changing risk landscape, it is developing services for risks such as cyber. It also leverages global best practice and scale in its ABConnect Placements, Broker Insights, and CATMetrica platforms in the Asia Pacific.

Aon Benfield’s “Client Promise” methodology ensures consistency in client relationships in the broader Aon network, while its “Global Transparency on Reinsurer Relationships” offers transparency in business operations with robust TOBAs and SLAs put in place at the inception of a client’s programme.

To serve local markets, it has launched initiatives such as the Aon Internship Programme and SPRINT Programme in Singapore. In Australia, it has helped the financial services sectors better understand catastrophe risks, while in China, it has provided insights to the new C-ROSS regulatory regime. In Japan, it has developed an earthquake top-up insurance product as the current market cover does not provide full indemnity coverage.

Aon Benfield’s Asia Pacific team has continued to show business growth over the past 12 months, in part through the provision of new services to clients beyond the firm’s traditional placement capabilities. These services have included Realistic Disaster Scenarios, pricing/ underwriting support, Economic Capital Modelling advisory and support, and customised research projects. It has also increased its focus on providing regulatory assistance to clients.

Aon Benfield is very active in supporting the growth of the industry in the region through its knowledge-exchange initiatives, engagement with government, regulatory and industry bodies (such as APRA in Australia), and in its advisory capacity on initiatives such as NatCatDAX. It also participates in numerous industry committees.

Sponsor’s Profile

The Toa Reinsurance Company, Limited (Toa Re), after celebrating its 75th anniversary in October 2015, has been taking steps to further contribute to the insurance industry.

With the insurance industry evolving and clients’ needs expanding, Toa Re has been providing diverse lines of both life and non-life reinsurance products to its clients all over the world as Japan’s primary professional reinsurer.

Toa Re has successfully developed its business and maintains a strong market position in Asia through three branches in Singapore, Kuala Lumpur and Hong Kong, and a representative office in Taipei.

The company has also built its overseas network which includes subsidiaries in the US and Switzerland. Taking its cue from its head office in Tokyo, the whole Toa Re group, has been contributing to insurance and reinsurance markets worldwide.

In acknowledgement of its outstanding financial profile, Toa Re has been assigned credit ratings of “A+” by Standard & Poor’s, ”A+(Superior)” by A.M. Best and “AA+” by the Japan Credit Rating Agency, Ltd., which enables Toa Re to be a longterm and stable provider of quality reinsurance products and services.

www.toare.co.jp

Winners List

General Reinsurer of the Year

Munich Re

With over 125 years of experience in Asia, Munich Re is a market leader in risk modelling and published research. Besides its traditional offerings in Nat-CAT and large-risks products and services, it has launched many new initiatives and products in Asia, especially those relating to the digital world. It also supports innovative fin-tech and ins-tech start-ups with knowhow, product ideas and capital relief, while actively engaging in dialogue with authorities.

Munich Re provides traditional and alternative reinsurance solutions like capital relief, portfolio optimisation or ERM, as well as innovative solutions (incremental and disruptive) ranging from product development, white labelling, data analytics and embedded insurance to automated or auction platforms.

It is a market leader in developing many risk models for natural catastrophes (Nat CATs) in Asia. Its Natural Hazards Assessment Network shows location-based risks, including locations of business parks, CRESTA zones and historical events.

Besides its large-scale research project “Expect the Unexpected”, its other publications look at liability and the future of autonomous vehicles, risks from drones, digitalisation, 3D-printed prosthetics, BI and shorter product cycles, the safety of smart homes, heavy machinery, Big Data, reputational risks and marine losses.

In product development, it has created a solution for chemical companies in response to the South Korea’s new mandatory corporate environmental pollution liability insurance, and is now the leading reinsurer of this new segment. Supporting China’s efforts to improve energy efficiency and reduce carbon dioxide emissions, it launched its energy efficiency insurance, benefitting energy service companies, building owners and investors. It provides solutions to large single-risk engineering covers for Korean and Chinese projects abroad and services to Japanese clients during M&A. It also developed non-life solutions to mitigate economic losses caused by pandemics.

To meet changing needs, its new apps for clients in China enable insureds to invite family members and friends via social media to contribute premiums and/or to help negotiate the price.

It opened The Lab Beijing, an innovation and co-creation hub for Greater China. Realised innovations include predictive modelling of non-life exposures and co-created apps with clients to open new distribution channels.

For Hong Kong and Taiwanese clients, Munich Re developed telematics services (UBI), including apps (a first in the market). It reinsures the first driverless vehicles in Australia and is a supporting partner of the Australian Driverless Vehicle Initiative. New motor products improved portfolios via telematics, new distribution channels, Big Data and analytics.

Its new unit Digital Partners enables innovators (disruptors) to create more client-centric solutions and distribution channels in a digital world.

Its expanded consulting services in Asia include a local cyber product with global research for small businesses in Southeast Asia and large corporations in Korea.

It is an active leader in the Australian Business Roundtable for Disaster Resilience and Safer Communities, which released two white papers in 2015 and lobbied the government to strengthen Nat-CAT resilience.

Munich Re has strong financials even during financial crises or after large Nat CATs. Its deep commitment to China was underscored by a substantial capital injection, strengthening the capital base of its Beijing branch. With Capital Partners, it has strengthened its solvency needs in APAC.

Sponsor’s Profile

For over 100 years, MSIG has been a leading general insurer in Asia, with a commitment to service excellence and innovation.

In expanding its strength and reach, MSIG was granted an underwriting license to operate in the Thilawa SEZ, in Myanmar in 2015. In that same year, MSIG Insurance (Malaysia) was also awarded “General Insurance Company of the Year”. This industry recognition has further motivated its 4,500 employees in the region to continue their focus on being a trusted insurance partner to customers and intermediaries during both good and challenging times.

Supported by its multi-channel distribution, strong partnerships with intermediaries, in-depth underwriting expertise and extensive geographical network, MSIG offers a wide range of insurance solutions across personal and commercial lines, and strives to add value to the business and lifestyle of its customers through “Going Above and Beyond” which is embedded in the company’s DNA.

www.msig-asia.com

Winners List

Life Reinsurer of the Year

SCOR Global Life

SCOR Global Life demonstrated its commitment to clients through a holistic partnership approach, innovative and attractive covers meeting customers’ complex and underserved needs, comprehensive end-to-end distribution solutions, investment in research freely available to the public, thereby leading the industry in its field of business.

SCOR is a global group operating in over 120 countries and its life division ranks among the top-five life reinsurers globally. It has a financial strength rating of AA- from both S&P and Fitch.

SCOR Global Life (SCOR) is committed to providing clients with value-added solutions that grow their businesses for the long term. Through a partnership approach, SCOR offered a holistic service – involving insurance process, product design, pricing, underwriting and claims – enabling a new business, Partners Life, to grow from scratch in 2011 to become the second-largest life insurance company in New Zealand.

Providing new covers for challenging risks but also are attractive to consumers is an essential component of SCOR’s value-added service. SCOR successfully launched an affordable dental product with attractive benefits in Korea which has experienced GWP growth of well over 100% per year since introducing it in 2012. With plastic surgery being extremely popular in Korea, SCOR launched its innovative facial cover. Further, in partnership, it launched its Korean Traditional Medicine cover – a product which addressed serious diseases such as cancer, stroke and other injuries such as fracture, filling a critical insurance gap and meeting consumers’ needs.

The various complications associated with diabetes make it difficult and complex to develop successful insurance solutions. Diabetics are often unable to get insurance and where products are offered, companies often suffer from low profitability through poor product design resulting in withdrawal. In response, SCOR provided expertise and support, and was able to co-develop a profitable diabetic cover in Southeast Asia based on sound pricing and underwriting, benefitting society at large.

Beyond just products, SCOR offers a full suite of customised distribution services from financing, expertise and thought leadership, to the full execution of marketing campaigns. Its distribution service integrates contemporary digital techniques with traditional direct marketing and telemarketing to meet consumers’ demand for financial security at all life stages and for diverse lifestyles, and includes: mobile apps and chat solutions for clients; data analytics to ensure clients use their marketing budgets efficiently; and policy administration which typically meant solutions can be implemented and integrated into existing environments within three months.

Despite the rapid and dynamic growth of the Asia Pacific, there is often very little insurance-related research done that is specific to the region. Therefore, SCOR has partnered with the Nanyang Technological University as a founding sponsor of the Insurance Risk and Finance Research Centre, committing S$2.5 million over five years. As a service to the industry and society at large, all papers published by centre are publicly available.

SCOR’s support in research also extends to other similar global partnerships to help insurers better develop risk management solutions.

Sponsor’s Profile

Muang Thai Life Assurance Public Company Limited is one of the leading life insurance companies in Thailand known for its strength and security. The Company’s creativity in life insurance product innovations cover all aspects including protection plans, endowment plans and retirement plans.

Adhering to its “Customer Centric” core value, it is committed to delivering professional and excellent services through multi distribution channel to meet the needs of every customer group.

Muang Thai Life Assurance has set a goal to become a Digital Insurer by utilising digital systems to support all business processes, and to adapt to the rapid changes of consumer behavior in line with the Company’s core value.

It also emphasises CSR projects promoting education of youth, social and environmental quality, and cultural and religious aspects.

The Company has received Insurer Financial Strength (IFS) ratings by Fitch Ratings at BBB+ and AAA (tha), outlook stable (as of 27 July 2016); and by S&P Global Ratings at BBB+ and axA+ (Asean), outlook stable (as of 29 November 2015).

It has also received awards from prestigious institutions such as the Life Insurance Company of the Year 2014 from Asia Insurance Review and the Life Insurance Company with Outstanding Management 1st Place Award for 10 consecutive years (2006-2015), which has led to the company to receive three Honorary Awards for the Life Insurance Company with Outstanding Management (2008, 2011, 2015), as well as the award for Outstanding Promotion of Micro Insurance for three consecutive years (2013-2015) from the Office of Insurance Commission.

www.muangthai.co.th

Winners List

Corporate Social Responsibility Award

Tata AIG General Insurance Company Ltd

Contributing substantial resources and manhours, Tata AIG’s commitment to corporate social responsibility has improved the lives of the underpriviledged in important areas such as health, sanitation, education, disaster relief and environmental sustainability. It has also inculcated a pervasive culture of volunteering within the company, while advancing worthy causes like the bone marrow registry in India.

For the employees of Tata AIG, corporate social responsibility (CSR) has become a way of life. For 2015- 16, the company focused on health, sanitation, education, disaster relief, sustainability and volunteering, successfully implementing initiatives that improved the lives of various communities, including:

  1. Collaborating with Tata Trust and other local NGOs in adopting and developing a village called Kuran in south Rajasthan. Spanning the next three years and costing INR2 crore (US$299,370), the project will cover immunisation, improved nutrition, sanitation, education, water conservation, irrigation and cultivation, leading to improvement in financial income and the creation of selfhelp groups.
  2. Partnering FINISH to create 176 toilets and five wash stations in five schools in the Karela Village of Bharuch district of Gujarat which had almost no sanitation facilities. Existing toilets in the same schools were also repaired. The project, costing INR32 lakhs (US$47,900), took one year to complete and all toilets and wash stations are fully functional. Children’s attendance at the schools has improved as a result of improved hygiene. Both the teaching staff and students are now educating others to make use of the sanitation facilities.
  3. Providing relief to people the affected by the Chennai flood by having 15 employees engaged in the relief work, shipping immediate relief materials like biscuits, glucose packets, tarpaulins, rice and cereals to victims. 249 employees also donated a single day’s worth of salary to contribute to the relief fund. Tata AIG’s CSR fund added an additional INR20 lakhs to the corpus, bringing the total to INR27 lakhs.
  4. Working with Nanhi Kali on a regular basis in providing education to 1,000 young girls. In addition, 200 employees have also sponsored the education for over 250 girls in their personal capacities. The results of the initiative, costing INR36.3 lakhs, has been extremely positive with improved school attendance and academic scores.
  5. Working with ASPIRE to improve the education levels of 10 municipal schools in Delhi for 1,200 students from classes II to V. The programme, costing INR58 lakhs, employs 18 full-time teachers. A Resource Development Centre was established where teachers can upgrade their skills. The children’s results have drastically improved, while the skills of 45 existing teachers were upgraded.
  6. Improving the efficiency of the Tata Medical Centre by contributing two important pieces of medical equipment and donating INR75 lakhs to expand the Centre’s bed capacity to cater to underprivileged patients.
  7. Partnering the Marrow Density Registry India to expand its bone marrow donors’ registry and contributing INR20 lakhs for conducting tests for 200 samples.
  8. Organising the Tata Volunteering Week where nearly 600 employees took part in 30 activities contributing over 1,000 manhours spread over a month.

Sponsor’s Profile

The Swiss Re Group is a leading wholesale provider of reinsurance, insurance and other insurance-based forms of risk transfer. Dealing direct and working through brokers, its global client base consists of insurance companies, mid-to-largesized corporations and public sector clients. From standard products to tailor-made coverage across all lines of business, Swiss Re deploys its capital strength, expertise and innovation power to enable the risk-taking upon which enterprise and progress in society depend. Founded in Zurich, Switzerland, in 1863, Swiss Re serves clients through a network of around 70 offices globally and is rated “AA-” by Standard & Poor’s, “Aa3” by Moody’s and “A+” by A.M. Best. Registered shares in the Swiss Re Group holding company, Swiss Re Ltd, are listed in accordance with the International Reporting Standard on the SIX Swiss Exchange and trade under the symbol SREN.

In Asia-Pacific, Swiss Re has been partnering with Asian clients since the early 1900s, joining local skills and expertise with global resources, and maintaining a depth of local knowledge yet benefitting naturally from a global perspective. The company began operations in Asia-Pacific in 1956. Swiss Re has over 1,500 employees in Asia-Pacific, and our reinsurance offices are located in Sydney, Beijing, Shanghai, Hong Kong, Tokyo, Seoul, Singapore, Kuala Lumpur, Mumbai and Bangalore, where we operate a global business processing office.

Twitter@SwissRe

www.swissre.com

Winners List

Technology Initiative of the Year

EAB Systems Limited

The client-centric 121 System developed by EAB Systems combines a shared engine among different platforms with native user interfaces, guaranteeing optimal user experience and performance. Its value-add include client and sales-activity management features and easy-to-use configurators, maximising efficiency and productivity, and reducing the time to close sales, while complying with regulatory requirements.

EAB Systems’ flagship product 121 System is a point-of-sale and automation suite catered to life agents.

The client-centric 121 System automates and streamlines the entire sales process with an electronic straight-through process, pre-sales tools and post-sales activity management.

The System operates natively on iOS and Android and also supports a wide range of web browsers. While the user interface is specific to each platform, the products, rules and validations, forms and resources used in the apps are shared among the different platforms. As a result, navigating through the System is simple and intuitive regardless of which mobile device agents are using, providing them with the best experience that only native apps can deliver, while significantly reducing the effort required to support multiple platforms.

The applications also have an offline capability so agents can sell even when there is no internet connectivity. An automatic two-way synchronisation enables agents to access the most up-to-date products and data anytime, anywhere.

In terms of client management, the System captures client information once and populates other fields requiring the same information, eliminating redundant information entry. Agents can also initiate policy changes, such as updating their client’s details, and stay on top of clients’ applications and policies via underwriting and servicing notifications.

The System’s straight-through process takes client from financial needs analysis, generating of quotations and proposals in real-time and illustrating the benefits of a policy to clients, to enabling clients to complete, sign and submit applications electronically, while ensuring compliance with regulatory requirements.

The System has a built-in customer relationship management feature for agents to manage day-to-day activities, cross-sell and upsell and monitor targets and progress. It also has campaigns and sales funnel management to improve an agent’s close rate, as well as a sales dashboard for performance and productivity monitoring.

The System’s admin and configurators, which are easy to use, allow insurers to modify existing or set up new products by defining parameters, rules, validations, formulae, rates and PDF templates for the generation of quotations, proposal and benefit illustrations.

The key benefits of adopting the System include:

  • Going paperless for the company;
  • Shortening the time to close sales;
  • Compliance with regulatory requirements;
  • Ability to do business anytime, anywhere through offline access;
  • Reduction in IT support and maintenance costs; and
  • Accelerated product launch.

 

Customers currently using the System include AXA, Prudential, Ageas, AIA, Chubb, Standard Life and Sun Life Financial.

The System has won awards including: the Silver Award at the Hong Kong ICT Awards 2016: Best FinTech (Banking and Insurance); the Celent Model Insurer Asia Award in 2015 for Best Practices in Mobile Technology; and the Technology Provider of the Year award at the Asia Trusted Life Agents & Advisers Awards 2016.

Sponsor’s Profile

KPMG is a global network of professional services firms providing Audit, Tax and Advisory services. We operate in 155 countries and have 174,000 people working in member firms around the world. KPMG has a dedicated insurance team that brings together experienced individuals who offer insightful and practical business advice based on their international and local experience of serving leading insurers both in China, the region and globally. Their practical experience combined with their knowledge of industry trends means they are well placed to add value to client business.

KPMG was the first international firm to be granted a foreign joint venture license in China in 1992. We are also the first Big Four accounting firm in mainland China to convert from joint venture to a special general partnership, as of 1 August 2012. As China businesses join the global economy and international companies seek to enter the China market, KPMG’s blend of international experience and local knowledge makes us well-positioned to serve our clients in this increasingly complex, but exciting market.

www.kpmg.com/insurancereinvented

Winners List

Employer of the Year

RGA

RGA’s HR policies of providing quality training programmes for its staff from new hires to top leadership levels, proactive interactive career management, promotion of an inclusive culture, strong support of employees’ pursuit of professional certification, provision of change management strategies and cross-cultural experiences, has led to a high staff retention in the company.

RGA is a leader in the global life reinsurance industry with $3.1 trillion of life reinsurance in force and assets of $52.2 billion. The company has offices in 26 countries, including China, Hong Kong, India, Japan, Malaysia, Singapore, South Korea, and Taiwan, which employed 327 individuals at 31 December 2015.

For its higher management, RGA has developed a set of three programmes to train its leaders – front-line managers, senior leaders, and top-level executives – at the three stages of their careers. The programmes progressively build on the learnings of the previous level. In addition, RGA’s New Graduate Development Program aims to turn new graduates into insurance professionals, grooming them as future leaders.

RGA increased its workforce by 13% this year*, supported by a full-time Director of Actuarial Development dedicated to build an actuarial curriculum with a special focus on new hires. New hires start their training with the online Reinsurance Fundamentals course which they can learn at their own pace. Employees across Asia took 46 classes, covering 17 of the 18 courses developed by the Harvard Business School.

For those below the manager level, the Individual Contributor Learning Curriculum trains individuals to communicate more effectively and enhance their relationshipbuilding and influencing skills.

Approximately 17% of the workforce in Asia received promotions this year.

Sessions of “Career Conversations at RGA” were held in Hong Kong and Tokyo to empower employees to proactively manage their careers and were attended by 36% of employees.

RGA also provided employees with options for crosscultural experiences and 11 employees made inter-office moves within Asia under this scheme.

RGA’s Insights Discovery programme helps individuals better understand their personal interaction preferences, improve team dynamics, engage in meaningful discussions with co-workers, and create and manage an inclusive culture. In Asia, 184 employees completed the Insights programme this year.

RGA’s Leadership Development Programs specifically address change management. One of the 18 online Harvard classes is devoted to change management to help staff from all levels understand how to manage change from beginning to end. Also, RGA has hired a Director of Change Management and already employs experts in technology, process and organisation change management.

RGA has a long history of supporting staff gain certifications through LOMA, LIMRA and other organisations by providing time off and financial support to those pursuing actuarial and other professional certifications. It also sends employees to seminars and events such as the Pacific Insurance Conference. Nine employees in Asia earned LOMA certifications this year. RGA reimburses employees for fees related to professional organisations.

RGA Asia’s strong 89% retention rate ref lects the company’s deep commitment to its comprehensive People strategy – one that seeks to attract, develop, motivate and retain the top talent in Asia.

*“this year” refers to the award timeframe

Sponsor’s Profile

Middle East Insurance Review (MEIR), the regional insurance publication for the MENA insurance market, has served the MENA insurance industry with strength, vigour and loyalty for a decade now. We continue to be a strong strategic partner and key part of the MENA marketplace. Our leading edge has been tested and proven and our track record remains undefeated. As we enter into our second decade, MEIR remains the trusted source of reliable and up-to-date news on both the conventional and takaful fronts, and is the official media partner at major industry events such as GAIF and FAIR

MEIR is also proud to help raise standards of professionalism within the MENA region with our Middle East Insurance Industry Awards (MIIA), now in its third year. In addition, MEIR also manages the secretariat services of the prestigious and exclusive MENA Insurance CEO Club (MICC) as well as is the host of top-notch events, including the Dubai Rendezvous and the Middle East Healthcare Insurance Conference, and publishes eDaily online newsletters.

www.meinsurancereview.com

Winners List

Personality of the Year

Mr G Srinivasan, Chairman cum Managing Director, The New India Assurance Company Limited

For his dedication and hands-on passion in being the key visualiser of the strategies and driver of New India Assurance Company’s success in the India and being the most sought-after ideas man and advisor in the general insurance market, Mr G Srinivasan has been named Personality of the Year.

Mr Srinivasan has been scoring several firsts in the Indian insurance market even before being appointed the youngest PSU CEO. But as CEO of New India Assurance since October 2012, he has been standing tall as the man who dramatically turned the company around with his handson involvement in all aspects of the operations, including stunning results in growth and profitability across all lines.

Going beyond the company, he has served as the Chairman of General Insurance Public Sector Association (GIPSA) for two terms and has been the Chairman of the restructured General Insurance Council, while making several initiatives to streamline the relations between the IRDAI, the government and also the industry.

He serves in many government committees within India as well as within the IRDAI.

He is also active with the Insurance Cells and Divisions of several trade and industry bodies like CII, ASSOCHAM and FICCI.

Mr Srinivasan has won many accolades from various organisations in the market and has been an active lobbyist for the good of the industry. With his articulated vision of success in insurance, he is often invited as a speaker at insurance events in India and overseas.

During the period under review, New India Assurance’s Chairman cum Managing Director has been the key visualiser of the company’s 20-Point programme with dynamic strategies and fixed targets which he personally drove across all segments of the company, while clearly communicating the goals to all Divisional Managers personally.

Mr Srinivasan is credited with having turned New India Assurance around as a profitable power house in India. It has won several accolades and awards too, including Best Health insurer and for consistent performance in financial sector. Today with New India Assurance having crossed INR 28,000 crore (US$ 4.2 billion, including fair value change account) mark in shareholders’ funds, he has established the company’s market leadership with aplomb and supremacy in financials.

With his belief that through a career in insurance, people make a difference and serve society, Mr Srinivasan has been actively trying to attract the intelligent, confident tech-savvy, GenY into the business. And to those in the business, he urges them to “keep constantly up-to-date”.

He cherishes the challenges and joy of meeting a variety of people, understanding different businesses, coming to the assistance of people in dire need and helping many rebuild their lives when the chips are down.

Sponsor’s Profile

ReMark provides end-to-end marketing, product, technology and financing solutions to banks, insurers and affinity groups. Since 1984, our operational experience in over 40 countries and 21 languages has earned us global leadership status in the direct distribution of insurance products. Our worldwide team – marketing specialists, actuaries, campaign and channel managers – works with one focus: maximum value creation for partners and clients. Together, we design and execute direct marketing programmes to establish and drive brand loyalty, increasing the lifetime value and profitability of each customer.

To date, our achievements include:

  • 48,000 programmes implemented with over 200 premier financial institutions;
  • 9 million policies written worldwide generating business value in excess of EUR1 billion;
  • 510 million customers reached via multiple channels, including mail, telephone, email, internet, DRTV;
  • Multi-domain marketing experience, including bancassurance, life and non-life policyholders, takaful banking and insurance, and affinity partnerships.

Our philosophy is simple: we only win if you win. So we work with you to design a financial model that best meets your needs and objectives – structuring true partnerships that share the financial risks and rewards. Whether acquiring or retaining customers, generating leads or cross-selling to your customer base, we can help you maximise your return on investment.

www.remarkgroup.com

Winners List

Lifetime Achievement Award

Mr Toshiaki Egashira

Mr Egashira’s philosophy of putting quality and customers before scale permeated his illustrious 30-year career. An astute businessman who oversaw the mergers which eventually formed Mitsui Sumitomo Insurance and the MS&AD Insurance Group and their subsequent global expansion, he also worked to promote high-level bilateral and multilateral relationships among countries in Asia Pacific and advocated cross-border sharing of knowledge and expertise.

When Mr Egashira was entrusted to lead Mitsui Sumitomo Insurance (MSI – the core non-life insurance entity of MS&AD) in 2006, he had to transform a domestic-centric MSI into a global insurance powerhouse. Choosing the strategy of “quality” for sustainable competitiveness and growth over the then common practice of growing premium income and market share by “scale”, he revamped operational practices and systems; strengthened corporate governance, claims payment administration, product development, policyholder protection and benefits, legal compliance and other control systems, gaining trust from policyholders and stakeholders.

Additionally his “customer-centricity” policy was implemented in measureable steps, especially by frontline and operational staff, translating high-level strategies into actionable plans, eventually boosting staff morale and customer satisfaction.

In 2010, Mr Egashira oversaw the integration of MSI, Aioi Insurance and Nissay Dowa General Insurance into the MS&AD Insurance Group, making the Group one of the world’s top-10 largest non-life insurance groups.

A few years earlier, he had completed the integration of both Aviva’s non-life business in Asia and Taiwan’s Mingtai Fire & Marine Insurance into MSI’s operations.

Foreseeing how Amlin – a leading player in the Lloyd’s and reinsurance markets – would complement MS&AD’s business in Asia, the Group acquired Amlin plc in early 2016 under Mr Egashira’s watch.

Besides consolidating the merged entities by implementing massive restructuring to reduce management costs, improve effectiveness and governance, increase overall profitability and accelerate growth, Mr Egashira also expanded the Group’s presence outside Japan. It now has 11 bases in mainland China, a subsidiary in Laos and strategic alliances in Malaysia, Spain, Italy and Indonesia. In 2015, MS&AD received one of three underwriting licences issued to foreign insurers in Myanmar.

In 2011, the Group’s commitment to quality was greatly tested by the Great Japan Earthquake and the Thailand Floods. In response, experts from the Group’s operations in neighbouring countries flew in to expedite claims from affected customers. The quick response of MS&AD staff earned public admiration, appreciation from customers, and even recognition from the Thai government.

As Co-Chairman of the Japanese Business Federation, Mr Egashira worked with related committees to promote bilateral and multilateral relationships in the Asia Pacific region. He served as the Chairman of the General Insurance Association of Japan from 2007 to 2008, working to improve claims procedures. He was also a member of The Geneva Association from 2006 to 2015, contributing to the global insurance industry.

An advocate of the sharing of knowledge and expertise, Mr Egashira directed MS&AD and MSIG to train staff of supervisory authorities and insurers from Asia for many years. Under his leadership, the Group won “General Insurance Company of the Year” award at the Asia Insurance Industry Awards twice – once for MS&AD in 2011 and another for its subsidiary MSIG Malaysia in 2015.

Sponsor’s Profile

QBE Asia Pacific is part of the Emerging Markets Division of QBE Insurance Group, one of the top 20 insurers and reinsurers worldwide. QBE Emerging Markets Division has a presence in 23 markets in Asia Pacific and Latin America.

QBE has a history of more than one century in Asia Pacific. Over the years, QBE Asia Pacific has developed a wealth of local knowledge and expertise in each of its operating markets in the region. It has also built very strong partnerships with professional insurance intermediaries. These give QBE Asia Pacific unparalleled advantages in understanding the environments in which its customers operate and the specific risks they face.

QBE believes Asia Pacific will play an even more important role in the future expansion of the Group, recognising the region as a growth engine. With a presence spanning 16 markets in the region, QBE Asia Pacific will continue to grow its business and presence through the provision of all major lines of general insurance cover for personal and commercial risks.

www.qbeap.com

Winners List

Come join the Pride of Winners

This is the 20th Anniversary of the Asia Awards Series. What a long way Asia has come. Though premium-wise, Asia is still only a quarter of global premiums as it was before, impact-wise Asia has risen. All eyes are on the region and there are many innovations in insurance that come out of Asia too.

Over the 20 years, we have had more than 10,000 entries and at least 300 names walk through our hall of fame as winners (some were repeat winners). The numbers dazzle but the depth of insights they provide on the industry is amazing and that is why I as a journalist-cum-Tiresias who has seen it all, still love the insurance industry.

It has been a great journey for us as I sincerely believe that the Awards, with a defined criteria, a high-level panel of esteemed judges and independent auditors, has contributed actively to the industry’s march towards excellence and higher standards. I must thank the sponsors who have kept their faith with us too as Awards such as this cannot function without the commitment of the sponsors and the judges at the highest level.

So we launch this 20th Asia Insurance Industry Awards with great pride and greater expectations that with so much to show and tell, the number and quality of entries this year will be even better. In fact, despite the dire straits of the global economy with the volatile equity markets, oil prices and geo-political tensions, business must go on. And this determined focus on keeping business going will indeed spur many companies to do many outstanding things to achieve the "wow" factor.

The stage is set for the nominations to roll in; and don’t be coy about self-nominations. In business, it is strategically called marketing. Don’t be naïve to wait for your competitors to recognise your excellence and nominate you. You have done the market research and you know how tall you stand. Let the rest of the world know it. Put in your nominations now and get your best man ready to meet the Judges on 24 August 2016. The rest is sheer glory.

I look forward to saluting the winners on 11 October at the Gala Awards Presentation Dinner to be held in Macau in conjunction with the 28th EAIC.

The best is yet to be. And the journey has begun.

Sivam Subramaniam
Editor-in-Chief, Asia Insurance Review & Middle East Insurance Review

 

Life Insurance Company of the Year

For demonstrating market leadership during the qualifying period through innovation in products or practices, initiatives in boosting the image of insurance in society, narrowing the protection and savings gaps, and/or exceptional business growth through professionalism and sound management.

Criteria:

  • Sets leading professional standards for other insurers to be measured against.
  • Narrows the life insurance protection and savings gaps of the society.
  • Demonstrates in-depth knowledge and understanding of the region through its strategies and operations.
  • Responsive to the needs of both end-users and intermediaries.
  • Industry leadership as shown through:
    • innovation in products and procedures;
    • transparency in the selling process;
    • customer-centricity service;
    • sound management and financial results;
    • business growth; and
    • enhancing the image of insurance in society.

Reinsurance Group of America, Incorporated (RGA) is a global leader in the life reinsurance industry, with approximately US$3.0 trillion of life reinsurance in force. From its world headquarters in St. Louis, Missouri, USA and operations in 27 countries, RGA provides clients with expert solutions in individual life reinsurance, group reinsurance, health reinsurance, facultative underwriting, product development and financially motivated reinsurance.

After more than four decades of growth, RGA has become one of the world’s most highly respected reinsurers, recognised for expertise in risk assessment and capital management, its ability to develop innovative solutions, and its unwavering commitment to its clients.

www.rgare.com

General Insurance Company of the Year

For demonstrating market leadership during the qualifying period through innovation in products or practices, responsiveness to end-users and intermediaries, initiatives in boosting the image of insurance in society, narrowing the protection gap, and/or exceptional business growth through professionalism and sound management.

Criteria:

  • Sets leading professional standards for other insurers to be measured against.
  • Offers extensive range of products and services catering to the needs of both corporate and individual clients.
  • A partner and adviser to corporate clients in adapting to the changing risk landscape.
  • Narrows the protection gap of the society.
  • Demonstrates in-depth knowledge and understanding of the region through its strategy.
  • Responsive to the needs of both end-users and intermediaries.
  • Industry leadership as shown through:
    • innovation in products and procedures;
    • transparency in the selling process;
    • customer-centricity and service;
    • sound management and financial results;
    • business growth; and
    • enhancing the image of insurance in society.

Based in Hong Kong, in the heart of Asia Pacific, and authorised by the Office of the Commissioner of Insurance of Hong Kong (OCI), Peak Reinsurance Company Limited (Peak Re) was licensed in December 2012.

With an initial capital of US$550 million, Peak Re is committed to providing innovative and visionary reinsurance services for our clients in the Asia Pacific region and beyond. Peak Re is one of the few locally established reinsurance companies in Asia-Pacific, underwriting both life & health and property & casualty reinsurance business. We offer treaty reinsurance services, tailor-make risk transfer and capital management vehicles to best fit clients’ needs.

We understand that as the world economy globalises and grows, complex new risks emerge and hence, so do the needs for new risk and capital management solutions. We work hand-in-hand with our clients to offer meaningful reinsurance solutions that address specific market challenges in support of long-term growth.

Because we listen, we make decisions with speed and integrity, and we have the commitment and courage to deliver.

Peak Re is backed by Fosun International Limited and the International Finance Corporation, which respectively invested 85.1% and 14.9% in the Company. The company carries an “A-” rating by A.M. Best.

To learn more about how Peak Re can help you achieve a better financial position and protection, please visit our website

www.peak-re.com

Educational Service Provider of the Year

For demonstrating market leadership for the period under review through the introduction of educational or training services that fill a need in the industry and enhances the standards and professionalism of (re)insurance executives.

Criteria:

  • In-depth knowledge and understanding of the market as manifested by its wide range of educational services for the industry in the market or region.
  • Responsiveness to the market’s needs in developing educational/training services including in facing disruptive innovation.
  • Providing leadership to the market in anticipating and providing educational needs.
  • Contributes to enhancing the professionalism and educational standards of executives in the industry.
  • Range, relevance and quality of training programmes offered with demonstrable improvements in attendees’ skills and knowledge.

Aon Benfield, a division of Aon plc, is the world’s leading reinsurance intermediary and full-service capital adviser. We empower our clients to better understand, manage and transfer risk through innovative solutions and personalised access to all forms of global reinsurance capital across treaty, facultative and capital markets. As a trusted advocate, we deliver local reach to the world’s markets, an unparalleled investment in innovative analytics, including catastrophe management, actuarial and rating agency advisory.

Through our professionals’ expertise and experience, we advise clients in making optimal capital choices that will empower results and improve operational effectiveness for their business. With more than 80 offices in 50 countries, our worldwide client base has access to the broadest portfolio of integrated capital solutions and services.

To learn how Aon Benfield helps empower results, visit our website

www.aonbenfield.com

Innovation of the Year

For the most innovative product or service introduced during the qualifying period with clear and measurable impact on Asia’s insurance industry or possible region-wide application; and/ or disruption which is leading the industry’s push to the next level.

Criteria:

  • Extent of innovation and originality of product or service offered.
  • Real proof of significant and measurable impact on the industry in the region or possible region-wide application.
  • Proof of responsiveness to customers’ needs and wants, and/or disruption which leads the industry’s push to the next level.
  • Quality and effectiveness of innovation with the “X” factor highlighted.
  • Ease of implementation of the product/service and potential of application region-wide.
  • Measured proof of success of the product/ service in the market.

Manulife Financial Corporation is a leading international financial services group providing forward-thinking solutions to help people with their big financial decisions. We operate as John Hancock in the United States, and as Manulife elsewhere. We provide financial advice, insurance and wealth and asset management solutions for individuals, groups and institutions. At the end of 2015, we had approximately 34,000 employees, 63,000 agents, and thousands of distribution partners, serving 20 million customers.

At the end of December 2015, we had $935 billion (US$676 billion) in assets under management and administration, and in the previous 12 months we made more than $24.6 billion in benefits, interest and other payments to our customers. Our principal operations are in Asia, Canada and the United States where we have served customers for more than 100 years. With our global headquarters in Toronto, Canada, we trade as ‘MFC’ on the Toronto, New York, and the Philippine stock exchanges and under ‘945’ in Hong Kong.

Twitter: @ManulifeNews
www.manulife.com

Service Provider of the Year

For demonstrating leadership during the qualifying period in helping insurers to transform or improve its operations with clear and measurable results, and/or for helping Asia’s insurance industry enhance its stability and growth.

Criteria:

  • Breadth of services provided in responding to needs of the market.
  • Innovation in services that resulted in the broadening of the market.
  • Creating a benchmark of quality in service provision.
  • Service flexibility and efficiency that differentiates it from the pack.
  • Proof of performance in the market in terms of increased market share, productivity, revenue and/or profit.
  • Application and/or potential of application region-wide.

Corporate Risk Manager of the Year

For the individual who has shown leadership, creativity, and effectiveness in enhancing his organisation’s risk management and/or contributed to the promotion of risk management in Asia for the period under review.

Criteria:

  • Setting or enhancing risk management standards/framework in the organisation or industry.
  • Use of risk management in resolving a key challenge/loss containment for his organisation, with proven results.
  • Promotion of risk management as a philosophy and business discipline.
  • Innovation in the area of risk management/ loss control or containment.
  • In-depth knowledge and understanding of his entity’s risks to the operational or technical level.
  • Advancing his risk management career, through professional activities such as certifications, risk association involvement etc.

We’re the world’s leading insurance organisation, with more than 90 million customers around the globe. We’re leaders in property casualty insurance, life insurance, retirement products, mortgage insurance, and other financial services. But we’re more than the sum of our parts.

We’re a network of approximately 65,000 people in more than 100 countries and jurisdictions who come together every day to take on the world’s new challenges. We believe that by striving to provide the greatest value to our customers, we can deliver improved operating and financial performance and sustainable, profitable growth. Our strategy is focused on enhancing the value and competitive position of our insurance businesses and investing our capital where we can achieve attractive risk-adjusted returns, while maintaining strong levels of liquidity and capital. Bring on tomorrow.

www.aig.com

Broker of the Year

For demonstrating leadership through innovation in services rendered to clients; adding significant value to the insurance process in the course of generating new business; boosting the image of the broking profession; and/or exceptional business growth and clear leadership and expertise in niche areas for the period under review.

Criteria:

  • In-depth knowledge and understanding of the market and responsiveness to clients’ needs.
  • Innovation in services rendered to clients, including risk management and value-adds.
  • Professionalism and transparency in dealing with clients.
  • Industry leadership in broking and customer services, as well as in boosting the image of the broking profession.
  • Give instance and evidence of what company is doing to serve the local markets it operates in.
  • Show proof of how global corporate best practices have been localised.
  • Sound financial management with proven track record of business growth and retention.

Tokio Marine Insurance Group

More than 130 years ago, we were established as the first insurance company in Japan. Our network now spans 486 cities in 37 countries, and we have never lost sight of conducting business with integrity, passion and quality.

Doing good and being good mean that profits are not the be all and end all of our existence, but a natural progression of doing the best for customers, employees and society. Working to be a Good Company brings us together as a united global insurance group.

We are a leading multinational insurer with presence in all the major regional markets with a broad distribution strategy utilising broker, agency, bank and direct channels. The trusted Tokio Marine brand is one of our most valuable assets. Tokio Marine is a highly customer-centric organisation and we pride ourselves in putting the customer at the heart of everything we do.

Tokio Marine in Asia

Tokio Marine Asia Pte Ltd is the regional headquarters and an intermediate holding company of Tokio Marine Group and a sister company of Tokio Marine and Nichido Fire Insurance Co Ltd (Japan).

We oversee 14 group companies within Asia-Pacific – in Singapore, Malaysia, Indonesia, Thailand, Philippines, Vietnam, India, Australia and Myanmar. This includes 9 general insurance companies and 5 life insurance companies, employing 7,300 employees across the region.

In our commitment to expand the insurance business in the region, Tokio Marine Asia is proud to exclusively sponsor the “Broker of the Year” category for the 14th consecutive year at the 2016 Asia Insurance Industry Awards.

www.tokiomarineasia.com

Reinsurance Broker of the Year

For demonstrating leadership through innovation in services rendered to insurers and reinsurers; adding significant value to the reinsurance process in the course of generating new business; boosting the image of the profession; and/or exceptional business growth and clear leadership and expertise in niche areas for the period under review.

Criteria:

  • In-depth knowledge and understanding of the market and responsiveness to clients’ needs.
  • Innovation in services rendered, including market research, risk management and adding value.
  • Professionalism and transparency in dealing with clients.
  • Industry leadership in offering services to insurers, and boosting the image of the profession.
  • Give instance and evidence of what company is doing to serve the local markets it operates in.
  • Show proof of how global corporate best practices have been localised.
  • Sound financial management with proven track record of business growth and retention.

The Toa Reinsurance Company, Limited (Toa Re), after celebrating its 75th anniversary in October 2015, has been taking steps to further contribute to the insurance industry.

With the insurance industry evolving and clients’ needs expanding, Toa Re has been providing diverse lines of both life and non-life reinsurance products to its clients all over the world as Japan’s primary professional reinsurer.

Toa Re has successfully developed its business and maintains a strong market position in Asia through three branches in Singapore, Kuala Lumpur and Hong Kong, and a representative office in Taipei.

The company has also built its overseas network which includes subsidiaries in the US and Switzerland. Taking its cue from its head office in Tokyo, the whole Toa Re group, has been contributing to insurance and reinsurance markets worldwide.

In acknowledgement of its outstanding financial profile, Toa Re has been assigned credit ratings of “A+” by Standard & Poor’s, ”A+(Superior)” by A.M. Best and “AA+” by the Japan Credit Rating Agency, Ltd., which enables Toa Re to be a long-term and stable provider of quality reinsurance products and services.

www.toare.co.jp

General Reinsurer of the Year

For demonstrating leadership in Asia’s general (re) insurance industry through innovation in product offerings; thought leadership; enhancing the stability and security of the industry; boosting the image of the profession; and/or exceptional growth and clear expertise in niche areas during the qualifying period.

Criteria:

  • In-depth knowledge and understanding of the market with published research and other value-added offerings to insurers.
  • Setting leadership standards that others are measured against.
  • Responsiveness to cedants’ needs and providing assistance to product development, service enhancement and tapping new markets.
  • Leadership with ability to adapt to, and lead the industry to meet changing needs and demands.
  • Offering superior service and security to clients and working with insurers and other stakeholders.
  • Industry leadership as shown through:
    • Innovation in products;
    • Strong underwriting discipline;
    • Business growth; and
    • Boosting the image of insurance in society.
  • Sound financial management, corporate governance and disclosure.

For over 100 years, MSIG has been a leading general insurer in Asia, with a commitment to service excellence and innovation.

In expanding its strength and reach, MSIG was granted an underwriting license to operate in the Thilawa SEZ, in Myanmar in 2015. Another highlight in 2015 was the “General Insurance Company of the Year” title awarded to MSIG Insurance (Malaysia). This industry recognition has further motivated our 4,500 employees in the region to continue working hard to ensure being a trusted insurance partner to our customers and intermediaries during both good and challenging times.

Supported by its multi-channel distribution, strong partnerships with intermediaries, in-depth underwriting expertise and extensive geographical network, MSIG offers a wide range of insurance solutions across personal and commercial lines and strives to add value to the business and lifestyle of its customers through “Going Above and Beyond” which is embedded in the company’s DNA.

MSIG, combining global and local best practices, is a part of Mitsui Sumitomo Insurance Company Limited (“MSI”) within the MS&AD Insurance Group. In February 2016, Amlin became a wholly-owned subsidiary of MSI, having been rebranded as MS Amlin plc. The Group, being one of the top 10 non-life insurance groups in the world, had also been awarded “General Insurance Company of the Year” at the 2011 Asia Insurance Industry Awards.

www.msig-asia.com

Corporate Social Responsibility Award

For the company that has committed substantial resources and time to achieve significant and sustainable benefit to the community in social, economic, and/or environmental arenas, through non-profitdriven ventures during the qualifying period.

Criteria:

  • For solving a real need in society, with tangible and sustainable benefits to the community.
  • Demonstrates and provides key examples of work from the CSR programme with details on motivation, capital resources, management and staff commitment, results and benefits.
  • Demonstrates socially responsible leadership in the market by pioneering and/or consistently living by a CSRguided philosophy in its operations.
  • Demonstrates true “grassroots” engagement with the community and concerted commitment throughout the qualifying period.
  • Demonstrates evidence of the community’s support/appreciation of the CSR programme.

The Swiss Re Group is a leading wholesale provider of reinsurance, insurance and other insurance-based forms of risk transfer. Dealing direct and working through brokers, its global client base consists of insurance companies, mid-to-large-sized corporations and public sector clients. From standard products to tailor-made coverage across all lines of business, Swiss Re deploys its capital strength, expertise and innovation power to enable the risk-taking upon which enterprise and progress in society depend.

Founded in Zurich, Switzerland in 1863, Swiss Re serves clients through a network of around 70 offices globally and is rated “AA-” by Standard & Poor’s, “Aa3” by Moody’s and “A+” by A.M. Best. Registered shares in the Swiss Re Group holding company, Swiss Re Ltd, are listed in accordance with the International Reporting Standard on the SIX Swiss Exchange and trade under the symbol SREN.

In Asia-Pacific, Swiss Re has been partnering with Asian clients since the early 1900s, joining local skills and expertise with global resources, and maintaining a depth of local knowledge yet benefitting naturally from a global perspective. The company began operations in Asia-Pacific in 1956. Swiss Re has over 1,500 employees in Asia-Pacific, and our reinsurance offices are located in Sydney, Beijing, Shanghai, Hong Kong, Tokyo, Seoul, Singapore, Kuala Lumpur, Mumbai and Bangalore, where we operate a global business processing office.

Twitter: @SwissRe
www.swissre.com

Personality of the Year

For the person who has made the most outstanding individual contribution to the (re)insurance industry in Asia for the period under review.

Criteria:

  • Promotes the image and enhances the reputation of the insurance industry to the wider community.
  • Demonstrates outstanding leadership qualities and is a role model for the region’s executives through mentorship and attracting new talent to the industry.
  • Shows in-depth industry expertise and has used it to help the industry’s advancement in the region.
  • Influences the development of industry practices to enhance the stability and growth of the market.
  • Embraces professional standards and actively works towards boosting greater professionalism in the market.
  • A trailblazer, paving the way for new techniques, processes or technologies to be introduced in the industry.

ReMark provides end-to-end marketing, product, technology and financing solutions to banks, insurers and affinity groups. Since 1984, our operational experience in over 40 countries and 21 languages has earned us global leadership status in the direct distribution of insurance products. Our worldwide team – marketing specialists, actuaries, campaign and channel managers – works with one focus: maximum value creation for partners and clients. Together, we design and execute direct marketing programmes to establish and drive brand loyalty, increasing the lifetime value and profitability of each customer.

To date, our achievements include:

  • 48,000 programmes implemented with over 200 premier financial institutions;
  • 9 million policies written worldwide generating business value in excess of EUR1 billion;
  • 510 million customers reached via multiple channels, including mail, telephone, email, internet, DRTV;
  • Multi-domain marketing experience, including bancassurance, life and nonlife policyholders, takaful banking and insurance, and affinity partnerships.

Our philosophy is simple: we only win if you win. So we work with you to design a financial model that best meets your needs and objectives - structuring true partnerships that share the financial risks and rewards. Whether acquiring or retaining customers, generating leads or cross-selling to your customer base, we can help you maximise your return on investment.

www.remarkgroup.com

Lifetime Achievement Award

For the individual who has made the most outstanding long-term contribution to Asia’s (re)insurance industry in his/her career.

Criteria:

  • Shown demonstrable leadership qualities and a high level of professionalism in the industry throughout his/her career.
  • Demonstrated a track record in technical standards and innovation.
  • Contributed significantly towards developing international trading links or enhancing the insurance industry’s public image and standing in the country’s/region’s economy.
  • Made consistent contributions to the growth of the insurance sector, contributing to the improvements in the quality and professionalism of the industry in the country, and especially in the region.
  • Has recorded at least 30 years of service to the industry.
  • Enjoys the respect and admiration of his/her peers in the industry.

QBE Asia Pacific is part of the Emerging Markets Division of QBE Insurance Group Limited, one of the top 20 insurers and reinsurers worldwide. QBE Emerging Markets Division has a presence in 23 markets in Asia Pacific and Latin America.

QBE has a history of more than one century in Asia Pacific. Over the years, QBE Asia Pacific has developed a wealth of local knowledge and expertise in each of its operating markets in the region. It has also built very strong partnerships with professional insurance intermediaries. These give QBE Asia Pacific unparalleled advantages in understanding the environments in which its customers operate and the specific risks they face.

QBE believes Asia Pacific will play an even more important role in the future expansion of the Group, recognising the region as a growth engine. With a presence spanning 16 markets in the region, QBE Asia Pacific will continue to grow its business and presence through the provision of all major lines of general insurance cover for personal and commercial risks.

www.qbeap.com

Life Reinsurer of the Year

For demonstrating leadership in Asia’s life (re)insurance industry through innovation in product offerings; thought leadership papers and research; enhancing the stability and security of the industry; boosting the image of the profession; and/or exceptional growth and clear expertise in niche areas during the qualifying period.

Criteria:

  • In-depth knowledge and understanding of the market with published research and other value-added offerings to insurers.
  • Setting leadership standards that others are measured against.
  • Responsiveness to cedants’ needs and providing assistance to product development, service enhancement and tapping new markets.
  • Leadership with ability to adapt to, and lead the industry to meet changing needs and demands.
  • Offering superior service and security to clients and working with insurers and other stakeholders.
  • Enabling insurers to offer products that influence lifestyle of insured.
  • Industry leadership as shown through:
    • Innovation in products;
    • Strong underwriting discipline;
    • Claims management;
    • Business growth; and
    • Boosting the image of insurance in society
  • Sound financial management, corporate governance and disclosure.

Muang Thai Life Assurance Public Company Limited was founded in 1951 to provide life insurance to the public with integrity and strong solvency.

Since then, we have initiated service innovation beyond our customers’ expectations, and expanded our market through a variety of distribution channels to reinforce the success of our multi-distribution strategy.

We have a policy to share our profits with the society via various activities that benefit the society in all aspects such as in education, environment and religion.

As confirmation of the Company’s strength, Muang Thai Life Assurance received credit ratings from Fitch Ratings of A- (Outlook Stable) and AAA (tha) (Outlook Stable), and from Standard & Poor’s of BBB+ (Outlook Stable) and axA+ (ASEAN), plus the ISO 9001:2008 certification.

In addition, the Company received the Life Insurance Company of the Year Award in 2014 and was the winner of the Corporate Social Responsibility Award in 2013 at the Asia Insurance Industry Awards.

Muang Thai Life Assurance Public Company Limited now takes a leading position in the Thai life insurance industry and in the general public’s mind. The Company will continue to promote a good standard of living in Thai society and help put cheerful smiles on the faces of all Thais.

www.muangthai.co.th/

Technology Initiative of the Year

For the technology provider that introduces a breakthrough technology initiative for insurers during the qualifying period which innovatively addresses a significant need of the industry, boosts the image of the industry, and/or allows for measurable improvements in efficiency or profitability.

Criteria:

  • Shows a high level of innovation in addressing a real and significant need in the industry at large.
  • Responds to customer needs.
  • Represents a breakthrough in the industry’s use of technology in business, in boosting the image of the industry, or greater engagement and awareness among the public at large.
  • Enables significant improvement in the system of an aspect of business, leading to higher efficiency of service or greater profitability as shown by statistical evidence.
  • Allows for easy use and adoption regionwide.

KPMG is a global network of professional services firms providing Audit, Tax and Advisory services. We operate in 155 countries and have 174,000 people working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.

Today, KPMG China has around 10,000 professionals working in 17 offices: Beijing, Beijing Zhongguancun, Chengdu, Chongqing, Foshan, Fuzhou, Guangzhou, Hangzhou, Nanjing, Qingdao, Shanghai, Shenyang, Shenzhen, Tianjin, Xiamen, Hong Kong SAR and Macau SAR. With a single management structure across all these offices, KPMG China can deploy experienced professionals efficiently, wherever our client is located.

KPMG has a dedicated insurance team that brings together experienced individuals who offer insightful and practical business advice based on their international and local experience of serving leading insurers both in China, the region and globally. Their practical experience combined with their knowledge of industry trends means they are well placed to add value to client business. KPMG was the first international firm to be granted a foreign joint venture license in China in 1992. We are also the first Big Four accounting firm in mainland China to convert from joint venture to a special general partnership, as of 1 August 2012.

As China businesses join the global economy and international companies seek to enter the China market, KPMG’s blend of international experience and local knowledge makes us well-positioned to serve our clients in this increasingly complex, but exciting market.

www.kpmg.com/cn

Employer of the Year

For the (re)insurance company with an outstanding focus on human capital, talent development and facilitating organisational change to meet the dynamic needs of an expanding business and market place through initiatives introduced and/or exceptional HR results achieved for the period under review.

Criteria:

  • Outstanding HRM and practices to support and promote the development and quality of management and insurance professionals.
  • Demonstrates commendable effort to train and educate staff to raise to the standard of capabilities and professionalism.
  • Actively invests in career planning and development of staff, including managing cultural diversity.
  • Engaged role in change management to help the organisation to adapt and evolve.
  • Supports staff in being actively engaged in professional bodies and insurance associations.
  • Exemplary record of staff retention.
  • Alan Wilson Alan Wilson
    Regional CEO, MSIG Holdings (Asia) Pte Ltd
  • Chai SophonpanichChai Sophonpanich
    Chairman, Bangkok Insurance Public Co Ltd
  • Chris MaChris Ma
    Chairman, Organising Committee, 28th EAIC
  • Christopher TownsendChristopher Townsend
    President, MetLife Inc
  • David FriedDavid Fried
    CEO, Emerging Markets, QBE Insurance Group
  • Franck Baron Franck Baron
    Chairman, Pan-Asia Risk & Insurance Management Association (PARIMA)
  • Frans Sahusilawane Frans Sahusilawane
    President Director & CEO, PT Reasuransi Indonesia Utama (Persero)
  • Franz Josef HahnFranz Josef Hahn
    CEO, Peak Re
  • James NashJames Nash
    CEO, Asia Pacific, Guy Carpenter & Co
  • Katsuo MatsushitaKatsuo Matsushita
    Special Advisor & Liaison Officer for Japan & East Asia, The Geneva Association
  • Kazuhito OuraKazuhito Oura
    Director & General Manager, International Dept, The Toa Reinsurance Co Ltd
  • Keith Thomas Keith Thomas
    CEO, Global Corporate Asia Pacific, Zurich Insurance Co Ltd
  • Kent Chaplin Kent Chaplin
    Head of Asia Pacific & Managing Director, Lloyd’s Asia
  • Kichiichiro Yamamoto Kichiichiro Yamamoto
    Chief Financial Officer, Tokio Marine Asia
  • Malcolm SteingoldMalcolm Steingold
    CEO, Aon Benfield Asia Pacific
  • Mark SaundersMark Saunders
    Group Chief Strategy and Marketing Officer, AIA Group
  • Michael RellosaMichael Rellosa
    Chairman, Asean Insurance Council & Dy Chair Philippine Insurers and Reinsurers Association (PIRA)
  • Richard AustenRichard Austen
    Chairman, Reinsurance Brokers’ Association (Singapore);
    CEO, Asia Reinsurance Brokers Pte Ltd
  • Roger Sellek Roger Sellek
    CEO, A.M. Best – EMEA & Asia Pacific
  • Sara Lamsam Sara Lamsam
    President, The Thai Life Assurance Association;
    President & CEO Muang Thai Life Assurance Public Co Ltd
  • Till BohmerTill Böhmer
    CEO, Munich Re Singapore Branch
  • Thomas ChangThomas Chang
    Deputy Director General, Insurance Bureau, Taiwan
  • Tony ChengTony Cheng
    Executive Vice President, Asian Markets, RGA Reinsurance Co
  • Adel Mounir Adel Mounir
    Secretary General, Federation of Afro-Asian Insurers & Reinsurers
  • Anna Maria D HulsterAnna Maria D’Hulster
    Secretary General & Managing Director, The Geneva Association
  • Bill PieroniBill Pieroni
    CEO, ACORD
  • Michael MorrisseyMichael Morrissey
    President & CEO, International Insurance Society
  • Stephen CollinsStephen Collins
    Group CEO, ReMark Group
  • Thomas LillelundThomas Lillelund
    CEO, Aspen Re
  • Yassir Albaharna Yassir Albaharna
    CEO, Arab Insurance Group

Are nominations free?

Yes. You don’t have to pay anything to nominate yourself or your client. There is absolutely no fee required to take part in the Awards, which is run as a CSR project to recognise and salute excellence in the insurance industry. 

Organising the Awards costs about US$250,000. Funding comes from table sales for the Awards Presentation Dinner, as well as sponsors who support the cause to boost standards and professionalism.

Why take part in the Awards? What is unique about the Awards?

The Asia Trusted Life Agents and Advisers Awards goes beyond figures and sales targets. It is fully transparent with the judging process independently audited. The Panel of Judges is made up of the leading lights in the industry.

Nominations are free and open to all. You don’t have to be a subscriber, an advertiser, a sponsor or a client of AIR to be nominated or to win.

The winner is chosen by the Panel of Judges which represents a cross section of the industry including regional and international market leaders, association heads, and regulators.

Judging and conflicts

All judges are involved in rating and ranking the entries. We allow companies employing the Judges to take part as otherwise it will be penalising the Judges. But the “conflicts” rule ensures that Judges do not vote in the categories to select the winners that their companies are taking part in.

It is the integrity of the Judges that underpins the Awards system. Judging is not based on consensus but on the Judges’ scoring of the write-ups in the first instance, and then ranking the finalists after on Judging Day. The Judges contribute their time and effort to this grueling process as their social service to the industry.

Why are only finalists announced?

To allow everyone to take part without fear of embarrassment, we adopt a positive approach where we will only announce the finalists. The other nominations that don’t make it to the finals are never named. Nonetheless, the nominee is free to do his own marketing should he want to.

Why are self-nominations allowed?

Self-nomination is neutral. This is to make the system as fair as possible and to allow everyone to get a chance to be recognised.

Did Award winners pay or sponsor to win?

No. The process is transparent and audited. Everything depends on the Judges’ selection.

Why are the results kept secret till the day of the Gala Dinner?

This is to add excitement and to ensure that all the finalists will attend the Dinner. And most awards that are genuine do not announce the winners until the very night of the presentation, like the Academy Awards.

Life Insurance Company of the Year

Sun Life of Canada (Philippines) inc

General Insurance Company of the Year

MSIG INSURANCE (MALAYSIA) BHD

Educational Service Provider of the Year

Australian and New Zealand Institute of Insurance and Finance

Innovation of the Year

ASIAN ALLIANCE INSURANCE PLC

Service Provider of the Year

REMARK International

Corporate Risk Manager of the Year

Mr Ryan Tan

Broker of the Year

AON

Reinsurance Broker of the Year

AON Benfield

General Reinsurer of the Year

Munich Re

Life Reinsurer of the Year

Munich Re

Corporate Social Responsibility Award

Dai-ichi Life Insurance Company of Vietnam Ltd

Technology Initiative of the Year

AIA Malaysia

Employer of the Year

TATA AIG General Insurance Company Ltd

Personality of the Year

Ms Aruno Rajaratnam

Lifetime Achievement Award

Mr Chai Sophonpanich

 

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