- Life Insurance Company of the Year
- General Insurance Company of the Year
- Educational Service Provider of the Year
- Innovation of the Year
- Service Provider of the Year
- Corporate Risk Manager of the Year
- Broker of the Year
- Reinsurance Broker of the Year
- General Reinsurer of the Year
- Life Reinsurer of the Year
- Corporate Social Responsibility Award
- Technology Initiative of the Year
- Employer of the Year
- Personality of the Year
- Lifetime Achievement Award
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.
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”.
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.
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.
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.
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
Broker of the Year
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.
Reinsurance Broker of the Year
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.
General Reinsurer of the Year
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.
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.
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:
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- Partnering the Marrow Density Registry India to expand its bone marrow donors’ registry and contributing INR20 lakhs for conducting tests for 200 samples.
- Organising the Tata Volunteering Week where nearly 600 employees took part in 30 activities contributing over 1,000 manhours spread over a month.
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.
Employer of the Year
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
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.
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.