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Insurance Asia Awards presents the winners in its first-ever digital awards presentation
Over 70 exceptional insurance companies from 22 countries were AXA Affin Life Insurance recognised at the fifth Insurance Asia Awards held digitally from Digital Insurance Initiative of the Year - Malaysia the first to third week of August. AXA Affin Life Insurance - Rohit Nambiar
For the first time, the awards were handed via virtual presentation CEO of the Year to the winners due to the pandemic. Winning companies were also interviewed throughout the whole month of August to share their AXA France Vie – India Reinsurance Branch CSR Initiative of the Year - India thoughts on winning in the most prestigious awards programme in Asia’s insurance industry. This year’s nominations were judged by a panel consisting of Richard AXA Insurance Pte Ltd (Singapore) International Life Insurer of the Year - Singapore Holloway, Managing Director for Southeast Asia & India Life at Milliman; Frank Dubois, Head of Insurance at KPMG Singapore; Steven AXA Tianping P&C Insurance Co., Ltd. International General Insurer of the Year - China Goh, Head of Insurance Audit at KPMG Singapore; Woo Shea Leen, Bajaj Allianz General Insurance Insurance Leader at PwC Singapore; and Liza Drew, FSO Indirect Tax Leader - Asia Pacific at Ernst & Young. Digital Insurance Initiative of the Year - India Marketing Initiative of the Year - India
“Insurers have the responsibility to provide consumers with products Bao Viet Insurance Corporation that will fit the diverse needs of the market, especially during the Mobile App Insurance Initiative of the Year - Vietnam pandemic. The Insurance Asia Awards recognises the conscious efforts BNP Paribas Cardif Life Insurance of these companies to put out solutions and deliver exceptional value to their clients and stakeholders,” said Tim Charlton, publisher of Insurance International Life Insurer of the Year - South Korea Digital Insurance Initiative of the Year - South Korea Asia magazine. Cathay Life Insurance CSR Initiative of the Year - Taiwan
INSURANCE ASIA AWARDS 2020 WINNERS
Aafiya Medical Billing Services
Insurance Administrator of the Year - UAE
CB General Insurance Plc.
Insurance Start-up of the Year - Cambodia
China Life Insurance Co. Ltd (Taiwan)
Aflac Life Insurance Japan Ltd.
International Life Insurer of the Year - Japan Insurance Initiative of the Year - Japan
AIA Australia
AIA Singapore
Domestic Life Insurer of the Year - Singapore
AIA Thailand
International Life Insurer of the Year - Thailand
AIG General Insurance Company, Ltd.
Al Wathba Insurance
Alliance Insurance Brokers Llc
Domestic Broker of the Year - Oman
AmGeneral Insurance Berhad
Domestic General Insurer of the Year - Malaysia
APRIL Hong Kong Limited
Marketing Initiative of the Year - Hong Kong
APRIL Singapore Pte Ltd
Service Initiative of the Year - Singapore
Avo Insurance Company Limited
Virtual Insurer Product of the Year - Hong Kong
AXA Affin General Insurance Berhad
New Insurance Product of the Year - Malaysia International General Insurer of the Year - Malaysia
Cigna International Markets
Marketing Initiative of the Year - Singapore
CLIMBS Life and General Insurance Cooperative
Marketing Initiative of the Year - Philippines
Dai-ichi Life Insurance Company of Vietnam
CSR Initiative of the Year - Vietnam
Digit Insurance
Insurance Start-up of the Year - India
Direct Asia Insurance (Singapore) Pte Ltd
Direct Insurer of the Year - Singapore
E.design Insurance Co.,Ltd.
Digital Insurance Initiative of the Year - Japan
Etiqa Insurance Pte. Ltd.
Etiqa Philippines
CSR Initiative of the Year - Philippines
Expat Insurance
Domestic Broker of the Year - Singapore
Frank.co.th/bolttech
Domestic Broker of the Year - Thailand
FWD Life Insurance Corporation
Gallagher Bassett Services Pty Ltd
Generali Life (Hong Kong) Limited
Great Eastern Takaful Berhad
CSR Initiative of the Year - Malaysia
Hong Leong Assurance Berhad
Domestic Life Insurer of the Year - Malaysia
HSBC Life Singapore
New Insurance Product of the Year - Singapore
IndiaFirst Life Insurance Company Limited
Claims Initiative of the Year - India
KBZ LIFE Insurance Co., Ltd.
Domestic Life Insurer of the Year - Myanmar
KBZ MS General Insurance Company Limited
Domestic General Insurer of the Year - Myanmar Digital Insurance Initiative of the Year - Myanmar
MB Ageas Life Insurance Company Limited
Domestic Life Insurer of the Year - Vietnam
MLC Life Insurance
Claims Initiative of the Year - Australia
MSIG Insurance (Hong Kong) Limited
Insurance Initiative of the Year - Hong Kong
MSIG Insurance (Singapore) Pte. Ltd.
Muang Thai Life Assurance Public Company Limited
Nan Shan Life Insurance Company
Domestic Life Insurer of the Year - Taiwan
New Life Insurance LLC
Domestic Life Insurer of the Year - Uzbekistan
Peak Reinsurance Company Limited
Asian Reinsurer of the Year
Prudential Assurance Malaysia
Prudential Vietnam Assurance Private Ltd.
Digital Insurance Initiative of the Year - Vietnam International Life Insurer of the Year - Vietnam New Insurance Product of the Year - Vietnam
PT Asuransi Allianz Life Indonesia
Insurance Initiative of the Year - Indonesia
PT Asuransi BRI Life
PT Asuransi Raksa Pratikara
Claims Initiative of the Year - Indonesia
PT Great Eastern Life Indonesia
Marketing Initiative of the Year - Indonesia
QBE Hong Kong & Shanghai Insurance Ltd.
QBE Insurance (Singapore) Pte Ltd
Qoala Insurtech
Insurtech Initiative of the Year - Indonesia
Sagarmatha Insurance Company Limited
Marketing Initiative of the Year - Nepal
Seoul Guarantee Insurance
Domestic General Insurer of the Year - South Korea CSR Initiative of the Year - South Korea Asian Credit Insurer of the Year
Singapore Life Pte Ltd
Softlogic
Credit Insurer of the Year - Sri Lanka
Swiss Re Asia Pte. Ltd., Korea Branch
Insurance Initiative of the Year - South Korea
Swiss Re Corporate Solutions
New Insurance Product of the Year - Hong Kong
Taiwan Life Insurance Co. Ltd
Takaful Brunei
Digital Insurance Initiative of the Year - Brunei
TakeCare Insurance Company, Inc.
Thai Life Insurance Public Company Limited
CSR Initiative of the Year - Thailand
The Insular Life Assurance Company, Ltd.
Domestic Life Insurer of the Year - Philippines
Underwriting Agencies of Singapore Pte Ltd
Managing General Agent of the Year - Singapore
Union Assurance PLC
Domestic Life Insurer of the Year - Sri Lanka New Insurance Product of the Year - Sri Lanka Digital Insurance Initiative of the Year - Sri Lanka
Young Insurance Company Limited
CSR Initiative of the Year - Myanmar
AIA Thailand
AIA Singapore
AIA Australia
Prudential Assurance Malaysia Berhad
Swiss Re Corporate Solutions
Aflac Life Insurance Japan Ltd.
Union Assurance PLC
Al Wathba Insurance
AIG General Insurance Company, Ltd.
AmGeneral Insurance Berhad
AXA Affin General Insurance Berhad
AXA Affin Life Insurance
Cathay Life Insurance
CB General Insurance Plc.
CEO of the Year - AXA Affin Life Insurance, Rohit Nambiar
E.design Insurance Co.,Ltd.
Etiqa Insurance Pte. Ltd.
Expat Insurance
Frank.co.th/bolttech
Generali Life (Hong Kong) Limited
The Insular Life Assurance Company, Ltd.
Krungthai-AXA Life Insurance Public Company Limited
Muang Thai Life Assurance Public Company Limited
Seoul Guarantee Insurance
QBE Hong Kong & Shanghai Insurance Ltd.
QBE Insurance (Singapore) Pte Ltd Singapore Life Pte Ltd
Taiwan Life Insurance Co. Ltd
Korea’s largest comprehensive guarantee insurer steps up its game Seoul Guarantee Insurance a triple winner at the Insurance Asia Awards 2020
economic development during the past 50 2019, SGI has been hailed as the third largest years. SGI has played a key role in supporting growth of major industries during this development. During the 1970s, through guarantee and credit insurer in the world according to the International Credit Insurance and Surety Association’s (ICISA) data. On AT A GLANCE various performance guarantees it nurtured the credit insurance front, SGI has recorded the manufacturing and construction industries’ approximately USD 1.2 billion in premium income development, and during the 1980s SGI’s over the last two years, ranking first in Asia and installment payment guarantees built the fourth in the world. Not only does SGI actively foundation for the car industry to flourish. The company led a paradigm shift in retail financing with personal loan guarantees SGI has played a key role in supporting the growth of major industries in Korea’s economic development COMPANY PROFILE engage in CSR activities to assist the growth and independence of future generations, but also by providing guaranteed support to SMEs and the socially marginalised it As a comprehensive guarantee services provider in Korea, SGI (Seoul Guarantee Insurance) is the leader in the domestic surety and credit insurance industry, enjoying an unsurpassed reputation for its financial strength in the global market. SGI’s stature in the industry has been validated by its credit ratings of “A+” and “AA-” given by S&P and Fitch, respectively. during the 1990s contributes to shared
Sang Taek Kim, Seoul Guarantee Insurance Company President and CEO and contributed to the expansion of the mobile phone market and IT industry with growth with the community and country. SGI also operates reinsurance programs and Year of Establishment: Established in 1969, Seoul Guarantee Insurance has supplied a diverse range of guarantee and credit insurance services that have paved the way for the development of the Korean economy and the lives of individuals for more than 51 years. As of December 2019, Korea’s guarantee insurance market size was estimated at US$1.127t with SGI accounting for US$295.1b, which is a market share of 26.2%. The firm’s business platform is backed by diversified and extensive product portfolios: amongst the bond amount of US$216.1B, guarantee insurance for individuals, SMEs, and large corporations accounted for 50.6%, 39.4%, and 8.3%, respectively. Risk Based Capital Ratio of the company was recorded at 396.1%, outperforming the average 195% related products during the 2000s. Growing alongside Korea’s economic development SGI has consolidated its position as the leading comprehensive guarantee insurer of the nation. Branching out to the world Based on its firm position in the domestic market and solid credit rating SGI is aiming towards the global guarantee insurance market. Starting from Hanoi in 2007, SGI established branch offices in Dubai, Beijing, and New York. In 2014, by transforming the Hanoi representative office to a branch office, SGI became the first foreign non-life insurer to have opened a branch in Vietnam. Along with continuous efforts to gain footholds in different regions, SGI started to offer the Counter Guarantee Bond(CGB) which resulted in an expanded coverage to 12 banks and 118 countries as of end-2019. For two consecutive years in 2018 and has expanded its inward reinsurance business in order to diversify its business portfolio. Through strict underwriting policies based on multifaceted risk analysis and well-established relationships with customers and brokers, SGI earned its reputation in the market as a reliable reinsurer. Overseas inward reinsurance business of SGI has expanded throughout the years to all across China, the Americas, Vietnam, and the MENA, reaching beyond the domestic market. This April, SGI also founded the Asia Guarantee and Credit Insurance Association(AGCIA) along with 7 other founding members from 5 different countries. AGCIA is Asia’s first ever international guarantee and credit insurance organisation dedicated to fulfilling the vision of “Making Asia a Better Place to Live”. It serves to provide a platform where market information and operational knowledge could be actively exchanged, as well as to provide various educational opportunities in the AT A GLANCE As of December 31, 2019 As a comprehensive guarantee services provider in Korea, SGI (Seoul Guarantee Insurance) is the leader in the domestic surety and credit insurance industry, enjoying an unsurpassed reputation for its financial strength in the global market. SGI’s stature in the industry has been validated by its credit ratings of “A+” and “AA-” given by S&P and Fitch, respectively. COMPANY PROFILE Year of Establishment: 1969 Majority Shareholder: 93.85% owned by KDIC Note) Note) KDIC: Korea Deposit Insurance Corporation Minority Shareholders: Life Insurers 4.35%, Non-life Insurers 0.82%, Others: 0.98% 1,467 Employees, 1,022 Agents 83 Products Global Alliances: ICISA, PASA, SFAAAT A GLANCE As of December 31, 2019 AT A GLANCE As of December 31, 2019 As a comprehensive guarantee services provider in Korea, SGI (Seoul Guarantee Insurance) is the leader in the domestic surety and credit insurance industry, enjoying an unsurpassed reputation for its financial strength in the global market. SGI’s stature in the industry has been validated by its credit ratings of “A+” and “AA-” given by S&P and Fitch, respectively. COMPANY PROFILE Year of Establishment: 1969 Majority Shareholder: 93.85% owned by KDIC Note) Note) KDIC: Korea Deposit Insurance Corporation Minority Shareholders: Life Insurers 4.35%, Non-life Insurers 0.82%, Others: 0.98% 1,467 Employees, 1,022 Agents 83 Products Global Alliances: ICISA, PASA, SFAA AT A GLANCE Majority Shareholder: Note) KDIC: Korea Deposit Insurance Corporation Minority Shareholders: Life Insurers 4.35%, Non-life Insurers 0.82%, Others: 0.98% 1,467 83 Products Global Alliances: Credit Ratings: RBC Ratio: Exposure: of domestic non-life insurers. Credit Ratings: S&P A+(Stable), Fitch AA-(Stable) Credit Ratings: S&P A+(Stable), Fitch AA-(Stable) The company is preparing for its next 100 years under the vision of “Your Best Credit Partner : providing top-tier solutions COMPANY PROFILE RBC Ratio: 396.1% Exposure: USD 295.1 billion As a comprehensive guarantee services provider in Korea, SGI (Seoul Guarantee Insurance) is the leader in the domestic surety and credit insurance industry, enjoying an unsurpassed reputation for its financial strength in the global market. SGI’s stature in the industry has been validated by its credit ratings of “A+” and “AA-” given by S&P and Fitch, respectively. RBC Ratio: 396.1% Exposure: USD 295.1 billion FINANCIAL HIGHLIGHTS Total Assets (USD Mil) As a comprehensive guarantee services provider in Korea, SGI (Seoul Guarantee Insurance) is the leader in the domestic surety and credit insurance industry, enjoying COMPANY PROFILE to realise social values” and has landed three awards—Asian Credit Insurer , Domestic General Insurer-South Korea, CSR Initiative of the year-South Korea—in FINANCIAL HIGHLIGHTS FINANCIAL HIGHLIGHTS Total Assets (USD Mil) 6,402.3 6,886.8 7,338.7 Total Equity (USD Mil) 3,415.4 3,614.6 3,868.2 Premium Revenues (USD Mil) 1,526.3 1,713.6 1,630.4 Net Income (USD Mil) 396.4 385.0 374.1 Year of Establishment: 1969 Majority Shareholder: 93.85% owned by KDIC Note) Note) KDIC: Korea Deposit Insurance Corporation Minority Shareholders: Life Insurers 4.35%, Non-life Insurers 0.82%, Others: 0.98% 1,467 Employees, 1,022 Agents Total Assets (USD Mil) 6,402.3 6,886.8 7,338.7 Total Equity (USD Mil) 3,415.4 3,614.6 3,868.2 Premium Revenues (USD Mil) 1,526.3 1,713.6 1,630.4 Net Income (USD Mil) 396.4 385.0 374.1 6,402.3 6,886.8 7,338.7 an unsurpassed reputation for its financial strength in the global market. SGI’s stature in the industry has been validated by its credit ratings of “A+” and “AA-” given by S&P and Fitch, respectively. the 2020 Insurance Asia Awards. 83 Products
Accompanying Korea’s economic development PRODUCT Korea has experienced an explosive OVERVIEW
2017 Global Alliances: ICISA, PASA, SFAA2018 2019 2017 2018 2019 2017 2018
2019 2017
Credit Ratings: S&P A+(Stable), Fitch AA-(Stable)
2018 2019
RBC Ratio: 396.1%• Contract bonds such as bid bond, advance payment bond, performance bond and PRODUCT OVERVIEW Exposure: USD 295.1 billion maintenance (warranty) bond take up 46.5% of the total premiums, amounting to USD 655.2 million. • Non-contract bonds including fidelity bond and license & permit bond account for 9.9% with a value of USD 139.2 million. Personal loan guarantees for employees
2017 2018 2019 2017 2018 2019 2017 2018 2019 2017 2018 2019Year of Establishment: 1969
• Contract bonds such as bid bond, advance payment bond, performance bond and Majority Shareholder: 93.85% owned by KDIC maintenance (warranty) bond take up 46.5% of the total premiums, amounting to USD 655.2 million.Note) KDIC: Korea Deposit Insurance Corporation • Non-contract bonds including fidelity bond and license & permit bond account for 9.9% with a value of USD 139.2 million. Personal loan guarantees for employees 2017 2018 2019 Minority Shareholders: Life Insurers 4.35%, Non-life Insurers 0.82%, Others: 0.98% take up 5.2%. • Accounting for 38.4% of the total premiums, credit insurance has two categories: (1) commercial products for mobile phone installments, etc; and (2) consumer 1,467 Employees, 1,022 Agents products for mortgage, small personal loans, etc.
Aflac Japan’s Agile Transformation with Agile@ Aflac Aflac provides convenience to its clients and stakeholders through multiple initiatives
Based on its founding aspiration of “helping alleviate the economic hardship of people suffering from cancer,” as well as its core values expressed in its corporate principles, The Aflac Way and Brand Promise, Aflac has created new values that can be shared with society. Through the promotion of digital transformation based on these core values, the company is providing new value to its stakeholders, namely its customers, business partners, employees, shareholders, and society.
The Agile@Aflac Roll-out Aflac Japan launched Agile@Aflac in 2019 to create additional value for our customers by radically changing our way of working and transforming our organisational structure.
These changes were needed to develop an organisational mindset and structure that is fully focused on quickly delivering value for our customers and that can effectively leverage digital technology to achieve this goal. With these changes, Aflac can flexibly and quickly provide services to our customers and respond to their needs even in rapidly evolving social environments or times of intensifying competition.
The initial phase Agile@Aflac activities were leveraged to achieve the following: 1. Customer experience enhancement: Shortened the time required to pay claims and expanded premium payment methods. 2. Shortened speed to market:
Shortened the new product planning period by 30-50%. 3. Improved efficiency (resource allocation): Over 75% of employees engaged in Agile indicated that their productivity improved. 4. Improved employee job satisfaction: Over 80% of employees practicing Agile indicated that their job satisfaction has improved.
The new Agile base aims to improve customer convenience and develop innovative products and services
Overall, in the initial phase of the roll- number is not required, and the service is out, the most significant changes were available 24 hours a day, 365 days a year, made in the claims area. Using Agile, pain enabling speedy and reliable cash receipt. points were identified and measures to This Open Innovation initiative, which improve the customer experience were goes beyond the scope of the insurance implemented. With this approach, Aflac industry, resolves customer pain points reduced the amount of information that and increases customer satisfaction. The customers are required to submit with service currently handles around 1,000 user claims and shortened transactions per the average claim month, contributing payment time for The company is providing to reliable and select claims to as new value to its prompt refunds to little as 5 minutes. Agile activities are now being applied in additional phases to stakeholders through the promotion of digital transformation customers. In such way, as the leader in the core business of other areas in order “Insurance for daily to improve customer- living,” the company facing and internal services. is utilising digital technology for providing
In response to such needs, in products and services that are of value collaboration with Japan’s largest to customers. Moreover, in new business convenience store group, the company is fields responding to changes in society, the first Japanese life insurer to introduce the company is creating new value beyond an ATM Cash Receipt Service. The service is the realm of insurance by using digital for refunding premium payments. technology and linking insurance and non-
In the service, customers receive by email insurance services. a confirmation number for inputting into Through such initiatives, Aflac will leap an ATM machine at a convenience store, forward to become the leading company with more than 25,000 of such machines creating “daily living,” realising even more nationwide. The customer’s bank account corporate value.
InLife: Providing a Lifetime for Good amidst the pandemic The insurer also mobilised its resources to provide assistance for frontliners.
The COVID-19 pandemic is a public health, humanitarian and financial crisis. This is what Filipino life insurer Insular Life (InLife) realised after assessing the impact of COVID-19 on the country. As a corporate citizen, InLife took steps to address this crisis in order to help Filipinos cope with one of the worst pandemics to ever happen in the country’s recent history.
InLife mobilised its employees, agents, and policyholders to gather donations with its corporate social arm, the Insular Foundation, matching all cash donations gathered. The money collected was used to provide personal protective equipment and distribution channels alike. This has income, and a one-time use Emergency Health (PPEs) for medical frontliners of nine allowed InLife to continue to operate with Care voucher. hospitals, food packs for families in poor minimal service interruptions and create Recently, it made available Ella, the InLife areas, kitchen equipment in temporary new products and services even whilst the Chatbot on InLife’s Facebook Messenger shelters, and financial assistance country was on ECQ. account. Ella gives answers right away to for nurses and medical staff. It also In the midst of the pandemic, InLife customers who want to know how to use the provided free life insurance cover and was agile enough to successfully roll Customer Portal and guides them as they hospitalisation benefits to both medical out its Virtual Business Enabler (ViBE), perform transactions in the customer portal and non-medical frontliners through its a multiplatform system that enabled its such as fund withdrawals and policy loan Chain of Protection Program. agency force to stay in touch with their applications on their own.
As the pandemic threatened the lives clients, whilst meeting new ones without the As one of the rare Filipino companies of many, InLife assured its policyholders need for face-to-face contact. making it to 110 years, InLife has the unique that individual life policies, as well as InLife’s Automated Underwriting System responsibility and special accountability to policyholders of its Group Life policies, continues to provide a fast and efficient the country. InLife has navigated through would be covered for system for policy countless challenges but flourished as it COVID-19. Despite the exclusion of a pandemic in its group policies, InLife decided As the pandemic threatened the lives of many, InLife assured application to policy issuance in as little as 30 minutes. The continued to adapt well to the times. Guided by the values that helped it during these periods of calm and turbulence, InLife promises to continue creating a lifetime for good for to cover COVID-19 its policyholders that Customer Portal, everyone, proving its worth to be called cases. It also extended the grace period for premium payments to 91 days instead of individual and group life policies would be covered for COVID-19 meanwhile, provides comprehensive self-service Insurance Asia Awards’ Domestic Life Insurer of the Year – Philippines for four consecutive years. the usual 30 days for capability that individual policies due for payment from enables policyholders to pay premiums, 15 February to 31 May. This was meant redirect premium payments, switch and to enable InLife policyholders to adjust withdraw funds, take out policy loans to the Enhanced Community Quarantine or withdraw dividends for liquidity (ECQ) in effect at the time. requirements. It also has a chat and email
The COVID-19 pandemic and the facility for faster communication with InLife’s extended quarantine period implemented customer service associates. in the country challenged the insurance During this pandemic, the InLife Digital business which was highly dependent Store was also launched, whilst two new on face-to-face transactions with its products were offered to the market: Prime clients and prospects. Fortunately, for Care, a yearly renewable plan that gives cash InLife, it had already established a strong benefits in case of critical illness, and Total digital capability for a seamless digital ProtectER, a plan with three benefits—one end-to-end onboarding for its customers year term life insurance, daily hospital
DirectAsia Singapore unlocks the key to customer-centricity
The direct insurer designed product features to address the specific needs of customers in the long term
The year 2018 has marked the start of a transformational journey for DirectAsia Singapore. The direct insurer recorded a growth of 29% YoY to $26m from $20m in 2017. This momentum continued into 2019 with +33% GWP, ending the year with $35m. Just in 2 years, DirectAsia was able to increase its market share, growing an astounding 75%.
The exceptional growth was underpinned by 2 strategic pillars— unique customer-centric feature launches and alternative distribution expansion. The stellar results garnered were a testament of solid product strategy and execution.
To top this all, DirectAsia moved up in General Insurance Association (GIA) rankings in the motor and travel insurance by 3 positions to 11, and 2 notches to 13, respectively.
Despite these achievements, DirectAsia also faced the challenge of a homogeneous product landscape, resulting in heavy price competition to Suhas Talekar (left), Scarlett He, Ronnie Brown, Lynette Lee and Cherie Lim acquire customers, with other direct insurers outspending the insurer in marketing dollars by 700%. Further, the motor category is typically deemed as unexciting and customers purchase at lowest possible cost in exchange for coverage whilst travel insurance, faced the challenge of customers not being well-versed about coverage. To move the needle forward, DirectAsia designed features for its products to address the specific needs of customers in the long term. project aimed to attract and reward safe riders into its book, as well as give back to clients via discounts. Going beyond the ordinary was the second product feature with the launch of ‘NCD Protector Plus’. The initiative writes off one at-fault claim and advances the driver’s NCD the following year. Just within the first year of its launch, NCD Protector Plus has seen a 15% increase in take-up rate of the product. Meanwhile, DirectAsia also revamped its travel The exceptional growth of DirectAsia was underpinned by unique customer-centric feature launches and alternative distribution expansion Furthermore, the insurer included the option of the helper who might go along on the family holiday as well as pet hotel coverage for travel delay. Partnerships with brand leaders The second strategic pillar for growth was an alternative distribution expansion to tap into valuable customer bases via partnerships. DirectAsia embarked on an ambitious partnership engagement plan with brand leaders like DBS for car insurance comparator, Vicom for targeted traffic of drivers and riders, and Citibank for a mid-to-affluent base. As part of the exclusive Vicom partnership, the insurer launched its first on-site sales team at Vicom inspection centres. Turning Launch of NCD and Travel Insurance products Following the first-of-its-kind launch of ‘NCD60’ (No Claim Discount) for car drivers, DirectAsia launched ‘NCD30’ for motorcycle riders in 2018, when the market highest NCD is only 20%. This insurance products in early 2018 with family needs in mind covering children, helpers and even pets. The family plan only prices adults and children will be included for free. Child payable limits can also be raised to adult levels to ensure children are taken care of, especially in medical situations. these partnerships around with limited resources and extremely tight timelines was execution excellence across the organization as DirectAsia successfully on-boarded several partners in mere months. This gave impetus for GWP growth and brand visibility with these market leaders’ customer base.
Make insurance more accessible through customer and partner-centric innovation From innovative product portfolio to meet evolving customer needs to ambitious digital transformation
Rapid commercial growth over the customer experience and was instrumental to past 2 years the firm’s achieving a Net Promoter Score of 47 BNP Paribas Cardif Life Insurance and Customer Satisfaction Score of 91 in 2019. had a truly stellar run these past two BNP Paribas Cardif Life Insurance migrated all years, increasing new sales threefold to its policy communications onto the KakaoTalk EUR 74mln (annual premium equivalent platform in November 2017 and achieved a basis) over 2017-2019 to become a top 57% digital adoption rate in 2020. three player in the bancassurance variable The company was also the first life insurer life market in to adopt KakaoPay Korea. Over the authentication in April same period, the The awards gave us 2018 to let customers company doubled encouragement to work log on to its apps its bancassurance towards our mission on easily. In November variable life market share to 14% in 2019. It also “making insurance more accessible to the largest possible number of people” 2018, BNP Paribas Cardif Life Insurance launched its main customer consultation successfully service ‘Cardif Talk’ launched the on the KakaoTalk independent broker channel (GA: General platform to help customers make inquiries on Agency) in 2019 and achieved an 11% their contracts and gain access to a wide range market share in Q1 2020 in South Korea’s of services directly from the messaging app. competitive variable life segment. This new In March 2019, it launched fund performance channel accounted for 21% of new sales in alerts on KakaoTalk based on investment 2019. targets set by customers to help them track Innovation in product portfolio to meet Dec 2019, BNP Paribas Cardif Life Insurance evolving customer needs launched a real-time premium payment service Rapid commercial growth was the result via KakaoPay. of putting customers at the center of everything we do. BNP Paribas Cardif Life Insurance launched its Customer Success Center in April 2018 to provide professional investment advice and help customers mitigate investment risks. It developed an innovative variable life insurance in partnership with a leading domestic asset management company featuring dynamic asset allocation solutions to help customers rebalance their fund portfolio at no cost. The company secured exclusive sales rights for this product from the Korea Life Insurance Association (KLIA) in 2017.
Ambitious digital transformation, leading record-high customer satisfaction BNP Paribas Cardif Life Insurance aims to be part of its customers’ daily lives and to meet their expectations for intuitive interactions and immediate answers. The adoption of KakaoTalk, the No.1 mobile messaging application in Korea, into the company’s customer journeys has contributed to a significant improvement in and optimise their policy performance. In AI-empowered chatbot ‘Tobagi’ In order to support the rapid growth of its independent broker channel, BNP Paribas Cardif Life Insurance released an AIempowered 24/7 chatbot ‘Tobagi’ using natural language processing to 26,000 agents. The chatbot offers quick and intuitive access to information necessary to agents before and during the sales consultation process, delivers relevant information on product performance and is integrated within the company’s e-subscription system. The chatbot is personified as the character Tobagi, a likable, responsive and enthusiastic virtual employee. The chatbot has improved accessibility of sales support with more than one-third of inquiries being received outside working hours. As a result of the seamless integration of their services with KakaoTalk’s ecosystem, 45% of policy inquiries and transactions were processed digitally in 2019, leading to higher customer satisfaction and loyalty, greater operational efficiency, and lower transaction costs.
Asia Innovation Factory, a company transformation accelerator Meanwhile, BNP Paribas Cardif Life Insurance is currently participating in ‘Asia Innovation Factory’ project, a globally embedded framework activating customer/partner-centric innovation and new ways of working in Asia. This project aims to test assumptions—following a pragmatic but well-defined governance—embodying local Cardif transformation in Asia. To be aligned with the region-wide project, BNP Paribas Cardif Life Insurance established ‘Cardif Lab’ in the local office in 2019, whilst introducing agile methodologies to accelerate change and promote customer-driven innovation. “We are very proud to have won the two award categories at the Insurance Asia Awards 2020. These awards were the meaningful BNP Paribas Cardif Life achievement of all Insurance President and CEO, our employees, and Jonathan Oh. at the same time, gave us another encouragement to work towards the company’s mission “making insurance more accessible to the largest possible number of people” said Jonathan Oh, President and CEO of BNP Paribas Cardif Life Insurance.
AmGeneral Insurance Berhad clinches Domestic General Insurer of the Year (Malaysia) Its strategies are centred on accelerating digital capability uplift and enabling digital delivery through its intermediaries
Adding another feather to its cap, AmGeneral Insurance Berhad (AmGeneral) was recently awarded ‘Domestic General Insurer of the Year – Malaysia’ by Insurance Asia Award 2020.
The past year was quite a busy one for AmGeneral as it set out concrete approaches to achieve targets of its ‘Big 4 Strategic Pillars’, and has since delivered multiple products to continually address fast-changing customer needs, placing value over price.
AmGeneral’s Liberalised 365 Suite for motor and non-motor products include the auto365 Comprehensive Premier and Comprehensive Plus, auto365 Third Party Fire and Theft Premier, Fire 365, All Risk 365, Kurnia Travel Supreme, Flexi SME 365, and M&E 365, AmStyle Guard and Right Cover Plus. The company also recently launched Motorcycle365 Comprehensive digitally based on customer’s preference. This on workmanship (lifetime on windscreen Plus with 4 new benefits—making it an also applies to its day-to-day operations and replacement and 3-year warranty for Own affordable cover that offers excellent value claims services to customers which allow a Damage repairs) in Malaysia. By the end of the for motorcycle owners in Malaysia. seamless and hassle-free experience. year, AmGeneral will continue to innovate by Throughout the journey, AmGeneral has Some of the digital customer-centric introducing a new end-to-end claims service seen many positive developments whilst initiatives include Agent/Partner Portal model that will further improve on an already focusing on existing and new distributors Services, OneUp and OneTouch mobile superior customer claims experience. for a quality business to deliver both growth applications, fast claims approval and express With the implementation of Voice of and profitability in the motor segment and claims services, specialist windscreen repairers Customer capability to drive customer retention also the fire portfolio. and multi-channel renewal reminders. performance and advocacy, this also led to a
Financially, AmGeneral 30% improvement in AmGeneral’s overall Net AmGeneral enjoyed a strong AmGeneral will continue to further enhanced its customer claims Promoter Score (NPS) in July against SPLY. AmGeneral is truly honoured to receive this year, recording innovate by introducing a services and made recognition as it is a testament to its commitment a 3.2% increase new end-to-end claims service changes to its as the organisation continues to engage and in total annual premium income for Financial Year ended model to further improve our already superior customer claims experience Vehicle Accident Management (VAM) model to improve performance build valuable relationships with its 1,400 employees, over 2 million customers, and 6,200 intermediaries, positioning AmGeneral as the ‘Most Trusted Insurer in Malaysia’ – placing 31 March management and emphasis on honesty and transparency in doing 2020, rising to 3.6% in its new core motor customer outcomes in terms of workshop repair business. business, where it insures one in every seven quality and turnaround time (TAT). cars in Malaysia under its two retail brands, The company also achieved multiple awards CONTACT AmAssurance and Kurnia. Its performance as they achieved a 3-day turnaround time for bucks the industry trend, which saw premium income fell by 0.8% during the same period. In the digital space, AmGeneral’s strategies are centred on accelerating digital capability uplift and enabling digital delivery through our intermediaries—to overall claims approval from January to June 2020. Next closest insurer had a 6-day TAT whilst the industry average was 16 days. This is supported by the only over the phone claims lodgement approach in the industry, including free e-hailing options following an accident, document waivers, improved Company Name: AmGeneral Insurance Berhad Address: Menara Shell, No. 211 Jalan Tun Sambanthan, 50470 Kuala Lumpur, Malaysia Website: www.amgeneralinsurance.com Tel: +603-2268 3333 Fax: +603-2268 2222 Email: contactus@amgeneralinsurance.com better enable agents to do more business status updates and the longest warranty
Leading Insurance Singlife’s Digital-First Movement Singlife launches its flagship product, Singlife Account, with the vision of creating a digitally connected financial ecosystem.
This year has brought great change, Business makes customer service more reshaping traditional business intuitive and efficient. Through its instant models and prompting the urgent identification process, Singlife is able to embrace of digital transformation. manage queries and resolve issues for As the insurance sector is expected hundreds of customers with speed. It is able to Whilst many traditional insurers have identify which customer is on the other side of been instrumental in shaping insurance, the phone whilst instantly being equipped with their legacy infrastructures make it the necessary information on the customer’s increasingly difficult to integrate new history to help solve the query. Singlife’s technologies and scale products to customised platform integrates all queries meet the needs of consumers in today’s across different channels, ensuring a more pandemic. seamless experience where customers can In an increasingly socially distant society, person, without having to provide background digitisation has been the glue that kept information on their issue at each interaction. businesses running, markets churning Singlife’s flagship product—the Singlife and livelihoods going with as little Account—was launched. As an app-based This digital-first, customer-first approach has disruption as possible. Digital insurers flexible insurance savings plan, the Singlife proven a success with the Singlife Account like Singlife are connecting customers Account streamlines the financial journey so winning over 50,000 customers and quickly to their everyday financial needs through customers can enjoy greater accessibility, amassing over S$500 million assets under their mobile devices, giving them efficiency and affordability. Built with the management (AUM). This illustrates the constant convenience and connectivity modern consumer in mind, the Singlife urgency for a digital financial service that not to their finances. Account reinvents insurance and unlocks only meets the demands of consumers but the potential of money, offering customers supports their financial needs especially at a A Connected Future: The Benefits of more immediate returns and autonomy when time where global economies are fragile and Digitisation managing their finances. protection is paramount now more than ever. feel like their query is being attended to by one to record increased sales of Recreating the Human Experience policies covering critical illness and hospitalisation, more insurers here in Singlife connects customers Whilst digital insurance has been lauded for its ease and simplicity, the human touch is Singapore and throughout the world are to their everyday financial still an important aspect of insurance. From accelerating their digital transformation, needs through their mobile offering timely insights to check-ins on driving new roles and skills to advance the digital front. devices, giving them constant convenience and customers’ coverage, financial advisors are vital in providing a human touch in insurance. Digital insurance provides accessibility, connectivity To combine the worlds of digital and personal, efficiency and affordability to Singlife is rolling out its “Connect with an consumers, allowing them to manage Adviser” feature, aimed at providing more their financial products independently A Balancing Act: Being Digital-first and opportunities for Singlife customers to get and have more control over their money Customer-first in touch with trusted advisors who can guide and protection. With the increasing As customers expect their financial services them through difficult financial decisions. This number of digital touchpoints, digital to be more lifestyle friendly, insurers are feature is available in-app and will increase insurance has expedited insurance forced to innovate and make products more connectivity with customers, creating a processes and transactions, connecting intuitive and appealing to the digital-first personalised service tailored to their needs— customers instantaneously to their needs generation and beyond. something that is challenging to replicate with and enabling operations and services traditional channels like hotlines and emails. to continue despite obvious business Being more than just a digital insurance disruptions. Its immediacy feeds today’s platform, the Singlife Account has supported As Singlife continues to innovate and grow consumers and the need for instant thousands of customers in connecting them its offering and presence, the company’s gratification, giving customers the speed to their financial needs. Whilst digitisation recent merger with Aviva Singapore will aim and efficiency of immediate protection has been an important aspect of the Singlife to provide superior products and independent at a reduced cost. Account, being customer-first strips away advice. Together, they will raise the bar for With the vision of creating a digitally the complexities of finance and insurance. insurance and finance, leading Southeast connected financial ecosystem, Built on Twilio’s open API, WhatsApp for Asia’s digital-first finance movement.
MLC Life Insurance assists employees back to work from social isolation The insurer launched MLC Assist to support people’s return to their mental and physical health and wellness
COVID-19 has re-emphasised the important role life insurers play in protecting Australians and their families in times of crisis. When someone takes out a policy, we make a promise for life—to be there for them when they need it most. It’s why in 2019, MLC Life Insurance paid out more than $1.3b in claims.
In the coming months and years, insurers are likely to receive and pay an increased level of claims as a result of the medical and socio-economic impacts of COVID-19, said Josh Agar, Recovery Strategy Manager, MLC Life Insurance.
As life insurers, are well positioned to do more than just pay claims. We already know that the longer people are away from work, the greater their risk of social isolation and the onset of secondary mental health conditions. This increases their risk of Life Insurance launched an industry-first, customers’ achieved their program goals. This a comorbidity and can lead to a delay post-claim recovery service called MLC included 63% of MLC Assist customers who in recovery or the development of a Assist. Delivered in partnership with achieved an improvement in classification secondary condition. And COVID-19 is Pinnacle Rehab, the service seeks to from ‘unfit to work’ to ‘being able to work’ by likely to exacerbate this issue for many support people’s return to their mental and the end of their program. people. physical health and wellness. Overall, customers who used the service
According to the 2018 Australian MLC Assist is free and available to all say they feel they have someone there to Loneliness Report, one in two customers on an income protection claim. help relieve the burden of navigating the Australians feels lonely for at least It is available via an app and provides transition to life post-claim, and ultimately one day a week, access to a network helping them back to mental and physical whilst one in four of experienced and wellness. has reported feeling lonely for three or more days. MLC Assist continues to give customers the right support when they need it dedicated allied health professionals. These include social workers, Our next step is applying our data and user insights and predictive analytics to identify more work placement opportunities for key conditions and occupations types.
At MLC Life most rehabilitation Customers returning to work via Insurance, we counsellors, exercise rehabilitation services such as MLC Assist know that social physiologists, as also have benefits for life insurers. According isolation can be well as recruitment to Swiss Re’s Rehabilitation Watch 2016, for a real challenge for many customers and employment consultants. Helping every $1 spent on rehabilitation services, who make a claim. They may have lost customers retain their community insurers saved $25 on income protection their workplace connections and are engagement is supported by social services, claims costs. unable to participate in their usual vocational guidance and job seeking As a member of the Nippon Life Group of social activities, sometimes leading to assistance, direct placement assistance and Companies, MLC Life Insurance is investing the onset of a secondary mental health business coaching. The app’s applications in programs to help its customers return condition like depression or anxiety. and chat functions let customers access the to work and to get back to positive mental
The feedback we received from services whenever they most need them. health. As many Australians continue to customers was that they struggled to Whilst the service is still in its infancy, experience social isolation, exacerbated find and access appropriate support there are already positive results. From by the impacts of COVID-19, MLC Assist services. those who have used the service, 74% have continues to give customers the right
To address this, in May 2019, MLC returned to work and more than 90% of support when they need it most.
AIA Australia receives top honour at Insurance Asia Awards 2020
The leading life and health insurer’s AIA Vitality program embodies its unique customer value proposition
Industry-leading life and health insurer health and wellbeing programs like AIA Vitality AIA Australia (AIAA) has been named can have: if Australians were to make healthier ‘International Life Insurer of the Year— lifestyle choices by practicing at least average Australia’ at this year’s Insurance Asia health habits, the national depression incidence Awards. rate could reduce from 6% to 4.7%. This would
Part of the AIA Group—the world’s result in 300,000 fewer depression incidences largest life insurer by market capitalisation per year and 4.7 million recovered working days, with over 100 years’ operating experience saving the Australian economy around $3b per in the Asia-Pacific region, AIAA has worked year. hard to develop a shared value business To combat the rise in the incidence of mental model that delivers value to its customers, ill-health, AIAA has developed several mental business, and society at large. wellbeing components as part of the AIA Vitality
AIAA’s purpose is to make a difference in program, and recently made a new mental people’s lives, and its vision is to champion health app—Mentemia—available for free to all Australia to be the healthiest and best Australians for six months. protected nation in the world. For AIAA, Recognising the health impacts of isolation and insurance is about more than simply being AIA Australia and New Zealand CEO Damien Mu financial insecurity that have resulted from the there for customers when times are COVID-19 pandemic, AIAA has also developed tough. While, traditionally speaking, most four controllable lifestyle behaviours: physical an at-home fitness and wellness program for AIA customers have only engaged with their inactivity, unhealthy diet, smoking and excessive Vitality members while they are in lockdown, and insurer when lodging a claim, AIAA’s unique alcohol consumption. is offering mental health coaching via tele-heath, life, health and wellbeing proposition opens Rising rates of mental illness have also free online cognitive behavioural therapy, and up channels of ongoing communication, been a growing issue in Australia, with one access to social work services for those who need encouraging customers to live healthier, in five Australians between the ages of 16 it. longer, better lives. and 85 experiencing a mental disorder in any The proven benefits of AIAA’s integrated
A key component of AIAA’s unique 12-month period. Mental health is AIAA’s third shared value proposition extend beyond customer value proposition is AIA Vitality, largest cause of claim, behind cancer and improved health and a better quality of life for the science-backed health and wellbeing musculoskeletal conditions. individuals. Healthier members are less likely to program that encourages members to At a community level, mental illness has been make claims, and more likely to make fuller, faster learn more about identified as the recoveries from illness and injury, reducing claims their health and be rewarded for taking small, everyday AIAA’s purpose is to make a difference in people’s lives, leading cause of work absence and longterm work incapacity, costs for AIAA and making cover more affordable for members. Furthermore, healthier members mean a healthier, more productive population steps to improve it. and its vision is for Australia most commonly that can better contribute to society and poses a
Behavioural to be the healthiest and due to anxiety and lower healthcare burden to the government. economics has shown that consumers will best protected nation in the world depression. The Australia’s Healthiest Workplace survey, For AIAA as a business, the company’s shared value proposition means better customer engagement and retention, lower claims costs, generally opt for conducted by AIA more competitive pricing, and the opportunity to healthier choices if provided with a clear Vitality in 2017, indicated that absenteeism change the life and health insurance conversation incentive to do so. Drawing from these and presenteeism could be costing Australian from one about illness, death and disability to findings, AIA Vitality offers its members the businesses up to $112b per year in lost one that champions living healthier, longer, better opportunity to enjoy a range of benefits— productivity. lives. including discounted gym memberships, A recent Quantium Health study released reduced insurance premiums and financial by AIAA found that 30% of an individual’s risk CONTACT rewards – by making choices that will lead to of depression is influenced by factors that are positive health and lifestyle outcomes. within their control. These include engaging in Company Name: AIA Australia
In Australia, approximately 90% of physical exercise, getting a good night’s sleep, Address: 509 St Kilda Road, Melbourne, Victoria national deaths are due to four non- eating a well-balanced diet and not smoking. 3000, Australia communicable diseases —cancer, diabetes, The findings are significant for both Contact Number: 1800 333 613 respiratory disease and cardiovascular Australians and Australian employers, and go Email: enquiries@aia.com.au disease—and these are largely due to some way to reveal the important impact that Website: www.aia.com.au
Cathay Life Insurance drives customers to lead a healthy lifestyle Cathay Life implemented the Cathay Walker Health Promotion Project to combine core insurance business with the promotion of walking.
As a leading life insurer in Taiwan, Cathay Life has over 8 million customers, with one in every three Taiwanese served by the firm. Upholding its sustainability vision of “Lead the way in sustainable insurance and ensure the happiness of society”, Cathay Life is the first life insurance company in Asia to comply with the Principles for Sustainable Insurance (PSI). With the dedication to incorporate ESG issues into operations and adapting to an aging society, Cathay Life actively promotes health management and creates a healthy lifestyle for the public.
Becoming aware of health risks in society The insurer offered the first spillover insurance policy with a step counter app in Taiwan. Life expectancy has increased following advancements in medical care. However, events for policyholders, and designed positively on promoting health awareness and data from the Directorate-General of different incentives for employees and the changing lifestyles. Budget, Accounting and Statistics show general public. The premium will be reduced In addition, other positive results have been that the number of years citizens live in and insured amount will be increased if found from the perspective of stakeholders. In poor health has policyholders walk terms of Cathay Life’s operations, the project increased, which 7,500 steps every helped sales agents build relationships with implies social Cathay offered exclusive day and reach weekly customers and increase sales. Furthermore issues such as events for policyholders, or monthly targets. the general public had improved interpersonal burden on family caretakers and increased medical costs. Cathay Life and designed different incentives for employees and the general public Besides, coupons or prize draws will be provided to the general public. By doing so, relations. This is also an environmentallyfriendly project, in which users are willing to walk more and drive less. Based on SROI evaluation results, Cathay is an expert in risk Cathay Life hopes Life is continuing to implement and expand the management and to change people’s project’s influence. Besides optimizing the app, seeks to address these social risks through lifestyles and make exercise a part of their such as adding the “group forming” function, core capabilities. They view the health of daily life to improve their health. which allows users to form groups with their citizens as corporate social responsibility. Since its implementation, the project family and friends for walking, Cathay Life aims Furthermore, they seek to transform the has been combined with 7 spillover-effect to create a “health ecosystem” and engages in function of life insurance from payment to products and attracted over 223,000 cross-industry collaboration to build a health prevention. participants, who have walked a total of over promotion platform, so as to jointly manage 175.4 billion steps, which is enough to make customers through resource integration and big Incorporated core competencies to lead a 142 round-trip to the moon. data analytics. healthy life This April, Cathay Life launched the According to JAMA Internal Medicine, Creating a health ecosystem to expand the collaboration with the highly popular virtual walking 7,500 steps a day can improve project’s influence reality game, Pokémon GO. This collaboration health and lower the risk of death. Walking In order to assess the social impact of the has made walking even more interesting through is also an exercise suitable for all ages. project, Cathay entrusted a third-party in 2019 an event that links online and offline. People can Cathay Life implemented the Cathay to conduct a Social Return on Investment walk while catch Pokémon and reach Cathay Walker Health Promotion Project to (SROI) assessment in accordance with “A Life Insurance PokéStop in 2,500 places around combine core insurance business with the Guide to Social Return on Investment” and Taiwan. In the future, Cathay Life will evaluate promotion of walking. They offered the get certified from the UK. The results show models and cross-industry collaboration to first spillover insurance policy combined that the Cathay Walker Project has created further encourage exercise, inviting more with a step counter app in Taiwan. the equivalent of NT$6.3 social value for participants so that all citizens may enjoy good
On this basis, they offer exclusive every NT$1 invested, which has had an impact health.
Union Assurance Demonstrates Transformative Approach to Life Insurance in Sri Lanka It is the first life insurer in Sri Lanka to have a 100% digital, paperless submission for policies.
Front row L-R: Jayantha Kumara, Lucille Diaz, Jude Gomes, Asha Perera, Bimanee Meepagala, Mahesh Jayasuriya
Back row L- R: Senath Jayatilake, Nalin Subasinghe , Rumesh Modarage, Harsha Senanayake, Suresh Muttiah
Economic crises, because they are at the recently concluded Insurance Asia new beginning for Life Insurance early this year. sudden and disruptive, generally Awards 2020, setting a new benchmark for the With the evolving consumer at the core of its impact businesses negatively. industry in Sri Lanka. repositioning strategy, Union Assurance is placed COVID-19 and the economic impacts due to The company’s readiness in digitisation as the trusted Protector of the Sri Lankan Dream the lockdown had a negative impact on Sri augured well for promptly adapting online advocating that people can dream bigger if they Lanka’s private sector. training for its agency force on conducting new plan better, that their children can go higher if However, the leadership team led by business and servicing customers using digital their future is stronger, that their lives can be Chief Executive Jude Gomes who had platforms. An online recruitment program richer if they thought smarter. taken the job only months before, were was launched during lockdown, allowing many The logo depicts the circle of life, with the well prepared for the challenges ahead. The individuals to take tagline Your Life, Our new normal brought with it a formidable up new work and Strength. The new opportunity for Union Assurance to live by its promise—Your Life, Our Strength, and offer much needed support to its stakeholders to demonstrate that being a expand their sources of income. Union Assurance also implemented working Union Assurance has been at the forefront of technology advancement identity marks an exciting journey built on the teamwork of dynamic professionals to nurture responsible insurer can be much more than from home the day in the industry in its 30 relationships amidst a slogan. following lockdown to years of operation the strong financial Union Assurance has been at the ensure uninterrupted foundations the company forefront of technology advancement service to their has established. in the insurance industry in its 30 years policyholders, along with a 24/7 trilingual Union Assurance is the oldest private life of operation. The company is the first call centre, a web chat option, an innovative insurer in Sri Lanka, and is a member of the life insurer in Sri Lanka to have a 100% digital system to submit claim documents, John Keells Group, Sri Lanka’s largest listed digital, paperless submission process and other service-related documents to make conglomerate. Union Assurance completes to issue policies with fast turnaround, engagement convenient. Engaging its workforce over three decades of success in the industry straight-through processing, digital claims at different levels of the career cycle was with a market capitalisation of Rs. 18 Bn, a Life submissions, and servicing capabilities. a challenge during this time of uncertainty Fund of Rs. 38 Bn and a Capital Adequacy Ratio The company also implemented the which activated the launch of Strive Towards (CAR) of 455% as at July 2020. Set to empower recently modernised cloud-based 4th Excellence Programme (STEP), a platform the Sri Lankan Dream, Union Assurance offers generation (4G) insurance platform, a first for career acceleration which provides Life Insurance solutions that cover education, in the region. Insurance Asia recognised this exposure and interaction with the corporate health, protection, retirement, and investment platform and awarded Union Assurance management, live business projects and role needs of Sri Lankans. With 76 branches and an with three awards—Domestic Life Insurer modelling opportunities. over 3000-strong workforce, Union Assurance of the Year - Sri Lanka, New Insurance To consolidate its transformative journey, continues to invest in people, products, and Product of the Year - Sri Lanka, and Digital Union Assurance launched its bold new identity processes to remain agile and responsive to Insurance Initiative of the Year - Sri Lanka— portraying a new logo and payoff line marking a emerging changes in the Life Insurance industry.
AXA AFFIN Life revolutionises customer service through digital transformation
The insurer has unveiled the first-in-the-market online Medical Card for customers.
Malaysia is keeping pace with Southeast Asia’s digital transformation by recording the highest percentage of digital consumers with 83% of its population aged 15 years and above, based on a study conducted by Facebook and Bain & Company.
To keep up with the future trend and appeal to the millennials, AXA AFFIN Life Insurance is disrupting the insurance industry by unveiling the first-in-the-market online Medical Card.
AXA eMedic is an innovative, mobileonly product that will keep up with current lifestyle needs and reaches out to its AXA eMedic 2.0 Launch customers via online purchase as well as the traditional agency distribution. rising medical costs. digitalised. For hospital admission, just flash
Going digital was vital to securing • FAST - Customers can sign-up for a plan the e-medical card via mobile for hassle-free tomorrow’s customers. The value within 5 minutes via the AXAeMedic cashless admission. Customers can always log proposition was that the medical card was website (www.AXAeMedic.com) in to MyAXA customer portal for self-servicing a gateway for new, younger customers, • EASY - No medical examination and only options such as view policy details, top-up whose needs would grow to the point that has 3 underwriting questions compared premium, update payment details, etc. they would need an agent later. to the usual 27. Customers will get instant For a seamless customer journey, a virtual
This has positioned AXA AFFIN as the approval upon purchase. assistant “Ask Michelle” and chatbot “Atom” number 1 digital player in the market • AFFORDABLE - Available for as low as is made available. Customers can speak to with 74% market share as of Q2, within RM37/month. “Michelle” or “Atom” on any questions they have. the digital space of life insurance for the “Michelle / Atom” are effective in plunging the protection segment in Malaysia. eMedic has continued to evolve on an gap between conventional insurance and online
From scratch in 2018 to almost 50% agile mode with strong results at each phase insurance. Minimal services are still expected by of policies sold in backing the conviction. customers. the month of May Initially launched are via “direct or AXA eMedic is an for millennials aged Partnership Landscape through direct innovative, mobile-only 16 – 39, the product AXA AFFIN is not only selling a medical card, but partnerships”. This is an example of a traditional insurer who has embraced product that reaches out to its customers online, as well as via traditional has evolved to offer protection for young and old. eMedic is now also offering a lifestyle proposition via healthtech partners for customers to live healthily and be supported financially and psychologically when a medical emergency strikes them. digital and re- agency distribution available for children One of which is BookDoc (www.bookdoc.com), designed their as young as 15 days a health rewards platform that incentivises business. – 49 years old and healthy living. Customers will enjoy a plethora of
With the rising COVID cases in the extendable to age 80. Expatriates living in rewards such as free coffee, gym membership, country and the limitation to physical Malaysia are also eligible for this plan. fitness wearables, etc. BookDoc also provides meetings, eMedic sales showed positive In October 2019, AXA AFFIN introduced access to search and make appointments with results with a year-on-year increase of 66% another revolutionary offering with AXA specialist doctors. and month-on-month increase of 35%. eMedic Family Plan. The Family Plan can be Another one is Naluri (www.naluri.life), a digital
In 2019, almost 20% of the sales of AXA purchased in a single package online in less than therapeutics provider which offers physical and AFFIN’s 1st year Agents came from the 10 minutes. The family plan is affordable from mental health support. Customers can get access digital leads provided to them. Net result as low as RM150/month for a family of four to psychologists, fitness coaches, dietitians and – both Digital and Agency channels grew in with coverage of RM100,000/individual per medical advisors to help them achieve the healthy tandem and one didn’t substitute the other. year. lifestyle they deserve.
AXA eMedic offers accessible online With AXA eMedic, AXA AFFIN was recently Medical Cards to ensure Malaysians Simplified Operations Built Around Optimal awarded with the Digital Insurance Initiative of comprising young families and Customer Experience the Year (Malaysia) Award at the prestigious professionals are well-protected against The overall customer journey is 100% Insurance Asia Awards 2020.
QBE Asia builds digital footprint with new insurance initiatives
The firm was awarded with the Digital Insurance Initiative of the Year for both Hong Kong and Singapore
Today’s “no-contact” pandemic has all-in-one digital motor claims platform. This challenged businesses to find ways gave customers the option to directly file motor to continue operating and supporting claims online and enjoy reduced premiums in the customers, without the need for physical long run, providing them with a swift, reliable, and interaction. cost-efficient platform. QBE’s panel repairers and
This has created an urgency for appointed adjusters are also able to be connected businesses and industries—many of which through the platform, ensuring a seamless and have operated unchanged for decades—to integrated digital experience. Another benefit digitalise their operations quickly and is that claims processing is now made more effectively to ensure business continuity. environmentally friendly as it limits reliance on Going digital creates opportunities for paper-based documentation. businesses to evolve, enabling them to be more resilient and adaptable to real-time Ronak Shah, CEO Singapore, QBE Picking up the pace changes in the operating environment. These innovations are just the beginning. There The QBE team has been working tirelessly to respond to this new dynamic presented by the pandemic, bringing their products online to offer digitalised services that are competitive and in line with customer needs. In recognition of their efforts, both QBE Hong Kong and QBE Singapore have won this year’s Digital Insurance Initiative of the Year at the Insurance Asia Awards for their increased team efficiency and productivity, enhancing our broader value proposition to business partners, intermediaries and in turn our clients. More importantly, it allows us to securely and simultaneously run our business with minimal disruption whilst introducing more sustainable practices into our everyday operations,” said Ronak Shah, CEO Singapore, QBE. is a growing need for insurance products and negotiated underwriting to be optimised to mitigate sudden occurrences and the uncertainty they create. QBE Singapore and QBE Hong Kong are pursuing a path towards greater digitalisation. The firm continues to enhance its digital approach by expanding reach via its online end-to-end transaction platform, Qnect, as well as enhancing successful foray into digital insurance. The QBE team has been its digital claims platform and launching the electronic dispatch solution to ensure business Delivering for customers amidst highs and working tirelessly to continuity with their partners and customers. lows respond to the new QBE Singapore’s Green Despatch Solution QBE Singapore developed its Green Despatch Solution to offer an electronic mode of policy document distribution. It dynamic presented by the pandemic is just one element in its 2020 digital roadmap, which will see a series of products and services being pushed out for the B2B and B2B2C sectors. was introduced at the peak of the COVID-19 pandemic to offer a timely solution for customers. The Green Despatch Solution helps alleviate the burden of menial, repetitive, high-volume tasks for employees. Using Robotic Process Automation technology, the bot at the heart of the solution is primed The evolving needs of QBE Hong Kong’s customers have also been at the forefront of the team’s product decisions. Following its successful roll-out of the award-winning Digital Claims platform for Travel and Domestic Helper insurance in 2019, it decided to extend the benefits to a wider audience and launch an Similarly, QBE Hong Kong’s launch of the digital motor claims platform in mid-March 2020 has been met with a strong reception, with 549 claims applications processed and 92% positive user ratings. This is set to grow at pace. “Our customers’ needs are always changing, and it is vital that we continue to excel in creating value-added solutions for our business partners to pick up, encrypt and share documents and customers. As an insurer, our focus is using with customers electronically, whilst also digital technology and innovation to provide more shifting the claims and advisory processes value-added, convenient and timely end-to-end online for greater overall convenience insurance service for our personal line insurance and a better customer experience. This in customers,” said Lei Yu, Chief Executive Officer turn also speeds up documentation and for North Asia and Regional Head of Distribution claims processes, ensuring customers for QBE Asia. get the assistance they need quickly and Even as firms find themselves knee-deep in seamlessly. fighting the long-term effects of COVID-19, the
“The Green Despatch Solution speaks most lasting—and possibly positive—impact of to our drive towards developing customer- the pandemic will be the rapid shift it necessitates centric policies and solutions that provide towards technology and digitalisation. This will more convenience, and are also reliable, Lei Yu, CEO North Asia and Regional determine the future customer engagement and and value-adding. These solutions drive Head of Distribution, QBE experience in insurance.
CB General Insurance navigates industry challenges through its innovations Its CB Mobile App introduced the use of convenient Medical e-cards, replacing the traditional ones
CB General Insurance Plc., Cambodia’s new innovative insurance company, was selected as the Insurance Start-up of the Year at the Insurance Asia Awards 2020, for their insurtech-related innovations for their customers.
The award recognises CB Insurance’s determination in navigating industry challenges to deliver new value and innovation with CB Insurance being the only insurance firm in Cambodia that is part of the winners’ list.
As an industry leader in innovation, CB Insurance became the first Cambodian insurance firm to develop a mobile application in December 2019. The CB Mobile App introduced the use of convenient Medical e-cards, replacing the traditional physical card. The CB Mobile App gives customers simple and easy access to details of their policies, allows them to view and enquire about higher plans, and locate partner clinics and hospitals anytime, anywhere.
“It is an honor to be recognized at the Insurance Asia Awards for our commitment to innovation,” said Ms. Bun Chanmakara, General Manager of CB Insurance. “We understand that our increasingly techsavvy, mobile, and cosmopolitan customers require effective insurance solutions that adapt seamlessly to their lifestyles and eclectic preferences. This award is just the first step in putting Cambodia on the map as a hub for insurance and tech innovation in Asia,” added. This award is said to be a great recognition of the achievements and efforts of CB Insurance’s young team. It also signifies that with the great teamwork of its people and the support from shareholders, thus, enabling them to achieve what they set out to do. “We are committed to bringing new technology and new business models to the Cambodian market, and to continuously contribute to the growth of the Cambodia insurance industry. We will maximize the potential of Insurtech in the Cambodian market wherein products and services can be easily accessed from the comfort of one’s home. We also look forward to more milestones, achievements and more awards for our team at CB Insurance,” added Chanmakara.
CONTACT
Address: 2/F Prince Phnom Penh Tower, #445, Monivong Blvd, Sangkat Boeung Pralit, Khan 7 Makara, Phnom Penh, Cambodia. Tel: +855 23 890 999 Email: info@cbgeneral.vip Website: www.cbgeneral.vip For Claims hotline: +855 23 890 888
AD 20: [HALF PAGE] E.DESIGN INSURANCE
Etiqa reshapes insurance with an all-in-one insurance plan, GIGANTIQ Honoured with the ‘Millennial Insurance Initiative of the Year – Singapore’, Etiqa continues to break new ground with its simple protection and insurance savings plans.
With a vision to change the paradigm of insurance and reshape customer experience, Etiqa Singapore launched an innovative all-in-one policy that deviates from traditional insurance on its digital channel, Tiq. GIGANTIQ packs a punch in a single policy that includes a capital guaranteed insurance savings plan and on-demand cover(s) with additional interest.
Flexible insurance savings plan Featuring an attractive base interest for the first year, GIGANTIQ provides the flexibility to top up and withdraw money at any time. With a minimum initial premium of S$50, the plan is made affordable and accessible to the wider market.
On-demand insurance coverage Insurance rider(s) such as cancer and home protection riders can be added onthe-go, with additional interest for each rider added to the policy.
From ELASTIQ to GIGANTIQ: Stretching limits as we grow The inspiration for GIGANTIQ stemmed from the popularity of ELASTIQ – a flexible whole life insurance savings plan that offers first-in-market features – launched in 2018, and recognised as the ‘Millennial Insurance Initiative of the Year – Singapore’ at the Insurance Asia Awards 2020.
GIGANTIQ is a build-up from ELASTIQ, with features meant to bring greater convenience and rewards for those who protect themselves.
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“Etiqa is committed to create innovative insurance products that not only protect individuals and their loved ones, but also empower them in their journey towards personal financial and protection goals,” said Raymond Ong, CEO of Etiqa Singapore
Ong added, “With GIGANTIQ, customers can take control of their future whilst enjoying benefits such as additional interest and flexible insurance protection, which they can switch on and off based on their needs.”
With GIGANTIQ, customers will not have to agonise over managing multiple insurance products from different insurers for varying needs. Purchasing and managing policies is made hassle-free in a single mobile app.
GIGANTIQ is now available on the Tiq by Etiqa mobile app. For more information, please visit: http://bit.ly/GIGANTIQ_IAA
About Tiq by Etiqa Insurance Tiq is the digital insurance channel of Etiqa Insurance Pte. Ltd. (Etiqa Singapore) with a mission to make insurance transparent and accessible with simple and convenient protection and insurance savings solutions. Combining local market knowledge with international insurance expertise, Etiqa Singapore is owned by Maybank Ageas Holdings Berhad.
Underwritten by Etiqa Insurance Pte. Ltd. (Company Reg. No. 201331905K)This content is for reference only and is not a contract of insurance. Full details of policy terms and conditions can be found in the policy contract. As buying a life insurance policy is a long-term commitment, an early termination of the policy usually involves high costs and the surrender value, if any, that is payable to you may be zero or less than the total premiums paid. You should seek advice from a financial adviser before deciding to purchase the policy. If you choose not to seek advice, you should consider if the policy is suitable for you. GIGANTIQ is not a bank account or a fixed deposit. It is an insurance savings plan that earns a crediting interest rate. This product’s availability is based on a first come, first served basis and Etiqa Singapore reserves the right to close the tranche at any time without prior notice. Protected up to specified limits by SDIC. This advertisement has not been reviewed by the Monetary Authority of Singapore. Information is accurate as at 1 November 2020.
Prudential helps Malaysians gets the most out of life through its critical illness protection
The insurer nabbed the Health Insurance Initiative of the Year Award for its PRUMy Critical Care initiative. Established in 1924, Prudential Assurance Malaysia Berhad has been serving the savings and myeloid leukaemia); and Auditor/ Model, Jeslinda Paul (spinal cord injury), the campaign resonates with Care of others starts with you. protection needs of Malaysians for over 96 years. Its purpose is to help people get the most out of life by Prudential’s belief of celebrating doers who strive to take control of their own fate no matter what life throws PRUMy Critical Care We do protection with lump sum payout to you when critical illnesses strike. making healthcare affordable and accessible, protecting customers’ at them. These young individuals were unexpectedly struck with critical illness Protection Insurance wealth and growing their assets, and at the prime of their lives but were able empowering them to save for their to overcome their challenges. goals in life. At the centre of the campaign, is
In Malaysia, major critical illnesses Prudential’s critical illness solution— such as cancer, heart attack, and PRUMy Critical Care which provides stroke, are prevalent and are still comprehensive, flexible, and affordable continuing to be a growing public financial protection against 160 critical health concern. Even as most people illness conditions, one of the highest continue to focus on protecting in the market and offers coverage up themselves against COVID-19, we to age 100 for early, intermediate, and need to be reminded that other critical late-stage detection. illnesses are still Upon frequent among diagnosis our population. Heart disease is the number one cause of death in the country Life is full of ups and downs, but that does not stop us from fulfilling our dreams and achieving the of a critical illness, the policyholder receives a lump sum cash and cancer is the most we can payout which fourth, with one in he/she can ten men and one in use to pay for nine women at risk of getting cancer. a caregiver, alternative treatments,
A common myth is that insurance supplements or any other financial is not needed when one is young and obligations. healthy. But contrary to popular belief, Prudential is proud to receive the medical emergencies can hit when Health Insurance Initiative of the Year least expected and critical illnesses for PRUMy Critical Care. This solution can strike anyone regardless of their was introduced to bridge the critical age, health, or fitness level. Having illness protection gap in Malaysia and financial protection with medical and increase awareness on the importance critical illness insurance alleviates the of critical illness protection by giving financial stress of recovering from an its customers the financial support for illness. the best care and treatment that they
To raise awareness on the deserve without compromising their importance of financial protection hard-earned savings. against critical illnesses, Prudential Guided by their mission of providing worked with four young critical illness financial freedom and peace of mind survivors from different backgrounds to all Malaysians, Prudential continues to debunk popular misconceptions to innovate and deliver affordable and surrounding critical illness and their accessible solutions. Start securing journey to overcome it. Collaborating your future today to get the most out with: Filmmaker, Jared Lee (testicular cancer); Radio DJ, Hisham Hamzah of life with Prudential and discover more about PRUMy Critical Care on PRUMy Critical Care provides comprehensive, flexible ,and affordable financial protection against 160 critical illness (heart attack); Dancer, Emily Tan (acute their website www.prudential.com.my. conditions
