Insurance Asia (May 2025)

Issue No. 23

Display to 31 May 2025

THE AWARDS ISSUE Insurance Asia

INSURANCE ASIA AWARDS 2024 SPOTLIGHTS GROUNDBREAKING INNOVATION

CROWDSTRIKE MELTDOWN MAY SHORE UP CYBER INSURANCE PREMIUMS INCOME-ALLIANZ FAILED MERGER SHOWS POPULAR OPINION IS KING K-POP CRAZE MAY SPUR DEMAND FOR HOURLY TRAVEL COVER FILIPINO GAMERS BOOST FWD’S PLAY FOR NEW INSURANCE MARKETS

C2 Insurance Asia

FROM THE EDITOR

M

onths after the CrowdStrike meltdown shook industries worldwide, insurers are scrambling to reevaluate their risk appetites for system failures. With billions in corporate and economic losses, experts say that cyber insurance premiums may rise to cover both hacking incidents and nonmalicious disruptions—a critical shift for businesses navigating an increasingly digital world. Read more on page 12.

PUBLISHER & EDITOR-IN-CHIEF Tim Charlton EDITORIAL MANAGER Tessa Distor PRINT PRODUCTION EDITOR Eleennae Ayson LEAD JOURNALIST Olivia Tirona JOURNALIST Noreen Jazul GRAPHIC ARTIST Emilia Claudio COMMERICAL TEAM Jenelle Samantila Dana Cruz

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Meanwhile, insurers are going from the annual premium model to an hourly base model to cater to millennial and Gen Z needs. We first saw this in a per-trip basis on Grab, and now it is going to more unique things like spontaneous overseas trips for KPop concerts or health risks for avid esports players. Explore these niches on pages 7 and 16.

To start the year, we sit down with CEOs of top insurance companies in Asia to ask about their plans for shifting market trends. Allianz Lanka CEO Prashant Grover lays down his five strategic priorities on page 20, while on page 24, Sompo Insurance Indonesia CEO Eric Nemitz discusses how local insurers can deal with upcoming regulatory reforms.

HSBC Life CEO Daisy Tsang also shares how maximising the company’s varied distribution channels helps keep their foothold in the Hong Kong market amidst a slow recovery. Know more on page 22.

Finally, we spotlight the trailblazers of the insurance industry. From setting new benchmarks to delivering remarkable innovations, the winners of this year’s Insurance Asia Awards represent the pinnacle of excellence. Turn to pages 34 to 39 to see the list of winners.

Congratulations to everyone!

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Insurance Asia 1

CONTENTS

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EVENT NEWS INSURANCE ASIA AWARDS 2024 SPOTLIGHTS GROUNDBREAKING INNOVATION

FIRST

COUNTRY REPORT

06 Public backlash blocks IncomeAllianz merger 07 K-pop craze may spur demand for hourly travel cover

18 Poor tech support locks insurers into outdated systems

SPACEWATCH 10 AIA Group’s Hong Kong HQ pairs workspaces with modern sports facilities

CEO INTERVIEW 20 Five goals help Allianz Lanka meet market needs 22 HSBC Life taps key channels to grow its HK footprint

12

ANALYSIS CROWDSTRIKE MELTDOWN MAY PUSH UP CYBER INSURANCE PREMIUMS

24

CEO INTERVIEW WHAT INDONESIAN INSURERS MUST DO TO WITHSTAND MARKET SHIFTS

EVENT NEWS 32 Digital tools aid but fail to close inclusivity gaps

COMMENTARY 64 Intelligent decisioning: The essential element of a modern, customercentric insurance business

CASE STUDY 14 Zurich powers up its EV coverage with Tesla partnership in Australia 16 Filipino gamers boost FWD’s play for new insurance markets

Published by CHARLTON MEDIA GROUP Singapore Charlton Media Group 101 Cecil St. #17-09 Tong Eng Building 2 Insurance Asia Singapore 069533

Hong Kong Room 1006, 10th Floor, 299QRC, 287-299 Queen’s Road Central, Sheung Wan, Hong Kong

Middle East FDRK4467, Compass Building, Al Shohada Road, AL Hamra Industrial Zone-FZ, Ras Al Khaimah, United Arab Emirates

For the online versions of the insurance stories, visit the website

insuranceasia.com

About Us Established in 2017, Delta Underwriting is the leading locally owned specialist underwriting firm and the first Financial Lines Lloyd’s Coverholder based in Singapore.

Our mission is to give our brokers and their clients the most effective and relevant cover to give them the confidence and security they need to succeed. We provide comprehensive insurance cover across a range of products and challenge the status quo by continuous product, technology, and service innovation.

Delta is the first underwriting agency business in the Asia Pacific region to receive a performance assessment of PA-2 Excellent from AM Best, the New Jersey-based global credit rating agency that specialises in insurance.

deltaunderwriting.com

Insurance Asia 3

News from insuranceasia.com Daily news from Asia MOST READ

WEALTH MANAGEMENT

How Grandtag secures the bag for Asia’s richest Attracting the attention of these UHNWIs, Grandtag Financial’s Regional Chief Executive Officer (CEO), Martin Wong, spoke to Insurance Asia magazine about the ongoing changes and strategic directions in the wealth management and insurance industries, particularly in serving an affluent clientele in a dynamic Asian market.

ECONOMY

MOTOR INSURANCE

What risks insurers warn of in evolving motor insurance sector As autonomous driving technology and electric vehicles (EVs) transform the traditional motor insurance sector, Hong Kong’s government is offering substantial incentives to speed up this shift. Hong Kong had about 96,600 EVs, representing 10.5% of the total vehicle population. However, a netzero goal does not come without risks.

SHARIA INSURANCE

REGULATION WATCH

Changes in insurance regulations spark industry transformation The complex regulatory environment the region of Asia holds stirs the insurance industry all in one motion in this 2024 mixing bowl. For insurers, the pressure mounts as expectations for better offerings are rising, socioeconomic factors are gaining strength, and the wealthy population is growing.

TRAVEL INSURANCE

Economic slowdown challenges insurance underwriting

Allianz Syariah flexes Sharia insurance for all Indonesians

Insurance rides high on surge in Hong Kong travellers

An anticipated global economic slowdown could put insurers in a time machine back to a 1970s-style stagflation scenario, beating down underwriting performance. This could potentially entail setbacks on the insurer’s liquidity, capital, and shareholder equity, requiring strategic adjustments to cope.

The surge in the Halal lifestyle trend has significantly propelled the emergence of the Sharia industry in various sectors. In line with the vast opportunities available, Allianz Indonesia launched Allianz Syariah, as a separate entity in November 2023, offering inclusive products in accordance with local values.

The pent-up travel demand resulting from years of pandemic restrictions snowballed into 1.32 million Hong Kong locals travelling during the holiday season last December, sparking higher demand for travel insurance. CEO Jim Qin of Zurich Insurance cites a trend for extended vacations among Hongkongers.

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Insurance Asia 5

FIRST DATA PROTECTION LAWS PRESSURE IT SYSTEMS DATA PRIVACY

A

growing consensus amongst insurers that integrating technology is proving to be the most challenging aspect, despite their successes built on legacy systems.

However, this digital shift has increased vulnerabilities, leading to a rise in data breaches, phishing attacks, and ransomware incidents, which have surged by almost 20% annually.

Industry experts tell the urgency to adopt comprehensive technology and training strategies to mitigate these risks. This includes qualifying artificial intelligence (AI) models from a security perspective, ensuring proper patching, and maintaining up-to-date product versions. Training programmes are also essential not only for staff but also for customers to enhance overall cybersecurity awareness.

“There are also increasing demands being made by data protection legislation, and the insurance industry has been largely in support of these changes,” Shrinidhi Kumar, vice president of Global Delivery, NTT DATA, told Insurance Asia.

Available solutions Insurers are responding with advanced technology solutions and improved vendor management practices.

However, these adaptations increase compliance costs and policy servicing expenses. Consequently, insurers are turning to regulatory technology, a sector forecasted to grow by 20% globally, with Asia expected to lead this growth.

Prakash Thomas head of Sales – Insurance, JAPAC & EMEA at Oracle, told Insurance Asia that backend legacy systems are the most significant constraints for insurers today.

With the introduction of more complex products, there is a pressing need for a flexible IT ecosystem that can rapidly adapt. “Cloud technologies and solutions play a crucial role in the industry,” he said.

6 Insurance Asia

The Singapore government in October rejected a bid by German insurer Allianz to buy a majority stake in Income Insurance

Public backlash blocks Income-Allianz merger M&A

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he failed merger between Singapore’s Income Insurance and Allianz showed that companies should not solely base their financial decisions on the bottom line; public sentiment is just as important.

“I think players will need to be quite mindful,” Lawrence Loh, a professor at the Department of Strategy and Policy of NUS Business School, told Insurance Asia. “They have to fundamentally cater to the interest of all stakeholders, beyond just shareholders, and [beyond] the financial value viewpoint.”

The Singapore government in October rejected a bid by German insurer Allianz to buy a majority stake in Income Insurance, but said it remained open to a new deal if its concerns could be addressed.

Along with the rejection, Singapore’s Parliament passed a bill to amend the Insurance Act, paving the way for the Monetary Authority of Singapore (MAS) to consider the views of the Ministry of Culture, Community and Youth when an application for regulatory approval involves an insurer that is either a cooperative or linked to one.

The deal faced backlash in the city-

Lawrence Loh

Eugene Tan

state as Singaporeans worried that the acquisition would detract from Income’s social mission to provide affordable insurance to low-income workers.

Allianz did not immediately reply to an email seeking comment, whilst Income declined to comment.

“The financial imperative is, of course, primary,” Loh said in a video interview. “But with this episode now, it is quite clear that we have to go beyond finance, that the context of the situation is very important, particularly in certain markets like Singapore where sometimes, we deal with the public sentiment very heavily.”

A company seeking to acquire a cooperative-linked insurer in Singapore “will need to keep its purpose in mind,” according to Eugene Tan, an associate professor of law at Singapore Management University.

“It will have to propose an acquisition proposal that recognises such an insurer, even after the acquisition, cannot be expected to be a full-fledged for-profit entity,” he said.

The company seeking to acquire a cooperative-linked insurer might have to settle for a minority stake or commit that the cooperative-linked insurer's social mission remains ironclad, Tan added.

Whether the acquisition target is a cooperative-linked insurer or not, Loh said foreign companies should be “sensitive to the requirements” of the market they wish to enter.

Exception to the rule Tan said the failed acquisition showed it is important to understand the local dynamics when structuring a deal.

Loh said the parties had failed to communicate how the new entity planned to fulfil its social purpose and how they would handle a $2b surplus that was to remain with Income Insurance instead of being returned to the cooperative sector.

There was also a proposal to return $1.85 billion to shareholders over three years to reduce the company’s capital holdings. “In other words, this is like a value capture from something that is public money to [private] shareholders,” he said.

The failed deal is an exception to the growing number of mergers and acquisitions in the insurance sector, aside from the fact that Income, Singapore’s lone cooperative-linked insurer, is one of its kind, Tan said.

FIRST We noted that a lot of people, especially Millennials and Gen Zs, going for short weekend getaways don’t even purchase travel insurance

More young travellers, particularly K-pop fans, are booking trips just days in advance

K-pop craze may spur demand for hourly travel cover

I

TRAVEL INSURANCE

ncome Insurance is banking on millennials and Gen Zs crazy about K-pop to drive the demand for its hourly travel insurance plan, which has been expanded to over a dozen more destinations in Asia, including South Korea.

Many young Singaporeans, particularly K-pop fans, are increasingly travelling overseas to watch concerts, a trend that the insurer seeks to capitalise on, Annie Chua, vice president and head of Key Accounts Management at Income Insurance, told Insurance Asia.

Income Insurance noticed that more travellers from these age

brackets are booking trips just days in advance, and it thinks its FlexiTravel Plus policy may just be the right product for them.

“There is an increasing trend of last-minute, spontaneous travellers, so we decided to come up with a flexible travel product that caters to this new behaviour," Chua said.

The insurer chose the new destinations because they are popular among Singaporeans for short getaways such as concerts.

The product will replace FlexiTravel Hourly Insurance, Singapore’s first hourly travel insurance launched in 2022 and limited to Malaysia, and

SCAN FOR FULL STORY

Bintan and Batam in Indonesia.

The updated travel plan now covers Brunei, Cambodia, Laos, Myanmar, the Philippines, Thailand, Vietnam, Australia, China, Hong Kong, India, Japan, Korea, Macau, New Zealand, Sri Lanka, Taiwan, and the entire Indonesia.

“We noted that a lot of people, especially Millennials and Gen Zs, going for short weekend getaways don’t even purchase travel insurance,” Chua told Insurance Asia.

Income Insurance wants to change that by allowing them to buy six-hour blocks of coverage starting at $1.35 (S$1.80), with additional hours priced at $0.22 (S$0.30), capped at $2.25 (S$3) daily. A three-day trip to Thailand will cost as much as $6.74 (S$9) for a full coverage.

Singapore’s travel insurance industry was valued at $143.2m last year and is expected to grow 22.6% annually through 2030, according to a report by Next Move Strategy Consulting.

Millennials and Gen Zs, who are exposed to higher travel risks, look for insurance that goes beyond safety, according to a Klook survey of 2,500 respondents from Singapore, Malaysia, the Philippines, Hong Kong and South Korea in February 2024.

Many travellers, particularly Singaporeans (30%), Hong Kongers (36%), Malaysians (37%), and Filipinos (36%), buy insurance just days before their trips, and about a third of them want the insurance process to be enjoyable.

TOURISM SURGE LEADS TO MORE UNINSURED PATIENTS AT JAPANESE HOSPITALS

A

s Japan experiences a surge in tourism, the country’s top-tier medical facilities are seeing a rise in foreign patients seeking treatment. However, a significant number of these patients are leaving without paying their bills.

A survey by the Japan Tourism Agency conducted between October 2023 and February 2024 revealed that nearly 30% of visitors to Japan are uninsured. Nationwide, hospitals are feeling the financial strain.

In fiscal 2022, the health ministry reported that nearly 30% of medical institutions had encountered unpaid bills from non-Japanese patients, which include both tourists and foreign residents. The total owed by foreign patients was approximately $5.63m, which represents 1.4% of all unpaid medical fees in Japan.

The number of tourists seeking medical treatment is increasing. In 2023, Tokyo hospitals received 3,283 foreign patients, a significant rise from 624 in 2022 and 2,620 in 2019, according to the Tokyo Fire Department.

Unpaid bills become bad loans when patients leave Japan. To combat this, the government started checking the names of incoming visitors against a list of defaulters in May 2021.

This list includes individuals with debts of 200,000 yen or more, compiled by the health ministry and shared with the Immigration Services Agency. So far, 27 medical institutions have reported 52 non-Japanese defaulters, collectively owing 89 million yen.

St. Luke’s International Hospital in Tokyo’s Chuo Ward treats over 2,000 foreign emergency patients annually. Of these, around 30 patients leave with unpaid bills.

Foreign patients have left $5.63m in unpaid hospital bills

Insurance Asia 7

GLOBAL STEWARDSHIP FUNDS OF THE YEAR - SINGAPORE STRATEGIC PARTNERSHIP OF THE YEAR - SINGAPORE

AIA Investments recognised for global stewardship, strategic partnerships The company continues to leverage strategic partnerships and a first-to-market Elite Strategy to deliver superior, diversified returns for its customers.

AIA Investments at the Insurance Asia Awards 2024

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IA Investments, the exclusive asset management arm of AIA Group, was set up with a clear objective – to help power AIA customers’ financial well-being through proven stewardship and oversight to foster long-term value creation.

At the recent Insurance Asia Awards 2024 held on 9 July 2024, AIA Investment Management Pte Ltd was bestowed with two major titles for its flagship Stewardship Funds: Global Stewardship Funds of the Year - Singapore and Strategic Partnership of the Year - Singapore.

The AIA Stewardship As one of Asia’s leading institutional asset owners, AIA leverages its scale to access the best investment opportunities across asset classes and regions. It forges strategic relationships with best-in-class fund managers to develop bespoke institutional strategies that deliver sustainable and long-term investment outcomes. It considers both qualitative and quantitative factors in its investment process. AIA invests customers’ funds alongside its own, nurturing investments so they can benefit from AIA’s local and global investment expertise, awardwinning asset management, and worldclass investment partnerships. AIA calls this AIA Stewardship. Under Stewardship, customers can stay invested throughout business cycles and eliminate behavioural 8 Insurance Asia

biases that may lead to sub-optimal decisions affecting long-term outcomes.

The AIA Elite Strategy The AIA Elite Strategy is a unique, firstto-market investment strategy combining five underlying tactics that are mutually complementary and managed by four strategic investment partners. These managers, with their strong alignment of interest with AIA’s customers, invest to consistently deliver superior returns across various market conditions.

This approach ensures robust diversification across asset classes, regions, investment styles, and managers. AIA’s partnership with these institutional managers, renowned for their long-term focus and multi-decade track records, enables it to prioritise strong stewardship and professional oversight.

The 5-Year Key Milestone Through strong partnerships with its Business Units,

AIA has recently crossed the fifth-year milestone with strong achievements. The AIA Investment Funds SICAV platform has reached a significant US$5b in assets under management, whilst the flagship AIA Elite Strategy has attained US$2b in assets under management (as of June 2024)*.

Looking ahead, AIA will remain steadfast in its mission to be the preeminent investment partner for customers, powering their financial well-being and helping them lead Healthier, Longer, Better Lives.

Shrikant Bhat of AIA Investments receives the company’s trophy at the Insurance Asia Awards 2024

AIA leverages its scale to access the best investment opportunities across asset classes and regions *Historical performance is not an indicative of future performance.

Insurance Asia 9

SPACEWATCH

AIA Group’s Hong Kong HQ pairs workspaces with modern sports facilities The revamped office space at Wan Chai now features an indoor track, gym and sports hall.

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HONG KONG

isitors to AIA Group’s headquarters in Hong Kong’s Wan Chai District could not help but feel warm and cosy as they are surrounded by off-white walls and high ceilings with a slick shine, and an atrium staircase.

They are greeted by giant red letters on a glass pane with the words “HEALTHIER, LONGER, BETTER LIVES” as they enter the lobby, whose walls have rectangular recessed patches of green jungle.

But AIA is not a campus. It’s a finance corporation, the third-largest insurance group in the Asia-Pacific region by market capitalisation, based on S&P Global.

AIA Group is trying to promote a healthy lifestyle among its employees by equipping its Hong Kong headquarters with amenities that one would normally see in a first-rate hotel or

1

Parkes Lee

sports club, not in a regular insurance office.

The company’s revamped headquarters, which opened in May, include a 200-metre indoor, air-conditioned running track, a gym with see-through walls, and a multi-purpose sports hall with a motorised basketball hoop system, all designed to enhance employee well-being.

The 22-storey building can house 1,800 employees — 50% more than the capacity of the original building that was built there in1969.

“Witnessing our colleagues enjoying the new facilities, such as the multi-purpose hall and the indoor running track, has been immensely rewarding,” Parkes Lee, head of Real Estate Investment at the AIA Group, shared with Insurance Asia magazine.

2 entrance 1 The slogan reflects the soul of AIA's headquarters design.

HQ boasts a 2 The continuous 80-metre atrium staircase connecting the lobby on the ground floor all the way to the top.

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200-metre 3 The indoor, airconditioned running track in the AIA building.

multi-purpose 4 The hall hosts corporate events and employee-led sports activities.

5

6

daylight 5 Natural enters the headquarters through its glass exterior, with a three-metre floor-toceiling height.

canteen 6 AIA's features a rain capture system.

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Insurance Asia 11

ANALYSIS: CYBER INSURANCE

CrowdStrike meltdown may push up cyber insurance premiums Insurers are refining their policies after the global tech outage to better manage risks.

GLOBAL

The faulty CrowdStrike update caused system crashes in airports, banks, hospitals, stock markets, and governments globally

A

worldwide tech outage that crippled industries from airlines to banks and caused billions of dollars in corporate and economic losses in July could spur rising cyber insurance premiums to cover not just hacking but also nonmalicious incidents, insurance analysts said.

The global digital meltdown caused by a CrowdStrike software update that went awry is also likely to cause insurers to further refine their policy exclusions and limitations to better manage risks.

“This incident may exacerbate capacity constraints, making comprehensive coverage more challenging to secure for highrisk industries,” Lee Yen Teik, a senior lecturer from the National University of Singapore Business School’s Department of Finance, told Insurance Asia magazine.

“A tiered pricing structure may become more prevalent, where premiums are closely aligned with an organisation's cybersecurity maturity — rewarding robust defences and penalising weaknesses,” he added.

The CrowdStrike incident is amongst the largest cyber events in recent history, with projected direct losses exceeding $5b amongst

12 Insurance Asia

This incident may exacerbate capacity constraints, making comprehensive coverage more challenging to secure for highrisk industries

Lee Yen Teik

Carmel Green

Fortune 500 companies alone, Carmel Green, a partner at Reynolds Porter Chamberlain (RPC), separately told Insurance Asia in an interview.

The event has prompted underwriters to reassess their risk appetite, particularly concerning business interruption and system failure coverages, she added.

“The incident has given rise to service disruptions and reputational damage,” Green said. “The impact on the airline and transportation sector is a typical example. Financial services, including banks and other institutions reliant on continuous IT operations, have similarly felt the repercussions.”

The global IT outage caused by a defective CrowdStrike update designed to protect Microsoft Windows systems grounded flights and left thousands of passengers stranded at airports, caused delivery delays and closed stores and amusement parks.

Retailers and e-commerce companies grappling with operational challenges might have experienced revenue losses and reputational harm.

The Asia-Pacific region’s share of gross premiums written on cyber insurance that covers cyber-related losses is lower than in North America and the combined markets of Europe,

the Middle East and Africa — 6% versus 56% and 37%, respectively.

But its cyber insurance market is one of the fastest-growing in the past five years, according to S&P Global.

The region’s compound annual growth rate for primary cyber insurance and reinsurance for 20182022 was 51.2% and 43.4%, the rating company said in a report.

Cyber insurance policies vary across the different markets in the Asia-Pacific region, influenced by factors such as economic development, regulatory frameworks and market demand.

In developed markets like Singapore, insurers typically offer more comprehensive coverage, which is mandated by stringent regulations such as the Personal Data Protection Act. “This includes not only standard provisions for property damage and loss of income, but also cyber-specific extensions like cyber extortion and data restoration, which are essential given the high digital penetration in these economies,” Lee said.

In emerging markets, cyber insurance products are more basic.

But as these markets become more technologically advanced and face rising cybersecurity threats, there is likely to be a shift toward enhanced regulatory frameworks and broader insurance coverage.

Expanded coverage Green said the CrowdStrike tech outage showed how businesses of all sizes have become more vulnerable to these types of events.

“Increased pressure on businesses to maximise profitability and efficiency means increased reliance on technology and, in turn, an increased risk of major failures and disruptions, particularly due to the existence of single points of failure,” Green added.

She noted that because of the new threats, a company’s cybersecurity and operational teams must ensure that systems can manage and respond to unexpected disruptions swiftly.

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solarelle

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Solarelle Insurance

Established in April 2016, Solarelle Insurance has been one of the fastest growing insurance companies in the Maldives. Solarelle continues to be financially a sturdy insurance firm within the insurance fraternity by maintaining growth and profitability, led by well-experienced local and foreign professionals in the industry with the devotion to provide clients with distinguished and reliable services. Solarelle is committed to producing Insurance Asia 13 insurance solutions and finding innovative ways in which to scale back risk and losses that customers face.

CASE STUDY: EV INSURANCE

Zurich powers up its EV coverage with Tesla partnership in Australia The Swiss insurer is simplifying coverage to help cut the cost of buying an electric car.

AUSTRALIA

Z

urich Insurance Group is banking on growing electric vehicle (EV) adoption in Australia , whose EV market is slowly gaining traction through increased state incentives and better infrastructure development, to boost sales for its motor vehicle insurance.

Zurich Financial Services Australia has partnered with Tesla to become the preferred electric vehicle insurer for Tesla customers in the world's sixth-biggest country by area.

EV ownership in Australia is being pushed by strong government incentives and consumers who want to cut their carbon footprint, Alex Morgan, head of General Insurance at Zurich Australia & New Zealand, told Insurance Asia in an interview.

“Tesla has expressed their overarching desire to make owning a Tesla more accessible, and one of the key requirements of owning any motor vehicle is insurance,” he said.

“So, simplifying the process of accessing and purchasing insurance helps reduce the frictional cost of buying a new Tesla. That was their driver in this process,” he added.

New provisions Under the deal, Tesla owners will get comprehensive insurance through the InsureMyTesla service. It can be accessed using the Tesla app, simplifying the insurance process for both new and existing Tesla owners.

The insurance covers all vehicle repairs including glass, charging equipment and batteries using Tesla's accredited repair network. The product is available to all Tesla Model 3 & Model Y customers.

Tesla has a market share of 3.79% in Australia's car market in 2023, according to the Federal Chamber of Automotive Industries.

“We're continuing to refine our underwriting over time to bring down the cost of insurance,” Morgan said. This should also bring down the cost of owning not just a Tesla but electric vehicles as a whole.

Morgan said Zurich's vehicle repair 14 Insurance Asia

EV ownership in Australia is being pushed by strong government incentives and environmentally conscious consumers

Simplifying the process of accessing and purchasing insurance helps reduce the frictional cost of buying a new Tesla

Alex Morgan

network includes non-Tesla dealers and priority repair services. "That same repair network is available for Tesla customers," he said.

Zurich is also looking into telematics — tracking devices in cars that transmit telemetry data via wireless networks and the vehicle's onboard modem and diagnostics, as well as usage-based insurance products that allow personalized premiums based on driver behavior and usage.

These could allow insurance companies to offer more tailored and cost-effective solutions to customers.

New electric vehicle purchases in Australia more than doubled to over 98,000 units in 2023, bringing the total EVs on the road to about 180,000, according to an Electric Vehicle Council report.

The growth is supported by favorable government policies and industry efforts to lower costs, increase model availability, and expand the nation's charging infrastructure.

In 2022, the government exempted EVs from fringe benefits tax when bought through salary sacrifice arrangements or via company fleets. The policy encourages fleet purchases, with the expectation that these cars will enter the secondhand market in the coming years,

making EVs more accessible to more Australians.

Australians can save as much as A$5,000 yearly under the discount program, according to the council.

'Rapid uptake' Australians spend an average of A$4,815 yearly, or A$92.35 a week, to keep their vehicles running, according to Drive's 2023 Ownership Costs survey.

Fuel or electricity accounts for 38% of the cost, or A$1,813 a year.

Comprehensive insurance is the second-biggest expense at A$1,697 or 35%.

Driving an electric vehicle can save Australians A$1,320 to A$3,070 annually compared with petrol, diesel, and hybrid vehicles, Drive says.

One major concern for EV owners is the cost and reliability of repairs.

“While some global figures suggest EVs are significantly more expensive to repair than petrol or diesel-powered cars, it may be the case that those figures are skewed by market-leader Tesla,” according to a report by Sydney-based QBE Insurance Group Ltd .

The report noted that Tesla repairs cost about US$1,350 more after a collision, while the cost for non-Tesla EV repairs was US$269.

Insurance Asia 15

CASE STUDY: HEALTH INSURANCE

Filipino gamers boost FWD’s play for new markets

Besides covering health risks, the insurer plans to support other game genre and aspects of the gaming ecosystem beyond esports.

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PHILIPPINES

WD Group, a pan-Asian life and health insurer, is trying to convince more Filipino gamers like Salvador to get covered, in a country where the life insurance penetration rate is only 1.4%.

Whilst 85% of the Philippines’ 43 million gamers are aware of the health risks from video games and think insurance is important, less than a third actually own a policy, according to FWD Philippines.

That is still considerable given that less than 2% of Filipinos had life insurance in 2022, compared with Singapore’s 9.54%, Thailand’s 3.55%, Malaysia’s 2.9% and Vietnam’s 1.81%, according to data from the ASEAN Insurance Council.

"The primary barrier that prevents the remaining majority from getting insurance is really prioritisation," Roche Vandenberghe, chief marketing and digital business officer at FWD Philippines, told Insurance Asia.

This is especially true given spiralling prices and high interest rates. For many, insurance is a nonessential expense, overshadowed by more important financial concerns.

Revenue of Southeast Asia’s video game market is projected to grow by 8% to $5.5b in 2024, according to a Nico Partners, Inc. report released in September 2024. It is expected to become a $7.1b industry by 2028, or a compound annual growth rate (CAGR) of 6.7%.

Health risks The Filipino gaming community, largely Gen Z and millennials, grew by 14.3% in 2023 from 2020, according to FWD. Competitive online gaming or esports has a significant economic influence in the Philippines, and FWD wants to capitalise on that.

The country is ranked seventh in the world in terms of esports earnings, with the average esports earnings per player at $178,000 or almost Php10m, mainly due to Mobile Legends:

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Roche Vandenberghe

We saw this as an opportunity to provide health protection whilst also introducing better financial literacy

Bang Bang. The market value of this industry is expected to hit $3.6b by 2025, FWD said.

Although most gamers rate their overall health status as at least good, many grapple with gaming-related concerns such as vision problems (41%), insomnia (17%), and migraine (15%), according to a study released by the insurer in June. Some have also experienced mental issues during a losing streak, strained relationships, and even financial mishaps.

Anna Karenina Salvador, 30, admits she knows very little about gaming insurance, although she does have a life insurance plan that she pays for each month.

“It never crossed my mind,” she said of gaming insurance. But she might get one soon “because I now realise how easily my eyesight has been deteriorating.”

FWD, which has 12 million customers across 10 markets in Asia, offers insurance coverage for vision loss, hypertension, and urinary and joint problems given the physical toll of extended gaming sessions.

“We saw this as an opportunity to provide health protection whilst also introducing better financial literacy,” Vandenberghe said.

FWD has also introduced rewards

Local malls often hold esports competitions, especially for popular games like Mobile Legends, DOTA 2, and Valorant

within its insurance plans, such as ingame rewards and discounts on vision protection products such as blue light lenses and corrective contact lenses.

The FWD study identified the top priorities of each gamer segment, with fans showing a strong interest in building their own houses (73%), whilst enthusiasts seek to establish their own businesses (70%). Most gamers prioritise savings, followed by life insurance.

Amongst those who don’t own insurance, two out of five gamers lack adequate knowledge about FWD’s insurance products, hindering their ability to make informed financial decisions.

Whilst video games have health risks, apart from the fact that some promote gambling whilst others can get you addicted, they can also have positive effects if played in moderation.

‘Game of life’ There are video game characters that awaken early vocations and teach history, geography, mathematics and languages. Some games improve critical thinking, strategy and leadership; stimulate creativity, focus and visual memory; and encourage teamwork, according to separate studies by universities in the US, Mexico and Finland.

A June 2024 survey by ING Bank Australia showed that young Australians have learned to manage their finances through gaming. About 38% of Australian gamers reported having gained financial knowledge through video games.

Insurance Asia 17

COUNTRY REPORT: INDONESIA

Businesses deploying AI still tend to keep a human in the loop

Poor tech locks insurers into outdated systems Only 56% of local insurance companies in Indonesia use IT, and 38% have not embraced digital marketing channels.

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n inadequate digital infrastructure has hampered information technology (IT) adoption by Indonesia’s insurance industry despite a government push to fast-track the use of tools such as cloud computing, artificial intelligence (AI), and blockchain, analysts said.

Apart from the Southeast Asian nation’s unreliable internet connectivity, the investment needed to implement advanced IT systems is substantial, Jessica Pratiwi, associate director and Femmy Novaryani, senior analyst at Fitch Ratings’ Asia Pacific insurance team, told Insurance Asia.

The high cost could strain smaller insurers whilst the sector strives to meet stricter global accounting standards, they added.

The recent surge in cyberattacks has also heightened concerns about data integrity and customer trust, dissuading many insurance companies from going digital.

“Challenges in data encryption and integrating advanced technologies like cloud computing and AI further complicate the adoption,” the Fitch Ratings analysts said.

Indonesia’s insurance penetration 18 Insurance Asia

was 1.39% at the end of 2022, according to the ASEAN Insurance Council, largely due to fewer than half of its citizens being financially literate.

Top-ranked Singapore had 10.49%, Thailand 5.02%, Vietnam 2.51%, and the Philippines with 1.98%.

Jessica Pratiwi

Rafael Lam

Lukas Bower

Hesitations A 2023 survey by the Otoritas Jasa Keuangan (OJK), Indonesia’s Financial Services Authority, showed that only 56% of local insurance companies use IT, whilst 38% have not yet fully embraced using digital marketing channels.

“We believe advanced technologies such as AI can help to detect, identify and respond to unusual patterns and risks more quickly,” Pratiwi and Novaryani said. “Automation can be used to reduce risks of cyberattacks, not to mention incidents from third-party cybersecurity technology companies.”

But the financial regulator must come up with clear guidelines to support the adoption of IT and data security measures by the insurance sector, they said.

Collaboration amongst insurance companies and technology providers,

including sharing infrastructure and resources for IT and cybersecurity, could cut the cost and encourage IT integration, they added.

“Cloud computing provides scalable and secure infrastructure and tools, whilst AI enhances data protection through real-time threat detection and advanced analytics,” Edy Widjaja and Rafael Lam, partners at Bain & Company, told Insurance Asia.

Lukas Bower, Ernst & Young Global Ltd’s (EY) Asia-Pacific financial services generative AI leader, said Indonesia could learn a lot from its neighbours, where there has been a rapid adoption of AI in specific areas such as contact centres.

“Post-COVID, we've seen a surge in call volume, with many physical branches closing down and the complexity of customer inquiries increasing,” he said. “AI is being used to summarise calls, create tickets for actions or claims in insurance, and generally save time.”

But businesses still tend to keep a human in the loop, he pointed out.

“They aren't allowing AI to control the entire customer interaction; usually, the AI handles the initial part of the interaction and then routes the customer to a live agent.”

He added that whilst blockchain is often heralded as a game-changing technology, its practical application in insurance remains limited.

“Blockchain technologies can also be expensive to run and manage, so insurers need to carefully consider the cost versus the benefit,” Bower said.

“Could another technology deliver the same outcome at a lower cost and with less risk?”

The global blockchain in the insurance market was worth US$766m in 2022 and is expected to grow to US$33.5b by 2030, or a CAGR (compound annual growth rate) of 61.2%, according to Fortune Business Insights.

Intense competition The analysts said Indonesia should look at more advanced markets for guidance. In Singapore and Australia, insurers have managed to integrate IT and AI to improve operations and customer service. In Malaysia, its central bank finalised the regulatory framework for digital insurers and takaful operators.

Insurance Asia 19

CEO INTERVIEW

Five goals help Allianz Lanka meet market needs

The market is expected to climb at a CAGR of 8% which insurers need to take advantage of.

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SRI LANKA

n February, a new leader assumed the helm of Allianz Insurance Lanka (Allianz Lanka): Prashant Grover.

As chief executive officer (CEO) and country manager of Allianz Lanka, Prashant revealed five key priorities for insurers to keep pace with the upward trajectory of the sector.

In 2023, the gross written premium of the Sri Lanka insurance market was estimated at $776.7m. The industry is projected to achieve a compound annual growth rate (CAGR) of over 8% from 2024 to 2028, revealed GlobalData.

For Prashant, this is an opportunity for Allianz Insurance Lanka to address emerging needs in insurance as the economy recovers. His strategic priorities focus on fostering a performance-oriented culture, growing revenue, improving productivity, providing consistent customer service, and increasing brand awareness.

What is your vision for leading the company into its next phase of growth and development?

Currently in Sri Lanka, due to the crisis over the past couple of years and the current economic situation, there is a stagnation or non-growth scenario. With that context, what we need to do is ensure our strategies and how we approach the market and business — have a significant focus on the end customer.

To achieve the status of "preferred insurer", two aspects are crucial. First, we must focus on building customer value propositions. For me, this means enhancing value propositions for our core business segments — currently motor and property — and further developing our offerings in health and specialty lines of business.

Second, we will continue using technology as an enabler to improve access to insurance through an omnichannel approach, catering to customers transitioning between online and offline distribution. In summary, our approach involves enhancing customer and product/service propositions whilst leveraging technology to improve insurance product accessibility.

What are your key strategies to maintain the company’s competitive edge as customer preferences and regulations change?

From my perspective, as I put the market context into focus, we need to ensure that in Allianz Lanka, we continue to build a resilient business model. This model should be built on sustainability, adaptability, and speed in responding to the needs of our customers and partners.

In the current environment and market situation in Sri Lanka, we will face continuous challenges — externally, within the industry, and in our company. Therefore, our business model must become increasingly resilient to these external pressures and challenges.

20 Insurance Asia

Prashant Grover, Allianz Insurance Lanka CEO

Our goal is to understand each segment and offer the right product in terms of coverage and price point

SCAN FOR FULL STORY

This brings us to the necessity of faster adaptation and quicker market responses. From an overall business model perspective, that is the direction we need to take. In terms of strategic priorities, we have defined five key priorities for Allianz Lanka: First is building resilience, both externally and internally, which must be based on a culture of trust and performance.

This will be the core of our strategic actions in the company over the next two to three years.

Secondly, even in a challenging market like Sri Lanka, we need to grow in the segments where we excel in underwriting and servicing. Managing our portfolio and focusing on specific portfolio segments is not our strategy. We aim to grow in the right areas and focus on what we do best.

Third, improving our internal processes and ensuring our systems and technology support our business and operating models efficiently is crucial.

Fourth, we need to build value propositions and service models that are customer-focused. Engaging with customers should be simple and easy, similar to their experiences with other industries. This includes fast problem resolution and straightforward claims payment processes.

Lastly, we should leverage our brand to create awareness about insurance and protection needs in the local market, ensuring the right products reach the right people.

These five pillars underpin our strategic priorities.

Ultimately, it boils down to two fundamental aspects: customer centricity, which involves creating value for our customers, and productivity, which involves creating internal value for our shareholders and partners, thereby providing value back to our shareholders.

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INSURANCE InsuranceASIA Asia 21

CEO INTERVIEW

HSBC Life taps key channels to grow its HK footprint The life insurer wants to offer solutions beyond traditional products, its CEO says.

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HONG KONG

SBC Life (International) Ltd. wants to harness its broker, bancassurance and digital channels to capture more customers in Hong Kong, whilst using disruptive technologies to improve and automate its traditional insurance business, according to its top official.

“We continue to look for opportunities to strengthen our distribution network and capture the growing demand in the region,” HSBC Life chief executive officer Daisy Tsang told Insurance Asia. “Our strategic focus will be on collaborating with high-quality partners with specialised expertise to help us access untapped customer segments and enhance our customer interactions.”

These include partnerships with so-called insurtech firms to leverage artificial intelligence capabilities, she added, as the sector rebounds from a decline that started at the height of the COVID-19 pandemic in 2021.

The recovery is expected as Hong Kong’s economy tries to regain its growth momentum amidst easing travel restrictions.

Tsang, who has been with the HSBC group for more than two decades, said her vision for HSBC Life, Hong Kong’s leading life insurer, is to become the leading provider of complete wealth and health solutions in the city and nearby Macau, beyond traditional insurance products.

HSBC Life had a 21.4% market share for new business premiums and 19.7% for annualised new premiums in the first half of 2024, according to data from the Insurance Authority. The insurer wrote more than $3.17b (HK$24.6b) in new business premiums in the six months to June.

Hong Kong’s life insurance industry is expected to grow at a compound annual growth rate of 4.1% from 2024 to 2028, according to London-based GlobalData Plc. Direct written premiums are projected to rise to $68.8b in four years from $58.7b this year. The sector’s total premiums grew less than a percent to $61.13b (HK$474.79b) last year. Tsang said HSBC Life seeks to expand its digital capabilities and strengthen its presence in the Greater Bay Area in the next five years.

Here is the excerpt from her interview with Insurance Asia.

How do you address the changing needs of customers in and outside Hong Kong?

Our strategy is to capitalise on our strong local presence and our significant footprint in the Greater Bay Area to ensure we are always there for our customers. We are committed to continuous innovation in our products and services, aiming to deliver exceptional value to our customers. A key part of our strategy is enhancing flexibility and accessibility, especially through the expansion of our digital capabilities. This is pertinent in today’s rapidly changing environment, where customer circumstances evolve swiftly and their mobility 22 Insurance Asia

Daisy Tsang, HSBC Life CEO

We continue to look for opportunities to strengthen our distribution network and capture the growing demand in the region

SCAN FOR FULL STORY

increases. Customers across all segments and geographical locations are equally important to us. To cater to their evolving needs effectively, we strive to be readily available whenever they need us, and ensure they have easy access to our products and services.

What other distribution channels are you considering to capture the demand from high-net-worth segments?

We continue to look for opportunities to strengthen our distribution network and capture the growing demand in the region. Given our robust performance across broker, bancassurance and digital channels, our strategic focus will be on collaborating with high-quality partners with specialised expertise to help us access untapped customer segments and enhance our customer interactions, including potential partnerships with insurtech firms that leverage AI capabilities.

How do you plan to improve customer service to stay on top of the market?

Customer centricity is core to everything we do. We prioritise gathering valuable feedback and integrating it into our processes, including product design, customer journey enhancements, and service provision. With a rapidly growing customer base seeking protection beyond the purchase of our products, our initiatives are geared towards creating and providing them with a holistic support ecosystem. This ecosystem encompasses health and other benefits, makes it easier for them to manage their portfolios, and ensure readily available assistance. Our aim is to seamlessly cater to our customers’ evolving needs.

Insurance Asia 23

CEO INTERVIEW

What insurers must do to withstand market shifts Whilst the market drives towards growth, new rules shrink insurer presence.

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INDONESIA

nsurers in Indonesia could benefit from the tightening regulation surrounding credit insurance, where banks will be required to retain 25% of the insured default risk. Similarly, Sompo Insurance Indonesia Chief Executive Officer (CEO) Eric Nemitz told Insurance Asia about the huge potential insurers now have in Indonesia’s market, whilst adapting to huge regulatory changes.

Prior to this change made earlier in the year, insurers carried 100% of the insured risk. “Tougher minimum equity requirements for Indonesian insurers are likely to reduce the number of companies operating in the sector and encourage a healthier competitive landscape,” Fitch Ratings said in an insight.

The Financial Services Authority (OJK) plans to significantly raise minimum equity requirements by the end of 2026, with a further increase by the end of 2028. Insurers offering a full range of products, including credit insurance, will face higher-tier minimums, and reinsurers will also see increased requirements.

Fitch estimated that around 90% of its rated issuers already meet the 2026 requirements, but 62% of the rated portfolio, particularly in the non-life and reinsurance sectors, will need more equity to meet the 2028 standards.

Whilst organic capital generation might suffice for about 50% of those needing to raise equity by 2026, the tougher 2028 requirements will likely necessitate additional measures beyond organic growth, which has averaged a 7% CAGR over the last five years but would need to grow at 15% to meet the new standards.

The new credit insurance regulations are expected to be credit-positive for rated insurers but have an uncertain net impact on banks. Stricter underwriting standards by banks could slow micro and consumer lending but improve risk profiles. From an insurer's perspective, Sompo's Nemitz shared his insights on how Indonesian insurers could adapt to different currents.

Could you share with us some key initiatives or strategies you've implemented to maintain this competitive edge and drive growth within the company?

We are focused on providing asset and health protection, enhancing products, and supporting additional revenue generation for our partners and clients in our three major business segments: international and; local industrial and corporate clients and retail customers. For example, we offer customised services to our corporate clients, such as lossprevention assessments and thermographic surveys, to help them further mitigate risks for their business.

For the retail segment, we utilise automation and AI to help accelerate motor vehicle claim survey processes. Thus, our customers can easily record a video on our Sompo Digital 24 Insurance Asia

Eric Nemitz, Sompo Insurance Indonesia CEO

We are constantly working to deliver a frictionless risk management journey for everyone

SCAN FOR FULL STORY

Survey app to show their vehicle’s damage from home instead of going to a workshop or making an appointment with surveyors. Our systems automatically analyse these videos, enabling a correct and speedy damage assessment.

Whether corporations or individuals, we focus on providing them security and peace of mind.

How do you envision Sompo Insurance’s role within the Indonesian insurance market, and what guiding principles do you prioritise to achieve your objectives?

Backed by Sompo Group’s 130 years of financial strength and history, we seek opportunities to build on our legacy in Indonesia to be the top preferred general insurer. We are constantly working to deliver a frictionless risk management journey for everyone we serve by merging our underwriting expertise, deep local knowledge, and broad global reach to craft meaningful solutions.

We will continue to focus on our commercial and consumer lines business.

What is your outlook for Indonesia’s insurance market, and what are your aspirations for Sompo Insurance Indonesia in the coming years?

There’s an immense opportunity to increase the insurance penetration rate in Indonesia through ongoing collective efforts by the industry’s stakeholders to improve trust, increase people’s awareness of relevant and significant risks, promote product innovation, and diversify efficient distribution channels supported by automation and digitisation.

The corporate business segment is expected to grow in line with the overall economic development, especially in property, engineering/construction, and marine cargo lines of businesses.

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Paving the way for Gen AI: Technology foundation and strategic sponsorship

By Dr Simon Lee, Director of Artificial Intelligence and Emerging Technology, AIA Group

AIA Group

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ne of the ways to win the race to adopt Generative AI (Gen AI) and turn it into a competitive advantage is to have strong support and endorsement from the highest levels of an organisation’s leadership.

Major organisations across the financial industry are grappling with the opportunities, risks, and rapid development presented by Gen AI. Robust technology platforms and a market ripe for innovation play important roles in how well an organisation can integrate Gen AI, but the key factor to leading this race is placing Gen AI at the heart of a company’s strategic plan, with endorsement from senior leaders all the way to the tech talent who put it all together.

Having top management endorse Gen AI adoption means related projects are fast-tracked, resource requests come with top-level pre-approval, and everyone in the organisation is working together towards the same goal. It removes countless organisational barriers before they have been erected and has helped us become recognised as an early Gen AI leader in our industry.

Factors for success Whilst buy-in from leadership drives adoption, there are also other factors that help determine if Gen AI can become a competitive advantage for an organisation.

An organisation’s technology, digital, and data platforms must be robust, up to date, and ready for the challenge. Legacy technology systems or a lack of scalability and flexibility can quickly derail a Gen AI strategy.

In 2020 AIA undertook a threeyear technology, digital, and analytics transformation, which created a strong foundation to deploy Gen AI across our business at scale. We moved infrastructure to the cloud, modernised our technology

26 Insurance Asia

architecture, improved the quality of our data, and built digital tools and platforms, allowing us to make decisions faster and more accurately.

The success of our technology transformation has been widely recognised with numerous awards, including the recent Hong Kong Technology Excellence Awards for Infrastructure Technology for AIA’s Cloud-Powered Transformation, Analytics Award for Transforming the Agency Experience with Data and AI, and Hong Kong National Business' Initiative Award for Technology, Digital and Analytics at AIA. Innovative environment As a leading pan-Asian life and health insurer, we benefit from Asia’s speed in innovation and technology adoption.

We operate in 18 markets across Asia, and each market is unique, with differences in language, culture, regulation and development.

Historically, this fragmentation has created challenges because documentation, product features, and campaigns must be tailored to suit each market.

Gen AI and its incredible built-in language abilities are bridging this fragmentation in a way we have never witnessed with any previous technological advance.

Business application Gen AI development is moving at an incredible speed whilst delivering tremendous material value and increased productivity within areas including operations, marketing, and customer relations. There are opportunities across the insurance industry to leverage this new technology to better serve our customers from end-to-end. Recognising the opportunities for Gen AI within a business and applying a specialised understanding of that business to better leverage the power of Gen AI is critical to success.

One of our strategic goals is to make health insurance and healthcare more accessible,

affordable, and effective for customers.

Technology helps us achieve this. Healthcare is rapidly being digitalised, creating a datadriven business and demand for tech-enabled services and solutions such as Gen AI. For example, across our markets, we have hundreds of thousands of cases every year where medical documents need to be reviewed as part of the underwriting and claims processes. AIA Thailand is testing a Gen AI application that automates the process and cuts the time required for each review in half.

Strategic and secure Our customers put immense trust in us as their insurer and health partner and it is our duty to honour that trust.

We are able to move fast on Gen AI because we have implemented a Responsible Use of Artificial Intelligence Standard, guided by accountability, soundness, ethicality, fairness, transparency, and explainability. We have also established a Group-wide AI Council which helps manage risks and security and a Data Council which ensures data availability, quality, and privacy. Putting these guardrails in place means we can act fast whilst maintaining our security and brand trust.

We have many distinct advantages when it comes to adopting Gen AI. The full-throated support of our board and senior executives enables us to more effectively leverage these advantages.

Our leaders are confident that our rapid, strategic, and secure integration of Gen AI will become a competitive advantage and enable us to fulfil our purpose to help people live healthier, longer, and better lives.

Dr Simon Lee, Director of Artificial Intelligence and Emerging Technology, AIA Group

The key factor to leading this race is placing Gen AI at the heart of a company’s strategic plan

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Insurance Asia 27

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DIGITAL INSURANCE INITIATIVE OF THE YEAR - MYANMAR MOBILE APP OF THE YEAR - MYANMAR

AIA Myanmar ranks in top 100 MDRT companies globally, #1 MDRT company for 4th year This recognition underscores the company's commitment to excellence, innovation, and community impact. team, and AIA Myanmar’s commitment to building a high-quality and market-leading sales force.

This achievement puts AIA Myanmar on the global stage, competing with the best in the global insurance industry and setting new benchmarks and standards for Myanmar's insurance market.

AIA Myanmar, in just four years of operation, has made history as the first Myanmar company to enter the global Top 100 MDRT companies.

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historic moment for AIA Myanmar, as the company is proud to announce it is the #1 Million Dollar Round Table (MDRT) company in Myanmar for four consecutive years and has been ranked in the Top 100 MDRT companies globally for the first time, and the first ever Myanmar company to enter the Top 100.

In just the fourth year of operations, AIA Myanmar has been ranked #1 in Myanmar every year and is ranked #94 globally, with 3 Top of the Table (TOT), 23 Court of the Table (COT) and 136 Million Dollar Round Table (MDRT) members in 2023.

A global leader in insurance The Million Dollar Round Table (MDRT) is an internationally recognised benchmark of excellence in the life insurance and financial services sector. It represents top professionals from over 700 companies across 80 nations and territories. MDRT membership signifies not only exceptional professional knowledge but also ethical conduct and outstanding customer service.

Achieving MDRT membership is a rare and prestigious feat, placing insurance

28 Insurance Asia

professionals amongst the top performers globally. AIA Myanmar being ranked as the #1 MDRT company in Myanmar for four years in a row, and its entry into the global Top 100 MDRT companies being ranked #94 in just four years of operations underscores the immense dedication, commitment and extraordinary efforts of the AIA Myanmar

Shaping Myanmar's insurance landscape Beyond AIA Myanmar’s MDRT accomplishments, AIA Myanmar continues to lead the Myanmar insurance industry with first-to-market innovative products and propositions, an end-to-end digital and paperless operations, a market-leading brand recognised for making a positive impact on communities in Myanmar and establishing itself as an employer of choice.

The company is committed to continuing to invest in setting even higher standards for the Myanmar insurance industry whilst providing people across Myanmar with much-needed life and health insurance protection on their journey towards a Healthier, Longer, Better Life.

AIA Myanmar would like to congratulate its 3 Top of the Table (TOT), 23 Court of the Table (COT), and 136 MDRT members, all its insurance advisors, its talent, its partners, its customers, and everyone associated with AIA for being part of AIA Myanmar’s incredible journey of Making History.

Changing Futures.

Achieving MDRT membership is a rare and prestigious feat, placing insurance professionals amongst the top performers globally

Insurance Asia 29

INSURANCE INITIATIVE OF THE YEAR - SINGAPORE DIGITAL TRANSFORMATION INITIATIVE OF THE YEAR - SINGAPORE INTERNATIONAL LIFE INSURER OF THE YEAR - SINGAPORE

AIA Singapore elevates industry standards with triple win at Insurance Asia Awards 2024

Highlighting its innovative approach to the ageing population, digital transformation, and international insurance market leadership. and advice, greatly improving customer satisfaction and engagement. Features like the “Premium Last Lap” milestone empower agents to proactively address client needs at critical times, enhancing the relevance and timeliness of their service.

The success of iSMART+ is evident in its impressive adoption rate and significant lead generation, contributing substantially to AIA’s growth and solidifying its position as a leader in digital innovation within the insurance industry.

AIA Singapore at the Insurance Asia Awards 2024

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IA Singapore has once again affirmed its leadership and commitment to advancing the insurance sector in Singapore by securing top accolades at the Insurance Asia Awards 2024.

Demonstrating innovation and forwardthinking, AIA Singapore was recognised with awards in three prestigious categories: Insurance Initiative of the Year - Singapore, Digital Transformation Initiative of the Year - Singapore, and International Life Insurer of the Year - Singapore.

Leading the way with the Insurance Initiative of the Year In response to the unique challenges posed

by Singapore’s rapidly ageing population, AIA Singapore launched the AIA Centurion Personal Accident plan, a pioneering initiative addressing the escalating concern of dementia, which is now the nation's most pressing worry according to the AIA Personal Accident Insurance Survey.

Recognising that over half of Singaporeans lack coverage for neurological diseases, AIA introduced a first-in-market optional rider for personal accident plans targeting the sandwich generation—those caring for both ageing parents and their children.

The AIA Centurion Personal Accident plan offers groundbreaking coverage for Alzheimer’s Disease, Severe Dementia, and Parkinson’s Disease from early to late stages, with just two health questions required for

30 Insurance Asia

eligibility. This innovative approach simplifies access to coverage in the most needed areas, helping to bridge the protection gap for Singaporeans, especially benefiting the elderly.

AIA Singapore's efforts to raise awareness and educate the public on dementia were multifaceted. Collaborations with local media, including poignant street interviews and a short film featuring national icon Phua Chu Kang, effectively engaged the community. This campaign not only enhanced understanding but also showcased the tangible benefits of early planning for neurological diseases.

Revolutionising the industry with iSMART+ The Digital Transformation Initiative of the Year award was rightly claimed by AIA Singapore for its innovative iSMART+ app. This revamp of the original iSMART super-app significantly enhances the way insurance representatives manage their interactions with clients. The new app introduces a web version, which broadens access to various devices and introduces Customer Lifecycle Triggers (CLT) that provide insurance representatives with detailed insights into their clients’ evolving life stages and needs.

This tailored approach allows insurance representatives to offer personalised service

A global leader in life insurance AIA Singapore’s commitment to excellence and its comprehensive strategy focusing on professional development, customer engagement, and innovative technology also led to its win as the International Life Insurer of the Year - Singapore. With one of the largest network of highly trained and qualified representatives in Singapore, AIA continues to empower its team with cutting-edge tools like iSMART+ and iPOS+, enhancing their ability to deliver top-tier financial advice.

The company’s dedication to fostering a healthier, more secure community is reflected in its numerous initiatives, including the AIA Health360, which promotes a holistic approach to wellness. In 2023, AIA also launched 'Think Well', a digital mental health solution, emphasising the importance of mental well-being alongside physical health.

Despite global economic challenges, AIA Singapore achieved remarkable growth in 2024, maintaining its status as the #1 Million Dollar Round Table (MDRT) Company in Singapore for the tenth year and recording significant increases in its key performance metrics.

Through these distinguished achievements, AIA Singapore not only sets the standard for excellence in the insurance industry but also demonstrates a steadfast commitment to helping Singaporeans live Healthier, Longer, Better Lives. Their success at the Insurance Asia Awards 2024 is a testament to their innovative spirit and unwavering dedication to their clients and the broader community.

AIA continues to empower its team with cutting-edge tools like iSMART+ and iPOS+

______

Insurance Asia 31

EVENT NEWS: INSURANCE ASIA SUMMIT - MANILA

Digital tools aid but fail to close inclusivity gaps

Inclusivity is not just about access, but also about financial sophistication.

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PHILIPPINES

he Philippine insurance industry is grappling with the urgent need to modernise through digitalisation and inclusivity, whilst combating a steep decline in market penetration, now below 2%, and navigating increasing demands for sustainability and better consumer education.

Improving access In a panel session about the future of the insurance industry, experts told the 286 attendees at the Asian Banking & Finance and Insurance Asia Summit, held on 1 October at the Makati Shangri-La, Philippines how digital transformation, inclusivity, and sustainability are reshaping the sector.

As Caesar V. Parlade, managing partner for Advisory and Digital Transformation Solutions, Reyes Tacandong & Co, the panel moderator, pointed out, technology is not just a tool but a fundamental change in how companies operate.

"We've seen a continuing trend towards digital transformation and how that is impacting the expectations of our customers," he noted.

Lester Cruz, chief executive officer (CEO) of Singlife Philippines, emphasised that for an all-digital, mobile-first company like Singlife, speed and customer experience are non-negotiable.

“Solutions and any engagement that needs to be done with the customer have to be instant,” he said.

Customers expect not only fast service but also easy-to-understand products. “If it’s not understandable enough. It defeats the entire purpose of digitising the solution,” Cruz added.

Meanwhile, Raoul Antonio Littaua, president & CEO of Insular Life, highlighted how technology allows for efficiency, especially in processing microinsurance.

However, he raised a critical point: “Yes, digitalisation makes inclusion possible but not inevitable.”

Digital platforms may widen access, but to truly include underserved populations, companies must address 32 Insurance Asia

It's about making the solution meaningful enough for the customer for the price that they pay

broader issues such as affordability and awareness.

Challenges in inclusivity Inclusivity was another focal point of the discussion. Insurance has traditionally been seen as inaccessible to certain groups, particularly in the context of gender and sexual orientation.

Cruz acknowledged that whilst the Philippines allows coverage for domestic partners, more needs to be done. “At the end of the day, so long as the insurable interest is truly there. It should be allowable,” he said, referencing the need for policies that cover same-sex couples and nontraditional families.

Littaua echoed these sentiments, stating that at Insular Life, inclusivity extends to ensuring access for women and individuals with managed health conditions.

“Even if you are diabetic and it’s wellmanaged, we accept you for insurance,” Littaua shared. This approach highlights a growing trend of making insurance, not just a financial product but a service that reflects the diverse needs of modern society.

Despite these efforts, challenges remain. As Cruz pointed out, inclusivity is not just about access but also about financial sophistication.

“Does having a simple product or a bank account make you financially

included already? I’d say that we’ll eventually have to move towards financial sophistication,” he argued.

This requires breaking down complex financial concepts into relatable solutions that consumers can understand and use.

Microinsurance Parlade noted the importance of microinsurance for farmers and lowincome individuals, particularly in rural areas.

However, as Cruz stated, the definition of microinsurance in the Philippines often focuses on price rather than value. “Is it really a question of microinsurance as the first access point for customers in terms of pricing? Or is it the value?” he asked.

Singlife, for instance, has products that fall within the definition of microinsurance, but Lester argued that the focus should be on making insurance meaningful.

“At the end of the day, it’s about making the solution meaningful enough for the customer for the price that they pay,” he said. This approach shifts the conversation from merely offering low-cost products to ensuring that those products deliver real value to the customer.

Littaua raised another important issue: who benefits from microinsurance? In many cases, microinsurance is tied to microlending, where the primary beneficiary is the lender rather than the borrower.

“Who are we protecting? Is it the person or the lender?” Littaua asked, highlighting the need to reassess the purpose and structure of such products.

Experts discuss the importance of affordability and accessibility in creating inclusive products

Insurance Asia 33

EVENT: INSURANCE ASIA AWARDS 2024

Insurance Asia Awards 2024 spotlights groundbreaking innovation

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he Insurance Asia Awards, the most prestigious awards programme in the Asia Pacific region, recognised and celebrated insurance companies that have achieved outstanding milestones, set new benchmarks, and demonstrated remarkable innovation in the industry.

Celebrating exceptional insurers that kept pace in the competitive landscape, the Insurance Asia Awards marked its ninth year with a spectacular Awards Dinner held on 9 July 2024 at the Marina Bay Sands Expo and Convention Centre, Singapore.

This year's event highlighted the exceptional hard work, dedication, and creativity of companies that have risen to the challenges of the industry. It honoured the innovative spirit of the insurance sector, showcasing companies that have redefined traditional boundaries through groundbreaking initiatives and made a profound impact on their customers.

Recognised for his exceptional leadership in Peak Reinsurance Company Limited, Franz-Josef Hahn was named CEO of the Year at this year’s awards ceremony.

“I feel honoured to receive this award. Thank you very much to the judges for awarding me this. This award goes to the leader, but a leader without a team is nothing. A leader without the trust of his clients is nothing. So I want to thank my team for the continuous pressure they put on in order to get better and better, to relentlessly work, stay focussed, and stay entrepreneurial. I want to also thank all of our clients who have always been extending trust and their belief to us,” said Hahn.

The distinguished panel of judges for this year’s awards included: Anita (Sun-Young) Bong, EY Asia-Pacific Insurance Sector Leader; EY Korea Financial Services Consulting Leader, EY; Frank Dubois, Partner, Head of Insurance, KPMG Singapore; Steven Goh, Partner, Head of Insurance Audit, KPMG Singapore; Lim Siang Thnia, Insurance Sector Leader, Deloitte Southeast Asia; Anupam Sahay, Former Managing Director and Senior Partner; Head of the Asia-Pacific Insurance Practice, Boston Consulting Group (BCG); and Dr. Henrik Naujoks, Senior Partner, Head of the Asia-Pacific Financial Services Practice, Bain & Company.

Congratulations to all the winners for their exceptional achievements and contributions to the industry.

Insurance Asia congratulates the following winners:

Aon • International Broker of the Year - Silver

Aflac Life Insurance Japan Ltd. • AI Initiative of the Year - Japan • Digital Transformation Initiative of the Year - Japan AIA Bhd. • Technology Excellence Initiative of the Year Malaysia • Health Insurance Initiative of the Year - Malaysia • Mobile App of the Year - Malaysia • AI Initiative of the Year - Malaysia AIA Group • Digital Insurance Initiative of the Year - Hong Kong • Digital Transformation Initiative of the Year - Hong Kong • Technology Excellence Initiative of the Year - Hong Kong AIA Indonesia • Marketing Initiative of the Year - Indonesia • Mobile App of the Year - Indonesia AIA Investment Management Pte Ltd (AIAIM) • Global Stewardship Funds of the Year - Singapore • Strategic Partnership of the Year - Singapore AIA Myanmar Life Insurance Company Limited • Digital Insurance Initiative of the Year - Myanmar • Mobile App of the Year - Myanmar AIA Singapore • Insurance Initiative of the Year - Singapore • International Life Insurer of the Year - Singapore • Digital Transformation Initiative of the Year - Singapore

APRIL International • Customer Service Initiative of the Year - Hong Kong • Managing General Agent of the Year - Hong Kong AXA Hong Kong & Macau • AI Initiative of the Year - Hong Kong • Mobile App of the Year - Hong Kong BNP Paribas Cardif Assurance Vie, Taiwan Branch • Digital Transformation Initiative of the Year - Taiwan • Insurance Initiative of the Year - Taiwan BNP Paribas Cardif Assurances Risques Divers Japan • Insurance Inclusion Initiative of the Year - Japan bolttech • AI Initiative of the Year - Singapore Bupa Arabia • Customer Service Initiative of the Year - Saudi Arabia • Digital Transformation Initiative of the Year - Saudi Arabia • Insurance Initiative of the Year - Saudi Arabia Cathay Life Insurance • ESG Initiative of the Year - Taiwan Cebuana Lhuillier Insurance Brokers Inc. • Domestic Broker of the Year - Philippines Chubb Life Insurance Hong Kong Limited • Marketing Initiative of the Year - Hong Kong

AIA Thailand • International Life Insurer of the Year - Thailand

Chubb Life Insurance Myanmar Limited • Insurance Product Innovation of the Year - Myanmar

Aioi Nissay Dowa Insurance Co., Ltd. • Claims Initiative of the Year - Japan • Domestic General Insurer of the Year - Japan

Chubb Life Insurance Taiwan Company • AI Initiative of the Year - Taiwan

Amana Takaful PLC • Mobile App of the Year - Sri Lanka 34 INSURANCE ASIA

Cocogen Insurance, Inc. • Domestic General Insurer of the Year - Philippines • New Insurance Product of the Year - Philippines

Continental Insurance Lanka Limited • Domestic General Insurer of the Year - Sri Lanka Dai-ichi Life Insurance (Cambodia) PLC. • International Life Insurer of the Year - Cambodia Dai-ichi Life Insurance Myanmar Ltd. • Editor’s Choice for Insurance Initiative of the Year - Myanmar Delta Underwriting Pte. Ltd. • Managing General Agent of the Year - Singapore Digit Insurance • AI Initiative of the Year - India • Health Insurance Initiative of the Year - India discovermarket Asia Pte Ltd • Insurtech Start-up of the Year - Singapore • Insurance Initiative of the Year - Philippines E.design Insurance Co., Ltd. • ESG Initiative of the Year - Japan EFU Life • Domestic Life Insurer of the Year - Pakistan Etiqa Insurance Pte Ltd • Travel Insurance Initiative of the Year - Singapore • Marketing Initiative of the Year - Singapore Etiqa Life and General Assurance Philippines • Customer Service Initiative of the Year - Philippines • Insurtech Initiative of the Year - Philippines Fast Cover Travel Insurance • Travel Insurance Initiative of the Year - Australia Generali Hong Kong • New Insurance Product of the Year - Hong Kong • Social Media Initiative of the Year - Hong Kong

ICICI Lombard GIC Ltd. • Claims Initiative of the Year - India • Domestic General Insurer of the Year - India • Marketing Initiative of the Year - India Igloo • Insurance Distribution Initiative of the Year - Indonesia • Mobile App of the Year - Vietnam IndiaFirst Life Insurance • Digital Transformation Initiative of the Year - India Initio Insurance • Claims Initiative of the Year - New Zealand • Underwriting Initiative of the Year - New Zealand InsuranceDekho • Insurtech Start-up of the Year - India KGI Life Insurance Co., Ltd. • Insurtech Initiative of the Year - Taiwan • Strategic Partnership of the Year - Taiwan Krungthai-AXA Life Insurance PCL • Marketing Initiative of the Year - Thailand • Social Media Initiative of the Year - Thailand Liberty General Insurance Berhad • Digital Transformation Initiative of the Year - Malaysia Liberty Insurance Limited • International General Insurer of the Year - Vietnam Lockton Companies (Hong Kong) Limited • Auto Insurance Initiative of the Year - Hong Kong Magma HDI General Insurance Company • Insurance Initiative of the Year - India

Generali Insurance Malaysia Berhad • International General Insurer of the Year - Malaysia • MSME Insurance Initiative of the Year - Malaysia

Malayan Insurance • Travel Insurance Initiative of the Year - Philippines

Generali Life Insurance Malaysia Berhad • Insurance Initiative of the Year - Malaysia

Malaysian Reinsurance Berhad • Asian Reinsurer of the Year - Bronze

Grand Guardian Nippon Life Insurance Co., Ltd. • Customer Service Initiative of the Year - Myanmar • International Life Insurer of the Year - Myanmar

Manulife Vietnam • Digital Transformation Initiative of the Year - Vietnam

The Great Eastern Life Assurance Company Singapore • Education Insurance Initiative of the Year - Singapore • ESG Initiative of the Year - Singapore Great Eastern Life Malaysia • Claims Initiative of the Year - Malaysia Greenstone Financial Services • Marketing Initiative of the Year - Australia Himalayan Everest Insurance • Domestic General Insurer of the Year - Nepal • Strategic Partnership of the Year - Nepal HIVE by Income • Digital Insurance Initiative of the Year - Singapore

MB AGEAS Life Insurance Company Limited • Editor’s Choice for Marketing Initiative of the Year - Vietnam MetLife Korea • Customer Service Initiative of the Year - Korea MetLife Nepal • Digital Insurance Initiative of the Year - Nepal • Marketing Initiative of the Year - Nepal Nan Shan General Insurance Company, Ltd. • Insurance Inclusion Initiative of the Year - Taiwan Ocean Life Insurance Public Company Limited • Domestic Life Insurer of the Year - Thailand

Hong Leong Assurance • Domestic Life Insurer of the Year - Malaysia

OPES Insurance Joint Stock Company • Auto Insurance Initiative of the Year - Vietnam • Virtual Insurer of the Year - Vietnam

Howden Broking Group • International Broker of the Year - Gold

Peak Reinsurance Company Limited • Asian Reinsurer of the Year - Gold INSURANCE ASIA

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EVENT: INSURANCE ASIA AWARDS 2024 Peak3 • Insurtech Broker Initiative of the Year - Singapore • Insurtech Initiative of the Year - Singapore PGA Sompo Insurance Corporation • Digital Insurance Initiative of the Year - Philippines • Strategic Partnership of the Year - Philippines PNB MetLife India Insurance Co. Ltd. • Advisers Initiative of the Year - India • Insurance Inclusion Initiative of the Year - India Policybazaar Insurance Brokers Pvt Ltd • Domestic Broker of the Year - India Pru Life UK • Insurance Inclusion Initiative of the Year - Philippines • International Life Insurer of the Year - Philippines Prudent Insurance Brokers Pvt. Ltd. • Customer Service Initiative of the Year - India Prudential Assurance Malaysia Berhad • Insurance Inclusion Initiative of the Year - Malaysia • International Life Insurer of the Year - Malaysia Prudential BSN Takaful Berhad • New Takaful Insurance Product of the Year - Malaysia • Strategic Partnership of the Year - Malaysia Prudential Life Assurance (Thailand) Public Company Limited • Customer Service Initiative of the Year - Thailand • ESG Initiative of the Year - Thailand • New Insurance Product of the Year - Thailand Prudential Vietnam Assurance Private Ltd. • Claims Initiative of the Year - Vietnam • ESG Initiative of the Year - Vietnam • International Life Insurer of the Year - Vietnam PT BRI Asuransi Indonesia • Domestic General Insurer of the Year - Indonesia • MSME Insurance Initiative of the Year - Indonesia PT FWD Insurance Indonesia • AI Initiative of the Year - Indonesia • Customer Service Initiative of the Year - Indonesia PT Great Eastern Life Indonesia • Education Insurance Initiative of the Year - Indonesia • ESG Initiative of the Year - Indonesia • Health Insurance Initiative of the Year - Indonesia

SBI General Insurance Company Ltd • Technology Excellence Initiative of the Year - India Singlife • Claims Initiative of the Year - Singapore • Customer Service Initiative of the Year - Singapore • Underwriting Initiative of the Year - Singapore Solarelle Insurance Pvt Limited • Domestic General Insurer of the Year - Maldives Sri Lanka Insurance Corporation Life Limited • Domestic Life Insurer of the Year - Sri Lanka Sun Life Assurance Company of Canada Singapore Branch • Insurance Product Innovation of the Year - Singapore • New Insurance Product of the Year - Singapore Sun Life Grepa Financial, Inc. • MSME Insurance Initiative of the Year - Philippines Sun Life Malaysia • Education Insurance Initiative of the Year - Malaysia • ESG Initiative of the Year - Malaysia Sun Life of Canada (Philippines) Inc. • Business Insurance Initiative of the Year - Philippines • Insurance Product Innovation of the Year - Philippines • Marketing Initiative of the Year - Philippines Symbo India Insurance Broking Private Limited • Digital Insurance Initiative of the Year - India • Insurtech Broker Initiative of the Year - India Taiping Reinsurance Company Limited • Health Insurance Initiative of the Year - Hong Kong Taiwan Life Insurance Co., Ltd. • Customer Service Initiative of the Year - Taiwan • New Insurance Product of the Year - Taiwan Takaful Brunei Am • Domestic General Insurer of the Year - Brunei Darussalam Takaful Brunei Keluarga • Domestic Life Insurer of the Year - Brunei Darussalam Thai Life Insurance Public Company Limited • Claims Initiative of the Year - Thailand • Underwriting Initiative of the Year - Thailand The Insular Life Assurance Company, Ltd. • Domestic Life Insurer of the Year - Philippines • Digital Transformation Initiative of the Year - Philippines

PT. Jasa Raharja • Strategic Partnership of the Year - Indonesia

United Coconut Planters Life Assurance Corporation (COCOLIFE) • Health Insurance Initiative of the Year - Philippines

Qatar Insurance Company • Mobile App of the Year - Qatar

Zurich General Insurance Malaysia Berhad • Travel Insurance Initiative of the Year - Malaysia

Qianhai Reinsurance Company Limited • Asian Reinsurer of the Year - Silver • Health Insurance Initiative of the Year - China

Zurich Life Insurance Malaysia Berhad • Customer Service Initiative of the Year - Malaysia • Marketing Initiative of the Year - Malaysia

Qoala • Digital Transformation Initiative of the Year - Indonesia

Zurich Indonesia • Motor Vehicle Insurance Initiative of the Year - Indonesia

Quick Sigorta • New Insurance Product of the Year - Turkey

Franz-Josef Hanh, Peak Reinsurance Company Limited • CEO of the Year

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AIA Bhd.

AIA Indonesia

AIA Investment Management Pte Ltd (AIAIM)

AIA Myanmar Life Insurance Company Limited

AIA Singapore

Aioi Nissay Dowa Insurance Co., Ltd.

BNP Paribas Cardif Assurance Vie, Taiwan Branch

bolttech

Cebuana Lhuillier Insurance Brokers Inc.

Chubb Life Insurance Hong Kong Limited

Chubb Life Insurance Myanmar Limited

Cocogen Insurance, Inc.

Continental Insurance Lanka Limited

Dai-ichi Life Insurance (Cambodia) PLC.

Dai-ichi Life Insurance Myanmar Ltd.

Delta Underwriting Singapore Private Limited

discovermarket Asia Pte Ltd

Etiqa Insurance Pte Ltd INSURANCE ASIA

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EVENT: INSURANCE ASIA AWARDS 2024

Generali Hong Kong

Grand Guardian Nippon Life Insurance Co., Ltd.

Generali Insurance Malaysia Berhad

Himalayan Everest Insurance

Liberty General Insurance Berhad

MB Ageas Life Insurance Company Limited

Peak Reinsurance Company Limited - CEO of the Year 38 INSURANCE ASIA

InLife - The Insular Life Assurance Company, Ltd.

ICICI Lombard GIC Ltd.

Liberty Insurance Limited

MetLife Korea

Generali Life Insurance Malaysia Berhad

Lockton Companies (Hong Kong) Limited

OPES Insurance Joint Stock Company

MetLife Nepal

Peak Reinsurance Company Limited

Peak3

PGA Sompo Insurance Corporation

Prudential BSN Takaful Berhad

Prudential Life Assurance (Thailand) Public Company Limited

Prudential Vietnam Assurance Private Ltd.

PT BRI Asuransi Indonesia

PT Great Eastern Life Indonesia

PT. Jasa Raharja

SBI General Insurance Company Ltd

Singlife

Solarelle Insurance Pvt Limited

Sun Life Assurance Company of Canada Singapore Branch

Sun Life Grepa Financial, inc,

Sun Life of Canada (Philippines)

Taiping Reinsurance Company Limited

The Great Eastern Life Assurance Company Singapore

Zurich Malaysia INSURANCE ASIA

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ASIAN REINSURER OF THE YEAR - GOLD CEO OF THE YEAR

A legacy of excellence

Client-centric approach, innovative solutions, and strong leadership drive Peak Re's success. dedication, and innovative mindset. Under his guidance, Peak Re has grown in a decade to rank 27th amongst global reinsurance groups in terms of net reinsurance premiums.

In 2023, Peak Re reported its best-ever results despite numerous market challenges, including costly natural catastrophe losses and volatile financial markets.

Peak Re CEO Mr Franz-Josef Hahn

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n a remarkable statement that underscores its unique franchise in the Asian insurance market, Peak Red has been honoured with the prestigious Asian Reinsurer of the Year - Gold and the CEO of the Year awards at the Insurance Asia Awards 2024. This double accolade is a testament to Peak Re’s clientcentric business focus, robust leadership, and dedication to improving societal resilience.

Peak Re, a global reinsurer headquartered in Hong Kong, has consistently demonstrated its prowess in providing innovative and tailored reinsurance solutions that meet the needs of its clients. More than anything, the company’s success is built on long-term partnerships with clients founded on its core values of integrity, innovation, and customer-centricity.

Client-centricity: The core of Peak Re At the core of Peak Re’s operations are values that define its identity and drive its success. Nurturing long-lasting, collaborative partnerships with clients and brokers built on open and transparent dialogue has remained one of the founding principles guiding Peak Re's business conduct. This client-centric approach to business remains a cornerstone of Peak Re's strategy. As an illustration, the company effectively settled 86% of its reinsurance claims within ten days, on average, between 2021 and 2023, demonstrating its commitment to efficient and responsive customer service.

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Innovation is another cornerstone of Peak Re’s philosophy. In 2022, the company sponsored Hong Kong’s first 144A catastrophe bond, providing substantial protection against typhoon risks in Japan. This followed earlier initiatives like launchinga’s first reinsurance sidecar in 2018 and the inaugural public hybrid securities by a Hong Kong-based reinsurer in 2020. These innovations underscore Peak Re’s role as a pioneer in the reinsurance sector, continually pushing the boundaries of financial innovation.

Peak Re's single-minded focus on serving clients' needs and requirements through innovative and tailored solutions has differentiated the company and cemented its success over the past decade. This client-first approach has earned Peak Re a reputation for reliability and excellence.

Leading with vision: CEO of the Year At the helm of Peak Re’s success is its visionary CEO, Mr Franz-Josef Hahn. His leadership was instrumental in establishing the company in 2012 and then steering it towards new heights. Winning the CEO of the Year award recognises his strategic foresight,

Commitment to sustainability and building societal resilience Peak Re’s mission is to help close the protection gaps of emerging societies, particularly those in the Asia-Pacific region.

Since its establishment, Peak Re has adhered to the Principles of Sustainable Insurance (PSI) under the UNEP FI and aspired to provide insurance protection to those underserved and underprotected segments of society.

Managing climate risk is a priority for Peak Re. As global warming accelerates and leads to more extreme weather events, it is paramount that all stakeholders work closely to manage the impact of climate change on societies. This is particularly important in the Asia-Pacific region where insurance compensation for natural catastrophes is typically less than 20% of economic losses. To this end, Peak Re has been incorporating climate-related factors into its risk management and investment strategy, establishing governance and oversight structures for climate-related issues, and most importantly, collaborating with clients and stakeholders. These collaborative efforts are crucial in promoting climate-conscious risk mitigation and resilience measures.

A bright future ahead The accolades from the Insurance Asia Awards are a reflection of Peak Re's dedication to excellence and sustainability.

As the company celebrates this milestone, it reaffirms its commitment to positively impacting the industry and the world. With a dedicated and international team of (re) insurance professionals representing 18 nationalities and 45% of leadership roles being held by women, Peak Re is poised for a future filled with promise and success.

The company’s success is built on long-term partnerships with clients founded on its core values of integrity, innovation, and customercentricity

Insurance Asia 41

MARKETING INITIATIVE OF THE YEAR - VIETNAM

The happiness message behind a unique family relay race

The Happy Ekiden semi-professional relay race by MB Ageas Life is a significant highlight of the "Healthy Happiness" campaign, resonating strongly within the community.

Thousands of participants joined MB Ageas Life's Happy Ekiden 2023

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n the increasingly popular world of running events, MB Ageas Life's Happy Ekiden retains a distinctive charm. It has garnered widespread support from the community due to its humane message intertwined with exciting sports activities.

A festival for Vietnamese families Happy Ekiden, a semi-professional relay race for Vietnamese families, has been successfully organised for four seasons, attracting thousands of participants nationwide. It remains the only large-scale semi-professional race organised by a life insurance company in Vietnam.

Nguyen Quynh Mai, Marketing Manager of MB Ageas Life, explained that the race follows the Ekiden relay format. Unlike typical races, each team member completes their leg and then passes the tasuki sash to the next runner.

This relay format fosters team spirit and camaraderie to the fullest.

According to Ms. Quynh Mai, the most exciting aspect of Happy Ekiden is that each participating family team must consist of four members, including grandparents, parents, uncles, aunts, and children aged 3-15, forming a "Happy Team." The race distances are designed to suit each team member, with clearly defined roles and collaborative efforts to overcome challenges and finish 42 Insurance Asia

successfully. Therefore, Happy Ekiden emphasises the journey of shared happiness rather than individual achievements, aligning with MB Ageas Life's core message.

Happy Ekiden has made a significant mark in the community by enhancing family happiness experiences. It has become one of the most appealing corporate-organised races, as evidenced by the growing number of participating families—from 200 in 2018 to 800 in 2023, setting a record with over 20,000 participants.

Bringing "Healthy Happiness" to the community "We believe happiness stems from small, everyday moments. Activities like exercising together lay the foundation for healthy happiness. This belief led us to make Happy Ekiden an annual event for Vietnamese families," shared Ms. Quynh Mai. Moreover, Happy Ekiden is a heartfelt community initiative by MB Ageas Life.

All ticket sales proceeds are donated to Operation Smile, funding surgeries for children with cleft lips and palates nationwide.

Happy Ekiden is a key part of the "Healthy

Happiness" brand campaign launched by MB Ageas Life since mid-2023. This campaign includes diverse community-oriented activities such as meditation experiences for customers, "Healthy Happiness" talks, engaging social media minigames, the Happy Ekiden race, the "With You, Tet Accompanies..." campaign, the 7th-anniversary celebrations, and the "Nurturing Healthy Happiness" workshops for life skills education.

Through these activities, MB Ageas Life has generated nearly 160,000 discussions, reached nearly 24 million people on social media in 2023, as well as ranked in the Top 6 of the 2023 YMI Brand Health Index (YOUNET INDEX).

"From the beginning, MB Ageas Life aimed to become a companion, bringing happiness to Vietnamese families. Over the past eight years, our activities have focussed on building a humane value chain—from providing optimal financial and insurance solutions to contributing to charitable funds, supporting the poor, and empowering children’s education. Continuing this mission, MB Ageas Life will undertake more meaningful activities to reaffirm our commitment to community development," shared Ms. Quynh Mai.

Participants of MB Ageas Life's Happy Ekiden 2023

We are committed to becoming our customers’ most trusted partner throughout their life journeys

Insurance Asia 43

INSURANCE INCLUSION INITIATIVE OF THE YEAR - PHILIPPINES INTERNATIONAL LIFE INSURER OF THE YEAR - PHILIPPINES

Pru Life UK named International Life Insurer of the Year - Philippines for four consecutive years This victory highlights the company’s exceptional impact on the insurance industry and its customers.

Mothers receiving the FREE PRUMedCare – Select Infectious Disease coverage vouchers for their babies.

The PRUBabies campaign seeks to protect 175,000 newborns against the cost of infectious diseases, such as dengue, typhoid, measles, and malaria

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ru Life UK has been recognised as the International Life Insurer of the Year Philippines for the fourth consecutive year at the 2024 Insurance Asia Awards.

In the same event, the leading life insurer also received the Insurance Inclusion Initiative of the Year award for its PRUBabies campaign, which aims to protect 175,000 newborns against the cost of getting infectious diseases such as dengue, typhoid, measles, and malaria.

The region’s most outstanding insurance companies for their innovation and significant impact on customers’ lives with exceptional products and solutions.

Leading impactful community-based programmes Pru Life UK’s sustainability programmes reflect the company’s strong advocacy for financial inclusion, literacy, and awareness.

These key initiatives include: • Project Padayon Bantayan Island - made possible by Prudence Foundation, the community investment arm of Prudential plc in Asia and Africa, and the Asia Society

for Social Improvement and Sustainable Transformation (ASSIST).

This programme aims to uplift the lives of Bantayan Island, Cebu residents through training and development activities.

• Cha-Ching programme - created by Prudence Foundation in partnership with Junior Achievement Philippines. This is a financial education programme for children aged 7 to 12 that teaches sound financial habits and responsibility.

Cha-Ching has achieved a milestone of equipping one million students nationwide with basic money management concepts such as earn, save, spend, and donate.

These initiatives affirm Pru Life UK’s dedication to making a positive impact on society and empowering Filipino communities to prepare for their future.

The Insurance Asia Awards, the most prestigious awards programme in the Asia Pacific region, recognises and celebrates insurance companies that have achieved outstanding milestones, set new benchmarks, and demonstrated innovation in the industry. The awards highlight the hard work, dedication, and creativity of companies that have risen to the challenges of the industry, acknowledging those who go beyond the ordinary and significantly influence the lives of their customers with exceptional insurance products, services, and solutions.

Pru Life UK’s sustainability programmes reflect the company’s strong advocacy for financial inclusion, literacy, and awareness Furthering its commitment to championing its customers, Pru Life UK launched its latest campaign, “Our Reason is You.” The campaign features heartwarming reallife client stories that inspire and motivate the company to deliver its purpose of being lifelong partners and protectors of Filipino families.

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Pru Life UK, Prudence Foundation, and the Department of Education collaborating to advocate for integrating financial education into the school curriculum in the Philippines

Insurance Asia 45

CLAIMS INITIATIVE OF THE YEAR - VIETNAM ESG INITIATIVE OF THE YEAR - VIETNAM INTERNATIONAL LIFE INSURER OF THE YEAR - VIETNAM

Prudential Vietnam wins hat-trick at the Insurance Asia Awards 2024

The company clinched a trio of accolades, including International Life Insurer of the Year, ESG Initiative of the Year, and Claims Initiative of the Year.

Ms. Nguyen Thanh Ha – Chief Operations Officer (middle) and Mr. Luong The Vinh – Head of Product (left) at the Insurance Asia Awards 2024 ceremony

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rudential has once again demonstrated its leading role in the life insurance industry in Vietnam by securing three esteemed awards. The company’s consistent achievement in retaining the International Life Insurer of the Year - Vietnam award in six consecutive years further cements its position as a leading and trusted company in the region.

Ms. Nguyen Thanh Ha, Chief Operations Officer at Prudential Vietnam, stated during the Insurance Asia Awards ceremony: “These awards are an empowered motivation for the dedication of Prudential workforce. This is a meaningful achievement for us as we are embarking on a transformative journey aimed at elevating the customer experience.

We believe our responsibility extends beyond the insurance claims; we are committed to becoming our customers’ most trusted partner throughout their life journeys.

This recognition is a direct result of the unwavering trust bestowed upon us by our esteemed partners and customers.”

For Every Life, For Every Future Prudential Vietnam has consistently integrated sustainable development into its foundational strategy, echoing the global purpose, “For Every Life, For Every Future.”

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For 25 years, Prudential has been steadfast in its commitment to this vision, undertaking a diverse array of initiatives that include sustainable investments, enhancing the core value of its products, elevating the excellence of distribution channels, embracing digital innovation, streamlining processes through automation, and investing in projects that foster sustainable community growth.

In early March 2024, Prudential Vietnam’s announcement of the sustainable development equity fund “PRUlink – Tương Lai Xanh” marked a significant milestone. This pioneering unit-linked fund is dedicated to sustainability and responsible investment, the first in the Vietnamese life insurance market. It allows customers to select investment options that support sustainable development goals. The initiative’s groundbreaking nature was recognised with the ESG Initiative of the Year award.

Prudential has embraced digitalisation to streamline its business operations and enhance process efficiency. The company has notably advanced its claim process, particularly in response to customer

incidents. Key improvements include automating many steps in the insurance claim submission and resolution process, providing customers and agents with real-time updates on the status of claims, and improving communication channels between the company, customers, and agents through various platforms such as SMS, E-letters, and Zalo.

By the close of 2023, Prudential’s innovative enhancements led to over 82% of customer claims being filed online, with nearly 20% processed within 30 minutes, marking a 5% increase from 2022. These improvements have significantly refined the customer experience and met their expectations, contributing to Prudential’s recognition with the “Claims Initiative of the Year” award at the Insurance Asia Awards.

Prudential’s commitment to its workforce and strategic focus on distribution channel quality are evident in the recent launch of its fourth office in Ha Long City, Quang Ninh province. This state-of-the-art facility is designed to meet the specific needs of PRUVenture’s full-time agents, introducing an innovative operational model.

Previously, Prudential had successfully combined Customer Service Centers with PRUVenture offices in key urban locations, including Ho Chi Minh, Hanoi, and Da Nang.

About Prudential Vietnam Prudential Vietnam Life Insurance Co., Ltd. (Prudential) is a member of Prudential plc, providing life and health insurance and asset management in 24 markets across Asia and Africa. Prudential’s mission is to be the most trusted partner and protector for this generation and generations to come, by providing simple and accessible financial and health solutions.

During 25 years of operation in Vietnam, Prudential has been serving 7 million customers nationwide, focussing on expanding the life insurance market and changing people's perceptions of insurance.

As of the end of December 2023, Prudential recorded 1,522 consultants achieving MDRT*.

We are committed to becoming our customers’ most trusted partner throughout their life journeys

Insurance Asia 47

INSURANCE INITIATIVE OF THE YEAR - MYANMAR

Dai-ichi Life Insurance Myanmar has been recognised for Insurance Initiative of the Year 2024 With a robust expansion strategy, innovative financial solutions, and a commitment to community wellbeing, the company is strengthening Myanmar’s insurance sector.

from creativity to a business mindset. During the pandemic, the company launched the Wellness by Dai-ichi Life initiative, focussing on the physical and mental well-being of its valuable business partners, communities, and employees.

Dai-ichi Life Insurance Myanmar’s Wellness by Dai-ichi Life initiative is designed to support the physical and mental well-being of its business partners, communities, and employees

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ai-ichi Life Insurance Myanmar has been honoured with the Insurance Initiative of the Year - Myanmar award for 2024, a testament to its resilience and unwavering commitment to the people of Myanmar in the face of economic volatility.

The company has expanded reach, impact Dai-ichi Life's journey in Myanmar reflects a dedication to serving an underserved market.

The company has established a robust agency network of 4,000 qualified agents and 42 leaders, extending its reach across the country.

This impressive expansion was bolstered by a strategic partnership with KBZ Bank. In 2023, despite numerous challenges, Dai-ichi Life successfully launched its insurance advisory services in over 200 KBZ Bank branches, including those in rural areas, to provide comprehensive financial solutions and financial planning knowledge through seminars. This initiative has significantly increased the accessibility of Dai-ichi Life’s products and services.

“Our journey at Dai-ichi Life is rooted in our unwavering commitment to providing a secure future and comprehensive financial solutions to the people of Myanmar. As we strive to lead with innovation in the Myanmar insurance sector, every step we take is driven by our dedication to helping the people secure their future and leveraging our local and international life insurance knowledge to improve the local insurance sector,” explained Daw Zarchi Tin, the CEO of Dai-ichi Life Insurance Myanmar.

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Navigating challenges with ‘Total CARE’ Operating in a nascent market amidst global and domestic challenges, Dai-ichi Life introduced its “Total CARE” concept—a holistic approach to financial solutions designed to meet the diverse needs of individuals and families. The company’s expansion into Mandalay and four other cities has not only improved accessibility to its services but also created employment for approximately 600 individuals.

Dai-ichi Life’s commitment to the community extends beyond business.

Embracing its "People First" philosophy, the company has made significant contributions to healthcare and education in rural areas.

Notably, Dai-ichi Life has provided cleft lip and cleft palate surgeries to children across the country. The Japanese life insurer has also been providing financial support to young generations, enabling them to access better education and fostering their development

Innovating for the future Innovation is at the core of Dai-ichi Life’s operations. By offering a comprehensive suite of products, ranging from affordable term coverage to all-encompassing medical plans, the company ensures that life insurance protection is accessible to all.

In response to the challenges, Dai-ichi Life has developed innovative solutions to maintain continuity and drive growth. The introduction of proprietary POS technology has enabled seamless sales experiences, whether faceto-face or remotely. This technology, coupled with adaptive sales processes, has allowed the company to maintain a high level of customer service.

The launch of the Dai-ichi Life Experience Centre in Yangon and Mandalay further exemplifies the company’s commitment to education and customer engagement.

Final reflections Dai-ichi Life Insurance Myanmar's journey exemplifies resilience, innovation, and a commitment to its people. By offering comprehensive products, fostering strategic partnerships, and prioritising community well-being, Dai-ichi Life is not only enhancing the futures of its customers but also contributing to the development of a stronger, more resilient Myanmar.

Dai-ichi Life has made significant contributions to healthcare and education

Dai-ichi Life Insurance Myanmar's journey exemplifies resilience, innovation, and a steadfast commitment to its people

Insurance Asia 49

EDUCATION INSURANCE INITIATIVE OF THE YEAR - SINGAPORE ESG INITIATIVE OF THE YEAR - SINGAPORE

Great Eastern grooming financial representatives to become the industry’s best

This dedication has helped the company produce top-tier financial representatives who are well-equipped to serve clients and excel in their careers. version of the course that helps financial representatives identify different personality types in clients, which can lead to improved sales and service.

Great Eastern group photo during the HNW Certification ceremony

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or the last 116 years, Great Eastern has been at the forefront of Asia’s insurance industry, providing financial security and peace of mind to millions. As customers’ lives and needs evolve, the company is equipping its financial representatives to keep pace and become the industry’s best. This includes having a dedicated Centre For Excellence to oversee the development of financial representatives through a range of training programmes, mentorship opportunities, and continuous professional development.

Strong emphasis on learning and development As Singapore continues to grow as a wealth management hub, financial representatives are presented with numerous untapped opportunities. To help them stay ahead of industry trends, Great Eastern provides a range of programmes to enable specialisation.

One such programme is the High Net Worth Certification by the Insurance and Financial Practitioners Association of Singapore (IFPAS). This course prepares financial representatives to better serve the growing number of affluent customers, setting them apart from their industry peers.

Most recently, Great Eastern also sponsored the Fellow Chartered Financial Practitioner (FChFP) programme, which focusses on developing soft skills like emotional intelligence and understanding investor behaviour. Accredited by the Institute of Banking and Finance (IBF), this helps financial representatives better advise and service their customers. This year, Great Eastern had the highest number of registrants in the 2024 cohort for this course.

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Next year, the company will introduce a Mandarin Financial Planning (MFP) training series to cater to Mandarin-speaking clients.

This will help financial representatives further expand their network.

Engaging new leaders and financial representatives Financial representatives stepping into leadership roles benefit from the New Managers’ Courses designed to help newly promoted managers learn the fundamentals of leading a team, recruitment, training, and performance management, ensuring they are ready for the responsibilities of leadership.

Further to this, Great Eastern has mandated all aspiring Directors to undergo Agency Management Training Course (AMTC) making it the industry leader based on the number of AMTC graduates so far.

For new financial representatives, Great Eastern has introduced The Great Scoop, a Spotify podcast aimed at inspiring and educating younger recruits. Through this channel, new financial representatives can hear from experienced leaders and colleagues, getting practical tips and insights to help them on their career journey.

Overall, Great Eastern continues to push boundaries and find new ways to support and empower its financial representatives through comprehensive learning opportunities, mentorship, and personal growth programmes. By providing the tools and resources they need to succeed, Great Eastern is creating some of the industry’s best financial representatives, ensuring they are well-equipped to meet the changing needs of their clients and excel in their careers.

Shaping careers through mentorship and coaching Beyond certifications, Great Eastern also offers other development programmes to help its financial representatives accelerate their careers. One standout initiative is the GE Mentorship Program, which pairs new and seasoned representatives with successful mentors. These mentors are all Million Dollar Round Table (MDRT) qualifiers who guide their mentees through a tailored eight-month programme. They offer practical advice and feedback, helping mentees improve their sales performance. Out of 30 mentees this year, 20 have already seen a significant boost in sales, with some doubling their performance.

The company also offers the Enneagram Course, which teaches financial representatives to better understand their own personalities and those of their clients. This selfawareness helps them improve communication and build stronger client relationships.

Over 720 representatives have taken this course, with a 90% Great Eastern Mentorship Program satisfaction rate. Great Eastern has even introduced an advanced

Great Eastern provides a range of programmes to enable specialisation

Insurance Asia 51

TRAVEL INSURANCE INITIATIVE OF THE YEAR - SINGAPORE MARKETING INITIATIVE OF THE YEAR - SINGAPORE

Etiqa Insurance launches Tiq CashSaver: A simple solution for short- to medium-term savings Tiq CashSaver by Etiqa Insurance offers flexible, accessible endowment plans to build one’s financial security and achieve short-term goals.

Flexibility for your financial goals “Tiq CashSaver offers a flexible savings duration, catering to young families and adults seeking short- to medium-term endowment plans that align with their financial goals,” said Raymond Ong, CEO of Etiqa Insurance Singapore. “We emphasise the importance of starting to save early, even modestly and progressing steadily. Tiq CashSaver empowers individuals to embark on their savings journey with confidence.”

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tiqa Insurance Singapore, a prominent life and general insurer, proudly presents Tiq CashSaver, a capital-guaranteed at maturity endowment plan. Designed to meet the financial needs of young families and working adults, it offers comprehensive protection and the flexibility to adapt to evolving financial landscapes. Available online through Tiq by Etiqa, this plan encourages regular saving for short to medium term goals.

Addressing financial challenges With living costs and inflation rates soaring up to 4.8%, saving money has become increasingly difficult. According to Etiqa’s 2023 Financial Fitness Survey, which polled 1,000 Millennials and Gen Zs, only 41% of respondents consistently save monthly. High living expenses and personal indulgences often deter many from prioritising savings.

According to the Basic Financial Planning Guide developed by the Monetary Authority of Singapore (MAS) and MoneySense, one should invest at least 10% of their take-home pay.

Tiq CashSaver seeks to address these issues by providing a structured and effective savings solution. With its attractive returns, flexible premium options, and financial security, Tiq CashSaver empowers young families and individuals to build a robust financial foundation. This plan not only encourages disciplined saving but also ensures that your hard-earned money works harder for you, making it easier to achieve your financial goals and secure a brighter future.

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Commitment to accessibility With financial pressures mounting on Singaporeans, Tiq CashSaver represents Etiqa’s dedication to delivering accessible solutions. “The plan features a seamless online application process, requires no medical examinations, and offers affordable premiums,” adds Ong. Made for freelancers and gig workers Freelancers and gig workers face unique financial challenges due to irregular income.

Tiq CashSaver is particularly beneficial for freelance workers who need a disciplined yet flexible endowment plan to ensure financial stability. On top of identifying all income sources, accounting for taxes and MediSave contributions, and setting aside money for future expenses and other needs, saving is crucial. Tiq CashSaver provides a structured approach to these principles, making it

easier for freelancers and gig workers to manage their finances.

Secure your financial future today In an era of rising costs and economic uncertainties, Tiq CashSaver stands out as a reliable solution for your financial journey.

Start your endowment plan with a modest amount, enjoy the flexibility of customisable benefits, and secure a financially stable future for you and your loved ones.

This policy is underwritten by Etiqa Insurance Pte. Ltd. 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 longterm 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.

For more information, visit tiq.com.sg/cashsaver

*MAS Annual Report and the MAS Sustainability Report for FY 2022/23, published in 2023.

This policy is protected under the Policy Owners’ Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC). Coverage for your policy is automatic and no further action is required from you. For more information on the types of benefits that are covered under the scheme as well as coverage limits, where applicable, please contact Etiqa or visit the Life Insurance Association (LIA) (www.lia. org.sg) or SDIC (www.sdic.org.sg) websites.

This advertisement has not been reviewed by the Monetary Authority of Singapore. Terms apply.

Insurance Asia 53

ESG INITIATIVE OF THE YEAR - TAIWAN

Cathay Life insurance strongly supports anti-drug, anti-fraud initiatives

Cathay Life Insurance secured the ESG Initiative of the Year - Taiwan win at the Insurance Asia Awards 2024 by creating an anti-drug and anti-fraud safety net for all age groups.

In 2023, Cathay Life Insurance collaborated with social enterprises to develop a new anti-drug board game called "Road of Destiny," which combines dialogue, simulation, and reflection to discuss drug issues with students through games and stories, so that they could understand the danger of drug addiction

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rug abuse and fraud are two pressing social issues in Taiwan that demand urgent attention. Focussing on "prevention," Cathay Life Insurance has been dedicated to raising public awareness about anti-drug and anti-fraud efforts. By leveraging the collective expertise of industry, government, and academia, Cathay Life Insurance has incorporated gamification into digital platforms and physical board games, training its employees across Taiwan to serve as volunteers. Since the launch of its anti-drug and anti-fraud project in 2019, the initiative has impacted nearly 2.2 million people.

Anti-drug initiatives According to statistics from the National Police Agency, one out of every five drug users in Taiwan is exposed to drugs before the age of 19. Due to a lack of knowledge about drugs, the threat of drug abuse in schools has become a significant risk to student health. Cathay Life Insurance helps students reject drugs from the dual perspectives of "knowledge development" and "relationship management." Since 2019, Cathay Life Insurance has collaborated with the online learning platform PaGamO to launch an antidrug e-sports initiative, rallying nearly 6,000 employees to visit schools across Taiwan to host anti-drug e-sports competitions. Further, Cathay Life Insurance partnered with social enterprises to develop a new board game, "Road of Destiny," which leads students to consider the risks of drug exposure through

54 Insurance Asia

interpersonal interaction scenarios. To date, the initiative has reached 213 schools nationwide, with 267 teachers completing anti-drug board game training, playing a crucial role in promoting anti-drug education on campus and in the community whilst developing interactive relationships with students. Cathay Life Insurance’s diverse antidrug campaigns align with the United Nations SDGs Goal 3: Good Health and Well-being and Goal 4: Quality Education.

Anti-fraud efforts In addition, Cathay Life Insurance, adhering to its core financial competencies, has long

been committed to promoting anti-fraud initiatives. According to the National Police Agency, the number of fraud cases in Taiwan in 2023 increased by nearly 30% compared to the previous year. Since 2018, Cathay Life Insurance has collaborated with the Criminal Investigation Bureau of the National Police Agency and National Taiwan University to develop the "Fraud Defense Team" board game, continually updating it to help identify new types of fraud.

The company’s volunteers, in partnership with local police, have conducted over 300 events across Taiwan, engaging more than 15,000 participants. Over 90% of participants reported, "Through the 'Fraud Defense Team' board game, we not only gained a better understanding of fraud tactics but also learned how to assist family and friends when faced with fraud." This demonstrates that anti-fraud promotions not only enhance the public's ability to resist fraud but also heighten societal awareness of fraud issues.

Cathay Life Insurance has long been committed to sustainability issues, bearing corporate social responsibility and mission. The company spares no effort in combatting drugs and fraud. Beyond utilising its resources and expertise, Cathay Life Insurance actively seeks cross-sector collaborations, partnering with industry, government, and academia to build a robust social safety net, striving to create a safer, healthier future for Taiwanese society.

Cathay Life Insurance has long been committed to sustainability issues, bearing corporate social responsibility and mission

Through the anti-fraud promotion by the “Fraud Defense Team,” Cathay Life Insurance will proactively raise anti-fraud awareness to create a safe living environment for the elderly

Insurance Asia 55

CLAIMS INITIATIVE OF THE YEAR - SINGAPORE CUSTOMER SERVICE INITIATIVE OF THE YEAR - SINGAPORE UNDERWRITING INITIATIVE OF THE YEAR - SINGAPORE

The future insurer: A catalyst for change, not just a safety net

By Akhil Doegar, Group Head of Distribution at Singlife

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he insurance industry stands at a pivotal juncture where current opportunities are also profound responsibilities. This unique situation offers a chance to redefine product development, distribution, and the sector's societal impact. The choices made today will shape the industry's future role, emphasising the deep connection between seizing opportunities and fulfilling our duties.

The industry must evolve from being a mere safety net to becoming a trusted partner.

The AXA 2023 Future Risks report reveals that 93% of experts and 74% of the public globally view insurers as crucial in mitigating future risks such as financial instability and climate change. This underscores the necessity for insurers to move beyond simply reacting to risks, to proactively preventing losses and offering comprehensive solutions.

Personalised solutions: Beyond the basics The era of one-size-fits-all financial products is over. Today's consumers demand highly personalised solutions that integrate seamlessly into their lives. Imagine an insurance policy that not only provides

financial payouts but also anticipates and responds to your needs. For instance, upon a dementia or cancer diagnosis, your insurer connects you with a network of specialists, care providers, and social services tailored to enhance the quality of life for both you and your caregivers.

Technology plays a pivotal role in enabling these hyper-personalised solutions. Innovative insurers leverage open architecture systems, separating product manufacturing from distribution. This flexibility allows for product adaptations based on consumer needs and fosters collaboration with external organisations, including healthcare providers, investment firms, and social services. Such a collaborative approach, facilitated by an open architecture model, creates a comprehensive ecosystem offering a broad range of customised products and services across

insurance and wealth management.

Addressing an ageing population The global population is ageing rapidly. By 2050, the number of people aged 65 and older will double, with Asia leading this trend.

In Singapore, nearly a quarter of citizens will be over 65 by 2030. This demographic shift presents both challenges and opportunities for the insurance industry. As people live longer, they will require more medical care, leading to higher claims.

Insurers have a crucial role in helping people age well. Increased age brings risks such as cognitive decline. Insurers can offer products tailored to seniors’ needs, focussing on mental and physical well-being and caregiving support. Additionally, insurers can incentivise early detection and prevention of chronic diseases, promoting the well-being of both those affected and their caregivers.

Today's consumers demand highly personalised solutions that integrate seamlessly into their lives

Living in your dream home doing jigsaw puzzles all day?

Caaaaan.

Pierre Png

Mediacorp Artiste

Whatever your dream, Singlife is here to help you achieve it with financial freedom.

Visit singlife.com/about-us 56 Insurance Asia

Insurance Asia 57

DOMESTIC GENERAL INSURER OF THE YEAR - PHILIPPINES NEW INSURANCE PRODUCT OF THE YEAR - PHILIPPINES

Cocogen remains committed, compassionate, and genuine amidst insurance innovations The company was recognised at Insurance Asia Awards 2024 for its commitment to innovation and customer service.

For Motor Car Insurance, Cocogen launched Turbo Shield – an additional optional benefits package that provides extra protection to existing motor car policyholders.

Turbo Shield highlights the Road Rage Protection that covers bodily injury sustained from an unprovoked physical assault from unanticipated road rage incidents.

Cocogen is the first to offer this kind of benefit in the Philippine market as a response to the increasing incidents of road rage in the country, as seen in different news and verified videos circulating online. This shows that Cocogen continuously adapts to the changing needs of the market and the insuring public.

Cocogen Insurance at the Insurance Asia Awards 2024

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s a testament to its unwavering commitment to the industry, Cocogen Insurance, Inc. received two recognitions from the prestigious Insurance Asia Awards 2024.

Cocogen was hailed as the Domestic General Insurer of the Year - Philippines and bagged the New Insurance Product of the Year - Philippines for HackGuard Personal Cyber Insurance.

President and Chief Executive Officer David Roy C. Padin, together with First Vice President for Corporate Finance and Strategy Division, Atty Paolo S. Somera, and Corporate Secretary, Atty Rhett D. Gaerlan, received the trophy during the awards night held at the Marina Bay Sands Expo and Convention Center in Singapore, 9 July 2024.

“At Cocogen Insurance, we aspire to transcend the conventional role of an insurance provider. Our vision is not only to be the top of mind and trusted ally during uncertainties, but we also strive to be part of the solution to societal issues we have today,” Padin stated in his acceptance speech.

Strength at 60 Celebrating its six decades in 2023, Cocogen remains committed to providing innovative insurance solutions for the Filipino people, contributing to its success manifested by the significant milestones that proved its reputation as one of the most trusted non-life insurance companies in the Philippines.

In 2022, Cocogen earned its highest net income of PHP223m, posting a growth of 342% compared to 2021. This was realised whilst operating on the new

58 Insurance Asia

normal and facing the challenge to comply with Insurance Commission’s net worth requirement of PHP1.3b.

For the year 2023, Cocogen reached a Gross Premiums Written (GPW) of PHP3.4b or an increase of 5% from 2022. Motor, Fire, and PA still comprise the majority of the portfolio, with 31%, 24%, and 25% shares, respectively.

Investments, despite the prevailing market conditions, were managed well. The total income generated amounted to PHP126m income for the year.

Disaster management and resilience Moreover, to help address the issue of the Philippines being number one in the World Risk Index (WRI) in 2023, Cocogen became the first non-life insurance company in the Philippines to be a member of ARISE Philippines, the private sector arm of United Nations Office for Disaster Risk Reduction (UNDRR). Cocogen is committed to the initiatives of both institutions as an avenue for improving disaster resilience and sustainable business practices in the Philippine setting.

“These accolades serve as a constant reminder of Cocogen’s duty to foster innovation in the industry and make an impact on the lives of its insureds.

Cocogen will continue to be COmmitted, COmpassionate, and GENuine in making a difference in the Philippines,” shared Chief Strategy Officer Paolo Somera.

Continuous innovations In recent years, the company launched new products relevant to the current demands for pets and cyber transactions.

In today's digital age, where people’s lives are more intertwined with technology, safeguarding personal information and online presence has become crucial more than ever.

Cocogen introduced HackGuard – a Personal Cyber Insurance that keeps the policyholder secured from financial loss associated with digital footprint and transactions. Cocogen also aims to be part of the solution in addressing the prevalence of David Roy Padin, President and Chief Executive Officer of Cocogen Insurance, Inc., delivers his acceptance speech at cyberbullying in the Philippines, the Insurance Asia Awards 2024 including this as one of the coverage benefits of HackGuard.

At Cocogen Insurance, we aspire to transcend the conventional role of an insurance provider

Connect With Us

www.peak3.com Peak3

Discover Graphene by Peak3, the future-proof, cloud-native SaaS platform for insurance. A multi-tenant, upgradable core system designed for adaptability and growth to meet evolving needs in the dynamic digital landscape.

Online

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What Sets Our SaaS Solution Apart Direct Distribution Enablement Offer life, health and P&C insurance directly to consumers (D2C), either through standalone channels or by partnering with banks. Graphene ensures that the entire process is fully digital, with a seamless and user-friendly experience integrated into electronic point-of-sale systems and agent platforms, prioritizing consumer convenience and engagement.

Leverage GenAI to Enhance Customer Experience

Integrate GenAI to enhance customer interactions with an advanced FAQ system and LLM-powered OCR for efficient support and streamlined document processing.

Smart Claims Transformation Refine claim processes with AI and OCR technology.

By providing claim adjusters with enhanced logic and efficient processing tools, this approach improves risk scoring and simplifies special handling, allowing for rapid analysis of claim documents and proactive risk issue management.

Insurance Asia 59

CUSTOMER SERVICE INITIATIVE OF THE YEAR - KOREA

Simplifying health and retirement planning

360Health and 360Future provide comprehensive, personalized support for physical, mental, and financial wellbeing, from preventative care to post-retirement life management. can make an appointment through the app as well.

In Nepal, one of the app’s most important features is the AI-driven Health Risk Assessment for regular health monitoring using a phone camera. This feature has gained maximum popularity and preference amongst users.

360Health is also available in Australia, Bangladesh, China, and the United Arab Emirates, and has won over 30 awards across the world since its launch in 2018.

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igital innovation is making health and retirement planning easier than ever before. As technology transforms the way consumers approach health management, savings and retirement, MetLife is making the experience simpler and more personalised for millions across Asia with 360Health and 360Future.

Health made easy 360Health’s holistic approach covers physical, mental, financial and social health. A mobile app and online platform makes health management easier and more convenient for users, wherever they are. Customers can access artificial intelligence (AI)-backed health assessments, diabetes risk monitoring, exercise and nutrition tips, online doctor consultations, prescription deliveries, and even mental health support.

In Korea, 360Health’s unique feature includes specialised doctor recommendations. Customers can search for doctors specialising in the specific disease they need treatment for. 360Health provides the doctor’s profile, including contact information for their clinic, and customers 60 Insurance Asia

Retirement planning gets a boost 360Future helps customers prepare early for retirement and supports them as they age, with retirement savings, insurance, health, wealth, and life care services. MetLife first launched the service in China in 2022 and expanded to Korea in 2023.

360Future differentiates itself from the market with specialised services for elderly care, including dementia and other senile diseases. These services are extended not only to customers but also to their families. The primary policyholder can use 360Future to support his or her parents and then extend the benefit to themselves after they retire.

In Korea, MetLife became the first insurance company to provide customers with services ranging from retirement preparation to postretirement life care.

MetLife Korea’s 360Future services include a chat-based personal assistant service, AI healthcare for pets, a private travel service, and free caregiver support. Previously, services like these were only available with a certain amount of insurance coverage. With 360Future, anyone becoming a MetLife customer can access over 20 retirementrelated services, even with a small insurance

policy. Another 10 services are accessible to those who purchase additional policies.

In China, specialised elderly care services cover dementia and other senile diseases and are available to both customers and their parents. Other offerings include a personal pension insurance product; women’s menopausal healthcare consultations and ophthalmic screenings, support for medical appointments, home healthcare guidance, and retirement planning. 360Future has received five awards to date.

Comprehensive pet healthcare 360Future even provides healthcare for their customers' pets. It offers one-on-one health consultations with a veterinarian, healthcare articles, and reports on health abnormalities based on AI technology.

Staying on track In a world that moves fast, MetLife is also supporting customers with digital tools to manage their insurance policies and submit claims. With services like 360Health and 360Future, staying on top of one’s health and retirement planning has never been easier or more convenient.

360Health’s holistic approach covers physical, mental, financial and social health

DIGITAL INSURANCE INITIATIVE OF THE YEAR - NEPAL MARKETING INITIATIVE OF THE YEAR - NEPAL

One by MetLife app sets new standard in Nepal

With its user-friendly interface and comprehensive services, the app empowers users to take control of their health and financial futures.

MetLife Nepal presents the One by MetLife app

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here’s a new app gaining popularity amongst Nepalese consumers who want to take charge of their health and financial futures. One by MetLife’s unique blend of accessible insurance services and comprehensive health management tools sets a new standard in digital health and financial services, helping users lead healthier, more secure lives.

Simplifying insurance, health management Introduced in 2023, One by MetLife revolutionises how users in Nepal manage their insurance policies, making them more accessible and manageable. Beyond insurance, the app offers a comprehensive

suite of 360Health services, designed to support holistic health management.

These services include health reminders, at-home medical tests, ambulance services, doctor appointments, and medicine delivery. Enhanced offerings include tele-doctor consultations, international doctor consultations, and online access to specialists, ensuring users receive top-notch healthcare support whenever they need it.

The app also offers discounts at over 100 medical institutions with a Digital Life Card.

Health risk assessment: A standout feature One of the app’s most significant and popular features is the Health Risk

One by MetLife revolutionises how users in Nepal manage their insurance policies, making them more accessible and manageable

Assessment, which allows users to monitor their health using their phone camera.

This innovative tool has quickly become a favourite amongst users, providing a convenient and effective way to assess and manage personal health.

It has also gained widespread use in various activations and promotions, further solidifying its popularity.

A new standard in digital health, financial management Since its launch, the One by MetLife app has achieved impressive success, with a 4.2-star rating, over 200,000 downloads, and more than 57,000 registrations. Its growth has been fuelled by a robust communications strategy, including widespread use of social media platforms. Collaborations with leading social media influencers have played a key role, with engaging videos highlighting the app's features and helping reach the right audience who can benefit from the app.

With a personalised experience that empowers users like never before, One by MetLife is set to become everyone’s handy companion to leading healthier and more secure lives.

CONTACT

Creators Mela 2024, an exceptional showcase of digital creativity organised by the U.S. Embassy in Nepal

Company Name: MetLife Nepal Company Address: Narayani Complex, Pulchowk, Lalitpur, Kathmandu, Nepal Contact Number: +977-1-5970166 FAX Number: n.a Email Address: service-nepal@metlife.com.np Website URL: www.metlife.com.np

Insurance Asia 61

DOMESTIC LIFE INSURER OF THE YEAR - THAILAND

Ocean Life: Celebrating 75 years of innovation and commitment to a healthier, wealthier, happier Thailand The company's new initiatives focus on promoting health, wealth, and sustainability. represents the company’s premium health insurance plan, Ocean Life Supreme Health, which offers comprehensive coverage of up to THB100m. This plan caters to all dimensions of medical treatment, allowing customers access to advanced medical innovations and services. Ocean Life also offers online doctor consultations to provide exceptional care anytime, anywhere.

Nusara Assakul Banyatpiyaphod, Ocean Life Insurance PCL

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ith over 75 years of dedication to safeguarding the well-being of Thai people, Ocean Life is committed to being a leading life insurance company that grows sustainably and innovatively. It strives to make life insurance simple and accessible to everyone. In the current era where uncertainty prevails, life insurance has become vital in mitigating life's uncertainties.

Ocean Life innovates its products and services to make life insurance simple and accessible. As Ocean Life celebrates its 75th anniversary, it brings together collective strength, the power of love, and life insurance expertise to create a better and more sustainable future for all generations in Thailand. Ocean Life initiatives include: • HEALTHIVERSE: Ocean Life promotes comprehensive health care, covering physical and mental health, raising awareness in various dimensions, reducing healthcare costs, and enhancing quality of life sustainably.

• WEALTHIVERSE: Ocean Life encourages financial literacy, proper money management, savings, investment options, and risk management through life insurance.

• HAPPiVERSE: Ocean Life supports sustainability initiatives aligned with ESG and SDGs, fostering a mindset and concrete actions towards sustainability.

New era, new campaign Ocean Life is elevating health insurance to new heights with its latest advertising campaign, inviting Thai people to be in their TOP FORM with brand ambassador Mario Maurer. He 62 Insurance Asia

New era, new innovation Ocean Life is committed to introducing innovative health solutions tailored for the digital age. Its latest development, the new Ocean Club App: Healthiverse Function, is designed to promote the well-being of Thai people. This app supports health management through exercise, walking, running, cycling, and adequate rest. It offers three main features: • Nutrition: Meal planning, food diet tracking, water intake reminders, and even Intermittent Fasting guidance.

• Exercise: Calorie tracking from walking, heart rate monitoring from running, and cycling speed tracking.

• Relaxation: Adequate sleep monitoring, heart rate, and stress levels.

A special cancer screening feature provides initial cancer risk assessments, whilst the competition feature makes health management engaging and fun. All features are designed with guidance from medical experts, ensuring that Thais have the tools they need to stay healthy.

via LINE @oceanlife or the Ocean Club app, ensuring accessibility. Additionally, its new 4-digit contact number, 1503, makes the Ocean Life Contact Center easier to reach, offering convenient service with personalised local language support for a familiar and satisfying customer experience.

New era, new activities Throughout 2024, Ocean Life aims to enhance health, savings, and environmental knowledge amongst Thai people. The company will host activities that cover all three dimensions: • HEALTHIVERSE: Featuring the Healthiverse Symposium, an online health seminar that offers equal access to expert health knowledge.

• WEALTHIVERSE: Providing financial planning and savings advice from leading financial gurus.

• HAPPiVERSE: Promoting sustainability through social responsibility activities and adherence to ESG principles, combined with customer engagement campaigns like the “Ocean Life 75 Years, 75 Gold Bars Giveaway,” where customers have the chance to win one of 300 gold bars with a total value exceeding THB2.5m.

Ocean Life believes that the power of love driving its business, combined with its commitment to leading Thais into a new era of better health and well-being, will enable everyone to live a secure, confident, safe, and sustainably happy life. All of this aligns with the company’s brand essence and core values, embodied in the tagline: “Love Empowers Your Life.”

New era, new servies Ocean Life continues to innovate its service offerings through its e-service system. Digital services include: • E-Buy: Purchase life insurance policies Ocean Life continuously innovates its products and online services to make life insurance simple and accessible • E-Application: Apply through electronic forms • E-Policy: Receive electronic policy documents via email • E-Claim: Submit claims online 24/7 • E-Loan: Easily apply for policy loans without visiting branches Customers can connect The Ocean Life Insurance app with Ocean Life services

Insurance Asia 63

OPINION

EDUARD SARGSYAN

Intelligent decisioning: The essential element of a modern, customer-centric insurance business

W

hat does the future hold for the insurance industry? For centuries, insurance has served as a foundational pillar of financial security. Now, the industry stands on the brink of yet another major revolution—a digital one—one that is driven by an unyielding commitment to improving customer experience.

According to the Experience 2030 research, many brands are indeed reconsidering the very essence of customer experience (CX) as well as the digital technologies they will need to deploy to deliver rewarding experiences that are personalized, trusted and drive loyalty. Insurers that cannot deliver the level of CX expected by today’s standards risk losing not only customers and revenues but also shareholder value – and a viable market position.

Technological advancements like advanced analytics, deep data insights, and AI-driven decision-making have gone beyond offering just an innovative advantage. They have become indispensable in various core insurance processes, including underwriting, pricing, claims processing, fraud detection, payment integrity, and customer engagement.

The real question is whether insurers, many of whom are rooted in traditional practices, are fully aware of how to effectively use these advancements to improve their operations and provide greater value to their customers.

The financial sector’s AI leap In recent years, AI has been increasingly infused with powerful analytical techniques to significantly improve pricing accuracy, risk estimation, fraud detection, conversion rates and understanding of price elasticity across various customer segments. That would explain why Generative AI adoption in Asia is projected to reach USD 4.3 billion by 2027, according to IDC. No one wants to be left behind in this race for AI supremacy.

Turning data models into business outcomes Whilst many insurers globally employ teams of data scientists to develop sophisticated models, the challenge lies in translating these models into actionable business outcomes. This involves operationalising analytical insights, ensuring their practical application, integrating them with existing systems and executing them in real time to derive tangible benefits.

The pricing process, where building models to estimate risk severity and frequency is vital, also presents a huge challenge. To determine a client's price, insurers typically have to execute a series of rules both before and after the model runs. The same requirements also apply to claims fraud detection and customer journey optimisations. In these cases, having advanced models alone isn’t enough. They must be backed by robust business logic and applied in real time using well-defined decision-making strategies.

The common thread here is the importance of time. Insurers must be

64 Insurance Asia

EDUARD SARGSYAN Head of Insurance Business Advisory SAS Institute

able to adapt these decision-making strategies quickly, as it allows them to better respond to competitive actions and market changes. This is where sticking to traditional methods can hold them back.

Why intelligent decision-making is the answer To overcome these challenges, insurers need to be able to drive realtime interactions and automate digital decision-making at scale. That has prompted those within the industry to engage more critically with the idea of leveraging enterprise-level decision-making platforms.

These platforms are designed to help large organizations make complex decisions quickly, accurately and consistently. An intelligent decisioning platform – one that incorporates a combination of AI, machine learning, business rules, sophisticated analytics and automation – can truly empower insurance providers to work smarter and make the best real-time, data-driven decisions.

Many of today’s enterprise decision-making platforms support a wide range of decision-making processes. Some that are relevant for the insurance sector include pricing and underwriting, claims processing, payment integrity, fraud detection, agent management, and customer journeys. Ultimately it is a unified approach that not only drives business results but also promotes operational excellence, cost efficiency and greater confidence in the integrity of decisions made by the organization.

To foster greater collaboration amongst users of diverse skill sets across the business, many of these platforms use an interactive, graphical, drag-and-drop interface that eliminates the need for extensive coding. This way, important decision-making processes are accessible to everyone, from data scientists to business users and everyone in between.

How to thrive in a competitive insurance landscape Technologies such as AI have significantly changed the game for many industries. For the insurance sector, it has brought tremendous opportunities for insurers aiming to enhance revenue, capture market share, and deliver superior customer experiences. But on the flip side, it has also made the industry extremely competitive. To keep up, insurers must be able to quickly change and adapt their decision strategies, so that they’ll be able to think on their feet and consistently make the best decisions, in every situation, every time.

Live a trouble-free life even in times of crisis.

Get multiple lump sum payouts and total care benefits once you become critically ill.

Remark: •AIA Multi-Pay CI Plus is the commercial name for AIA Multi-Pay CI rider combined with AIA Total Care rider •The applicant is advised to study and make thorough understanding about the benefit illustrations before making decision to purchase the insurance.

•Terms and conditions of coverage will be specified in the policy issued to the policyholder.

Insurance Asia 3

4 Insurance Asia