Celent Model Insurer Asia 2012
Seventeen Model Insurer Components are described in this second annual edition of the report covering the Asia-Pacific region.
Insurance in the Asia-Pacific region faces its own set of business challenges, and insurance technology has evolved along a distinctive path. In a new report, Model Insurer Asia 2012: Case Studies of Effective Technology Use in Insurance, Celent recognizes 17 insurance technology initiatives as “Model Insurer Components.” These best practices in the use of technology span key areas of the product and policyholder lifecycle, including business rules/business process management, claims, distribution, IT management, marketing, policy administration, product design/ definition, reinsurance and risk management, service, and underwriting. The report also reviews IT best practices and measurable business results used in evaluating the Model Insurer Components.
In this report, Celent offers some key best practices in the use of technology across various areas of the industry—whether in components of the product and policyholder lifecycle or general areas such as IT infrastructure and management—that a “model insurer” would use. These areas are illustrated by case studies of specific initiatives and capabilities, selected from the many submissions and presented in this report as Model Insurer Components.
Model Insurer Asia Components 2012:
- AIA Australia: Implementing a rules-driven, STP platform creating a simple and easy-to-use life insurance online application tool tailored for the group insurance market.
- Baoviet Holdings: Implementing a modern policy admin IT platform and shifting the business model from a decentralised “federation” of branches into single, state of the art Centralised Operation Centre delivering best practice and cost efficiencies from the Headquarters.
- Calliden Group Limited: Effectively managing IT, driving successful conversion from three legacy systems to a completely new IT platform architected around an innovative, online rating engine.
- China Continent P&C Insurance Co.: Implementing a motor underwriting system by integrating BPM with content management, business intelligence solution, and rules engine to improve operational efficiency as well as enhance risk management.
- HDFC Standard Life Insurance Co. Ltd.: Implementing a system to increase persistency and provide support to intermediaries and support staff to retain customers and collect premium in a more seamless fashion.
- Huatai Life Insurance Company Ltd.: Implementing a rules management platform to realize automatic underwriting and positioning for reuse in automatic claims and commission calculation.
- IndiaFirst Life Insurance Company Ltd: Establishing an interactive and intuitive self-service digital channel to support pre-sale, sale, and post-sale service to customers.
- JLT Reinsurance Brokers Limited: Effectively implementing a Dynamic Financial Analysis solution to enable successful business expansion.
- Lifenet Insurance Company: Implementing an online cloud-based life insurance application system enabling direct sales of life insurance products to customers via Internet.
- Macquarie Life: Implementing a rules-driven STP platform facilitating time to market of innovative products and expending distribution channel.
- New India Assurance Co. Ltd.: Consolidating systems into one core platform to support companywide standards and improve services to both customers and distribution channels.
- PICC Health Insurance Company Ltd.: Implementing a medical insurance platform to enhance automated claim processing and improve claim risk management.
- Prudential Life Insurance Company of Korea: Implementing a complete system modernization initiative to enhance functionality and flexibility.
- PT Prudential Life Assurance, Indonesia: Implementing a workflow automation initiative to enhance operational efficiency for new business and claims.
- Tata AIG General Insurance Company Ltd: Implementing a customer relationship management platform to synchronize multiple channels as well as increase cross-selling and up-selling opportunities.
- Tata AIG General Insurance Company Ltd: Increasing online sales by engaging various marketing activities to promote an STP online travel insurance platform containing products clearly targeting different customers.
- Union Assurance PLC: Externalizing product configuration, rating, and underwriting to achieve flexibility and reduce time to market.
“Effective use of technology is more important than pursuit of technology for its own sake,” says Wenli Yuan, Senior Analyst with Celent's Asian Financial Services Group and author of the report. “This is the common thread among every selected Model Insurer component, and a decision each insurer should be proud of.”
“This year marks the second time Celent has applied our globally recognized Model Insurer methodology to honor technology initiatives in Asia,” adds Neil Katkov, PhD, Senior Vice President, Asia for Celent. “We received a broad range of submissions, so we are confident that the winning initiatives represent state of the art in insurance technology in the region.”
Nominations for Model Insurer Components were accepted beginning in July 2011, and the Celent insurance team selected the 17 winning initiatives based on the business benefits provided. Each Model Insurer Component is described in a brief write-up within the report, including detailed descriptions of business drivers, technology environments, and quantitative success metrics.
Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned operating unit of Marsh & McLennan Companies [NYSE: MMC].
Tel: +1 212 345 1366
Tel: +44 (0)782 448 3336
Tel.: +81 3 3500 3023
Table of Contents
Common Best Practices and Results
Industry Data Standards
Optimization of Infrastructure
Positioning for Reuse
Automation, STP, and System Integration
Data Transparency and Compliance
Improved Use of Channels
Risk Management Through Proper Development, Testing, and Project Management
Solicitation of End User Feedback and Review
Use of Metrics
Higher Productivity, Lower Staff Expenses
Increased Revenue or Market Share
Faster Cycle Times and More Consistent Processes
Better Decisions, More Accurate Pricing, Reduced Losses
Decreased Time to Market
More Efficient Document/Content Creation
Improved Agent/Customer Satisfaction and Adoption
Compliance and Reduction of Market Conduct Penalties
Model Insurer Asia Components 2012
Business Rules / Business Process Management
Huatai Life Insurance Company Ltd.
PT Prudential Life Assurance, Indonesia
PICC Health Insurance Company Limited
IndiaFirst Life Insurance Company Limited
Lifenet Insurance Company
Calliden Group Limited
Tata AIG General Insurance Company Ltd.
New India Assurance Co. Ltd.
Prudential Life Insurance Company of Korea
Union Assurance PLC
Reinsurance and Risk Management
JLT Reinsurance Brokers Limited
HDFC Standard Life Insurance Company Limited.
Tata AIG General Insurance Company Ltd.
China Continent P&C Insurance Co.
Leveraging Celent’s Expertise
Support for Financial Institutions
Support for Vendors
Related Celent Research