Celent Model Insurer Asia 2015: Case Studies of Effective Technology Use in Insurance

by Wenli Yuan, March 11, 2015
Case Studies
Asia-Pacific

Abstract

Fifteen technology initiatives are profiled as case studies in this fifth edition of Celent’s Model Insurer Asia report.

In the report Celent Model Insurer Asia 2015: Case Studies of Effective Technology Use in Insurance, Celent recognizes 15 insurance technology initiatives profiled as Model Insurer Asia winners in the theme categories of:

  • Data Mastery and Analytics
  • Digital and Omnichannel
    • Mobile Technology (subcategory)
  • Innovation and Emerging Technologies
  • Legacy and Ecosystem Transformation
  • Operational Excellence in Non-Core Systems

Mobile technology has been widely used by Asia-Pacific insurers and is an important part of these companies’ digital transformation initiatives. Therefore, Celent created the subcategory of Mobile Technology under the Digital and Omnichannel theme.

The report also reviews IT best practices and measurable business results used in evaluating the Model Insurer winners.

“New this year, Celent evaluated insurance technology initiatives according to major themes being seen and researched today,” says Wenli Yuan, a senior analyst with Celent’s Asian Financial Services group and author of the report. “Insurers are continually looking to leap-frog their competition by implementing IT projects in the themes of digital, analytics, innovation, and legacy transformation. Projects are successful when best practices are used and measured.”

Nominations were accepted throughout 2014, and the Celent insurance team selected the winners based on the best practices and business benefits provided. Each Model Insurer winner is described in a brief write-up within the report, including detailed descriptions of business drivers, technology environments, and quantitative success metrics.

This report contains 15 Model Insurer Asia winner case studies, 18 tables, and 12 figures.

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 subsidiary of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

Table of Contents

Executive Summary

1

 

Key Research Questions

1

Introduction

3

 

What Is a Model Insurer Asia?

3

 

Model Insurer Asia Themes

3

 

Nomination and Selection Process

4

 

Client Disclosure

4

 

About this Report

4

Common Best Practices and Results

6

 

IT Best Practices

7

 

Measurable Business Results

10

Model Insurer Asia Winners

13

Data Mastery and Analytics

15

 

Overview

15

 

Data Mastery and Analytics Model Insurer Asia Winners

15

 

Mahindra Insurance Brokers

15

 

Ping An Direct

20

Digital and Omnichannel

23

 

Overview

23

 

Digital and Omnichannel Model Insurer Asia Winners

24

 

Birla Sun Life

24

 

Pearl River Life

27

 

Ping An Direct

30

 

Mobile Technology Model Insurer Asia Winners

32

 

AEGON-CNOOC

32

 

AIA Malaysia

35

 

AXA Hong Kong

38

Innovation and Emerging Technologies

42

 

Overview

42

 

Innovation and Emerging Technologies Model Insurer Asia Winners

43

 

IndiaFirst Life

43

 

QBE Insurance Box

46

Legacy and Ecosystem Transformation

48

 

Overview

48

 

Legacy and Ecosystem Model Insurer Asia Winners

48

 

AMI Insurance

48

 

Etiqa Insurance and Takaful

52

 

Tata AIG General Insurance

55

Operational Excellence in Non-Core Systems

58

 

Overview

58

 

Operational Excellence in Non-Core Systems Model Insurer Asia Winners

58

 

Union Assurance

58

 

XL Group

61

Conclusion

64

Leveraging Celent’s Expertise

65

 

Support for Financial Institutions

65

 

Support for Vendors

65

Related Celent Research

66

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