Celent Model Insurer Asia 2016: Case Studies of Effective Technology Use in Insurance

by KyongSun Kong,  Wenli Yuan, April 21, 2016
Case Studies
Asia-Pacific

Abstract

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

In the report Celent Model Insurer Asia 2016: Case Studies of Effective Technology Use in Insurance, Celent recognizes insurance technology initiatives profiled as Model Insurer Asia winners in the theme categories of:

  • Data Mastery and Analytics
  • Digital and Omnichannel Technologies
  • IT Management Best Practices
  • Legacy and Ecosystem Transformation
  • Non-core Implementation Best Practices

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

The report also names MetLife Asia the Model Insurer Asia of the Year.

“Insurers are continually looking to leap-frog their competition by implementing IT projects in the themes of digital, analytics, innovation, and legacy transformation,” says Wenli Yuan, a senior analyst with Celent’s Asian Financial Services practice and coauthor of the report. “Projects are successful when best practices are used and measured.”

Nominations were accepted throughout 2015, and the Celent insurance team selected the winners based on the best practices and business benefits provided. Each Model Insurer Asia winner is described in a brief write-up within the report, including detailed descriptions of business drivers, technology environments, implementation details, and quantitative success metrics.

This report contains 14 Model Insurer Asia winner case studies, 17 tables, and 3 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

6

 

Measurable Business Results

9

Model Insurer Asia Winners

13

Data Mastery and Analytics

15

 

Aegon Life Insurance Company

15

 

MetLife Insurance

17

 

Taikang Insurance

21

Digital and Omnichannel Technologies

23

 

AXA Direct Life

24

 

Cathay Century Insurance

26

 

L&T General Insurance

29

 

PNB MetLife India Insurance Company

30

IT Management Best Practices

33

 

IndiaFirst Life Insurance

33

 

Max Bupa Health Insurance

35

 

Max Life Insurance

37

Legacy and Ecosystem Transformation

41

 

DirectAsia

41

 

ICICI Lombard General Insurance

45

Non-core Implementation Best Practices

48

 

AIA Group

48

 

Reliance Life Insurance

51

Conclusion

56

Leveraging Celent’s Expertise

57

 

Support for Financial Institutions

57

 

Support for Vendors

57

Related Celent Research

58

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