Celent Model Insurer Asia 2017: Case Studies of Effective Technology Use in Insurance

by Wenli Yuan, May 23, 2017
Case Studies
Asia-Pacific

Abstract

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

Celent has released a new report titled Model Insurer Asia 2017: Case Studies of Effective Technology Use in Insurance. The report was written by Wenli Yuan, a Senior Analyst with Celent’s Asian Financial Services practice.

Seventeen technology initiatives are profiled as case studies in the seventh edition of Celent’s Model Insurer Asia report.

Nominations were accepted throughout 2016, 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.

Celent has identified several common best practices such as use of industry standards, optimization of infrastructure, positioning for future reuse, automation, straight-through processing, and system integration as being integral to the success of an IT project.

The approach Celent takes is to offer case studies that describe best practices in the implementation and use of technology that a “Model Insurer” would use. Within theme categories like digital, data analytics, and legacy transformation, we consider how an insurer is tackling challenges across the product and policyholder lifecycle and in IT infrastructure and management.

“Insurers are continually looking to leapfrog their competition through use of digital, analytics, innovation, and legacy transformation. Celent evaluated insurance technology initiatives based on these themes and on implementation best practices,” Yuan commented.

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].

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

Introduction

2

 

What is a Model Insurer Asia?

2

 

Model Insurer Asia Themes

2

 

Nomination and Selection Process

3

 

Client Disclosure

3

 

About this Report

3

Common Best Practices and Results

5

 

IT Best Practices

6

 

Measurable Business Results

9

Model Insurer Asia Winners

12

Data Mastery and Analytics

14

 

AXA Hong Kong

15

 

Reliance General Insurance

17

Digital and Omnichannel

21

 

Apollo Munich Health Insurance

23

 

Aviva Singapore

27

 

HDFC Standard Life Insurance

31

 

ICICI Lombard General Insurance

36

 

Max Life Insurance

38

 

Liberty Videocon General Insurance

42

 

Ping An Property & Casualty Insurance

44

 

Prudential Indonesia

47

 

Tokio Marine & Nichido Fire Insurance

49

Innovation and Emerging Technologies

53

 

LumenLab | MetLife Innovation Centre

54

 

Troo

58

Legacy and Ecosystem Transformation

61

 

Aegon Life Insurance

62

 

AXA Tianping P&C Insurance

64

 

ICICI Lombard General Insurance

67

Operational Excellence

70

 

Reliance Nippon Life Insurance

71

Conclusion

74

Leveraging Celent’s Expertise

75

 

Support for Financial Institutions

75

 

Support for Vendors

75

Related Celent Research

76

Sign in to download reports and access personalized information