Celent Model Insurer Asia 2014: Case Studies of Effective Technology Use in Insurance

Eighteen Model Insurer Components are described in this fourth 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, Celent Model Insurer Asia 2014: Case Studies of Effective Technology Use in Insurance, Celent recognizes 18 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 policy administration, product design/definition, distribution/agent portal, distribution/other channels, claims, service, risk management, business process management, IT management, and digital.

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

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 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 2014:

• Ageas Insurance Company (Asia) Limited: Developing Financial Need Analysis app for iPad to increase agents’ productivity and move sales to a customer need-based approach.
• Apollo Munich Health Insurance: Developing a data warehouse and business intelligence solution to provide organized and clean data, as well as a speedy and dynamic report generation tool enabling business users to take informed decisions.
• AXA Asia: Consolidating core system and peripherals across the region to support the company’s rapid growth aspirations, and providing the foundation for implementing the unified digital front end and process engine.
• Birla Sun Life Insurance: Defining digital framework and implementing some important digital initiatives aimed to shift customer servicing requests to digital channels.
• Birla Sun Life Insurance: Introducing an automated testing tool to reduce the execution time of test cases and increase testing accuracy.
• BOC Group Life Assurance: Implementing a life insurance product engine to reduce time to market and to standardize product design, development, and deployment processes.
• Cathay Century Insurance: Developing mobile applications that help drivers dealing with car accidents to enhance customer satisfaction and promote corporate image.
• DHFL Pramerica Life Insurance Company Ltd. (DPLI): Integrating with National e-Governance Plan agency’s platform to manage customer acquisition and service delivery in rural market in a cost efficient manner.
• L&T General Insurance Company Ltd.: Developing a hybrid model point-of-sale system that enables vehicle dealers to issue policy instantly at dealers’ premises at any point in time.
• Max Bupa Health Insurance Company Limited: Implementing a business process automation solution to increase efficiency.
• Max Life Insurance Co. Ltd.: Implementing a digitally enabled distribution support and management system to increase advisor engagement and productivity.
• MetLife Alico Life Insurance K.K.: Integrating an actuarial and asset liability management modeling system to improve consistency, efficiency, speed, and productivity.
• MetLife Global Technology & Operations Asia: Implementing an operating system-agnostic mobile application platform that provides a full suite of insurance servicing capabilities to customers in real time.
• RAA: Migrating to a new system with improved usability, efficiency, and productivity.
• Royal Sundaram Alliance Insurance Company Ltd.: Developing an intelligent claims management system to handle motor own damage claims, to improve the productivity of the claim staff and increase customer satisfaction.
• Tokio Marine & Nichido Fire Insurance Co., Ltd.: Developing a technology enabled health insurance product to explore new opportunities in healthcare business.
• Union Assurance PLC: Introducing a laptop and tablet supported quotation and proposal toolkit for agents, to increase productivity and transform to a digitalized sales process.
• Yingda Taihe Property Insurance Co., Ltd.: Implementing a mobile auto insurance damage investigation system to optimize claims process and improve risk control.

We have also selected a Model Insurer Asia of the Year. The winner is:

• Max Bupa Health Insurance Company Limited: Implementing a business process automation solution to increase efficiency.

“This year marks the fourth time Celent has applied our globally recognized Model Insurer methodology to honor technology initiatives in Asia,” says 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.”

“Effective use of technology is more important than pursuit of technology for its own sake,” adds 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.”

Nominations for Model Insurer Components were accepted from April 2013, and the Celent insurance team selected the 18 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.