Award
Winners Of 2006:
Life
Insurance Company of the Year
HSBC Life (International) Limited
The Hong Kong-based insurer scored top marks with its achievements in Bancassurance, placing it at the forefront of Asia’s insurance industry.
HSBC International Life has combined a customer-focused culture and a unique operational model to emerge as a powerful market force. Over the past eight years, the company has become the leading provider of life insurance in Hong Kong, ushering in a new era of excellent customer service. A success that both HSBC and the judges agreed had been made possible by the creation of an integrated bancassurance model.
HSBC Life has leveraged the knowledge gained from the customer base of the HSBC Group to formulate market-leading, needs-based sales strategies .For example, the company developed a Needs Analysis Form three months ahead of its implementation by the Hong Kong Federation of Insurers (HKFI), and uses this in all customer interactions.
Over the last two years, HSBC has led the market in seeking to understand the issue of ageing. With the Oxford Institute of Ageing, it conducted a survey of attitudes towards ageing among 20,000 consumers and 6,000 employers in 20 countries and territories around the world.
Last year, the company also developed investment-linked products: LifeInvest and RetireInvest. Funds from renowned fund houses, including Fidelity, Merrill Lynch and Templeton, enable policyholders to capture opportunities for potential growth. Within three months, these products reaped single premiums of HK$751m. This year the company has also developed an annuity product, RetireEnrich, to cater to customers’ needs for income, wealth growth and protection.
But for the judges it is the bancassurance distribution channel that has put HSBC Life at the forefront of the industry in Asia. Asia’s low insurance penetration rate – 2.21% in China compared to 8.92% in the UK, according to Sigma – means the potential for growth is enormous, and bancassurance will be at the forefront of this growth.
Bancassurance already accounts for 33.1% of the local market in new life business in terms of annualised premiums, and HSBC Life, with Hang Seng Life, has been the top performer for two consecutive years.
For HSBC Life’s total commitment to providing the services and support that are so widely appreciated across its customer base throughout Asia, this award is richly deserved.
Sponsored by:
General Insurance Company of the Year
American Home Assurance, Singapore
The general insurer has grown an average of 15%-22% over the last four years, despite Singapore’s competitive environment, based on its commitment to the needs of its customers and sound business principles. Its innovation and contributions to the community haven’t been neglected either.
With nearly 80 years’ experience serving consumers and businesses in the property, casualty, marine, and financial services sectors, American Home Assurance Company Singapore (AHA) has proved itself the market leader in large and complex risk insurance.
As the general insurance arm of American International Group, AHA has recorded an average growth of 15-22% over the past four years, which in 2004 elevated the company to the largest general insurer in Singapore based on gross written premiums. Its products include Workers Compensation, Products Liability, Public Liability, Directors and Officers Liability, Surety, Crisis Management, Property, Marine Cargo, Political Risk, Terrorism and Small Business Solutions, and the success story continued in 2005, with annual revenues of approximately S$333 million – S$70 million more than its closest competitor.
The judges recognised that understanding customers’ needs had been key in AHA’s growth, basing sound business principles around three core areas: finance, technology, and customer communications. Its senior executives carry a wealth of experience, holding top-flight positions within the industry including President of the General Insurance Association (GIA), Chairman of Motor Insurance Bureau (MIB), Past President of the Singapore Insurance Institute (SII) and Director of the Singapore Insurance Faculty (SIF). In addition, the company is well-represented on GIA working committees.
The judges were also impressed by AHA’s community presence, which has evolved alongside its prosperous business ventures. The insurer has taken active involvement with the Community Chest, patronage of the AMCHAM-Singapore Management University (SMU) scholarship fund, and the role of key sponsor and jury member of Students In Free Enterprise (SIFE).
AHA has also set out its stall as one of the industry’s innovators; responding to demand from small businesses it recently introduced BusinessGuard First, the first pre-rated and pre-underwritten Directors and Officers (D&O) product for non-listed companies with assets of less than S$50 million. And to keep standards at the highest level, its regular in-house surveys are designed to highlight both strengths and weaknesses, so processes can be further adapted to customer needs.
However, AHA’s commitment to its client-base is perhaps best summed up by its own ethos:‘at the end of the day, we want our customers to see AHA not just as another insurance provider, we want them to value AHA as a lifelong partner’.
Sponsored by:
Loss Adjuster of the Year
Crawford & Company
Helping insurers in the Asia Pacific region negotiate the minefield of the claims process elevated Crawford & Company to the acme of loss adjusters at this year’s awards.
Crawford & Company’s recent engagement with Asia Pacific under the banner of Crawford College – the international face of Crawford University based in Atlanta – was well received by heads of industry and judges alike.
The successful inauguration of its fraud investigation and liability case management programme, which helps insurers to avoid potential pitfalls in the field, demonstrated Crawford’s local responsiveness and knowledge, global standards and coordination, and commitment to developing the standards of its own staff and the industry.
The two-day programme, which has been introduced and well-received in Singapore, is backed by the Singapore Insurance Institute, and offers its students industry-recognised Continuing Professional Development (CPD) points, highlighting Crawford’s commitment to maintaining ties with local professional bodies and institutes in the region.
Local development of the scheme was placed in the hands of Chan Hwee Seng, chairman of Crawford Singapore, and a well-respected presenter and fraud investigator; while Jonathan Clark, SVP Quality and Compliance, who has experience as chair of the UK-based Faculty of Claims, helped set standards and learning outcomes.
The course was tested in a November seminar last year and the feedback used to improve its delivery by the time it was rolled out in March. The judges noted that the programme provided a valuable meeting and debating ground for claims handlers across the region, and those who attended said the course contained material which was clearly presented, while case studies of real-life scenarios proved innovative and allowed a ready appreciation of key learning opportunities.
The judges agreed that the launch of Crawford College in Asia Pacific is a major step forward in providing top quality practical claims training throughout the region
Sponsored by:
Educational Service Provider of the Year
Australian and New Zealand Institute of Insurance and Finance
With a 60% growth in 2005 the Australian and New Zealand Institute of Insurance and Finance remains at the forefront of educational and professional standards, clinching this coveted award for the fourth time.
Enjoying significant expansion in Asia last year, The Australian and New Zealand Institute of Insurance and Finance (ANZIIF) is building on its 100-years’ experience in promoting educational and professional standards within the insurance industry.
Backed by a history of successful market performance in Hong Kong, Singapore, and Malaysia, ANZIIF’s 60% growth in 2005 included an increased presence in China; an expansion of links with regional institutes and universities; and the strengthening of relationships with insurance organisations, professional bodies and universities in Indonesia, Vietnam, Malaysia, and Thailand.
Judges were impressed by the company’s responsiveness to industry needs, such as the further development of its Chinese / Mandarin General Insurance programme; and its online glossary of insurance terms spanning several languages, available to both students and members.
The panel also heard ANZIIF’s plans to remain at the forefront of the sector: in 2007 its qualified members will be required to undertake a rigorous annual programme of professional development as part of their membership. The Certified Insurance Professional (CIP) scheme will ensure members have an industry qualification, abide by a code of ethics, and are continuously expanding their skills-set.
To remain a leader in insurance education ANZIIF evaluates its educational programmes in close consultation with its clients: the information is then used to improve the efficacy of future courses. And through a massive investment in IT capabilities the company is now well-positioned to record and track its members and students across Asia.
ANZIIF is actively employing multi-lingual staff, and offers training in Asian languages to maintain the highest standards of service across the Asia Pacific region.
As a Registered Training Organisation under the Australian Quality Training Framework, ANZIIF adheres to rigorous guidelines to ensure its educational programmes are delivered to the highest professional standards. Research, careful planning, and the development and fostering of strong relationships with insurance companies, industry groups, universities, and other education institutions have underpinned its success. ANZIIF is actively employing multi-lingual staff, and offers training in Asian languages to maintain the highest standards of service across the Asia Pacific region With a 60% growth in 2005 the Australian and New Zealand Institute of Insurance and Finance remains at the forefront of educational and professional standards,clinching this coveted award for the fourth time.
Sponsored by:
Innovation of the Year
Ceylinco Insurance Company Ltd
The Sri Lankan company, a second-time winner in this category, impressed judges with its ‘One and Only’ product that encompasses innovative distribution, underwriting, selling and collection methods – unique qualities in a market where insurance penetration is still low.
Ceylinco Insurance has long been regarded as one of the more innovative players in the marketplace and with the launch of its ‘One and Only’ insurance product it is clear that the judges felt that it was continuing this tradition. The vision behind the product launch was simple – to introduce into the Sri Lankan market a product that defied the theory of insurance only being affordable to the affluent. Instead, the ‘One and Only’ product was made available to all segments of the market via distribution through major supermarket and department stores – a proposition that had never been attempted before in the Sri Lankan market.
The success of the product was remarkable with over 180,000 shoppers having been attracted to the product since its inception in September of last year. Such initial success led Ceylinco to expand the outlets to over 170 all over the island and also to introduce the concept to selected Middle Eastern and South Asian territories through joint venture partners in the respective countries.
The insurance policy commences with the purchases a customer makes at any of the outlets of the supermarket chains. Subsequently, according to the value of the purchases, the benefits of the insurance cover too will be purchased.
The premium is a percentage of the purchase value with Rs 20 per transaction (US$0.18) being the minimum. For this minimum premium the customer is entitled to benefits up to Rs 5,000. Whenever a customer makes a purchase he can pay a premium ranging from the minimum to Rs 100, according to the value of goods purchased and the sum insured is enhanced accordingly for a period of 12 months from the date of every purchase. Ultimately, the customer will be entitled to a host of covers up to Rs 1million.
To assist in the educational process, separate staff were recruited and trained to promote the product at the outlets. All the customer has to do is fill in a simple policy document, and they are then issued with a card that carries the policy number. Every time a premium is paid the ID number of the customer is captured to the system through the terminals provided to the supermarkets. Customers can then check the benefits/sum insured at any given time by calling a 24-hour call centre.
In a country where insurance penetration is very low due to high costs of distribution, Ceylinco’s ‘One and Only’ was rightly hailed as an ideal solution which encompasses innovative distribution, underwriting, selling and collection methods.
Sponsored by:
Service Provider
of the Year
3i Infotech
Last year’s winner, 3i Infotech has once again proved to be a pioneer in ensuring innovative solutions based on open and affordable technology.
Following its success in the Service Provider of the Year category last year, 3i Infotech impressed the judges once again this time around. With a string of accolades including the Dubai Quality Appreciation Program Award and the Frost and Sullivan award for Growth Strategy Leadership under its belt, as well as recognition as the fastest growing Indian software product company in 2004-05, the global IT solutions provider has been no stranger to success in recent times.
An expanding customer base spanning 33 countries, and a 45% increase in Asian customers – coupled with a 49% year-on-year growth in global revenue, and a 55% growth in regional revenue – has positioned 3i Infotech as an industry leader which is enjoying new partnerships in Japan and China.
Within its operations, the company has pinpointed the threats currently compromising the integrity of the global financial system. It identified that the insurance sector is potentially at high risk of being misused for money laundering and financing of terrorist activities.
3i’s latest products are also helping insurers secure their businesses – a point that was noted by the judges. Anti-money laundering tools harmonise with new regulations, laws, and compliances, to protect the industry from frauds, scams, and regulatory malpractices.
3i Infotech’s Service Oriented Architecture (SOA) uses the latest web-based technologies to ensure that insurers are able to meet the challenges of today’s internet driven world in which innovation, speed, quality, and multiple channels of service, are key to leadership.
With a global insurance customer base of over 100, 3i Infotech has enjoyed brand recognition across Asia, arising from its numerous accolades.
It is now taking pioneering steps to ensure the continued provision of innovative contemporary solutions based on open and affordable technology. This, in turn, is helping insurers meet the challenges of growing consolidation, competition, speed and quality of service, while enabling them to detect unprofitable products, distribution channels, frauds, and system leakages.
3i Infotech prides itself on being the only Asian insurance solution provider to have footfalls across the globe and a sizeable insurer client base ranging from life (group and individual), non life (P&C), health, takaful (Islamic), brokers and third party administrators (TPAs).
Sponsored by:
Risk Manager of the Year
Ngiam Tee Lim,
Risk Manager
Asia Pacific Breweries
Asia Pacific Breweries’ Mr Ngiam Tee Lim has been recognised for the bold decisions he has taken in the risk management process.
This year’s winner has helped nurture risk management processes from their infancy at one of the leading brewers in the Asia Pacific region. Mr Ngiam Tee Lim, an employee at Asia Pacific Breweries (APB) for nearly 30 years, implemented the company’s risk management practice in 1999 through a multimedia-training programme and workshops across various APB sites.
The company boasts a network of 26 breweries across 10 countries in the Asia Pacific region, from New Zealand to Shanghai and India, producing renowned brands such as Heineken and Anchor, as well as local products. Its flagship brand, Tiger Beer, is exported to over 50 countries across the world including the UK and USA. Bold decisions in the mid-1980s heralded APB’s expansion from a five-brewery operation into a regional group with the power to hold its own as a market-leader. APB attributes its growth to sound risk management decisions.
Mr Lim has been nominated as a risk management ambassador for the APB group, presenting his ideas at a high-profile conference last year by way of an investigative video which he had compiled after extensive research into the subject.
Now hosting two-day workshops on crisis management, which include a crisis-simulation exercise, Mr Lim is receiving positive feedback from the breweries and insurers attending. The workshops, which teach the industry to adopt a unified response to crisis management in four critical steps, are now being customised to suit clients’ specific needs.
APB sets great store by the quality of Mr Lim’s risk management process, which is rolled out uniformly across its divisions. The company believes effective risk management is achieved through processes which are both easy to understand, and recall.
The judges were impressed by Mr Lim’s self-professed ‘real passion for risk management and crisis management’, and in presenting the award, were certain that the accolade would spur him on to even greater achievements in the field.
Sponsored by:
Broker of the Year
HSBC Insurance Brokers (Asia Pacific) Ltd
Second-time winner, HSBC Insurance Brokers has come through a tough year to grow its client base by 20% and earn more than US$200,000 per head in revenues. Now it is setting its sights on growing its operations in the region.
Despite 2005 being a tough 12 months for the insurance industry both in Asia and across the globe, HSBC Insurance Brokers (Asia Pacific) weathered the storms and continued to deliver business growth and success.Enjoying a 20% increase in client numbers, and a regional performance of over US$200,000 revenue per head, the judges noted that HSBC had moved towards a more efficient small business solution free from the burden of administration.
With over US$200m of premiums processed and a net income of around US$18m, coupled with contained expenditure, the judges were left in no doubt that HSBC possesses a sound base to enter a stage of growth and development, and deliver a step-change in the business.
This step-change is being rolled out over three years by way of an aggressive employment strategy, a new project management team, and customer penetration targets.
The initiative was launched initially in Hong Kong, but has also begun in China, Korea, Singapore, Malaysia, Taiwan, and the Philippines; HSBC expects year-on-year growth will result as clients move away from other brokers in favour of what it believes to be its superior service delivery.
In Hong Kong, HSBC has already increased its headcount by 30% during 2005, a number unmatched by its competitors, taking the company one step closer to achieving its aim of becoming an ‘employer of choice’ in brokerage.
All this combined with regular consultation with clients to assess their future needs, and an efficient, uniform back-office finance system across its Asia operations, which allows transparency of information, has taken HSBC from strength to strength.
Judges agreed that HSBC is now a broker that insurers are looking to work with. With major expansion in China; developing businesses in the Philippines and Korea; support to grow operations in Taiwan and Singapore; a new office in India; and partners in Malaysia, Thailand, Indonesia, and Japan, and Australia, HSBC is proving itself to be a strong Asia Pacific player delivering insurance solutions to meet its clients’ needs.
Sponsored by:
Reinsurance Broker of the Year
Benfield
Benfield’s expansion of its broking capabilities into Korea was one of its key moves in 2005, allowing the company to make further inroads into the Asia Pacific market it has been dealing so impressively with for nearly 90 years. This is the fourth time Benfield has won this coveted award.
Responding to customer needs is the key in staying at the forefront of the insurance industry, and this year’s winner has proved it takes this policy to heart. Driven by local demand, Benfield’s expansion of its broking capabilities into Korea was one of its key moves in 2005, allowing the company to make further inroads into the Asia Pacific market it has been dealing with for nearly 90 years.
With an impressive customer base that includes most of the world’s major insurance and reinsurance companies – as well as Government bodies and global corporations –Benfield has given itself a firm footing from which to expand further into Asia Pacific.
In 2005, the company made progress in Australia, China, Japan, New Zealand, and Singapore, with additional growth predicted across the region this year.
Through its predecessors, Benfield has transacted business in Asia Pacific since 1917, and has been developing its involvement there ever since. Today, Benfield enjoys a diverse customer-base ranging from local and multinational insurers and reinsurers, to government schemes such as the Taiwan Residential Earthquake Insurance Pool and government insurers such as the China Export and Credit Insurance Corporation (Sinosure).
Operating globally from more than 40 locations, the company has local offices in Shanghai, Seoul, Sydney, and Tokyo, supported by a head office in Singapore which acts as the principal hub for the region.
Judges noted the depth and expertise displayed at Benfield’s Singapore base, which boasts a wealth of actuarial and hazard modelling resources.
Benfield’s Facultative Solutions has shown major growth over the past 12 months, and now includes over 100 brokers worldwide with representatives in Australia and Singapore. The team has expanded rapidly and is winning new business across the region.
Bi-annually, Benfield publishes ‘The Fac Report’ – the first dedicated periodical covering the global facultative marketplace, which includes comprehensive views and analysis on Asia, Australia and New Zealand, and the Japanese property and casualty markets.
But perhaps the greatest acknowledgment of Benfield’s high-quality services comes from its clients, 90% of whom choose to remain with the company year-on-year.
Sponsored by:
General Reinsurer of the Year
Swiss Re
The reinsurance giant’s world-class training facilities in Hong Kong, contributions to natural catastrophe research in China and Japan, and community projects helped the company clinch this award for the fifth time.
Celebrating its 50th anniversary as a major force in Asia Pacific, Swiss Re has flourished from its initial foundation in Hong Kong, and now employs more than 1,000 people in 12 offices across the region. Its continued expansion into the Asian reinsurance market certainly impressed the judges.
The company celebrated its anniversary recently by presenting a unique gift to all Asia Pacific insurers: a Hong Kong branch of its lauded Swiss Insurance Training Centre (SITC).
The ew centre, which represents the first-ever international extension of the European facility and offers more than 2,000 sq m of state-of-the-art training and e-learning facilities certainly attracted the attention of the judges. SITC (HK) is designed to provide insurance, technical, and leadership training to insurance professionals throughout Asia. Sited at Hong Kong’s Cyberport, the facility which offers all levels of training, starting from the residential Discovery Programme for new joiners, received an initial Swiss Re cash injection of HK$10m (US$1.3m), with an ongoing annual investment of at least HK$14m (US$1.8m).
Apart from implementing its impressive training facilities Swiss Re has also made further inroads into resolving its customers’ growing reinsurance requirements. In China the company has assumed a leadership role, first by launching a flood exposure rating tool to support the market in the crucial area of natural catastrophe; and then by publishing a Focus Report specifically analysing the natural catastrophe exposures of China. In Japan, Swiss Re sponsored a vital study into mapping earthquake probabilities in the country.
The judges also saluted Swiss Re’s links to the community, which include schools programmes across China on various sustainability-related topics; and the global ReSource Award for Sustainable Watershed Management – the first prize, worth US$80,000, went to a Philippines NGO for a poverty alleviation and watershed management project in the Philippines Uplands. Swiss Re makes a worthy winner of this year’s General Reinsurer of the Year award.
Sponsored by:
Life Reinsurer of the Year
Swiss Re
When it comes to innovation and leadership in the life reinsurance sector, the Swiss reinsurer leads the field.
A Series of ambitious projects in 2005 gave judges sufficient reason to nominate Swiss Re the very best of life reinsurers at this year’s Awards. With 50 years’ experience in the Asia Pacific region, Swiss Re has developed a keen understanding of the demands of the market, shown in its latest adaptations which succeeded in impressing the panel.
The company’s ‘Life Guide’ – a global Internet-based life and health underwriting manual – which has now been launched in Southeast Asia, China, and Japan, is proving to be a valuable resource for underwriters of all levels of experience.
Requiring a global effort involving a team of more than 50 specialists, Life Guide represents Swiss Re’s most comprehensive underwriting guidelines published to date, providing 10,000 users with an indispensable tool dedicated to supporting the day to day underwriting assessment and decision-making process.
Meanwhile, Swiss Re’s leadership and innovation in the life reinsurance sector was further shown in its ALPS embedded value securitisations, which allow sponsors to "sell" future profits from a block of life business in exchange for capital today.
Swiss Re’s second life catastrophe bond, closed in 2005, secured its position as a market leader in sponsoring and underwriting insurance-linked securities. It obtained US$362m of mortality risk coverage through the Vita Capital II programme, whose risk coverage is based on a combined mortality index which measures annual general population mortality in five select countries.
Through acquisitions, Swiss Re has taken its place as the world’s largest and most diversified reinsurer. In Asia Pacific the company intends to use this experience to meet market demands for excellence in security, service, and solutions.
Judges noted that Swiss Re had highlighted growth in Asia as one of its four key strategic priorities, demonstrating its commitment to both the region and the continued expansion of its client base.
Sponsored by:
Reinsurance Industry Contribution Award
Malaysian Reinsurance Berhad
Malaysian Re has been recognised for its win-win partnership with domestic insurers and promotion of professionalism in the market.
Just over 40 years ago the Malaysian Government conceived the idea of forming a national reinsurance company in order to curtail the ever-increasing reinsurance premium paid overseas. Shortly after, Malaysian National Reinsurance Berhad (MNRB) was incorporated and commenced operations on 19 February 1973.
As part of MNRB Group’s restructuring exercise, Malaysian Re was incorporated two years ago to undertake the reinsurance business from MNRB. Notwithstanding the change in the legal structure, Malaysian Re has continued to pursue MNRB’s primary objective as the national reinsurer to optimise local premium retention and to enhance the competitiveness and efficiency of local insurance companies in an increasingly globalised marketplace.
Since its inception, Malaysian Re has been actively involved in the underwriting of treaty and facultative reinsurance for the domestic market and the judges recognised that Malaysian Re’s partnership with the local market has indeed been a true ‘win-win’ scenario.
Many small companies with a low capitalisation level once dominated the Malaysian insurance industry. The introduction of the market retrocession programme by Malaysian Re was one of the catalysts of growth for many of these small companies. It assisted the writing of inward retrocession business by these companies that would otherwise be unable to compete for this portfolio of business in the open market. The retrocession programme was finally withdrawn with effect from 1 January 2003 with the introduction of the increased minimum capitalisation of RM100m.
The provision of market services is seen as a core function of Malaysian Re. With this philosophy in mind, Malaysian Re has always played a proactive role in the industry, including the Central Administration Bureau, which centrally administers and settles facultative reinsurance transactions among the insurers and reinsurers operating in Malaysia.
It has also formed an inspection task force to ensure all the insurance companies in Malaysia adhere to the various Inter-Company Agreements, which form the core of the self-regulation mechanism of the industry; acts as the administrative Manager for the Malaysian Motor Insurance Pool, Malaysian Aviation Pool and Malaysian Energy Risks Consortium (MERIC) and has formed a Rating Committee for the purpose of determining special rates for Fire and IAR Insurances, for risks which qualify for special rating under the local Fire Tariff.
In addition Malaysian Re has recently acquired a 40% interest in MRC, a centralised database provider for motor spare parts and repairs estimate. It believes its involvement will assist MRC in realising its objectives of reducing fraud and subjectivity in repairing damaged motor vehicles.
Malaysian Re has been active in promoting high standards and professionalism in the market by conducting various courses/seminars on insurance and reinsurance subjects for staff of insurance companies and will continue to do so in the future. The judges who declared Malaysian Re a worthy winner of this prestigious category applauded such a range of services to cedants, local regulators and the local industry.
Sponsored by:
Insurance Personality of the Year
Mark O’Dell,
Executive Vice President & General Manager,
AIA Singapore
For his tireless work to enhance the industry’s image and reputation and for his influence on the development of insurance/reinsurance practice within the Asia region, Mr Mark O’Dell is a worthy winner of this year’s Insurance Personality of the Year Award.
When the Executive Vice President and General Manager of AIA Singapore, Mr Mark O’Dell first arrived in Singapore two years ago he was met with a host of legacy issues and in particular the widespread improper switching of single premium policies within the industry.
Under his subsequent leadership AIA did not hesitate in taking decisive measures toarrest the problem internally – Mr O’Dell commissioned a thorough investigation, which resulted in disciplinary actions being taken on several delinquent agents. He went on to work closely with the Life Insurance Association of Singapore and Central Provident Fund Board and developed a set of criteria for the life industry to identify and curb improper switching practices.
The judges noted that Mr O’Dell’s ‘outstanding and innovative leadership qualities’ had been best demonstrated by his ability to proactively identify industry changes and formulate the necessary action plans to build and grow the business. As one of his first major projects on assuming the role of General Manager in Singapore, he initiated a comprehensive three-year strategic plan to map out a clear vision with initiatives directed at new business growth, profitability and expense control. He successfully experimented with setting up a specialised high net worth department in response to the Republic’s call on making Singapore a financial hub for such clientele and under his leadership AIA continues to maintain the leadership position in tied agency distribution with revenue and sales going from strength to strength. AIA showed strong performance with double-digit growth in every month during the first half of 2006.
Corporate social responsibility is a topic that is also high on Mr O’Dell’s agenda and he has spearheaded the company’s corporate social involvement through active personal participation in community service – he is a council member of Singapore Cancer Society (SCS) and the chairman of its fund-raising committee. In a recent charity golf event, he was responsible for raising more than $500,000, the highest donation amount SCS has received through a golf function.
For his tireless work to enhance the industry’s image and reputation and for his influence on the development of insurance/reinsurance practice within the Asia region, Mr O’Dell is a worthy winner of this year’s Insurance Personality of the Year Award.
Sponsored by:
Corporate Social Responsibility Award - Winner
Eagle Insurance Co Ltd
Giving payment holidays for Tsunami-affected policyhold-ers, launching blood donation campaigns and carrying out disaster relief work are just some of the examples of Eagle Insurance’s commitment to corporate social responsibility.
A company with down-to-earth values, Eagle Insurance is driving a nation forward with its grassroots ethos. In 2005, Eagle continued to invest heavily in its social responsibility while refusing to court press attention for the work. Seeking no publicity for the three-month premium payment holidays it secured for over 2,000 tsunami-affected policyholders, its endeavours have also included blood donation campaigns and disaster relief work.
Eagle’s latest venture ‘Creating an Equally-abled Society’, which caught the eyes of the judges, contributed to a vocational skills project and New Year’s festivities for differently-abled people.
Further Eagle initiatives, such as Poson-Safety, have resulted in the training of hundreds of lifeguards to act as ‘safety-ambassadors’.
The company’s mission is to drive a nation forward through a value system, rather than acting merely as a commercial establishment which engages in corporate social responsibility.
To this end, Eagle has promoted early childhood intellectual development through its Gurupubuduwa seminars; taught safety awareness amongst pre-schoolers; encouraged educational excellence by way of ‘Eagle Higher Educational Scholarships’; and developed adult learning by teaching positive thinking in its training programmes.
Award schemes are commonplace within the company, recognising civilian bravery, excellence in the arts, and safety in the workplace. Eagle operates ‘without fanfare’; it believes that, to be effective, its objectives should operate in the absence of undue publicity, to ‘inspire a value system that uplifts our nation’.
The company sets aside 1% of its preceding three-year profits to ensure continuity of its ventures, and allocates further revenue to trust funds, while maintaining ethically-sound supplier relations by not accepting gifts.
Meanwhile, regular audits ensure its buildings are both energy efficient and environmentally friendly.
Eagle’s commitment to corporate social responsibility has also been recognised by others in the insurance sector. It earned a prestigious accolade from the Ceylon Chamber of Commerce last year for being among the 10 best corporate citizens of Sri Lanka.
Sponsored by:
Corporate Social Responsibility Merit Award
American International Assurance Company, Limited (Singapore)
AIA Singapore is recognised for its grassroots approach in its engagements with its local community.
Charitable donations have helped secure AIA Singapore a position among the very best in the insurance sector when it comes to displaying strength in corporate social responsibility.
The judges duly noted the company’s philanthropic endeavours, which included a S$1m three-year pledge to Singapore Cancer Society – of which S$350,000 was donated in 2005.
The contribution will help provide free health screenings to the public; public health forums on cancer education and prevention; and financial assistance to cancer patients for costly medical treatments.
Singapore Cancer Society received an additional S$100,000 AIA support for a 48-hour ultramarathon run by Dr William Tan, and employees were actively encouraged to support him in his mammoth endurance feat.
Further AIA charitable contributions were witnessed, not least with a S$100,000 cheque to Boys’ Brigade Sharity Gift Box which helped fulfil the wishes of 400 needy families and the elderly over the festive period.
The Awards panel was also impressed by AIA donations to General Agents & Managers’ Association, various golf charities, IFPAS, Rotary Club, and Singapore Heart Foundation; a sizeable S$30,000 payment to Spirit of Enterprise – which supports Singaporean entrepreneurs; and relief funds for tsunami victims, as well as hands-on volunteer support at a disaster relief logistics centre.
AIA’s staffing policies, which allow employees to take time off work to pursue charitable activities, further assured judges of the company’s stance as a protagonist of corporate social responsibility.
In recent times, AIA has offered charitable support to more than 20 organisations, including Breast Cancer Foundation, Club Rainbow, Singapore Heart Foundation, Community Chest, and Youth Challenge, and has provided sponsorship to around 20 more.
Like the very best companies vying to prove their talents in corporate social responsibility, AIA favours a grassroots approach in its engagements with the community; besides monetary contributions, its ethos actively encourages staff to get involved in charitable endeavours.
Lifetime Achievement Award
Rudy Wanandi,
President Director,
PT Asuransi Wahana Tata
For his extraordinary achievement and being a tireless supporter of the Indonesian insurance industry, Mr Wanandi is a worthy inaugural winner of the Lifetime Achievement Award.
To celebrate the historic 10th anniversary of the Asia Insurance Industry Awards, the judging panel agreed that it would be fitting to recognise this occasion with the bestowment of two lifetime achievement awards and Mr Rudy Wanandi is the deserved recipient of the first award.
Mr Wanandi started his long and illustrious career in insurance when he joined PT Asuransi Madyo, Jakarta in 1974 at the age of 28. When the business group of Mr Wanandi’s family, the Gemala Group, took over the company, Mr Wanandi became the President & CEO and the company name was duly changed to PT Asuransi Wahana Tata.
At the time Mr Wanandi took the helm of the company, it had only two branches and employed just 20 employees. When he retired in 2004, Wahana Tata had become one of the biggest insurance companies in Indonesia with 37 branches employing about 800 people, as well as possessing shares in three general insurance companies and one life insurance company, of which two are of a controlling position.
During his 30 years’ service, Mr Wanandi was actively involved in the Indonesian Insurance Council and the East Asian Insurance Conference.
However, his biggest contribution was made just before his retirement, when in 2003 he guaranteed one insurance company of his own to the Indonesian iinsurance industry. That company, PT Asuransi MAIPARK Indonesia, is now owned by all the general insurance and reinsurance companies in Indonesia and is designated to do a special line of business, earthquake and other natural perils.
This lifetime achievement award is not the first accolade that Mr Wanandi has received. Ernst & Young chose him as its ‘Entrepreneur of The Year’ in 2004 but perhaps the greatest tribute that can be paid to Mr Wanandi is that to the young insurance managers in Indonesia, he is known more as a familiar, senior insurance executive who always encourages them to study and improve their skills and knowledge. Many of the Indonesian insurance professionals love him because of his warm personality as well as respect him for his extraordinary achievements. As described by Mr Robert Jeremia, President Director of Wahana Tata, Mr Wanandi is a "simple hearted person who has passion, compassion and love (for) family and friends and the insurance business". For being a tireless supporter of the Indonesian insurance industry, Mr Wanandi is a worthy inaugural winner of the Lifetime Achievement Award.
Jose Halili Co,
Former President & Chief Executive Officer,
Seaboard-Eastern Insurance Co, Inc
A posthumous award for lifetime services to the insurance industry is deservedly bestowed on the late Mr Jose Halili Co, a fitting acknowledgement of his selfless contribution towards the betterment of the insurance industry.
This year’s second Lifetime Achievement Award is awarded posthumously to one of the most influential and important figures in the Philippine insurance industry over the past 40 years - Mr Jose Halili Co.
Mr Halili Co began his insurance journey as a trainee in 1960 while pursuing a Business Administration degree in the Philippines. During the early years of his career, he spent considerable time in Europe honing his insurance knowledge under the guidance of experts in the field, particularly in marine and aviation business. Following these stints, he went on to assume executive positions at top local insurers in the Philippines, starting at the young age of 25.
In 1991, Mr Halili Co acquired a controlling stake in Seaboard Eastern Insurance and took over as its Chairman and President. Within a short span of time, the company was transformed into an important player in the Philippine insurance market. In 1996, the Seaboard Centre was inaugurated, heralding the need for enlarged premises to meet increasing demand.
As a professional, the judges noted that Mr Halili Co was very passionate about insurance and contributed to the industry at every opportunity he had. He initiated the donation of funds to a top university in Manila for the further advancement of insurance education in the country and for the establishment of a professorial chair for research on a variety of insurance topics.
Likewise, he was known for his commitment towards the continued uplifting of insurance standards in the Philippines and served in numerous industry associations in different key capacities throughout his career. Mr Halili Co was always a staunch supporter of the East Asian Insurance Congress. He chaired the organising committee for the 20th EAIC conference in Manila in 2000 and was subsequently elected President of the EAIC for its 21st conference in Tokyo, Japan in 2002.
Joe, as friends and colleagues fondly called him, was not defined by work alone. In his private life, he was a caring man who never failed to extend a helping hand. Apart from membership of business organisations, he was likewise actively involved in the Jaycees and Rotary Clubs, both institutions founded on the core belief that businesses should have a commitment of responsibility to the community.
On the occasion of the 23rd EAIC conference in Brunei, a posthumous award for lifetime services to the insurance industry is deservedly bestowed on the late Jose Halilico, a fitting acknowledgement of his selfless contribution towards the betterment of the insurance industry.
