Award
Winners Of 2007
5 November 2007, The Shangri-la Hotel, Singapore
Life Insurance Company of the Year
Manulife Financial Asia
The life insurer scored top marks for its continuing commitment to professionalism, excellent customer service and innovation with first-to-market products such as Manulife Secure Income Plus.
The past year has heralded some significant milestones for Manulife in Asia. Manulife Philippines marked its centenary this year, while its Hong Kong officestoasted 110 years of operations. Meanwhile in China, Manulife-Sinochem opened for business in its 20th city, more than any other foreign joint venture life insurance company.
Manulife operates in 10 countries and territories in Asia with a 25,000-strong agency force and an expanded distribution network of 50 agreements with banks and securities dealers, serving nearly five million customers in the region.
It has also dedicated significant resources to deepening its knowledge and understanding of the Asian markets. One example of this was the substantial research project it undertook in 2006 during the development of its pioneering variable annuity product, Manulife Secure Income Plus – the first of its kind in Asia, excluding Japan, to offer a guaranteed income for life. Its research showed that pre-retirees in Asia can expect to potentially live for 30 to 40 years in retirement, yet that many are unaware of this fact and risk running out of money in their old age.
The past year has also seen significant developments in Manulife’s bancassurance partnerships. Manulife signed a strategic alliance through a joint venture company between China Bank and Manulife in the Philippines. OCBC Bank launched a Manulife whole life plan in Malaysia to meet education needs and in Taiwan, Manulife successfully established three new banking partners: Taishin Bank, Ji Shen Bank, and China Trust. In addition it made acquisitions such as that of Pramerica Life in the Philippines, which was completed in August 2006.
Another example of its efforts in developing new channels occurred in February this year when Manulife in Japan established a Managing General Agents Development Department. This new department aims to establish and promote a new agent channel to complement sales by its existing PlanRight advisor channel. The offer will focus on the high net worth market segment, opening up an important new channel for its business in Japan.
Manulife now boasts the coveted AAA rating from rating agency Standard & Poor’s in recognition of its financial and operational strength, one of only two publicly traded
companies in the world to boast this accolade.
Sponsored by:
General Insurance Company of the Year
ICICI Lombard General Insurance Company
A joint venture between India's ICICI Bank and Canada-based Fairfax Financial Holdings, ICICI Lombard impressed the judges with its innovation, responsiveness to customer needs, industry leadership and business growth.
ICICI Lombard is the largest private sector general insurance company in India with gross written premiums of $730m for the financial year ended March 31, 2007. Serving approximately 3.5 million retail customers, 300 of the top 1000 corporate customers and over 40 million rural customers, ICICI Lombard’s overall market share represented 12% in 2007, and has a leadership position in the private sector in all product segments.
The past year has been a significant one for ICICI Lombard in terms of growth. Its net worth increased by 152% from $91m to $230m, while net profit grew 36% to $16.7m, for the financial year ended March 31 2007. The number of policies it issued grew from 1.46 million last year to 3.14 million for the current year. Meanwhile, the number of claims it handled grew from 20,000 per month to 70,000 per month.
However, it was ICICI Lombard’s innovation that really caught the eyes of the judging panel.
To reduce the cost of claims processing in rural areas, it launched a first-of-its-kind pilot project issuing biometric smart cards to rural customers availing of health insurance. The card contains a smart chip which authorises transactions based on the customer’s fingerprints. The balance sum insured can be easily ascertained when the card is presented at a hospital.
ICICI Lombard, together with the involvement of the World Bank, has also pioneered weather
insurance to cover weather-related risks faced by crops. In fiscal 2007, more than 200,000 farmers and 250,000 acres of land were insured for a range of crops.
ICICI Lombard was the first insurer in India to introduce online policy issuance direct to
customer through its website at www.icicilombard.com. The company has also used the
telemarketing channel very effectively to sell high value casualty and health insurance.
Sales from telemarketing have grown eight times since 2004 with 1,000 telemarketing agents now contributing 50% to total sales of retail casualty and health insurance.
Over the last five years since its inception, ICICI Lombard has built robust platforms of
growth. The company is now well positioned to tap into the vast opportunities offered by
the insurance sector in India.
Sponsored by:
Loss Adjuster of the Year
Maphilindo International Sdn Bhd
For its impeccable handling of the Malaysian floods
earlier this year, and its innovative use of new technology,
Maphilindo International (MI) has been recognised as the top loss adjuster for the third time.
MI operates the largest and most profitable loss adjusting company in Malaysia with 12 offices, a 300-strong workforce and handling more than 4,500 assignments monthly.
Based on the Bank Negara Insurance Annual Report in 2006, the entire loss adjusting industry comprising 37 players operated at a profit of RM19.1million. MI commanded a 20.48% share of the market’s operating profits demonstrating its leadership in this area.
MI says its philosophy is geared towards serving the needs of insurers and their policyholders and if the past year is anything to go by it is certainly achieving this aim.
During the December 2006 and subsequent second wave of floods in January 2007 in Southern Peninsular Malaysia its team was assigned to handle more than 3,000 claims.
Its call centre handled more than 5,000 calls relating to the floods where assistance and claims services were provided to affected policyholders. The dedicated hotlines were open 24 hours a day to enable affected policyholders to directly notify MI of their losses.
Its blackberry-enabled team on site responded instantly. Reports and photographs were
dispatched to the insurers instantly from site using 3G enabled laptops. Providing such an
innovative claims service at the most crucial period of the floods, which were unprecedented
in the nation’s history, was commendable indeed.
MI completed more than 85% of the December flood-related assignments within three weeks of the flood. Many policyholders had their claims proceeds credited directly into their bank accounts within a week following the flood. MI also took out nationwide newspaper advertisements to offer free towing of flood-affected vehicles to the nearest panel workshop. This service proved a resounding success.
The judges agreed that offering such a service went far beyond the call of duty. This is
the third time MI has emerged triumphant in this category, previously winning in 2004 and 2005.
Sponsored by:
Educational Service Provider of the Year
Singapore College of Insurance
The Singapore College of Insurance (SCI) has emerged as a
full-fledged professional training institution, recognised by leading
financial companies and regulators as being at the forefront of
educational and professional standards in Asia.
SCI was established in 1974 to help raise the level of professional standards among
insurance practitioners and to build a talent pool needed to support the growth of
Singapore as an insurance and financial hub. Thirty-three years later, that mission
has not changed, although its size certainly has.
Today, SCI’s role has expanded to a full-fledged professional training and educational
institution. Its reputation has grown as a provider of quality programmes that are attuned
to market trends and issues as evidenced by a list of blue-chip customers that include large
international insurance groups like AIG and Allianz, regional insurers like Thai Life and
Korea Life, banks like Baiduri Bank and Bank Mandiri, and reinsurers like Swiss Re - all of
which have acknowledged SCI as a credible corporate training partner for their ongoing
learning needs.
SCI’s certification and licensing exams have become a benchmark of quality and
standard for the industry. The Monetary Authority of Singapore (MAS) has recognised the
strengths of SCI in providing and administering examinations that are of high standard and
in ensuring examination integrity and security by approving SCI as the only body to administer an increasing number of licensing examinations for intermediaries selling and advising on life insurance, general insurance, health insurance and collective investment schemes.
The past year has seen SCI continuously striving to boost educational standards on two fronts. The first was collaborating with LOMA to jointly launch the Specialist Diploma in Life & Health Insurance Underwriting in March 2007, aimed at equipping underwriters with the requisite technical knowledge and skills, as well as providing them with pathways to further enhance their professional credentials.
The second was managing the inaugural ASEAN Young Insurance Managers’ (AYIM) Programme conducted in Bali in November 2006 for 58 participants from six ASEAN countries.
SCI was also saluted for its innovation and market leadership activities. Last year it played a leading role in garnering the support of nine industry stakeholders, including the
associations representing the banks, life insurers, brokers, advisers and other professionals, to adopt and implement the ISO22222 International Standard for Personal
Financial Planning in Singapore, the first country in the world to do so.
The fact that SCI achieved its highest revenue in history in 2006 is testimony to its
continuing success.
Sponsored by:
Innovation of the Year
American Home Assurance Company Singapore
American Home Assurance Company Singapore (AHAC) has earned plaudits for harnessing innovative and efficient payment,claims and communications processes to satisfy its customers and derive profits from its public housing fire insurance scheme.
AHAC, a general insurance unit of AIG, serves consumers and businesses in Singapore with property, casualty, marine and financial services insurance. It profitably insures 60% of Singapore households with a fire insurance cover with sum insured averaging S$40,000. It is the way they have managed to do it that impressed the judging panel.
Singapore’s 4.5 million residents live in approximately 1 million households. About 85%
of these are located in government-subsidised Housing Development Board (HDB) estates.
In 1997, AHAC won the HDB tender to provide fire insurance, and began serving customers. Its
mission was to create an attractively priced basic cover, but making such a low-cost scheme
profitable required the development of innovative ultra-efficient payment, claims and communication processes.
AHAC abandoned traditional bill payment and instead arranged for customers to charge premiums to their SingTel phone bill. Later, it arranged for customers to pay premiums at any post office branch or any of the country’s 460 AXS ‘vending machine’ payment terminals. It also established a dedicated 24-hour claims hotline for this product.
In addition, it established communication processes that allowed it to communicate with HDB
customers on a regular basis about health, safety and other important matters. This included
participating with local fire brigades and the National Fire Prevention Council in roadshows, community events, and school activities.
This year, HDB duly communicated its satisfaction by awarding AHA its coveted Housing Development Board ‘Quality Award’ in the ‘Suppliers/Service Providers’ category.
Customers were impressed as well. In AHAC’s latest customer satisfaction survey more than 90% of HDB residents surveyed said they were ‘very satisfied’ or ‘satisfied’ with the value received relative to the premium paid. More than 88% said they were ‘very satisfied’ or ‘satisfied’ with its overall service.
Sponsored by:
Service Provider
of the Year
PricewaterhouseCoopers
PricewaterhouseCoopers (PwC) has been lauded for its commitment to the insurance industry, demonstrated mainly by its responsiveness to clients' needs and its investment in research
and innovation.
PwC has demonstrated a noteworthy commitment to helping the insurance industry face the problems of the domestic market head on and navigate the global marketplace.
Some of the recent PwC initiatives in Asia include a new publication: Rising to the Challenge – An Analysis of Asia Pacific IFRS Insurance Annual Reports; a forum on financial reporting and insurance developments with a special focus on China; and a workshop on financial reporting in Taipei, which helped this market to understand the key requirements of the new standard.
PwC has also undertaken a number of pieces of work with regulators around the region to enhance the quality and responsiveness of regulation.
For example in China, PwC recently assisted the regulator with accounting, actuarial and risk management regulations. Executives in the financial services and insurance sector also travelled extensively throughout the region on a regular basis to meet regulators and help address some of the critical issues faced by the Asian insurance industry.
But the two areas that really caught the attention of the judging panel was PwC’s responsiveness to insurers’ needs and its innovation within the region.
Over the past year PwC has been assisting many insurers in Asia to develop solutions in key
business areas such as: governance and risk management; human capital; growth strategies;
transparent disclosure; mergers and acquisitions; and compliance and regulation.
PwC has also continued to invest in research and innovation so that insurers in the region are up-todate with the latest tools and thinking.
It pioneered the concept of corporate reporting transparency and has been at the forefront for developing a new model – ValueReporting. This is based on over six years of PwC research involving thousands of corporate executives, investors, and analysts in countries around the world, and across a range of industries, to help clients and other corporate executives.
For helping insurers to stay abreast of what other companies in their own industries and
beyond are doing to become more transparent, PwC is a deserving winner of this category.
Sponsored by:
Risk Manager of the Year
Cholamandalam MS Risk Services Ltd
Cholamandalam MS Risk Services (CMSRSL) has won top honours with its pioneering solutions in risk management and engineering, coupled with solid financial growth.
CMSRSL is a joint venture between the Murugappa Group, India and Mitsui Sumitomo Insurance Group, Japan with a technical contribution from Inter Risk, a risk management arm of MSI.
It is the only risk management company in India which works in tandem with an insurance
company and has made impressive inroads into various Asian and African markets.
CMSRSL has introduced several firsts in the Indian risk management and risk engineering
markets during the past year – for example, thermography, layer of protection analysis (LOPA), etc. It used the predictive maintenance tool of thermography for both electrical and nonelectrical applications like determining the sludge levels in chemical storage tents.
In India, CMSRSL pioneered the use of latest process safety techniques of LOPA for estimation of risk levels with respect to critical facilities like ammonia tanks, distilleries and ammonium nitrate facilities and to evaluate the residual risk levels against the internationally accepted risk tolerance limit. This technique has been received with great appreciation by both statutory authorities and industry.
Under logistics risk management the transit losses pertaining to the transportation of highly valuable cargo like automobiles were studied scientifically and suitable innovative practical solutions were given, thereby reducing the loss ratio to 30%.
Perhaps most importantly, CMSRSL has proved with its consistent growth in financial turnover that risk management and engineering consultancy can be a successful business model even when independent of an insurance company.
Starting with an investment of INR20 million in 1994, CMSRSL registered a turnover of INR27.1 million with a profit before tax figure of INR6.6 million. In financial year
2007 the turnover of the company had increased by 76% and profit after tax had increased by
165%.
The judging panel recognised that CMSRSL has made significant contributions to the development of risk management and risk engineering in India and Asia. But perhaps the truest measure of its success is that other Indian companies have started emulating its successful business model. Worthy winners indeed.
Sponsored by:
Broker of the Year
Marsh
For its all-encompassing commitment to the development of the insurance industry in Asia, including its active role in promoting client education and championing professional standards, Marsh scored top marks from the judging panel.
It has been a big year for Marsh in Asia with a number of achievements ensuring that it scooped the Broker of the Year accolade. First up was being awarded China’s first and only wholly-owned foreign enterprise insurance broking license which represented a significant breakthrough for the broker. Then there was the establishment of the Asia region’s first environmental practice and a dedicated placement team. Not too mention the introduction of the region’s first strategic risk financing methodology.
Altogether Marsh’s Asia Client Services team has a global network of 400 colleagues specialising in insurance and risk management for Asian multi-national clients, communicating in local languages. This means that it has unparalleled access to insurance market data, which has enabled it to introduce new technology tools for middle market clients for quotation, placement and policy issuance to improve interaction with the
insurance markets. Its innovative team also developed an industry-first integrated products liability package to help Asian manufacturers become more competitive in major export markets of the US and Europe.
The judges recognised Marsh as one of the risk industry leaders in Asia because of its
commitment to thought leadership and client education on headline risk issues important to
Asia. An example of this was a recent event in Hong Kong which featured former US Secretary of State Madeleine Albright speaking on climate change and global health and security.
Its work in the professional standards arena was also recognised. Compliance, learning
and development have been areas of significant investment for Marsh as the establishment of a business development school and an accelerated leadership programme – which has introduced a 12 to 18 month investment period in emerging leaders – has proved.
Marsh says that is trying to elevate discussions about risk beyond mere insurance. Due to its impressive array of analytical and technical resources it may ultimately achieve that aim.
Sponsored by:
Reinsurance Broker of the Year
Benfield
Last year’s winner had another successful year in Asia in 2006 with double digit growth and an expanded presence in the region. This year, Benfield has been honoured for its analysis and modelling services, commitment to professional standards and sound financial management.
Benfield has been transacting business in Asia through its predecessor companies since 1917 and the group’s involvement in the region has been developing ever since. It now has nine offices in the Asia Pacific region and the group’s East Asian operations are run by its regional head office in Singapore which acts as the principal operating office and hub for the region.
Combining the group’s global expertise with a local focus has been the key to its ability
to execute complex placements involving both traditional reinsurance and the wider capital markets.
The rapid growth of the insurance industry in Asia has led many re/insurers to seek training and development for their staff and Benfield has responded to this demand by providing tailor made technical workshops and seminars for its customers as well as holding a regional workshop for 30 delegates from around the Asian region in Singapore each year.
Asian insurers are increasingly aware of the need for Enterprise Risk Management and the need for stochastic techniques to model risk. Benfield has responded to this demand through the supply of its award-winning Dynamic Financial Analysis software tool, ReMetrica, which has been licensed by some of the largest insurance groups in the region to help quantify risk and model capital adequacy and allocation issues. In Japan it is the leading DFA tool
used by the non-life insurance market.
The reinsurance broker was also saluted as a market leader for its provision of valueadded
analysis and modelling services for its customers in the Asian region.
Through the Benfield UCL Hazard Research Centre, the Tropical Storm Risk forecasting
consortium provides monthly seasonal forecasts on Northwest Pacific typhoon activity, as well as a popular and widely acclaimed Tropical Storm Tracker on its website, updated daily, to increase risk awareness and help decision-making within the re/insurance industry.
Benfield’s business grew strongly throughout the region during the past year and through careful financial management returned healthy profits for the group. At the same time it stands by its commitment to the maintenance of professional standards by entering into service agreements with its customers which lay down certain minimum service standards regarding the speed of premium and claims settlements. For the fifth time, Benfield is a deserving winner of this coveted award.
Sponsored by:
General Reinsurer of the Year
SCOR
The French reinsurer’s close focus on the Asian market, as demonstrated by its investments in key growth areas, together with its underwriting expertise and high level of corporate
governance, completes its remarkable comeback story.
SCOR’s first overseas office was set up in Hong Kong in 1972. Today, it boasts a comprehensive network within Asia-Pacific with offices in Singapore, Hong Kong, Japan, Korea, Australia, Malaysia, China and India.
Its stable underwriting team, with over 10 years in average with the company, is closely
focused on developing the market in Asia as the past year has proven. With the maturity of
the China and India insurance markets continuing apace, SCOR obtained the Chinese regulator’s approval at the end of last year to set up a P&C branch office in China. Its Indian representative office had been set up a year earlier.
Earlier this year SCOR, obtained a retakaful license in Labuan, Malaysia to serve the market’s increasing appetite for Shariah-compliant insurance products. Agricultural insurance is regarded as another growth stream of revenue for the Asia-Pacific region and
SCOR has also established an underwriting team over the past year to target this market
development.
2007 also saw SCOR acquire the controlling share of Remark, a direct marketing consulting service company with established operations in Asia, as well as in Europe. SCOR believes this will help facilitate the P&C business co-operation between the reinsurer and its clients in Asia.
The group’s business solutions unit is already well recognised as one of leaders in the facultative market in risk assessment and underwriting large corporate/industrial risks, for example, infrastructure construction projects in Hong Kong, China and Korea, power plants including nuclear plants in China, the oil and gas industry in Indonesia and Thailand, and semiconductor plants in Taiwan and Korea.
Its specialty expertise in satellite risks, agricultural risks and IDI – Inherent Defects Insurance (Building guarantee) has also established SCOR as a market leader in this area in the region.
SCOR’s problems surrounding US business written between 1997 and 2001 have been well documented. However, since the restructuring of the group in 2003, its high level of corporate governance and transparency in its disclosure have been warmly welcomed by its Asian clients. As the name of that restructuring plan suggested, SCOR is now most definitely ‘Back on Track’. This is something the Asian market can be most grateful for – both now and in the future.
Sponsored by:
Life Reinsurer of the Year
Swiss Re
The judges saluted the world’s largest reinsurer for its expansion into Asia’s medical insurance market, and continuing innovation and leadership in the region’s life sector – achievements which helped it to clinch this award for the second time.
This year saw Swiss Re celebrate its 51st year of physical presence in Asia-Pacific, after
its acquisition (of the former GE Insurance Solutions), having retained 98% of Insurance Solutions’ life and health premiums worldwide.
The company continued to demonstrate its in-depth knowledge of market needs, with initiatives such as the report commissioned by the China Insurance Regulatory Commission,
Reforming Chinese Healthcare Through Public- Private Partnership, penned by the Swiss Re
Economic Research & Consulting team.
To support business expansion by all insurers in the region, Swiss Re re-entered the medical
insurance market in Asia. By investing in a joint venture with TTK Group of India, in a Third party administrator (TPA), Swiss Re expects to build a better foundation on which more
insurers can enter the medical insurance market profitably. The company is also using this
model and studying key markets such as China to further expand this service to the industry.
The medical insurance area featured prominently this year, with the launch of an online
medical underwriting guide – Swiss Re’s Med eGuide – for clients, as well as the provision of a private medical insurance claims manual, to assist clients in managing medical expenses. The manual also sets out thoughts on how to manage hospital and medical costs and
provides advice on how individual medical conditions can be assessed.
Meanwhile in the life claims area, Swiss Re became the first reinsurer to station local claims teams in four of Asia’s key regions (Greater China/SE Asia, Japan, Korea and India).
Financially, the company achieved a record year in 2006, doubling net income to CHF4.6 billion and hiking return on equity to 16.3%. But perhaps even more impressive are the initiatives it is implementing to ensure its ongoing success in Asia.
This year, Swiss Re embarked on a new graduates@swissre recruitment and training programme designed to attract the cream of Asia’s graduates to join Swiss Re. More than 15 graduates were initially taken into the programme and multiples of this are planned for the future.
Similarly, Swiss Re Academy in Asia not only completed its first full year of operation in
Hong Kong, it also introduced new webinars to make it possible for more professionals
throughout Asia to access the latest in re/insurance and risk management knowledge. When
it comes to innovation, leadership and education in the life reinsurance sector, the Swiss
reinsurer once again leads the field.
Sponsored by:
Insurance/Reinsurance Industry Contribution Award
National Reinsurance Corporation of the Philippines
From a fledgling corporation 30 years ago, PhilNaRe has matured into a public-listed firm which has demonstrated its commitment to the industry and is poised to become a significant player in the region.
The National Reinsurance Corporation of the Philippines (now known as PhilNaRe) was incorporated in 1979 as a domestic professional reinsurance firm. From a fledging corporation with a paid up capital of P10 million and gross premium of P20 million in
1979, PhilNaRe has grown steadily over the past three decades with the sustained support of
its shareholders, composed mostly of the local insurance companies.
As the business and risk environment continues to undergo dynamic change with natural
calamities such as tsunamis, earthquakes, hurricanes, as well as the growing threats of
international terrorism, leading to higher losses and contraction of reinsurance capacity,
PhilNaRe has had to evolve as well.
It undertook a Capital Enhancement Programme (CEP) which started in 2005 with shareholders infusing additional capital of P776 million.
In March 2006, the company merged with Universal Malayan Reinsurance Corporation (UMRe), bringing in new equity of P1.37 billion, thereby becoming the sole professional reinsurance company in the Philippines.
In April 2007, it embarked on an IPO, raising some P2.8 billion, effectively further raising the company’s net worth to P6.6 billion as of 30 June 2007, and positioning itself for increased business capacity and retention to be a significant player in the region.
PhilNaRe also provides advisory services on underwriting, accounting, and other areas or
topics of interest as part of its continuing objective of providing value-added services to its clients. In keeping with its commitment to the industry, the company is prepared and willing to be at the forefront of relevant and significant market issues and concerns, such as the adoption of minimum premium rates of natural perils and the proposal for the
establishment of a catastrophe insurance pool which has the backing of the World Bank.
As a matter of policy and philosophy, PhilNaRe refrains from supporting business practices which may be unethical, unsound, or even detrimental to the market, but provides all-out support to measures and initiatives which promote the industry’s development and well-being.
On the international front, PhilNaRe currently writes reinsurance business mainly from the
ASEAN markets and likewise maintains reciprocal exchanges with some ASEAN reinsurers, as
well as with the ASEAN Reinsurance Corporation in Bangkok.
The company also actively participates in various insurance conferences in the region like
the EAIC, SIRC and the Indonesian Rendezvous, as well as FAIR and AIRDC.
Sponsored by:
Corporate Social Responsibility Award
Ping An Insurance (Group) Company of China Ltd
Ping An has taken a leadership role in China in its commitment to corporate social responsibility (CSR). For spearheading the adoption of CSR practices by Chinese businesses, Ping An is a deserving winner of this year’s award.
Ping An has taken a leadership role in China in its commitment to corporate social responsibility (CSR). For spearheading the adoption of CSR practices by Chinese businesses, Ping An is a deserving winner of this year’s award.
Founded in 1988 and headquartered in Shenzhen, Guangdong Province, China, Ping An Insurance (Group) Company of China Ltd (Ping An) is the first integrated financial services conglomerate in China that blends its core insurance operations with securities brokerage, trust, commercial banking, asset management and enterprise annuities businesses.
Ping An also takes pride in serving as a leader in CSR. In October 2006, it became a founding member of the China Corporate Social Responsibility Alliance (CSRA), a unique
association of leading Chinese companies and multinationals with substantial investments in
China. CSRA’s aim is to promote CSR and sustainable development across Chinese businesses. Its membership to date includes thirteen major companies, ranging from Shenzhen-based Ping An, China Merchants Bank and China Vanke Company Limited to such internationally renowned companies as IBM, Hewlett-Packard, and Nokia.
Ping An’s recent corporate philanthropy projects include an RMB10 million grant to assist
needy undergraduates through the Ping An Community Chest, founded in September 2006, and
an RMB2 million donation for library projects with Ping An’s long-standing Project Hope Foundation, aimed at supporting impoverished schools in China’s rural areas.
Ping An’s Project Hope project, initiated in 1993, has raised more than RMB10 million and provided support for 45 rural primary schools in 33 provinces, including Ningxia, Hunan, Xinjiang, Yunnan, Heilongjiang, Sichuan, Guizhou, Chongqing and Jiangxi. The first Ping An Project Hope Primary School was set up in Luan, Anhui Province in 1994, and the 46th school will open in Tibet in 2007, funded by the Tibet branch of Ping An Property & Casualty Insurance.
Ping An’s commitment to CSR is based on the belief that for a business to be sustainable, it
must support the communities in which it operates, both locally and globally. Its philanthropic focus on education and health reflects China’s domestic needs and priorities,
but Ping An’s corporate culture gives equal priority to providing financial security to its
customers and a challenging and rewarding workplace for its employees.
This year’s CSR Award is not the only accolade Ping An has received this year. In April 2007 it was selected again as one of The Most Respected Enterprises In China by Economics Observer newspaper in conjunction with Beijing University Management Research Center – the sixth consecutive year it has been honoured with this title. A fitting reward indeed for its
continuing philanthropic endeavours.
Sponsored by:
Lifetime Achievement Award
C F Choy
For transforming the fortunes of HSBC Insurance, and his tireless work in ensuring that the insurance industry in Hong Kong has reached the highest standards of professionalism, Mr C F Choy is the joint-winner of the Lifetime Achievement Award.
Mr Choy Chung Foo is no stranger to the industry, having contributed significantly during a career that has spanned more than 25 years in the Hong Kong insurance market alone.
When Mr Choy joined HSBC insurance in 1982, the fledging insurance unit of the banking giant was still a loss-making arm. Under his leadership and vision from 1987 to 1992, he steered the company into profitability at a growth rate of 30% per annum, and in the last six years the company has registered 46% compounded annual growth resulting in the group’s enhanced focus on insurance.
In 2000, he became the CEO of HSBC Insurance Asia Pacific Holdings and his work for
HSBC has been characterised by a strong vision, meticulous implementation and an
emphasis on the people in his business, both the staff and the customers.
Under his leadership, HSBC Insurance was a pioneer in developing wealth management in Hong Kong and cultivating the culture among consumers to save for retirement.
Mr Choy also played an influential role in helping HSBC Insurance spread its wings into the mainland. He spearheaded the company’s investment into Ping An Insurance, dismissing initial criticism that the investment was overpriced. Today, investors are paying more than 12 times the price HSBC paid per share, for Ping An’s stock - a testament to Mr Choy’s foresight and business acumen.
But it is not just for his work with HSBC that Mr Choy deserves this prestigious accolade. He has also been instrumental in several wide-ranging initiatives that have changed and impacted the insurance landscape in Hong Kong and China.
Mr Choy was appointed Chairman of the Hong Kong Federation of Insurers (HKFI) in 2000 and in this capacity, extended his focus on industry and consumer education as well as enhancing professionalism in the entire industry.
He has also played an active role in healthcare reform in Hong Kong, taking personal efforts to draft proposals and reports for the government, in a move to encourage the government to pay more attention to the healthcare needs of the population.
Meanwhile, his relentless efforts in sealing Closer Economic Partnership Agreement (CEPA) negotiations between China and Hong Kong have resulted in the island’s non-life insurers now being able to do business on the mainland.
Mr Choy is currently the Vice-Chairman of the East Asian Insurance Congress (EAIC) and will host next year’s conference in Hong Kong as the deserved winner of this award.
Lifetime Achievement Award
Rudy Wuwungan
Rudy Wuwungan's efforts during the past 40 years in pushing the insurance industry of Indonesia and the region towards higher benchmarks has made him a worthy joint-winner of this year’s Lifetime Achievement Award.
This year’s second Lifetime Achievement Award goes to an industry stalwart who started his insurance career more than 40 years ago in Malaysia as an assistant manager of United Malayan Insurance Bhd in Kuala Lumpur from 1961 to 1965 at the request of Munich Re.
After working in Germany and Hong Kong, Mr Wuwungan returned to Indonesia and joined PT Maskapai Reasuransi Indonesia Tbk (PT MAREIN), the country’s oldest private reinsurance company in 1979. He became its President Director in 1983 and subsequently oversaw its launch as a public listed company in 1989. Having recently celebrated his 70th birthday, he remains its senior advisor today.
Mr Wuwungan refers to himself as a ‘silent obedient servant for the insurance industry’, and his strong leadership and willingness to give opportunities to the younger generation have earned him the respect and recognition of his industry counterparts.
A veteran not only in the Indonesian insurance scene but also regionally, Mr Wuwungan also has the subject of ASEAN close to his heart. He was the Secretary General of the ASEAN Insurance Council from 1984 to 1986 and played a significant role in driving the insurance sectors to co-operate on various issues and to lay the groundwork for closer co-operation in the future.
In line with his interest in regionalisation and globalisation, it is not surprising that Mr
Wuwungan is very concerned about global warming. He advocates that ASEAN should set up an insurance research centre in the region and that this should be done as soon as possible.
At an age when most people are retiring, Mr Wuwungan sees that a lot of work still needs to be done in the evolving and emerging insurance industry of Indonesia, as well as that of the region. As such, as well as being senior advisor of PT MAREIN, he plays an influential role in the industry as the chairman of PT Asuransi Wuwungan, as a member of the Supervisory
Board of the General Insurance Association of Indonesia, known as Asosiasi Asuransi Umum Indonesia (AAUI) and is also engaged at the Indonesian Senior Executives Association (ISEA) as one of the supervisory board members.
His latest project is working on the publication of a book about the Sejarah Asuransi
Indonesia (The History of Insurance in Indonesia) which he hopes will be published by the end of this year.
Sponsored by:
