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Award
Winners Of 2009
Life Insurance Company of the Year
Kyobo Life Insurance Co Ltd
Having reported the highest profits and a healthy solvency margin, Kyobo Life is recognised for its outstanding performance in the Korean insurance market.
While most financial companies have experienced extreme volatility and financial difficulty in 2008, Kyobo Life recorded a net income of KRW291.6 billion (US$249 million), taking up 51% of the industry’s total net income, and an ROE of 11.6%, both of which were the highest in the industry. Kyobo’s proactive approach to preserve the asset value resulted in a healthy solvency margin ratio of 213.1% and new business grew by 4%.
Meanwhile, Moody’s Investors Services awarded the life insurer with an A2 insurance financial strength rating in 2008, the highest rating for a Korean financial institution.
Prior to the collapse of Lehman Brothers and the unravelling financial crisis, Kyobo put in place precautionary measures to prepare against potential adversity, the judging panel noted. It set up a company-wide task force to seek ways to keep its asset quality and financial statements healthy following the event.
Kyobo has worked tirelessly to help its customers in the wake of the financial crisis. The life insurer has been allowing its customers to revive their lapsed policies on a favourable condition to help them financially. Amid the global financial trouble, some customers failed to pay premiums which, in turn, terminated their contracts. Kyobo decided that it would provide the same coverage at the same premium as before the termination and waive the interest for the lapsed period.
Kyobo was also hailed for its innovation, having launched several new products, including the Love Family Critical Illness Whole Life Insurance. This product adds long-term care and post-retirement life support to the existing critical-illness policy.
The judging panel praised Kyobo’s commitment to providing excellent customer service. It developed and built the first electronic application system through its IT system for a faster customer service. Kyobo also provides assistance to different segments of customers through various channels. Kyobo’s Wealth Manager Programme offers VIP customers lifetime wealth management consulting services and various devices help to monitor customers’ needs.
Kyobo Life recently celebrated its 50th anniversary, and its focus on innovative and quality-focused management, customer service and corporate social responsibility have ensured it now has a double reason for celebration.
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General Insurance Company of the Year
Cathay Century Insurance Co Ltd
With many achievements to report over the last year, including high quality services, product innovations and good corporate governance, Cathay Century Insurance has maintained its position as an industry leader.
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athay Century, a non-life insurance subsidiary of Cathay Financial Holdings in Taiwan, has extended quickly by exerting its group resources effectively and cross-selling.
While the non-life insurance market decreased by 4.1% in Taiwan as a result of the financial crisis, Cathay Century still generated a positive growth rate of 6.2%, with direct written premiums of NT$11.39 billion (US$354 million), a market share of 10.5%, ROE of 13.7%, ROA of 2.5% and an EPS of NT$2.07.
Cathay Century has been one of the fastest-growing companies in Taiwan and now ranks second among non-life insurers in the country.
Cathay Century also boasts strong financial security. The reserving practice of the company has been proved to be adequate and its capital adequacy ratio of 362.5% in 2008 was considered very good and sustainable, by the judging panel.
The general insurer was also affirmed an “A2” credit rating by Moody’s and “A’ by Standard and Poor’s.
Due to its success in Taiwan, Cathay Century made the decision to extend overseas with the set up of a subsidiary in Shanghai in 2008. It has also established a representative office in Vietnam in order to expand business to the Southeast Asia markets.
Cathay Century was also recognised by the judging panel for its product innovation, and for meeting demand in the market. New products include the endorsement of automobile physical damage insurance with limited drivers, comprehensive marriage insurance, volunteer insurance, pharmacist and nurse liability insurance, airline pilot and flight attendant insurance, and soldier insurance.
Cathay Century employs a “customer first” attitude. The insurer has an online claims handling progress enquiring system which helps customers enquire about the claim handling schedule. The insurer also offers a B2B system and BOBE website which provides clients an easy and safe way to insure online.
With its Automobile Physical Damage product, Cathay Century offers its clients 100km free car towing service, notification of an automobile insurance claim to a claimant by text message, a 24-hour claim reporting system, and 750 franchised garages.
With these achievements in mind, Cathay Century has been awarded the General Insurance Company of the Year award.
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Educational Service Provider of the Year
The Australian and New Zealand Institute of Insurance and Finance
For its vital role in the development and enhancement of the educational and professional standards of the insurance industry in the Asia-Pacific region, the Australian and New Zealand Institute of Insurance and Finance (ANZIIF) has been recognised by the judging panel for the sixth time.
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ith a mission to inspire professionalism across the insurance industry, ANZIIF delivers up-to-date educational services, which yield the best possible business results and closely reflect changing industry needs and key business trends. ANZIIF understands and values the different regulations, cultures, and approach of each insurance market that it works in, which has facilitated its rapid expansion across Asia in recent years.
In 2008, ANZIIF continued to expand its services and provided educational leadership across Asia in China, Thailand, Vietnam, New Zealand and Indonesia. ANZIIF remains committed to assisting international insurance markets and expanding insurance education and professional services to the entire Asia-Pacific region.
ANZIIF offers internationally recognised qualifications translated into Mandarin, Vietnamese and Thai. The translation of materials into Thai came in 2008 as part of a wider initiative by ANZIIF to assist the development of the Thai Insurance Institute.
In 2008, ANZIIF also developed new General Insurance Certificate IV and Diploma level qualifications in Thai, responding to customers’ educational and training needs. This added to the ANZIIF Thai insurance glossary which was developed a number of years ago.
Also in 2008, ANZIIF completed a two-year project with the Vietnamese Ministry of Finance to establish the Vietnamese Insurance Institute.
In Asia’s more advanced markets such as China, ANZIIF’s work now goes beyond the delivery of qualifications to collaborating with companies to establish their training needs and to create customised company education and assessment programmes.
The Capability Assessment Examination scheme (CAE) was undertaken by more than 2,000 employees of a major Chinese insurer in 2008, providing online general insurance education and skills assessment analysis. Out of this programme, more than 450 staff undertook the ANZIIF Diploma of General Insurance.
ANZIIF’s education services are available to both the largest and smallest insurance markets in the region. In the absence of a local insurance institute, ANZIIF’s online professional development platform InSITE is used by insurance professionals from as far as Fiji and Papua New Guinea to maintain their skills and knowledge.
As the largest professional membership body for the insurance industry in the Asia-Pacific region, ANZIIF requires that all of its members undertake a minimum of 25 hours of professional development activities each year and an annual audit is done to ensure that requirements are being met.
It is little wonder that it has emerged victorious in this category yet again.
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Innovation of the Year
Max New York Life
As one of India’s leading life insurance companies, Max New York Life has been recognised for an innovative new insurance product that untaps the potential offered by the millions of uninsureds in the country.
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here are over 115 million people in India with limited access to insurance and savings products. Max New York Life has recognised the need for protection and savings and the untapped potential of the underserved millions in the country.
Its new product, Max Vijay, has been designed to cater for the masses and offers life insurance coverage with a built-in savings component.
Max Vijay was launched in October 2008 and has proven to be highly accessible and flexible, the judging panel noted. It has been able to provide financial inclusion to over 59,000 underserved households and has now reached average sales of 1,000 policies per day.
Max New York Life estimates that its new product has the potential to touch the lives of 10 million people over the next two years.
Breaking free of the existing paradigms in insurance, Max Vijay has proven to be innovative in product and distribution, the judging panel said. Max Vijay offers minimum enrolment premium options of Rs1,000 (US$20), Rs1,500 ($30), and Rs2,500 ($50). The product does not require compulsory time-bound renewal, and provides customers with flexibility to top-up their accounts anytime during the tenure of the policy, for amounts starting as low as Rs10 (20 cents).
The sum assured in the product is five times the premium paid for natural death and 10 times for accidental death. Max Vijay provides a cover of 10 years from the date of enrolment and does not lapse even in the absence of any subsequent deposits.
The product also includes a retail channel for sales, premium top-ups and registration of claims. This is a new and novel development in insurance distribution in the country. Customers can buy or top-up their insurance policy from their local retail shop, offering flexibility to save as much as they want, when they want.
The retail channel has been launched in only one state in the country, Uttar Pradesh, as a pilot, but further expansion is expected soon.
In order to develop technology support to facilitate the distribution model, Max New York Life has joined forces with IBM. The technical support will include the development of GPRS-enabled hand-held terminals that allow instant issue of premium and top-up receipts, while automatically updating the customer account. Customers can also make additional top-ups by purchasing renewal coupons from their local retail outlet.
Max Vijay is helping to spread financial security across India, and with this in mind, it warrants the honour of Innovation of the Year.
Sponsored by:
Service Provider
of the Year
Manheim Asia Pacific
Introducing a new standard for auto insurers’ resale of salvage units in Thailand, Manheim Asia Pacific has successfully reduced losses for insurers and has made an outstanding contribution for insurers across Thailand.
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anheim has responded to the needs of the market it serves by providing a dedicated salvage auction for the resale of accident- damaged vehicles.
Finely-tuned marketing and a thorough understanding of parts, wrecking and repair markets have led to a significant reduction in losses for the insurer, the judging panel noted.
Around 70% of insurers in Thailand now use Manheim Thailand for their resale of salvage units. Direct sales of salvage units to a limited number of buyers via methods such as tender, lucky draw, and private and contractual agreements are in the process of being dismantled.
By introducing these services, Manheim has reset the industry pricing structure for the resale of salvage in Thailand. Many buyers were excluded from previous sales methods due to the size and dominating nature of some wholesalers and parts wreckers.
Manheim offers a breadth of services, including transportation co-ordination, secure storage with 24/7 security, valuation prior to sale, national remarketing, voice auction and online sales, collection of proceeds, reconciliation of tax commitments to local authorities, remittance of funds for auto salvage in Thailand, results analysis and consulting, and disaster recovery services.
Under the scheme, auction efficiency is upwards of 80% sold per event, with large crowds of buyers.
Manheim offers flexibility for sellers through the availability of online sales channels for vehicles in remote locations where transportation costs may outweigh asset value.
Insurers in Thailand were paying 30% pre-accident value for any vehicle deemed written off. With its implementation of remarketing systems, Manheim has delivered an average of 43% in 2008, and 42% year-to-date 2009. The initiative accounts for almost 100% growth in returns for insurers for the sale of accident-damaged vehicles.
Funds are collected by Manheim in three business days and paid to insurers in four working days.
Coupled with savings from land and storage costs and decreased theft of parts due to differing standards of security, Manheim has made an outstanding contribution for all insurers in the country.
And with this in mind, it has been recognised by the judges for the Service Provider of the Year award.
Sponsored by:
Risk Management: Special Awards for Outstanding Crisis Management
Mr Karambir Singh Kang
When the Taj Mahal Palace and Tower Hotel were targeted during the Mumbai terror attacks last year, Mr Karambir Singh Kang saw his leadership skills tested to the limit.
During Mr Kang’s tenure as General Manager, implementing security measures became his priority. But on 26 November 2008, Mr Kang saw these measures and his own powers subjected to immense pressure.
Mumbai was rocked by a string of deadly terrorist attacks that left the hotel devastated. And Mr Kang was faced with the task of supporting guests and colleagues and restoring the damage to the building, despite suffering his own profound personal loss.
Immediately after the attacks, Mr Kang authorised counselling for staff and care for those who were injured. In addition, he swiftly ensured that telephone services, the property management system, reservations network and engineering lifelines such as elevators and water and power were back in action.
His actions ensured that all guests were accounted for, hotel guests were suitably relocated and their personal belongings returned. In addition, Mr Kang made sure that assets were safeguarded within The Taj Mahal Palace rooms and that further losses were prevented. The day after the tragedy, a 24-hour help desk and help line was established, providing assistance and support for all the affected parties.
Other key achievements by Mr Kang included recording/video filming the rapid packing and removal of baggage from the 438 occupied guest rooms. He also helped to save the majority of the hotel’s valuable authentic artwork and placed them in an air-conditioned storage space.
And in the aftermath of the tragedy, Mr Kang ensured that fire prevention equipment were tested, computer systems were working once more and CCTV was back in operation.
Airport-style security and baggage screenings are now also in place at the hotel along with a pair of trained sniffer dogs – measures which have been greatly appreciated by guests.
Mr Kang was praised by his employers and colleagues for his tremendous efforts during the tragedy. Despite his own personal upheaval, he demonstrated true heroic leadership in the face of an unprecedented set of circumstances.
Such actions and his many achievements in the aftermath of the attacks make Mr Kang a worthy winner of the Special Award for Outstanding Crisis Management.
Sponsored by:
Loss Adjuster of the Year
Maphilindo International Sdn Bhd
Maphilindo International Sdn Bhd’s innovative efforts to help its clients manage costs in the present tough economic climate has been recognised, not only by the insurance market, but by the judges of this award.
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aphilindo International Sdn Bhd (MI) is the largest loss adjusting company in Malaysia with 12 offices and a 300-strong workforce.
Based on a recent insurance report for 2008 conducted by the Bank of Negara, MI was ranked as the most profitable loss adjusting company in the country. Even though the loss adjusting industry has faced its own set of challenges over the last year, MI has retained its strong market position.
MI’s client insurers have not been spared the effects of the financial crisis. Faced with deteriorating investment income and increasing costs, maintaining profitability has become their greatest challenge. However, MI prides itself on its responsiveness to clients’ needs. As a result, the company has launched a series of wide-ranging innovative measures which seek to help insurers make headway in the tough financial climate.
These include:
- Fixing a flat single fee for losses below RM30,000 (US$8,725);
- Introducing Electronic Smart Reporting and digital photographs to save time and costs;
- Limiting loss adjusters’ travel expenses with a single within-town or out-of-town flat fee;
- Introducing a special task force to deal with all economic-related claims and suspicious claims;
- Introducing a fraud checklist and anti-fraud measures into each assignment handled, to manage the claims costs;
- Having dedicated special relationship managers to provide a single contact point to assist all claimants in their enquiries;
- Introducing cost-savings measures which include systems that allow all the relevant information to resolve a claim to be obtained at the first visit.
The single flat fee for all losses, in particular, has met with approval from insurers, helping them to reduce their claims-handling costs.
In addition, the Smart Claims Scheme has slashed processing times, giving insurers the opportunity to offer settlements based on MI’s independent assessments, rather than waiting for a policyholders’ quotations and documentations.
For MI, preventing claims leakage, combating fraud and adding value through its high professional standards are top priorities.
Such qualities have meant that MI has taken home awards at the Asia Insurance Awards three times in the past. And their work over the last year makes the company a worthy winner of the Loss Adjuster of the Year title once more.
Sponsored by:
Broker of the Year
Marsh
Winning this title for the fourth time, Marsh has consistently assisted clients in effective decision-making via its various models and frameworks and has helped companies trade through the economic downturn in Asia.
Marsh has continued to grow its business in Asia, giving great attention to client service and expense management.
The broker enjoyed 12% growth in client service revenue throughout the region, demonstrating the addition of new clients and expansion of existing accounts.
New business accounted for 28% of Marsh’s total client service revenue. For Marsh, Asia has been the region with the best growth performance with its net operating income having increased 25% from 2007 to 2008.
Marsh has a dedicated technical services team in Asia, which provides detailed information on market rate movements, analysis and benchmarking to help clients better understand both the macro and micro trends, enabling more effective decision making.
Marsh also has a business intelligence group based in Manila, Philippines, which provides research, analysis and information support for the broker’s operations in EMEA and Asia.
As a result of the economic downturn, businesses have seen turnover reduce, capital squeezed and profits shrink. Marsh has been recognised for responding to clients’ needs through the launch of a campaign called “Trading through the downturn” aimed at helping companies cope through these unprecedented times.
Marsh also increased its outreach to clients on the topic of trade credit insurance. This includes working with governments in the region on the establishment of trade finance schemes to assist export-reliant business.
The broker also pioneered the Asia Global Client Services (AGCS) model, which has the objective of providing Asian clients with home country expertise and service in foreign markets, including providing experts who speak native languages.
Marsh has continued to offer new relevant and effective products to clients across Asia such as Marsh Risk Explorer, a free online tool for risk assessment, and MarshConnect, an innovative online tool for clients to interact with the broker.
In addition, it has also launched a dedicated valuation services practice for clients, consisting of a network of more than 40 professionals worldwide with backgrounds in intellectual property valuation, fixed asset valuation, corporate valuation, and derivatives valuation specialists.
Marsh has also shown great industry leadership in the region with the formation of Bowring Marsh Asia. Based in Singapore, it is the largest dedicated placement team of its kind, and has played a key role in the opening up of Asian insurer capacity to the rest of the world.
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Reinsurance
Broker of the Year
Joint Winners:
Aon Benfield
Although only formed in 2008, following the merger of Aon Re Global and Benfield, Aon Benfield has become a force to be reckoned within the Asian market and is recognised as a joint winner in this category.
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ithin the Asia-Pacific region, Aon Benfield has offices in 18 locations and the largest team in the reinsurance market, with 356 professionals spread across treaty, facultative, capital markets and analytics. And with a revenue base of well over US$100million in Asia alone, Aon Benfield has been making its presence felt over the last year.
According to the judging panel, Aon Benfield’s strong position, combined with the history and experience of its executives gives it an excellent knowledge and understanding of Asia’s markets. The judging panel also praised the broker’s range of responsiveness to clients’ ever changing needs.
In October 2008, Aon Benfield convened a national conference in Beijing on how China could mitigate its exposure to natural catastrophes. The broker has also developed and marketed a range of insurance-linked securities and has most recently focused on wind derivatives in the region.
This year, Aon Benfield also launched its International Centre for Excellence for Credit and Financial Risks. The centre has a representative in Asia to help clients mitigate the risks of the financial crisis on their organisations.
In a further innovative step, Aon Benfield has also established a rating agency practice in the Asia Pacific in 2008. The business aims to assist major clients in preparing a final approach to rating agencies. And with the adoption of risk-based-capital solvency regimes across Asia, Aon Benfield Analytics has developed country-specific proprietary capital models to assist clients in the transition to these new systems.
Since its creation, Aon Benfield has shown strong industry leadership and has worked hard to boost the image of the insurance industry.
Aon Benfield conducts a yearly Property Reinsurance Training Workshop in Singapore which sees representatives from most of their client based attending to further their education in this area.
Over the past year, Aon Benfield’s employees have presented on a wide range of subjects at major conferences on areas as diverse as cargo accumulations, reinsurance as capital management and natural perils risk management.
Aon Benfield maintains the highest levels of professional standards in all of its Asian operating units through the application of operational procedures which are regularly audited. In order to control these standards, it has also developed internal systems and reporting tools of the accounting database.
For its market knowledge, responsiveness, innovation and market leadership, Aon Benfield is a joint winner of this year’s award.
Guy Carpenter Asia Pacific
Through its innovative approach and its long-established reputation, Guy Carpenter continues to make its presence felt across the Asia-Pacific region.
As the first reinsurance broker to establish an Asia-Pacific headquarters, Guy Carpenter’s roots in the region run deep and continue to grow.
The judging panel noted how the broker’s local platform, backed by Guy Carpenter’s global network, allowed it to share knowledge both in the Asia market and around the world with ease.
In 2008, Guy Carpenter Asia Pacific was the top performing unit within the firm’s global operations. And by all accounts, this year has been one of rocket-like growth for the broker’s Asian operations.
Over 2008, the Asia-Pacific unit grew its business significantly, with rapid expansion in all of the broker’s core territories, including Japan, greater China and Southeast Asia. While stretching its territorial footprint and deepening penetration in the emerging markets, Guy Carpenter still maintained a 98% retention rates for existing markets.
In the opinion of the judging panel, the broker remains at the forefront of industry innovation. In recent years, it has launched a number of models which have been eagerly taken up by the Asian market. They include portfolio management tool, which has seen its use increase tremendously over the last year in Asia. The broker has also developed models aimed specifically at Asian risks. For example, its GC Scenario Analysis Tool has been created to model earthquake and typhoon risk in Asia. It allows users to analyse loss estimates for “what if” scenarios based on location and severity.
Guy Carpenter has also spearheaded vital research into the risks facing communities in the Asia-Pacific region. In 2008, the broker established the Guy Carpenter Asia-Pacific Climate Impact Centre (GCACIC). It is the only academic research institution focused solely on Asia-Pacific climate perils.
Meanwhile, the last year also provided evidence that Corporate Social Responsibility remains a key feature on Guy Carpenter’s agenda. Following the devastating Sichuan earthquake in China in 2008, Guy Carpenter, along with its parent company Marsh and McLennan Companies and its employees in Asia, pledged more than US$200,000. The money was given to aid organisations helping victims of the disaster.
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General Reinsurer of the Year
Allianz SE Reinsurance Branch Asia Pacific
For its in-depth market understanding, emphasis on clients’ business needs and commitment to developing the Asian insurance industry, Allianz Re has clinched this year’s General Reinsurer of the Year award.
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ince it set up in Singapore 10 years ago, Allianz Re has won an outstanding reputation in the Asia-Pacific region across treaty and risk segments alike.
Over the past year, the company has expanded its client offering portfolio to include retakaful, P&C and life, general aviation and offshore energy business through its specialist underwriters in Singapore.
It is the lead insurer in providing cover for a number of major infrastructural projects and power plants in the region.
The company is also planning to expand into agricultural classes and is honing its expertise in microinsurance.
All these factors have helped make Allianz SE branch Asia Pacific, the largest reinsurer in Singapore by premium in 2008, according to statistics from the Monetary Authority of Singapore.
In addition to its core reinsurance activities, Allianz works with products such as CAT bonds and has achieved numerous CAT swap deals with major clients in the Asia Pacific.
The reinsurer’s knowledge and understanding of the market particularly impressed the judges, who highlighted the detailed analysis generated from Allianz Re’s in-house technology and its sophisticated focus on Asian catastrophes.
The reinsurer also impressed the judging panel with its commitment to share knowledge and expertise on the latest industry developments.
Since 2002, the bi-annual Allianz Reinsurance Forum has served as an excellent platform for the latest industry developments and issues.
And in October 2008, the fourth Allianz Reinsurance Forum was well-attended by more than 120 senior industry executives both from life and non-life client companies in the Asia Pacific.
An emphasis on clients’ needs is clearly at the forefront of Allianz Re’s priorities. The company runs an array of training course and programmes in Asia. These include a directors and officers school, a regional claims workshop, seminars and an insurance management workshop.
Allianz Re’s CEO Scott Ryrie represents the company in an array of industry events and association programmes. He also leads the Singapore Reinsurers’ Association where he is Deputy Chairman and has drawn up action plans for the Institute of Catastrophe Risk Management. He also sits on the board of examiners of the Singapore College of Insurance.
For its long-standing commitment to developing the Asian insurance industry, Allianz Re’s accolade as General Reinsurer of the Year is well-deserved.
Life Reinsurer of the Year
Munich Re
Munich Re’s security, stability and capital, which facilitated its continued support of Asian insurers during a trying time, have been rightly recognised in this category.
Despite the financial crisis, Munich Re remains one of the few reinsurers in excellent financial health, with excess capital of around US$10 billion. The reinsurer has shown signs of riding out the crisis better than many of its peers, and rating agencies have awarded Munich Re with consistent high ratings, all with a stable outlook. The reinsurer also has one of the lowest credit default swap (CDS) spreads of any financial institution.
As reinsurance becomes the most favourable source of capital relief for Asian insurers, Munich Re’s strong capital position has helped support life insurers in Asia, and continues to do so. Munich Re has provided total statutory capital relief of over $750 million to several Asian insurers since September 2008.
Market proximity is a core value proposition for Munich Re, and over the last two years, the reinsurer has decentralised its Asian life reinsurance business from its Munich head office to Asia. Life reinsurance headcount in Asia has risen by over 300% in recent years, and Munich Re now has over 130 life reinsurance specialists in offices in Beijing, Hong Kong, Kuala Lumpur, Mumbai, Seoul, Shanghai, Singapore, Taipei and Tokyo.
In 2008, Munich Re’s Allfinanz subsidiary, which offers automated straight-through life underwriting, established an office in Hong Kong. And the Asian hub of Munich Health, a new global healthcare services unit, will be located in Singapore with a team of 30 healthcare specialists.
Munich Re has responded well to insurers’ needs in the region, the judging panel noted. After the launch of its retakaful headquarters in Malaysia Munich Re Retakaful(MMR) in 2008, the combination of Munich Re’s traditional strengths and understanding of takaful principles has propelled MMR to secure leadership of the retakaful market in Asia.
Munich Re has also run the ATLAS consulting programme in Korea, China and India which enables clients to benchmark their company against best practice in areas such as underwriting and product development.
The judging panel noted that Munich Re has continued to employ sound financial management and corporate governance, as well as maintaining professional standards.
For these achievements Munich Re is a deserving winner of Life Reinsurer of the Year.
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Corporate Social Responsibility Award
Mitsui Sumitomo Insurance Group
Mitsui Sumitomo Insurance Group (MSIG) has made every effort to benefit communities through its work in the social and environmental arenas. With such a track record, this year’s Corporate Social Responsibility award is well-deserved.
Long before Corporate Social Responsibility (CSR) became a boardroom buzzword, Mitsui Sumitomo Insurance Group (MSIG) had embedded the notion in its company culture. Today, MSIG centres its CSR activities on a number of key stakeholders, customers, shareholders, local and international communities, business partners, employees, agents and the environment.
In 2004, MSIG became the first financial institution in Japan to participate in the United Nations Global Compact, dedicating itself to addressing various issues in the areas of human rights, labour, the environment and anti-corruption.
During its group-wide agenda in 2008, MSIG co-founded and chaired the Japan Business Initiative for conservation and sustainable use of biodiversity. The initiative aims to bring together Japanese companies to observe international standards for biodiversity.
MSIG has been involved in numerous projects across Asia. These include the Mitsui Sumitomo Insurance Welfare Foundation, which focuses on research into senior welfare and traffic safety. In Hong Kong, the company has also worked with the Heep Hong Society, which provides training and education to children of different abilities.
MSIG has invited youths from the society as interns into MSIG’s offices to prepare them for the working world. It has also launched United for the Future, a tailor-made four-month, pre-job training programme for autistic job hunters to help them locate and secure employment.
In Indonesia, MSIG has worked with the country’s government since 2005 to regenerate the Paliyan Wildife Sanctuary in Java. This work has included planting 30,000 saplings on 350 hectares of mountainside.
In Japan, the insurer has launched MSIG Eco-Smile. The initiative encourages employees to adopt an environmentally friendly and socially responsible lifestyle.
And in Singapore, MSIG’s charity beneficiary is the Cheshire Home, a residential facility for disabled adults.
Since 2002, MSIG has also offered about ¥150 billion (US$1.6 billion) in solar loans to consumers through credit sales companies for the purchase of photovoltaic power systems which do not emit carbon dioxide when generating electricity.
The judging panel found that such actions highlight MSIG’s awareness of the complex challenges the world is facing and its commitment to sustainable growth.
For this reason, MSIG is this year’s winner of the Corporate Social Responsibility Award.
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Personality of the Year
Dr David Mark Dror,Chairman, Micro Insurance Academy
Dr David Dror takes this honour for his groundbreaking research and study which has helped boost understanding of how the world’s poorest communities can benefit from microinsurance.
Dr Dror is one of the world’s most foremost experts in the field of microinsurance.
Over the past decade, he has dedicated his life to studying and designing innovative ways of boosting the acceptance of insurance in some of the world’s poorest communities.
Another area of Dr Dror’s research is studying how the poor access their healthcare and what the insurance industry can learn from these financing practices, in terms of adapting products and distribution channels.
As well as being one of the world’s most foremost experts in the field of microinsurance, Dr Dror is the Chairman of the Micro Insurance Academy (MIA) in India. He is also an honorary professor of health insurance at Erasmus University in Rotterdam in the Netherlands.
Dr Dror is also a prolific and well-respected writer in many peer-reviewed journals. Over the course of his career, he has published books and some 60 articles in national and international journals on insurance and related issues.
His tremendous contribution to the insurance industry in India and Asia has been praised by the sector and by other professionals in development and healthcare.
And it is therefore no surprise that he is frequently invited to give keynote addresses at many industry forums.
The MIA which Dr Dror founded in 2007, is a non-profit, first-of-its-kind centre, for training, research and advisory services. It is the only provider of structured technical assistance to community-based insurance schemes. These can then be linked to established insurers in a reinsurance-like scheme. The MIA is already operating in some of the poorer states of India and in Nepal and is expected to extend its reach to over 100,000 people by 2010.
Dr Dror’s work with the MIA was lauded by the judging panel for its “visionary” method of combining the beauty of being small with the necessity of pooling big.
Throughout his career, Dr Dror has helped to boost the acceptance of insurance on a global basis and made his mark on the regional insurance market as a whole. For this, and for his many other achievements, he is the worthy winner of this year’s Personality of the Year award.
Sponsored by:
Lifetime Achievement Award
Joint Winners:
Mr Ashok Goenka
For his continuing commitment to the insurance industry and the myriad of other successes throughout his long career, Mr Ashok Goenka is the joint winner of this year’s Lifetime Achievement Award.
Mr Goenka is a highly respected figure not only within Asia’s general insurance industry but also in international circles, including through his active involvement in the UNCTAD Insurance Programme in Geneva during his stint there from 1991 to 1993 and as a dedicated lecturer in the insurance degree course over a period of nine years at the Nanyang Technological University in Singapore.
He has been a leader and innovator in the growth of the insurance industry and education for a number of decades.
During his tenure as Executive Chairman of the General Insurance Corporation of India (GIC), India’s state reinsurer, from 1981 to 1991, Mr Goenka supervised and guided the four nationalised general insurance companies in forming systems and procedures. Although GIC’s four subsidiary companies competed with each other, they managed to maintain high levels of financial strength.
During this crucial time of growth for the Indian market, Mr Goenka was responsible for launching many of the insurance schemes and products that are now taken for granted in India. A range of notable initiatives from this time included extending the network of insurance services beyond the organised trade and industry to the rural and agricultural centres. Insurance offices were established in all the districts, with administrative divisions of states forming the Union of India. Comprehensive crop insurance and insurance of fisheries, fruit and vegetable farms were also introduced to the Indian market, as were the first medical policies. The period saw the creation of several lines of non-traditional lines of insurance targeted at the rural sector.
In addition, Lok Adalats (Peoples’ Courts) were created. The courts, which were launched with the active participation of the judiciary, aimed to settle pending third-party claims arising from accidents caused by vehicles insured on a compromise basis.
To this day, Mr Goenka continues to be active in academia. He is a member of the advisory board of the National Law University, Jodhpur, India, the Academic Advisory Committee of the Birla Institute of Management Technology and the Governing Board of Kashi Institute of Technology.
He obtained his MBA in insurance from the Wharton School of Business, University in Pennsylvania in 1954 and is a Fellow of the Federation of Insurance Institutes of India.
Testimonies supplied to the judging panel pay tribute to Mr Goenka’s energy and his generosity in offering advice and counsel. As a “passionate and dedicated insurance professional”, he still continues to make his mark felt in the insurance industry today.
Mr Chia-Lu Wu
Mr Chia-Lu Wu is one of the founding fathers of Taiwan’s life insurance industry. His leadership, in-depth market knowledge, and passion for insurance and education won him the accolade as Joint Winner in the Lifetime Achievement category.
M
r Wu was instrumental in helping to establishing the Shin Kong Life Insurance Co in 1963. He was Executive Vice President, and in 1969 was promoted to President of the company during a tumultous period in the country’s history. At that time, Taiwan was hit by a spate of strikes and internal turmoil; it withdrew from the United Nations; its diplomatic ties with Japan and the US were severed; and it was hit with two oil crises. In spite of these challenges, Mr Wu managed to launch new products for the company, obtaining growth on each occasion.
Under his leadership, Shin Kong Life’s sales performance exceeded more than NT$100 billion in 1982. By the time he retired in 1990, Shin Kong Life had become one of the leaders in the local life industry. Still serving as Vice Chairman, Mr Wu’s successful legacy lives on. By the end of 2008, the company’s total assets reached NT$1.3 trillion (US$40.1 billion), while the total premium was NT$201.9 billion. In May 2009, the company’s policyholders exceeded 7 million and the company employed 17,318 staff.
His involvement in the industry extended to activities outside the company level.
He served five consecutive terms as Chairman of the Life Insurance Association of the Republic of China during which time, he launched various research, business development, actuarial, accounting, educational initiatives.
As Founding Director and later Director of the Taiwan Insurance Institute, he helped to purchase the current office building for the Institute. The building has since facilitated academic research of insurance and human resource development.
He also served 14 years as a member to the Insurance Review Committee of the Ministry of Finance. He has also been Executive Director of Life Insurance Management Institute of the Republic of China; Board Director of Central Reinsurance Corporation; and Honorary Chairman of Life Insurance Outstanding Persons’ Association.
To give back to the industry, Mr Wu donated his retirement pension of NT$10 million to set up the Wu Chia-Lu Life Insurance Culture & Education Foundation which provides insurance scholarship and research. For the last 15 years, the foundation, which raises funds through donations, has awarded 1,821 scholarships amounting to NT$21.01 million and research grants totalling NT$21.5 million. The Foundation also sponsors the Wen Xin Composition Contest for policyholders and practitioners, with sponsorship and prizes totaling NT$61.2 million. In addition, the Foundation sponsored the Chihlee Institute of Technology to set up Wu Chia-Lu Insurance Research Studio, and donated RMB500,000 to Shanghai’s Fudan University as research funding. Using his wife’s name, Mr Wu set up the Wen Tsui-Mei Charity Foundation to help the impoverished.
When the-then largest insurance company of Taiwan, Guo Guang Life, collapsed and its policies were undertaken by Shin Kong Life and Cathay Life in 1970, Mr Wu realised the importance of the public’s confidence in life insurance. Consequently, he launched Shin Kong Monthly at a time when newspapers and magazines were lacking in insurance articles. At its peak, the monthly reached a circulation of 1 million. In 1970, one of Mr Wu’s articles titled “Annoying Life Insurance”, which detailed the functions of life insurance using vivid examples, was released as a separate edition and has since been used as a teaching material for staff.
Other outstanding achievements of Mr Wu include:
- Elected as Top Ten Best Businessperson of 1982;
- Awarded the “Life Achievement Award” for insurance practitioners, sponsored by Modern Insurance Magazine in 2000;
- Awarded Certificate of Citation and Merit for his contribution to the encouragements of schooling by the Ministry of Education in 2000;
- Awarded Social Education Merit Prize of 1999 by the Education Bureau of Taipei City Government in 2000;
- Appointed Senior Consultant to “Insurance Development and Planning Studio of Shanghai City” at the Department of Insurance of Shanghai Fudan University in 2009.
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Judges
- AGNES KOON,
Chairman,
The Hong Kong Federation of Insurers
- DR BASSEL HINDAWI,
Director General,
Insurance Commission of Jordan
- CHAI SOPHONPANICH,
Chairman and President,
Bangkok Insurance Public Co Ltd
- MRS CHANTRA PURNARIKSHA,
Secretary-General,
Office of Insurance Commission, Thailand
- CHRISTOPHER HO,
Chairman,
Singapore Reinsurers’ Association
- CLEMENT CHEUNG ,
Commissioner of Insurance,
Hong Kong
- DAVID L FRIED,
Chief Executive Officer,
HSBC Insurance (Asia Pacific) Holdings Ltd
- HIROSHI FUKUSHIMA,
Managing Director,
The Toa Reinsurance Co Ltd
- DR HUANG TIEN-MU,
Director General,
Insurance Bureau, Financial Supervisory Commission, Taiwan
- JAYNE PLUNKETT,
Head of Casualty Underwriting for Asia,
Swiss Re
- LESLIE J MOUAT,
Regional President,
American International Underwriters SEA Regional Office
- PATRICK POON,
Chairman of Operation Committee and Director,
China Pacific Insurance (Life) Co Ltd
- RICHARD AUSTEN,
Chairman,
Reinsurance Brokers’ Association (Singapore)
- ROBERT A COOK,
Senior Executive Vice President & General Manager, Asia
Manulife Financial
- SIMON MACHELL,
Chief Executive Officer,
Aviva Asia Pte Ltd
- STEPHEN COLLINS, Group Chief Executive Officer, ReMark International B.V
- TADASHI BABA ,
Managing Director,
Sompo Japan Asia Holdings Pte Ltd
- TAKASHI YOSHIKAWA ,
Chief Executive Officer,
Tokio Marine Asia Pte Ltd
- TONY CHENG, Chief Executive Officer, RGA Reinsurance Company, Hong Kong and Southeast Asia.
- YOGESH LOHIYA,
Chairman-cum-Managing Director,
General Insurance Corporation of India
INTERNATIONAL PANEL
- DAVE J MATCHAM,
Chief Executive,
International Underwriting Association
- GREGORY MACIAG,
President & Chief Executive Officer,
ACORD
- MICHAEL MORRISSEY ,
President & CEO,
International Insurance Society Inc
- PATRICK LIEDTKE,
Secretary General & Managing Director,
The Geneva Association
