Seventeen notable insurance champions emerged as the cream of the crop as they were commended at the highly-prestigious 23rd Asia Insurance Industry Awards 2019 gala dinner tonight, held on the sidelines of the 16th Singapore International Reinsurance Conference.
A large majority of those deserving laureates were first-time winners, competing in an extremely tough competition which attracted over 800 entries this year.
As mobile and digital technologies pervade every corner of the insurance sector, it was not a surprise to see many new award winners being credited with solving major industry challenges through the effective use of technology. Most entries received for the awards were also laced with technology gems or were technology driven.
With blockchain poised to disrupt the insurance industry globally, the awards honoured the Hong Kong Federation of Insurers (HKFI) for leveraging blockchain to tackle motor insurance fraud. HKFI was bestowed with the Innovation of the Year Award for its distributed-ledger technology (DLT) platform called the Motor Insurance DLT-based Authentication System (MIDAS) which was jointly developed in collaboration with FinTech firm CryptoBLK.
Acknowledging another remarkable development in the industry, the Technology Initiative of the Year title went to KYOBO Life Insurance Company for its AI-powered underwriting system named BARO (Best Analysis & Rapid Outcome). The system is a first-of-its-kind globally and meets the needs of sales consultants and customers by providing real-time instant underwriting results.
On a more societal level, Digit Insurance was conferred the General Insurance Company of the Year in view of its efforts in accelerating the insurance penetration rate in India through its online presence and processes. Established in 2016, the insurer is one of the youngest winners in this category.
Meanwhile, the awards introduced the Health Insurance Company of the Year category for the first time this year in recognition of more insurers playing a significant role in addressing the most critical health-protection needs.
Given its well-known comprehensive wellness programme and achievements in making healthcare accessible for customers, pan-Asian health insurer AIA aced the new category. The insurer’s constant product innovation based on contemporary health trends was highly commended.
Previous winners who managed to hold on to their titles despite a tough battle were Marsh Asia and RGA Reinsurance Company. They were the incumbent Broker of the Year and Life Reinsurer of the Year respectively.
This year, the awards also honoured Mr Teddy Hailamsah, an industry veteran and visionary leader who has contributed to the development of the insurance sector in both Indonesia and the wider Asian region. Throughout his career, he has been actively involved in regional insurance groupings including as the secretary general of the Asean Insurance Council for more than a decade.
As the insurance industry improves its diversity and inclusion efforts, another notable individual recognised for her professional accomplishments was Green Delta Insurance Company CEO Farzanah Chowdhury who was conferred the Woman Leader of the Year Award. The category was launched last year and celebrates the crucial contribution that women make to the insurance industry in Asia.
winners Profile >