Salute the Winners of the 24th Asia Insurance Industry Awards 2020

Life Insurance Company of the Year
HSBC Life (International) Limited

Dedicated to being a trusted lifelong partner of its customers, HSBC Life Hong Kong strives to help its customers keep their promises not only to themselves but also their loved ones – from protection, illness, savings and education to retirement.

Upholding its rebranding message ‘Because a promise is a promise’, HSBC Life keeps evolving and resonating with new and existing customers by offering a wide range of products and services through various channels with face-to-face, digital and remote capabilities. It strives to help customers keep the promises they make to themselves and their loved ones regardless of location or situation.

HSBC Life is committed to helping Hong Kong people deliver on their promises to themselves and their loved ones through multiple initiatives: Addressing eldercare needs, diversifying its product range and continuing its digital transformation.

HSBC Life understands that effective communication and customer engagement can further build relationships with customers and become their ‘real’ trusted partner.

Through an insurance literacy platform and an interactive game platform, HSBC Life has helped customers understand insurance products that have long been seen as technical and difficult.

Despite very challenging social conditions in the second half of 2019, HSBC Life continued to leverage its brand, product, distribution and investment strengths to look after the different needs of customers and achieved number one market share during the period.

The company also goes the extra mile in community outreach and is committed to supporting people in need through sponsorships and volunteer work, as well as developing young people with high potential.

To build the employer brand among youth, HSBC Life launched the first HSBC Life Insurance Innovation Competition, aiming to develop high-potential young talents and bring more innovative ideas to the insurance industry. About 170 students from seven universities in Hong Kong took part and generated 39 innovative proposals. The winning teams have been offered internship opportunities at HSBC Life.

General Insurance Company of the Year
Go Digit General Insurance Limited

With the aim of making insurance simple, Digit Insurance is fighting negative concepts that have long been associated with insurance – complexity, boredom, consumer exasperation, legal language and jargon.

It made insurance simple by designing health insurance products that were created by doctors and simplified by kids. This led to customisable, easily understood plans that did not intimidate consumers with the combination of complexity of insurance and the medical field.

Apart from launching the big portfolio, it also tries to understand what people need in the next phase of their lives. For Digit, this was a year of launching new products, including travel insurance, flight delay insurance and India’s first coronavirus cover.

In partnership with the Indian Railway Catering and Tourism Corporation (IRCTC), the company offers complimentary travel insurance cover for anyone booking a flight ticket through the IRCTC website that will cover accidental death or disability and loss of baggage. This complimentary cover is offered to around 23m Indians daily.

Digit also simplified insurance through empowering the customer, by using automation technologies such as machine learning and AI. Its processes are centred on customers self-servicing through smartphoneenabled processes, allowing them to complete various inspections and claims in minutes rather than hours.

This emphasis on simplicity has had many positive impacts for Digit – the company recorded a growth in premiums of 87% in 2019 as well as a 2.76% increase in motor market share and a 1.16% increase in overall market share in FY2019-20.

In addition, it managed to maintain its high service levels during the lockdown period in March and April this year and managed to respond to customer calls and resolve 96% of all cases over the ‘phone. Digit’s automated processes have also made for a much more seamless customer claims experience, with 50% of motor spot claims getting resolved within a day and money being transferred without any issues.

Digital Insurer of the Year
Cathay Life Insurance Co, Ltd

Cathay Life Insurance (Cathay Life) was established in 1962 and is not only the most recognised insurer in Taiwan, but is also a pioneer in insurance products and services. By embracing the core values of integrity, accountability and innovation, it has the largest market share in Taiwan with over 8m customers.

With the global growth of e-commerce and FinTech, more and more customers prefer to engage directly with an insurance company online to fulfil their needs. Cathay Life established four core approaches for excellence, including hiring talent, focusing on user experience, building cross industry alliances and enhancing digital capabilities.

Aiming to be a leading digital insurer, Cathay Life initiated the ’ACE2’ project, which represents acquisition, communication, engagement and ecosystem. It is dedicated to delivering the best digital customer experience by implementing innovative technologies in all customer service interactions.

To change the stereotype that insurance is complicated and difficult, it launched innovative campaigns, customised products and cool-designed platforms to make it fun.

Organising competitions, crosscampaigns with popular brands and apps such as Pokemon GO and integrating insurance to traditional culture events, Cathay Life made sure insurance and its digital approach permeated many aspects of customers’ lives.

Cathay Life also adopted a truly omnichannel approach by offering clear and simple lines of communication and information through various popular platforms, such as SMS, Line or its own app. Through these, customers could easily check the status of their insurance services, and even track their claims processes.

Cathay Life was the leader in premium income market share in 2019. It is also the market leader in online insurance premium income with nearly $34m (an increase of 300% compared with 2018), 42% market share and 47% new customers.

Health Insurance Company of the Year
AXA AFFIN Life Insurance Berhad

AXA AFFIN Life Insurance (AALI) is an emerging leader in the health and protection segment in Ma-laysia, and has adopted a differentiated strategy to target the country’s millennials who are relatively under-insured.

Since 2019, AALI has outperformed the market in Malaysia in five out of six quarters and improved its market share from 1.5% to 3.9% as of 1Q2020.

In line with its vision, 90% of customers acquired in 2019 were between 20-45 years old and over 90% of them bought health and protection products.

It engages customers digitally through lifestyle apps as part of its holistic health ecosystem. ‘Be Well & Fit’ is an example of a health management programme AALI has been running since 1 January 2020 which, in collaboration with BookDoc, aims to incentivise customers to stay active and healthy by increasing their daily step count.

Steps are tracked via the BookDoc app – a health-rewards platform that incentivises healthy living and allows customers to search and make appointments with specialist doctors. Customers are also able to enjoy rewards such as discounts on gym memberships, wearable fitness devices, fitness apparel, healthy food, health screenings and movies.

Another recent campaign called ‘Stressed Out, Reach Out’ seeks to address mental stress, anxiety or depression due to COVID-19 or uncertain economic changes arising from the government lock-down. Done in partnership with Naluri – a digital therapeutics solution provider – customers can get access to health coaches, dietitians, psychologists, fitness/lifestyle coaches and medical advis-ers.

Meanwhile in November 2019, AALI started the ‘Get Ubat’ service, which provides customers with online medical consultation, e-pharmacy and medication delivery. Partnering with DoctorOnCall – Malaysia’s largest online doctor consultation platform – the programme aims to offer Uber-like pharmaceutical services in addition to telemedicine and Skype-doctor services. Such a service has proven vital for customers seeking medical consultation or long-term medications during the COVID-19 period.

Educational Service Provider of the Year
The Association of Indonesian Qualified Insurance & Reinsurance Brokers (APARI)

Recognised for its high standards in the education and training of insurance and reinsurance brokers, the Association of Indonesian Qualified Insurance & Reinsurance Brokers (APARI) has grown significantly over the last 12 months.

The association had a total of 3,000 graduates on 30 April 2020 compared to 2,400 graduates the previous year.

APARI was established in 1993 to create a forum to support the continuing professional development of insurance brokers by conducting formal education programmes, seminars, workshops, training and members’ discussion groups.

Currently, insurance brokers along with reinsurers, insurers, loss adjusters, claims consultants and law firms send their employees for education and training with the association.

As a result of its successful campaign and engagement with the Indonesian Financial Services Authority (OJK), APARI’s education syllabus has been recognised by the regulator and it has been made mandatory for all practising insurance brokers to be a member of APARI.

In 2019, the association’s education programme was recognised by the Indonesian Insurance Professional Certification Authority under the auspices of the National Professional Certification Board as fulfilling requirements to achieve Level 5, 6 and 7 accreditation. Internationally, APARI’s syllabus and qualifications have been acknowledged and recognised by ANZIIF under a mutual recognition agreement.

After launching the ‘Go International’ initiative in 2018, APARI also conducted in-house training programmes, seminars and workshops last year in collaboration with other domestic insurance industry associations and international companies for insurance industry practitioners as well as other professionals and the wider community.

When the COVID-19 pandemic brought about a lockdown in Indonesia, resulting in professionals working from home, APARI launched a new initiative to provide access to more insurance education resources and expertise to its members and the wider community.

As part of the initiative, digital e-learning education programmes and in-house training programmes were introduced via online streaming.

APARI is said to be the first insurance associations in Indonesia to implement digital e-learning – which has allowed the association to expand its international outreach further.

Broker of the Year

Spanning 14 markets, over 30 offices and with a team of over 5,000, Marsh has a combined market reach, talent and specialism that is hard to beat.

Marsh is committed to helping clients succeed, supporting colleagues’ aspirations and contributing to the community. In recent years, Marsh has aligned its services to clients’ industries and business cycles with an industryfocused approach that provides tailored advice and solutions.

With the challenging macroconditions imposed by COVID-19, Marsh rushed to its clients’ aid by utilising a pandemic response cycle tool. Sharing over 20 solutions through a series of industry-tailored webcasts, Marsh also empowered its brokers with tools and access to specialised expertise to help navigate the pandemic’s challenges.

Marsh also continued to innovate with digital and analytics-based solutions to deliver value to clients, colleagues, and insurers. In 2019, it introduced several high-profile digital and analytics solutions to the market and established a digital entity focused on innovation and transformation, making it simpler and easier for clients of all sizes to gain access to comprehensive and efficient risk tools. This function leads its digital initiatives and works with clients, insurers, regulators, InsurTechs, and data providers to create next-generation solutions.

At the core of Marsh is people. The leadership believes loyalty works both ways. In March 2020, with the pandemic threatening jobs everywhere, leadership committed to taking care of colleagues, promising that jobs were secure, and that there would be no recording of annual and sick leave in 2020.

Taking it further than job security, it aims to secure colleagues’ mental and physical wellbeing, by helping them cope with working from home due to the pandemic. Marsh launched a series of weekly activities covering physical, mental, emotional and spiritual wellbeing.

Marsh believes that engaged and empowered colleagues will contribute to the success and viability of its clients businesses, communities and the economy broadly. The year 2019 was one of great successes and many milestones as a combined Marsh and JLT Specialty organisation. In 2020, its aim is to progress digital, innovation and client-centric propositions further to the benefit of clients and communities at large.

Reinsurer of the Year
National Reinsurance Corporation of the Philippines

National Reinsurance Corporation of the Philippines (Nat Re) has gone to great lengths to serve its clients, the industry and the society better, and push the envelope of what it means to be a national reinsurer.

The recent projects the company has undertaken have reaped unparalleled positive effects for the domestic market and will have significant benefits for every Filipino.

Last year, it launched reinsurance facilities for sabotage and terrorism and for liability and financial lines which will allow for efficient distribution of risk exposures, thus optimising domestic capacity.

It is also collaborating with the Insurance Commission and the Philippine Insurers and Reinsurers’ Association to implement a Philippine catastrophe insurance facility that will encourage insurers to promote catastrophe insurance more actively, thereby providing Filipinos with greater access to protection against natural disasters.

Nat Re is currently involved in several initiatives aimed at promoting climate risk insurance, pursuing reinsurance pooling opportunities, and advancing riskinformed decision making.

The company is part of a pilot project that will encourage the involvement of the private sector in agriculture insurance, and is project manager of the Oasis Project, an initiative that aims to develop the first open-access catastrophe model for floods in the Philippines. The Oasis Project will also build longterm capacity among stakeholders in the Philippines to develop, understand and use catastrophe models for risk-informed decision making.

Nat Re’s CEO is also part of the Climate Risk Insurance National Task Force of the RFPI Asia III project of the German development aid agency GIZ that aims to engage the government to support the insurance industry in developing sustainable climate risk insurance solutions for lowincome groups, the most-at-risk, and micro, small and medium enterprises.

The company is leading the charge in advancing mutual cooperation within the insurance industry in the region and continues to pursue mutually beneficial agreements with fellow reinsurers.

Throughout its endeavours, Nat Re has continued to ensure that its strategies and day-to-day activities remain in line with its sustainable development goals.

Sustainability Award
Generali Indonesia (The Human Safety Net)

Over the last three years, Generali Indonesia (Generali) has gone above and beyond to support less-privileged members of the community.Through The Human Safety Net (THSN), a global movement to empower disadvantaged people, Generali has been actively involved in the development of early childhood in disadvantaged families and parenting classes, which includes building good parenting between children and parents.

Working with multiple nongovernmental organisations (NGOs), the company runs its Saturday Academy – volunteering activities every Saturday that focus on the character development of children, parenting classes and providing nutrition for pregnant women and toddlers.

Generali involves members of its management team, employees and agents as volunteers in the activities, allowing them to contribute directly to the movement. To date, more than 300 of its personnel have joined as volunteers.

In addition to the volunteering activities, Generali also introduced a payroll donation programme that allows its employees to donate a portion of their salary to the THSN programme. Last year, its employees managed to contribute IDR250m ($17,000) to the cause. As of 2019, Generali’s THSN programme has helped around 2,000 children through play sessions, tutoring, and health check-ups, and almost 500 parents through parenting and financial literacy classes.

This year, the company has enhanced the THSN programme by strengthening its knowledge base and improving the creativity of its tutoring and teaching sessions, and launched several initiatives to support the programme through the COVID-19 pandemic.

Since March, it has purchased 30,000 cloth face masks from local suppliers and distributed them to employees, customers, agents, NGOs, bank partners and the general public (as social media giveaways).

Payroll donations from the company’s employees and agent have also been used to provide three portable hand washing units for health education, while and extra IDR50m was raised to support NGOs in purchasing protective equipment for doctors and nurse and to print educational posters which are placed in strategic areas.

To work around social distancing measures, Generali has gone digital with its employee volunteering activities, supporting NGOs with learning materials shared through WhatsApp.

InsurTech of the Year
Blue Insurance Limited

Recognised as Hong Kong’s first digital life insurer, Blue has made great strides in revolutionising the market by pioneering a ‘24/7 online insurance platform’ and designing unique online protection products.

Launched in 2018, the digital insurer is a joint venture between insurance giant Aviva, investment expert Hillhouse Capita and tech giant Tencent. Blue leverages the expertise of these three major companies to address consumers’ widespread frustrations about the insurance industry.

The digital insurer’s suite of five products is thus designed to offer customers simplicity and flexibility that bridge the product gaps in Hong Kong’s insurance market.

Customers using Blue’s platform only need to answer a few simple questions online to complete an insurance application. The platform also provides customers with convenience and flexibility to manage their policies online.

Built on Tencent’s cloud infrastructure, Blue’s fully-integrated digital platform is facilitated by several innovative technologies including Tencent’s facial recognition, e-KYC procedures, real-time anti-money laundering name screening, online underwriting and data analytics.

Blue is the first insurer in Hong Kong to operate its core system solely on Tencent Cloud, which enables the insurer to take its agility, scalability and innovation to the next level.

In February 2020, Blue achieved another milestone by launching an online savings product called WeSave S1 insurance plan to present a new way of saving to the Hong Kong insurance market. The insurer understands that customers face problems with traditional insurance savings products in Hong Kong, such as dealing with long lock-up periods, low guaranteed return rate as well as the challenges caused by market uncertainties.

Therefore, WeSave S1 offers a competitive guaranteed return of 3% p.a. and enables full withdrawal anytime without any charge.

The insurance plan is regarded as an excellent example of Blue developing a product based on customer feedback in an agile manner. Its digital model enables the insurer to harness the power of technology and respond to data insights almost in real time.

Unlike traditional insurers with intermediaries as their primary distribution channel, Blue can directly collect user data across all customer interactions and continuously upgrade its user experience.

Technology Initiative of the Year
Prudential Corporation Asia

Prudential Corporation Asia’s (Prudential) health app – Pulse – is the latest among the company’s growing digital offerings in Asia. Using AI-powered self-help tools and real-time information, Prudential aims to take its engagement with consumers to a new level through an holistic health-management approach.

Through Pulse, Prudential delivers seamless services to consumers across the region by building a network of health services provided by regional and local partners.

Pulse is a component in Prudential’s broader strategy to deliver affordable and accessible healthcare to all in Asia. While insurers have traditionally focused on protecting customers, Pulse has enabled Prudential to expand its role to provide more holistic support.

With Pulse, Prudential is also helping users prevent and postpone the onset of diseases.

Features currently available on Pulse include:

  • Symptom checker: An AIpowered chatbot that provides users with insights into possible health conditions based on the symptoms experienced
  • Online consultation: A service that enables users to schedule a call anywhere with a boardcertified doctor.
  • Dengue outbreak predictor in Malaysia: A dengue outbreak prediction platform that uses big data and AI, and can predict whether a location will be hit by an outbreak three months before it happens. Users will be alerted and encouraged to avoid highrisk areas and stay indoors when mosquitoes are most active while taking other preventive actions to break the mosquitobreeding cycle.

Over time, Prudential will expand Pulse to include more value-added services to support users’ health and wellness. Pulse will soon also include wealth management components, thereby fulfilling the company’s vision of offering a single app for individuals to manage their health and wealth needs.

First launched in Malaysia, Pulse is being rolled out to 11 markets across Asia and is currently available in 10 languages. Since its launch in August 2019, Pulse has been downloaded over 11m times (as of October 2020).

Innovation of the Year
HSBC Life (International) Limited (Eldercare Programme)

Ageing populations is a trend that is forecast to continue growing in Hong Kong over the next few decades. In light of this, HSBC Life has stepped up its efforts to raise public awareness about the cost of eldercare and has developed innovative solutions to improve Hongkongers’ financial futures through the HSBC Life Eldercare Programme.

The first-in-market health and financial support programme incorporates the innovative Automatic Retinal Image Analysis (ARIA) dementia risk screening that helps more accurately assess dementia risk.

As part of the programme, HSBC Life collaborated with the Sau Po Centre on Ageing at The University of Hong Kong and The Women’s Foundation to conduct a survey which looked into the future economic cost of eldercare.

And in partnership with the Hong Kong Lutheran Social Service, the programme supports the local community by helping people to manage the risk of dementia through solutions that address common problems faced by the elderly at risk of dementia.

This includes the launch of a dementia protection rider that will help improve the financial futures of Hong Kong residents and provide assistance to dementia patients and their caregivers.

Taking a three-pronged approach, the programme engages both its customers and employees, as well as the broader community in Hong Kong – allowing it to maximise the impact of the company’s efforts at promoting eldercare and dementia protection to the community.

Aside from print ads in public spaces, the programme was promoted on social media and digital platforms and saw HSBC Life enlist the aid of renowned Hong Kong actress Kara Wai – herself a caregiver for her mother with dementia – to produce an inspiring video that has been viewed over 1m times.

The programme has been a resounding success, receiving positive responses from the community and generating over 100 media clips in three months and 18m impressions delivered within the promotion period from late July to August 2019.

Service Provider of the Year (Joint Winner)
AIR Worldwide

Seeking to help (re)insurance markets become more efficient and resilient, AIR Worldwide (AIR) has shown continuous commitment towards developing innovative solutions that facilitate transactions attractive to both issuers and investors.

From its humble beginnings as a small office in Boston, AIR has grown to a leadership position in the catastrophe-modelling industry. The firm now has nine offices around the globe with over 400 organisations relying on its models, software and services to manage their risk from natural catastrophes, terrorism, cyber attacks and pandemics.

Apart from providing support and services to clients across international reinsurance and insurance-linked securities industries, AIR has been able to bring new companies and governments into the fold – allowing them to leverage catastrophe models to provide protection and make better informed risk-transfer decisions.

Since modelling the risk for the very first publicly issued catastrophe bond (George Town Re) in 1996, the firm has modelled the risk for more than $63bn of raised principal.

In 2019 and 2020, AIR continued its dominance in the risk transfer market by modelling more than 70% of the Public 144A P&C transactions, while also remaining the modeller of choice for Asian sponsors as well as sponsors looking to domicile in Singapore.

Over the past year, the firm was the expert risk modeller for all four of the 144a catastrophe bonds domiciled in Singapore.

At the same time, AIR continued to support several major Japanese insurers with their catastrophe bond programmes as both Mitsui Sumitomo and Zenkyoren issued new bonds during this period.

In addition to working with the private sector, AIR also worked closely with the government of the Philippines to develop a modelledloss trigger that allowed it for the first time to secure protection against earthquake and tropicalcyclone risk through a publiclyissued security.

Working with the Filipino government, supporting transactions that were domiciled in Singapore and its support of major Japanese insurers each demonstrate AIR’s ability to help support the Asian market through giving investors trust in the risk statistics and providing a transparent structure that works for all parties.

Service Provider of the Year (Joint Winner)
Medix Group

Since its inception in 2006, the Medix Group (Medix) has played a transformative role in the health insurance sector by delivering medical-management solutions to clients globally. The firm’s clients are primarily global health and life insurers as well as financial groups, large corporate organisations and governmental institutions.

Being a strong believer in the benefits of digital disruption, the firm has set up a subsidiary, Medix Ventures, which is specifically geared to investing in digital health solutions.

As a result, Medix sits at the intersection between health and technology – using innovative digital solutions to support customers with tools, including its proprietary electronic medical records and a secure web radiology imaging sharing system.

Apart from digital disruption, the firm’s business model is focused on cost-effectiveness for insurers, better patient outcomes and better accessibility to quality medical care as well as maintaining sustainable premiums.

This business model has succeeded in marrying disruptive service models with advanced accessibility and implementation of quality healthcare.

Medix also represents a change in approach toward providing private insurance service and a transition from health payer to health player.

With the COVID-19 pandemic raging on, the healthcare and health insurance industry has suffered from gaps in accessibility, transparency and quality of care. Medix addressed this problem with the introduction of the firm’s flagship product offering, Personal Medical Case Management (PMCM).

PMCM addresses both parties’ needs: The patient’s need for professionalism, quality and reliability as well as the insurer’s need for quality alongside costefficiency.

The product is said to be an excellent example of Medix demonstrating its dedication to customer service while setting the standard for others to match without compromising the profitability of the business.

On average, the diagnosis was changed in 25% of the Asia-based PMCM cases managed by Medix, while 53% of patients received improved treatments.

Corporate Risk Manager of the Year
Ms Sharon Xu (Marriott International)

As Marriott Asia Pacific Insurance (Marriott) director, Ms Sharon Xu leads and manages the negotiation and placement of Marriott’s casualty insurance and risk transfer strategies for over 700 hotels in 26 countries and territories.

With 13 years of experience in insurance prior to joining Marriott, Ms Xu has always been ready to turn her knowledge into action plans and continues to provide solutions and make independent decisions regarding insurance on complex business modes.

During her time at Marriott, she has reviewed over 1,500 different types of vendor contracts and created and optimised the company’s vendor insurance guidelines for Asia Pacific.

Her tireless commitment to her work, calm demeanour and her ability to provide effective risk management solutions for Marriott’s highest growth continent have made her an invaluable asset to the company.

When COVID-19 brought unprecedented challenges to the hospitality sector, Marriott faced a dramatic shift in its business and between March and April this year. Ms Xu and her team were integral in evaluating an opportunity for the company to start a food delivery campaign in China, which was eventually launched in May.

Thanks to the trust that she had built with her internal customers and the company leadership, she led the coordination with Marriott’s legal, food safety, occupational health, loss prevention and finance functions to create a highly stringent operation guideline which was differentiated by major territories.

Not one to be satisfied with the status quo and always thinking about the hotel’s risk exposure and the safety and security of its guests, she also took it upon herself to revisit some critical operating procedures during the pandemic and, together with her team, finetuned risk-control guideline for kids’ activities that are provided in many Marriott hotels.

Her passion and commitment to hospitality risk management and her drive to foster positive relationships with business units to achieve Marriott’s organisational goals and initiatives have earned her a reputation for being flexible and able to adapt to different cultures while providing creative solutions.

Young Leader of the Year
Ms Jeanette Lim (Chubb Asia Pacific Pte Ltd)

As Chubb Asia Pacific’s (Chubb) regional head of development and incentives, one of Ms Jeanette Lim’s priorities is to ensure that the company’s agents and staff are provided with a structured learning framework to equip them with the skills to navigate today’s fastchanging business environment.

Ms Lim launched the agency training framework across Chubb’s Asian markets with a focused and targeted approach to agent segmentation and technical competency. This included the appointment of training managers in each country and the provision of training resources in countries to conduct learning activities and workshops.

She also launched the APAC leadership development series last year, which aims to equip Chubb’s leaders with the necessary competencies to lead their teams and agents in their countries.

Besides her role in Chubb, Ms Lim often looks to give back to the industry and society. She currently serves as president of the Singapore Insurance Institute (SII) –a nonprofit organisation established to serve as the institute for professional excellence in insurance and financial services.

In her capacity as SII president, Ms Lim helped to initiate the SII Institute of Technical Education, which is part of the Singapore government’s initiative to provide industry experience for ITE graduates in order to be ‘career-ready’. She also led and launched SII’s first seminar in collaboration with the Singapore FinTech Association last year – with FinTech being a pertinent topic among industry professionals as insurers across Asia step up digitalisation efforts.

On a personal front, she actively looks to volunteer in helping less privileged communities, and very recently visited children in the tribal area of Chiang Rai, Thailand, to spread cheer by giving out food and gift items.

Having served 17 years in the insurance industry, Ms Lim continues to make significant contributions both on a professional and personal level.

Woman Leader of the Year
Ms Kumjoo Huh (Kyobo Life Insurance Co Ltd)

Ms Kumjoo Huh regularly champions diversity and inclusion (D&I) causes and has been appointed as Korea’s representative in the G20 Empower Alliance and co-head for Women 20, where she drafts communiques on ‘Promoting Women in the Economy’ for G20 leaders.

In a country where only 3.6% of women hold executive roles, Ms Huh holds a unique and influential position in corporate Korea where she is currently executive vicepresident at Kyobo Life Insurance (Kyobo Life). The company is one of the major life insurers in Korea with total assets of over $100bn.

In 2011, she established and became the leader of Kyobo Life’s D&I programme, organising regular mentorship programmes and D&I conferences on an annual basis. Today, the conference has become one of the most symbolic women’s conferences in Korea, attracting more than 500 participants each year. Meanwhile, the mentorship programme has led to a tenfold increase in the number of female managers in Kyobo Life. As a result, the insurer has a strong and healthy pipeline of female leaders in the company.

Ms Huh does volunteer work for various non-profit organisations in Korea to help promote women to executive positions. She currently serves as chair of WIR Mentoring Program for the Korean German Chamber of Commerce and co-chair for Women Leaders’ Committee for American Chamber of Commerce in Korea where she built mentorship platforms for women.

Having spent more than 30 years in the insurance sector, Ms Huh has devoted much of her career in the areas of digital transformation, corporate strategy, overseas operations and B2B business. She has played a role in her company’s digital transformation, helping create a digital ecosystem that aims to provide a seamless experience for its customers.

From 2004-2009, Ms Huh represented Kyobo Life in China where she successfully established CSR programmes with the Insurance Association of China and other related governmental departments. She also set up a strategic alliance with the largest insurer in China – China Life Insurance. Over a 10- year period from 2009-2019, she helped expand Kyobo Life’s client base to include more Fortune 500 companies, thus commanding a market share of more than 60% of MNCs in Korea.

Lifetime Achievement Award
Mr Arun Agarwal

In a career spanning more than four decades in Indian insurance, Mr Arun Agarwal has remained committed to growing the industry and led with the vision to transform it to be more inclusive for customers and improve insurance penetration.

Over the years, Mr Agarwal has contributed immensely to the Indian insurance industry, publishing multiple research reports and approach papers.

At the turn of the millennium, he assisted AIG in setting up Tata AIG General Insurance, which is still flourishing today, and then went on to lead Chola MS General Insurance as a start-up, which has continued to be successful ever since.

On a project sponsored by the General Insurance Council of India, he worked to evolve standard policy wordings on fire (standard fire and business interruption) and motor own damage, and also assisted in the shaping of engineering covers for the Indian market.

And on behalf of the Underwriting Committee of Terrorism Pool in India, he worked with GIC Re to bring terrorism underwriting practices in line with the international market.

As Lloyd’s general representative for India from 2011-2017, he worked with the Indian government and the Indian parliamentary committee for legislative changes that would allow for onshore reinsurance branches, including Lloyd’s.

Following that, he worked with the Indian insurance regulator on developing the reinsurance branches’ regulatory framework and getting the required license and operationalising Lloyd’s in India.

Throughout his career, Mr Agarwal has also made it his mission to make insurance better understood by its customers, conducting workshops and seminars, speaking at conference and organising roundtables and symposiums.

Not one to rest on his laurels, Mr Agarwal continues to give his complete dedication to the insurance industry today. Beyond his current role as independent director at Kotak Mahindra General Insurance, he has partnered with a former Indian insurance regulator for policy reforms in India. Most recently, they published a monograph together, ‘Insurance Governance for World’s Largest Democracy’, in December last year.