Insurance Asia 2025

Issue No. 24

Display to 31 August 2026

AI REWRITES INSURANCE CELEBRATING A DECADE OF EXCELLENCE AT THE 10TH INSURANCE ASIA AWARDS

Insurance Asia

LESS IS MORE IN THE NEW ERA OF INSURANCE APPS ETIQA BREAKS GROUND WITH SG’S FIRST TAKAFUL IN A DECADE GLOBAL GIANTS TURN TO HONG KONG’S IN-HOUSE INSURANCE INSURERS WOO ASIA’S YOUNG HEIRS TO CHASE OLD MONEY

C2 Insurance Asia

FROM THE EDITOR

A

sia’s insurance sector is being redrawn by hard constraints, such as capital rules, demographic shifts, and regulatory bets. Singapore is a case in point: a trillion dollars in assets is expected to change hands over the next 15 years.

On page 6, see how FWD and IPP are positioning themselves more as succession planners than policy sellers.

PUBLISHER & EDITOR-IN-CHIEF Tim Charlton EDITORIAL MANAGER Tessa Distor PRINT PRODUCTION EDITOR Eleennae Ayson LEAD JOURNALIST Olivia Tirona JOURNALIST Ibnu Prabowo GRAPHIC ARTISTS Emilia Claudio Cathlyn De Raya EDITORIAL ASSISTANT Vienna Verzo COMMERICAL TEAM Jenelle Samantila Dana Cruz Danielle Goh

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SINGAPORE Charlton Media Group 101 Cecil St. #17-09 Tong Eng Building Singapore 069533 +65 3158 1386 HONG KONG Room 1006, 10th Floor, 299QRC, 287-299 Queen’s Road Central, Sheung Wan, Hong Kong

Digital strategy is also being forced back to discipline. Insurers across Southeast Asia are no longer chasing “super app” status, but are returning to basics: fast claims, robust security, and tools customers actually use. Find out more on page 7.

Regulation is equally disruptive. Etiqa’s re-entry into takaful tests how Islamic finance can fit within Singapore’s secular framework, whilst Malaysia’s RBC 2 regime will determine who has the scale and actuarial muscle to survive. Read on pages 10 and 28, respectively.

Hong Kong, meanwhile, is rewriting its insurance landscape. Revised captive rules and tax breaks are making the city a credible competitor to Bermuda and Singapore, with multinationals now incentivised to self-insure closer to home. This is covered on page 30.

Other features explore rising medical costs in Thailand on page 32 and how digital platforms such as GCash are advancing financial inclusion in the Philippines on page 34.

Finally, on pages 40 to 45, we recognise the winners of this year’s Insurance Asia Awards, whose achievements and innovations reflect the sector’s resilience and commitment to excellence.

Congratulations to everyone!

MIDDLE EAST FDRK4467, Compass Building, Al Shohada Road, AL Hamra Industrial Zone-FZ,Ras Al Khaimah, United Arab Emirates

Read on and enjoy.

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Tim Charlton

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Insurance Asia 1

CONTENTS

40

EVENT ASIA’S FINEST INSURERS, INNOVATIONS LAUDED AT THE 10TH INSURANCE ASIA AWARDS

INSURANCE RANKINGS

FIRST 06 FWD, IPP court young heirs to win old money 07 Why insurers are building apps that do less on purpose

SPACEWATCH 08 Pru Life UK's Manila headquarters embrace hybrid work with crossfunctional space

CEO INTERVIEW 12 MSIG targets Chinese students in Thailand 14 Sandra Lee steers BMS Asia in M&A growth 16 Oona Insurance eyes M&A to boost earnings

22 Top 50 list shows recovery in Hong Kong insurance premiums

CASE STUDY 24 Asia's longest bancassurance deal turns 25

PRODUCT WATCH 26 Bajaj Allianz rolls out women's insurance

COUNTRY REPORT

Hong Kong Room 1006, 10th Floor, 299QRC, 287-299 Queen’s Road Central, Sheung Wan, Hong Kong

20

INSURANCE RANKINGS TOP 50 LIST SHOWS WORSENING DIP IN SINGAPORE'S INSURANCE PREMIUMS

EVENT NEWS 32 Medical inflation strains state budget and Thai health insurers 34 How GCash’s credit and insurance tools unlock Philippines' inclusion barriers

COMMENTARY 94 The essential element of a modern, customer-centric insurance business 96 Risk strategies for decommissioning traditional power plants

28 Solvency rules force insurers to merge 30 Global firms eye Hong Kong for in-house insurance

Published by CHARLTON MEDIA GROUP Singapore Charlton Media Group 101 Cecil St. #17-09 Tong Eng Building 2 Insurance Asia Singapore 069533

10

CEO INTERVIEW ETIQA LAUNCHES SINGAPORE’S FIRST TAKAFUL INSURANCE

Middle East FDRK4467, Compass Building, Al Shohada Road, AL Hamra Industrial Zone-FZ, Ras Al Khaimah, United Arab Emirates

For the online versions of the insurance stories, visit the website

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News from insuranceasia.com Daily news from Asia MOST READ

LIFE INSURANCE

Vietnam’s life insurance sector slated for dip this 2025 Vietnam’s life insurance market is projected to contract by 1.3% in 2025, reaching $6.0b in gross written premium, down from $6.1b in 2024, according to GlobalData. The decline follows consecutive contractions of 12% in 2023 and an estimated 5.7% in 2024 due to irregularities in bancassurance sales.

CYBERSECURITY

APPOINTMENTS

Prudential reels in new CEO for Malaysia, Indonesia, Vietnam Prudential PLC has appointed John Cai as Regional Chief Executive Office (CEO) for Malaysia, Indonesia, Vietnam, and Agency, effective 7 April. He will be based in Hong Kong and report to Prudential CEO Anil Wadhwani. Cai brings over 20 years of experience leading insurance businesses in Asia.

REGULATION

RETIREMENT INSURANCE

Hong Leong Assurance introduces retirement-focused policy Hong Leong Assurance (HLA) has introduced HLA Future Secured, a new insurance plan aimed at providing comprehensive retirement protection for Malaysians. HLA Future Secured offers coverage of up to $893k (RM4m) for inability to perform Activities of Daily Living (ADL) from the start of the policy.

MERGERS & ACQUISITIONS

Clearer cyber risk benchmarks for Australian SMEs pushed

HKIA sets 6% illustration rate cap on Hong Kong dollar policies

Income-Allianz failed merger shows popular opinion is king

Australia should tighten cybersecurity rules to ease the blowback from attacks especially on small and medium enterprises (SMEs), many of which are not insured, analysts said. Six of 10 Australian SMEs have reported having experienced a cybersecurity incident, leading to an average cost of $32,000 for small businesses.

The Hong Kong Insurance Authority (HKIA) has introduced caps on illustration rates for participating insurance policies, setting limits of 6% for Hong Kong dollar-denominated policies and 6.5% for non-Hong Kong dollardenominated policies. The new rules took effect on 1 July 2025.

The failed merger between Singapore’s Income Insurance and Allianz showed that companies should not solely base their financial decisions on the bottom line; public sentiment is just as important. The deal faced backlash from some Singaporeans who felt it went against Income’s long-standing social mission.

4 Insurance Asia

Insurance Asia 5

FIRST HIGH-TECH CAR REPAIRS PUSH CLAIMS COSTS HIGHER AUTO INSURANCE

C

ar insurers in the Asia-Pacific region are under pressure to raise premiums due to rising costs from more frequent road accidents and expensive car repairs.

In Australia, Japan, and South Korea, they are battling surging claims for expensive repairs involving high-tech cars and unavailable auto parts, Laurel Hu, head of casualty underwriting for the region at Swiss Re Ltd., told Insurance Asia in an interview.

“Emerging markets like India, Indonesia, and Vietnam are experiencing a surge in claims due to higher accident frequency, urban congestion, and inadequate repair infrastructure,” she said.

Challenges Pricing is a key battleground for motor insurers in an increasingly competitive market with low but steady profits, Swiss Re earlier said in a report.

Whilst car insurance makes up 40% of the $2.2t global property and casualty insurance market, insurers could only break even, according to S&P Global Mobility.

Tight regulation makes it difficult for insurers to raise premiums, GlobalData said in a separate report.

More travel and car usage amidst an economic recovery are increasing the likelihood of road accidents.

“Distracted driving and increased road speeds, particularly in the postpandemic context, are leading to more severe accidents,” Hu said. Insurance claims are likely to remain high if roads are not upgraded or safe technologies are not adopted, he added.

Angat Sandhu, a partner at McKinsey & Co., said rising claims are also affected by unavailable car parts and mechanics across the supply chain.

EV battery repairs are costly, often leading insurers to declare them a loss, with repair costs and times lagging supply, Sandhu said. Still, EVs are projected to drive a 5.6% rise in car insurance sales this year, according to Globaldata.

6 Insurance Asia

About $1t in assets is expected to be inherited in the next 15 years

FWD, IPP court young heirs to win old money WEALTH MANAGEMENT

F

WD Singapore and IPP Financial Advisers are stepping up efforts to appeal to more Gen Z workers and consumers as they try to harness more than a trillion dollars worth of generational wealth in the next 15 years.

“We really want to build a pipeline of young talent entering the industry,” Adrian Vincent, CEO at FWD Singapore, told Insurance Asia. “With our digital capabilities and the brand reputation of IPP Financial Advisers, we hope to encourage young people to join the industry," he added.

An ageing population, critical illness protection gaps, and the influx of wealth from overseas would all shape both product strategy and customer engagement in the coming years, he said in an exclusive interview.

IPP Financial Advisers CEO Christopher Teo said they also aim to attract young clients in the wealth segment. “From a financial planning perspective, clients, especially those in the younger segment, are more financially literate,” he pointed out.

Vincent expects about a trillion (~S$1.3t) of assets like money, property, and investments to be passed down

Adrian Vincent

Christopher Teo

Wee Tiong Howe

through families from one generation to the next in the next 15 years, and the insurer–financial adviser partnership wants to tap into that.

“FWD has supported us through enhanced financial support and training, which is critical,” Teo said in the same interview. “Their digital tools empower our advisors to deliver more effective, data-driven recommendations and a better digital experience," he added.

FWD acquired a minority stake in IPP Financial Advisers in 2020 as it expands in Singapore and the region.

Vincent said both companies have worked together on product development, and FWD has benefited from insights offered by IPP, whose team of 400 financial advisers also speak with customers daily.

The chief executive also cited how insurance could help with asset transfer, including legacy planning and dividing a business fairly amongst heirs.

“Singapore is forecasted to become a super-aged society next year, defined as having more than 21% of the population aged 65 and above,” Vincent told Insurance Asia magazine.

Shifting models There’s also a $447.02b critical illness protection gap, he said, citing a 2022 report published by the Life Insurance Association of Singapore.

Wee Tiong Howe, chairman and founder of IPP Financial Advisers, said the consumers today expect competitive premiums and globally diversified investment options. “The days of opaque bundled products are fading," he pointed out.

Wee noted that today, a 30-year-old can get $770,000 (S$1m) in life coverage and $385,060 (S$500,000) in critical illness and total permanent disability coverage for about $768.12 (S$1,000) a year—down from as much as $6,931 (S$9,000) four decades ago.

The way insurance is bought and sold is also evolving, he said, noting that the model has shifted in favour of independent financial advisers.

“Consumers benefit from unbundled, transparent products— meaning transparency in the cost of life insurance protection and the types of investment portfolios offered for different risk profiles,” Wee said.

Managing how the clients' wealth is transferred to younger family members when the time comes is another focus of their partnership.

FIRST We're not trying to outbuild our competitors. We build to serve our customers

Different approaches BTN is taking a different approach— embedding itself in customers’ daily routines. “We want to be part of users’ routines from early on,” said Tresia Sarumpaet, Head of Digital Banking Sales Division at BTN. To do this, the lender’s app offers more than just banking. It includes QRIS cross-border payments, airline and train bookings, home repair services, and even access to therapists.

“It’s more than banking. It’s a daily hub,” Sarumpaet said.

At OCBC Indonesia, the focus is on building a strong back-end foundation to support secure and personalised experiences.

“Don’t jump straight to artificial intelligence (AI),” said Phillip Thomas, head of analytics and decision-making at the bank.

“You have to first build the foundation—structure the data, clean it, analyse it. Only then can AI create value," he told the attendees.

OCBC spends 80% of its app development time on infrastructure, including fraud detection and antimoney laundering systems. “Security isn’t a feature—it’s hygiene,” he added.

The bank’s Life Goals tool helps users map out financial goals and get tailored product recommendations.

Thomas, Riswantyo, Sarumpaet, and Darmawan at the summit

Why insurers are building apps that do less on purpose

B

INSURTECH

anks and insurers in Southeast Asia are going back to the fundamentals by designing apps that focus on what customers really need—fast claims, secure systems, and helpful tools—instead of trying to become super apps.

At the Asian Banking & FinanceInsurance Asia Summit 2025 in Jakarta in June, executives from Bank OCBC, Astra Life, PT Bank Tabungan Negara Tbk (BTN), and PT Asuransi Central Asia (ACA) noted how their app development priorities are shifting from feature overload to functional relevance.

“We’re not trying to outbuild our competitors,” Windy Riswantyo, Marketing, Alternate and Direct

process claims more easily.

“We’re building for Gen Z,” she said. “Even if they’re not buying today, we don’t want to start from zero when they are [ready].”

Business Group Head at Astra Life, told the summit. “We build to serve our customers," she continued.

Their My Astra Life app, launched in 2021, puts claims at the centre of the user experience. Features like e-claims, e-cards help users manage health, investment, and pension benefits in one place.

“The highest usage comes from claim-related services. That’s where the value lies,” she pointed out.

At ACA, digital channels account for only about 1% of revenue, Chief Financial Officer Indrawati Darmawan told the summit. But that has not hindered the Indonesian insurer from investing in mobile allow users to view policies and

WHERE IS CYBER INSURANCE GROWING FASTEST ACROSS REGIONS?

T

he global cyber insurance market is to double by 2030, reaching a total premium of $32.4b from an estimated $16.3b in 2025, according to Munich Re. For 2024, it is estimated at $15.3b. This represents less than 1% of the global Property and Casualty insurance premium volume.

Europe and Asia/Oceania are expected to expand their market shares, reaching 24% and 8%, respectively, by 2027.

North America continued to dominate the market with $10.6b in premiums, accounting for 69% of the global total.

Europe followed with $3.3b, or 21% of global premiums, and a compound annual growth rate of 26% from 2020 to 2024.

Whilst large corporations still represent the majority of cyber insurance demand, small and medium-sized enterprises (SMEs) remain

largely uninsured or underinsured due to limited awareness or risk perception.

Globally, the top three market segments affected by cyberattacks the most in 2024 are transportation, retail, and education.

“A global survey by Munich Re found that 87% of C-level respondents consider their organisation’s protection to be inadequate,” Munich Re said in an insight.

Munich Re emphasised the importance of closing this protection gap, especially given the growing threat of cyberattacks and outages.

The market's development depends heavily on the reinsurance sector’s ability to provide advanced risk modelling and stable capacity.

Current estimates suggest the global cyber insurance industry could face modelled accumulation losses between $20b and $46b in scenarios with a return period of up to 200 years.

Cyber Insurance Market Asia/ Oceania - Gross written premium (GWP)

Data Estimates: Munich Re Source: Munich Re

Insurance Asia 7

SPACEWATCH

Pru Life UK's Manila headquarters embrace hybrid work with cross-functional space The office has recreational and wellness areas to help employees recharge.

P

PHILIPPINES

ru Life Insurance Corp. has unveiled its new Philippine headquarters, designed as a crossfunctional, future-focused space that supports both formal and informal work settings for employees.

PRUHouse, launched on 7 January in Bonifacio Global City near the Philippine capital, was designed to enhance both productivity and creativity, featuring collaborative zones, focus pods, social hubs, and ergonomic workstations.

“We want a workspace that reflects our culture — how we care for our employees, and how we embrace hybrid work for Gen X and Y,” Rashelle Cejo, senior vice president and chief human resources officer at Pru Life UK, said in an interview with Insurance Asia.

Spanning 51,000 square feet, Pru Life UK's Manila office houses more than 800 employees.

The Hive serves as a multifunctional space for town halls and events, equipped with an almost 200-inch

A welcoming corner for guests and Pru Life UK staff

The artistic hallways lead to other amenities such as a mother’s room, multi-faith prayer room, and library

8 Insurance Asia

Rashelle Cejo

Paul Marshall

video screen wall, whilst the Sanctuary offers formal and informal work settings. On the other hand, workers can use the Huddle for training and development.

London-based Instant Group completed the third office space for Pru Life UK using its managed office product — a dedicated workspace that incorporates the client’s brand and specifications. “We are already witnessing insurance firms and financial institutions embracing hybrid work models, with large traditional office spaces being traded for more costeffective and flexible solutions,” said Paul Marshall, Instant Group’s executive director for the Asia-Pacific region.

The British life insurer’s office has two separate floors with minimal wall barriers, allowing company departments to blend. Before the COVID-19 pandemic, the headquarters used to have four stories, but the company designed a more inclusive and focused working environment as part of its transition to a hybrid setup.

The open pantry is equipped with kitchen necessities and an endless caffeine supply

Insurance Asia 9

CEO INTERVIEW

Etiqa launches Singapore’s first takaful insurance

Demand for Islamic financial products from the Middle East and Southeast Asia is growing.

E

SINGAPORE

tiqa Insurance Pte Ltd. has launched Singapore’s first takaful insurance product in more than a decade, as it tries to bridge the market gap in Sharia-compliant funds.

Etiqa, the insurance arm of Malaysia’s Maybank Group, launched Invest Future in January, which is an investmentlinked insurance product that promises long-term wealth accumulation that is consistent with Islamic law.

“Prior to Invest future, there were few Sharia-compliant investment options available in Singapore, particularly in the banking and fund management sector to cater to Muslims seeking products aligned with their religious beliefs,” Raymond Ong, CEO at Etiqa Insurance Pte. Ltd., told Insurance Asia.

The global market for takaful — an Islamic insurance system based on mutual assistance and cooperation — is projected to grow 12% annually until 2029 to $57.9b, according to London-based Business Research Company.

There are about a million Muslims in Singapore. But only 5% of them own takaful insurance, Muhammad Ridhwaan Radzi, managing director at Islamic Finance Singapore Ltd., said in a separate interview.

“The rest tend to use conventional products like term, whole life, or insurance-linked products,” he said. “That said, there is a growing number of Muslims using investment-linked products offered by Muslim-friendly insurance groups.”

Islamic finance in Singapore Insurance companies in the city-state are taking advantage of the growing awareness about Islamic finance and takaful, Helmi Hakim, a financial adviser at Takaful.sg, told Insurance Asia in an exclusive interview.

“This awareness is driven by financial institutions and community outreach efforts, which contribute to the adoption of Sharia-compliant financial instruments,” he pointed out.

Ong said their takaful product, which allows policyholders to jointly protect themselves against a defined loss, covers death or total permanent disability. Customers can also pledge contributions to charitable groups.

Takaful products were last sold in Singapore in 2012, Hakim said. NTUC Income (now Income Insurance Ltd.) has been selling Sharia-compliant investment-linked plans since 1995, whilst others started doing so only recently, he added.

Companies like AXA Insurance Pte Ltd., Manulife Singapore Pte Ltd., Tokio Marine Insurance Singapore Ltd., and AIA Singapore Pte Ltd. followed suit in 2017, whilst Prudential and Etiqa joined the trend in 2023. Maybank Singapore Ltd. has had a global footprint in Islamic finance that includes operations in Malaysia, Indonesia, and the Philippines.

“They were trying to bring in people from Malaysia to Singapore — actuarial experts, product engineers, even reinsurance specialists,” Ridhwaan said. “But even with all that, it still took nearly two years for this product to be launched.

10 Insurance Asia

Raymond Ong, CEO at Etiqa Insurance Pte. Ltd.

So, it’s not as easy as it sounds.”

“The issue with takaful products is that it’s not a typical premium-based contract. With insurance, you’re buying and selling coverage, but with takaful, you’re donating your money. That’s the first difference,” he added.

Muhammad Ridhwaan Radzi

Helmi Hakim

Alice Tan

How it works Sharia-compliant investment-linked plans steer clear of assets that earn interest, which is forbidden in Islam. They also avoid gambling, speculation, and excessive uncertainty.

“The money must also be invested in a Sharia-compliant way,” Helmi explained. “This means it cannot be invested in companies involved with activities like pork production, gambling, casinos, alcohol, weaponry, or conventional banks and financial institutions.”

“The question then becomes: How does that contract fit into conventional insurance industry regulations?”

Ridhwaan said. “It’s like trying to integrate something foreign to Singapore’s regulatory framework into existing insurance regulations, so it doesn’t fit perfectly.”

That’s where the confusion might arise, even for regulators, he told the magazine.

Ong expects Singapore to become the next offshore Islamic financial hub amidst a favourable global environment for Islamic finance and the growing demand from regional markets such as the Middle East and Southeast Asia.

Alice Tan, head of Group Wealth Management at Maybank Singapore Ltd. said other insurers in Singapore could follow suit in the takaful revival.

“With Southeast Asia's significant Muslim population of close to 250 million and rising interest in sustainable and socially responsible investments from the broader market, we expect a growing demand for such solutions,” she said.

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Insurance Asia 11

CEO INTERVIEW

MSIG targets Chinese students in Thailand

The Chinese accounted for 53% of foreign students in Thai universities last year.

Shingo Adachi

M THAILAND

itsui Sumitomo Insurance Co., Ltd. expects its recent bancassurance tie-up to boost sales to Chinese investors and students in Thailand, where their influx has reshaped the nation’s higher education landscape and sparked interest in the property sector.

“We see a real opportunity to better serve the growing number of students travelling between Thailand and China,” Rattapol Gitisakchaiyakul, chief executive officer at MSIG Insurance (Thailand) Public Co. Ltd. (MSIG Thailand), told Insurance Asia in an exclusive interview.

“By using data and insights into their travel habits, preferences, and behaviours, we can tailor insurance plans that will meet their needs—whether it’s coverage for medical expenses, study interruption benefits, or round-the-clock assistance,” he shared with the magazine.

MSIG, the Japanese insurer’s Thai unit, and Mitsui Sumitomo Insurance Thailand Branch (MSITB) signed a bancassurance deal with Bank of China (Thai) Public Co. Ltd. (BOC Thai) and China Pacific Insurance (CPIC) in May. Under the deal, MSIG and MSITB will also sell insurance to BOC Thai’s more than 1,000 corporate clients.

Rising Chinese investment in Thailand Chinese students almost doubled to more than 28,000 last year from 2020, accounting for 53% of foreign students in Thai universities, according to the Ministry of Higher Education, Science, Research and Innovation.

The influx has not only altered campus demographics but has also contributed to rising demand for rental housing, healthcare services, and travel protection—all of which are potential growth areas for insurers.

Investment promotion applications surged 40% to 3,137 last year from a year earlier, according to Thailand’s Board of Investment (BoI). Foreign direct investment (FDI) accounted for 73% of the total 2024 application value, rising 25% yearon-year. Singapore was the top FDI source, with 305 projects worth $11b (THB357.5b), largely from Chinese and US companies operating there. China followed with 810 projects worth $5.4b (THB174.6b).

“With Chinese investments in Thailand on the rise, this partnership puts us in a strong position to support Bank of China's corporate clients with a comprehensive range of insurance solutions—from construction and logistics to property,” Shingo Adachi, senior vice president at MSITB, told Insurance Asia in a separate interview.

He also sees opportunities in catastrophe insurance, as well as the growing demand for retirement coverage.

“The risk landscape is becoming increasingly complex and dynamic,” Adachi said. “Take earthquakes for instance—they used to be seen as a low risk in Thailand, but with weather patterns becoming more extreme and unpredictable, we can’t 12 Insurance Asia

Technology is moving fast and it's going to continue transforming how we serve customers

make those assumptions anymore.”

Meanwhile, young consumers want digital-first and easyto-understand products. “That means we can’t just keep doing what we’ve always done; we have to evolve,” he added.

Rattapol said technology is moving fast, “and it’s going to continue transforming how we serve customers, especially through data and digital tools that allow for more personalised and efficient service.”

Thailand’s insurance market outlook supports MSIG’s digitally savvy strategy. Industry estimates suggest the country’s total insurance market could reach $32.6b by 2025, with general insurance alone projected to expand steadily by around 4% per year through 2028.

Property insurance, in particular, is gaining momentum, driven by demand from residential buyers and new infrastructure projects, although rising material and energy costs present near-term challenges.

The Thai General Insurance Association has also forecast gross written premiums for general insurance to reach about $8.6b (THB294b) in 2025, with annual growth predicted to be between 1.5% and 2.5%.

This aligns with GlobalData’s projection of 4.5% annual growth for the sector over the next three years, equivalent to $10.9b in premiums. Much of this expansion will come from personal accident and health (PA&H) policies, which are expected to account for nearly 90% of total general insurance premiums.

With demand for tailored products from Chinese students and investors, the rise of corporate FDI clients, and a market shifting toward digital-first services, the insurer is positioning itself to capture growth across health, property, and catastrophe protection in Thailand’s market.

Rattapol Gitisakchaiyakul, CEO at MSIG Insurance (Thailand)

Insurance Asia 13

CEO INTERVIEW

Sandra Lee steers BMS Asia in M&A growth

She builds the firm’s broking capabilities whilst tackling climate risks, digital adoption, and underinsurance in Asia.

S APAC

andra Lee, Asia CEO at London-based insurer BMS Group Ltd., thinks there is nothing wrong with women leaders asking for help.

“Effective communication is crucial not just in sharing successes and challenges, but also in being transparent about when you need help,” she told Insurance Asia.

Lee, appointed chief executive officer in January 2021, has been building the company’s insurance-broking capabilities for mergers and acquisitions (M&A) in the region. Before this, she spent almost nine years as head of transaction liability insurance at Aon Plc. “Asking for support is not a sign of weakness; it’s a strength that demonstrates self-awareness and commitment to growth,” she said in an interview.

Only a third of senior management roles in mid-market firms in the Asia-Pacific region are held by women, 1.1 percentage point lower than the global average, according to Grant Thornton’s Women in Business 2025 report.

Lee, who has been in the insurance business for more than two decades, said building trust and credibility, especially during periods of economic instability, is a challenge for leaders regardless of gender.

“Trust and credibility are built on consistent performance and a commitment to excellence, regardless of gender. My focus has always been on delivering exceptional service, being responsive to client needs, and approaching every challenge with thoughtfulness and sincerity,” she said.

Industry challenges Macroeconomic uncertainties would be the industry’s key challenge in the next two to three years.

“The Asian insurance market is facing a confluence of challenges, including potential tariff impositions and their ripple effects on the economy. These factors create a climate of unpredictability, influencing risk perceptions and investment returns," she said.

“Additionally, the industry is undergoing a digital transformation, and we are still in the early stages of adopting insurtech,” she added.

She added that the industry is still in the early stages of insurtech adoption. “Technology will continue to reshape the sector like it is doing with all industries, and we can anticipate its long-term impact on business and operational sustainability.”

Climate change is also a threat, Lee pointed out, with more frequent and stronger natural catastrophes demanding a proactive stance from insurers.

In 2024 alone, the region’s economic loss from natural disasters hit $74b, and only 5.4% or $4b of this was insured, according to an Aon report in January.

“As Asia is particularly vulnerable, insurers must be prepared to address the growing risks and support clients in managing them,” the BMS CEO said.

To combat these risks, one of Lee’s strategies is centralising resources that are available in the company’s dual headquarters in Hong Kong and Singapore.

“This approach allows us to pool our strengths, streamline operations, and ensure we are well-equipped to meet client needs efficiently in all of the markets in which we have

14 Insurance Asia

Sandra Lee, Asia CEO at BMS Group Ltd.

Asking for support is not a sign of weakness; it’s a strength that demonstrates self-awareness and commitment to growth

representation, even in uncertain times,” she said.

BMS is also investing in training and fostering a culture of innovation to help its teams adapt to rapid change.

She noted that empowering employees to “think outside the box” and to share their ideas openly is equally important in navigating market volatility.

“By creating an environment where your people feel supported and valued, you’re more likely to find solutions for clients that go above and beyond,” she said.

Despite the challenges, Lee is optimistic that Asia’s rising middle class and young and more affluent population would drive the growth of its life and health insurance market. “These segments are expected to continue expanding, offering substantial growth potential for the industry," she told the magazine.

“As economies mature, the strategic use of insurance as a risk mitigation tool will become more prevalent,” she added.

Reflecting on her extensive career, Lee offered advice to aspiring women leaders: “Care genuinely about the challenges your clients and team face, place absolute trust in those around you, and communicate openly—even when you need help. Resilience and leadership through change come from staying true to these principles.”

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Vanuatu

Tonga

Protecting What Matters. Building Pacific Confidence For over 30 years, Capital Insurance Group has helped individuals, families, and businesses feel confident about the future.

Born and bred in the Pacific and built on trust, service, and resilience, we proudly protect what matters most across Papua New Guinea, Fiji, Tonga, Vanuatu, and the Solomon Islands.

Our Reach | Our People | Our Promise With a regional team of dedicated professionals, we deliver reliable, innovative insurance solutions across five Pacific nations - earning the trust of families, SMEs, corporates, and communities alike.

Regional Leadership, Local Care As a trusted insurer with an extensive network across the Pacific, we combine the strength of a regional leader with the care of a local partner. We stand by our clients in their most critical moments - with empathy, integrity and compassion.

From disaster recovery to grassroots sports, from motor, medical, business and mortgage protection to SME growth - we are more than an insurance provider. We are a true partner in progress.

At Capital Insurance Group, we believe that service is more than a transaction - it’s a relationship. That’s why our people are driven to deliver excellent service, shaped by empathy and purpose, every single day.

At Capital Insurance, we empower communities by supporting MSMEs, women entrepreneurs, grassroots sports, people with disabilities and upcycling.

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UPCYCLING WORKSHOP Insurance Asia 15 service@capgrp.com

CEO INTERVIEW

Oona Insurance eyes M&A to boost earnings

Stricter capital rules are pushing weaker players out of the Philippine market.

O

PHILIPPINES

ona Insurance Group Holdings is targeting mergers and acquisitions (M&A) in the Philippines to boost premium income by at least 30% this year, as the Singapore-based insurer looks to add value to its operations.

“We have capital ready to deploy, but the opportunity has to feel right,” Oona CEO Abhishek Bhatia told Insurance Asia.

“If there's a strong strategic fit, we’ll move quickly."

The company is aiming for annual net income growth of as much as 60%. “We’re open to acquiring companies where the capabilities of the target add real value to our operations,” he added.

Stricter capital requirements are pushing weaker players out of the market, creating opportunities for consolidation, he said.

“These regulatory efforts help maintain a healthy, sustainable insurance ecosystem, and they naturally lead to consolidation, Bhatia told the magazine.

Whilst Asia-Pacific’s insurance carrier mergers and acquisitions (M&A) activity fell by 25% in 2024 compared to 2023 as established firms prioritised organic investment, focusing on data analytics amidst geopolitical uncertainties, according to Clyde & Co’s annual insurance Growth Report.

Globally, activity sank to a 16-year low in 2024, with just 204 transactions completed compared with 346 in 2023. An industry rebound is set for this year, which is primarily driven by renewed investor interest in the US. The Singapore-headquartered insurer currently operates

Abhishek Bhatia, Oona Insurance Group CEO, and Nicasio “Ninoy” Rollan III, Oona Philippines CEO

16 Insurance Asia

We have capital ready to deploy, but the opportunity has to feel right

two licensed entities: PT Asuransi Bina Dana Arta Tbk (ABDA) in Indonesia and Oona Insular Insurance Corporation (OIIC) in the Philippines.

“I believe we’re approaching a period of consolidation in the Philippine insurance market, as well as in Indonesia,” Bhatia said during the exclusive interview.

The Philippine advantage In the Philippines, Oona plans to grow in retail segments such as health, travel, and overseas Filipino workers.

“We've seen the growth of travel, especially during the summer break,” Nicasio “Ninoy” Rollan III, CEO at Oona Philippines, said in the same interview. “Especially the young generation—they travel a lot," he added.

To expand its footprint, the insurer is pushing more agents to its Kahoona platform. Oona Philippines now has about 1,500 agents, making it one of the biggest general insurance agency networks in the country.

In the past two years, the company has developed a tech platform to support its multichannel strategy. “And if agents are starting to appreciate what we’re doing, that’s a good sign,” Roldan said about the new launch.

The country’s general insurance market is projected to grow 11.6% annually from 2018 to 2027 to $3.7b (PHP211b) in gross written premiums, according to GlobalData.

Bhatia views the Philippines’ low insurance penetration— currently below 2% of economic output—as a significant long-term growth opportunity. Most mature Asian markets post penetration rates closer to 10%.

“Insurance is often viewed as an unnecessary expense,” he said. “But once people reach a level of relative affluence, they begin to see the value in protecting the assets they’ve built. That’s when insurance penetration tends to grow—not linearly, but exponentially. And the Philippines is right on the cusp of that shift," Bhatia told Insurance Asia.

He noted that demand typically accelerates once a country’s income per person crosses around $5,000.

Supporting this trend, Insurance Commission data shows the country's penetration rose to 1.89% in the first quarter of 2024, up from 1.78% a year earlier, while insurance density— which measures premiums per person—climbed 13.4% year-on-year to $19.71 (₱1,094.94).

Technology and innovation Rollan said digitalisation would be a major growth driver.

“Information will be widely available, and companies that are already adapting to this shift will be at the forefront," the Oona Philippines CEO told the magazine.

Bhatia cited embedded insurance—often bundled with everyday purchases or common financial services—as a key strategy to boost coverage.

“We're already active in that space, working with partners like GCash, Palawan, and UnionBank. And we’re genuinely excited about the potential,” he said.

Such partnerships allow Filipino customers to access protection seamlessly at the point of purchase, improving reach among underinsured consumers.

He also expects innovation in traditional segments such as property and crop insurance. “We’re going to see more parametric insurance models, where payouts are triggered automatically based on a verifiable event,” he added.

The Agency Distribution Channel Initiative of the Year (Vietnam)

Insurance Asia 17

CO-PUBLISHED CORPORATE PROFILE

MCIS Life: Pioneering sustainability in Malaysia

The company is redefining responsible business through efforts like the Legacy Forest, Purple Truck mobile health unit, and ESG-driven insurance solutions. accountability, says Seebran.

The governance framework includes regular training to ensure employees understand their roles and uphold MCIS Life’s values. Seebran believes it is essential to empower staff with the knowledge to promote a culture of transparency, integrity, and accountability.

Prasheem Seebran, Chief Executive Officer (CEO) of MCIS Insurance Berhad

M

CIS Life exemplifies its commitment to heightened environmental consciousness and social responsibility through leading various sustainability initiatives.

Prasheem Seebran, CEO of MCIS Life, states that the company's efforts reflect its commitment to environmental stewardship, social responsibility, and ethical governance.

Driving impact through the 4 pillars The company’s four key pillars—shared value creation, ESG integration, financial inclusion, and strategic partnerships—drive responsible practices and positive impact.

MCIS Life stands out for its commitment to stakeholder engagement, using platforms like customer service centres, town halls, and regular reporting to engage diverse voices, says Seebran.

A dedication to environmental initiatives MCIS Life is progressing toward net-zero carbon emissions by 2050. A key initiative is the MCIS Life Legacy Forest, launched in 2023 at Sireh Park, Johor Bahru, where over 6,000 endemic rainforest trees were planted. As these trees mature, they are expected to offset around 567 tons of carbon by 2029, supporting biodiversity and carbon sequestration.

Governance & transparency best practices Governance and transparency are key to MCIS Life’s sustainability, with structures in place to ensure ethical conduct, compliance, and

18 Insurance Asia

ESG at the core Seebran affirms MCIS Life’s commitment to investing in people through staff training and development initiatives as it empowers them to drive positive change. Employee volunteering is encouraged to boost morale, job satisfaction, and purpose, whilst supporting social causes aligned with the company’s values.

The company further reflects its ESG commitment through inclusive products.

SME Care+, launched in 2023, addresses the protection gap for small business owners with customisable coverage and guaranteed rates.

MCIS Life also offers modular protection, a flexible insurance solution that lets organisations customise coverage, including death, total, and permanent disability, critical illness, retrenchment, and hospital income.

Additionally, MCIS Life upholds responsible investing by limiting non-ESG investments to 10% and aligning its portfolio with evolving ESG standards to support long-term environmental and social goals.

Initiating change for a better tomorrow Community engagement is central to MCIS Life's sustainability strategy, with Corporate Social Responsibility (CSR) initiatives focussed on giving back and fostering collaboration.

Seebran highlights the importance of giving back to the communities and the power of collaboration.

Through partnerships with stakeholders, MCIS Life aims to tackle common challenges and foster impactful changes within society.

Last year, the company initiated a tree planting programme in conjunction with Municipal Council of Petaling Jaya (MBPJ)’s Hari Terbuka Taman Jaya 2024, with 60 saplings planted at Taman Jaya Park.

A standout initiative is the MCIS Life Purple Truck. Launched in 2022, the mobile unit offers free cancer screenings, health consultations, and educational outreach in underserved areas. The truck uses solar power and features wheelchair accessibility, reinforcing inclusivity and sustainability. To date, it has completed over 21,000 screenings across Malaysia.

Reaffirming commitment to a better future Seebran emphasised MCIS Life's commitment to a brighter, more sustainable future, stating, “Sustainability is a journey, and we're dedicated to driving positive change and leaving a lasting legacy for our planet and society.”

Through its comprehensive sustainability strategy, MCIS Life leads the charge towards environmental responsibility in Malaysia and inspires others to join the effort. Seebran said, “Together, we can build a more resilient, equitable, and sustainable world for future generations.”

(Third from left) Mohammad Nizar Idris, Chairman of MCIS Insurance Berhad Chairman, accompanied by Hj. Zahri bin Hj. Samingon, Mayor of Petaling Jaya, Prasheem Seebran, Chief Executive Director (CEO) of MCIS Insurance Berhad, LAr. Dr. Badrulzaman bin Jaafar, Director of the Landscape Department of Petaling Jaya City Council (MBPJ) and Terence Tan Teck Seng, MBPJ Councilor at the Tree Planting Program

'We're dedicated to driving positive change and leaving a lasting legacy for our planet and society' - Prasheem Seebran

Celebrating five years of award-winning excellence:

Pru Life UK named International Life Insurer of the year – Philippines Pru Life UK proudly marks a historic milestone—its fifth consecutive win as International Life Insurer of the Year – Philippines at the prestigious 2025 Insurance Asia Awards. This accolade stands as a testament to the Company’s unwavering commitment to empowering Filipino lives with innovative, inclusive, and accessible financial protection.

For Pru Life UK, this fifth win is more than a title—it is a reaffirmation of the trust placed in the brand by over two million lives assured nationwide.

Pru Life UK Head of Brand & Integrated Marketing Communications Kathryn Cajucom (middle) and Assistant Manager for Corporate Communications Lalaine Almazan (right) received the International Life Insurer of the Year-Philippines recognition from Insurance Asia Awards

“Winning for the fifth year in a row is not just a triumph—it’s a reflection of our steadfast dedication to excellence and inclusive growth,” said Kathryn Cajucom, Vice President and Head of Brand and Integrated Marketing Communications.

“This award fuels our purpose to be partners for every life and protectors for every future.”

A legacy of leadership

A purpose that resonates

Established in 1996, Pru Life UK is the Philippine arm of Prudential plc, a global financial services leader with over 175 years of legacy.

Guided by its mission – to be the most trusted partner and protector – Pru Life UK delivers simple,accessible, and innovative health, wealth, and protection solutions for people across all life stages – regardless of faith, background, or income.

Over the past three decades—soon celebrating its 30th anniversary in 2026—Pru Life UK has grown into the country’s leading life insurer, with the largest agency force in the industry, comprising more than 40,000 licensed agents operating in over 200 branches and general agencies.

Its balanced portfolio of protection and investment-linked life insurance products, combined with a strong focus on customer experience, has made it the insurer of choice for millions of Filipinos. As of 2024, Pru Life UK ranked first in New Business Annual Premium Equivalent and Total Renewal Premium Income from Variable Life Insurance Products, as reported by the Insurance Commission.

Customer-centricity drives every initiative: from pioneering investment-linked life insurance in the country to becoming the first insurer to be awarded a Takaful license, and launching PRUTerm Lindungi, one of the first life protection plans in the Philippines that is compliant with Islamic laws.

Pru Life UK made history as the first to receive the Philippines’ Takaful license from the Insurance Commission

Empowering people and the planet Pru Life UK also leads internally —investing in its people with training programs, a new customer-centric PRUHouse headquarters, and a strong culture of well-being and development.

Externally, it drives environmental awareness through sustainability education, including comics and community engagements tackling the intersection of climate resilience, mental health, and financial stability.

“We are deeply honoured by this recognition. It strengthens our resolve to deliver meaningful solutions and to empower more Filipinos to live healthier, wealthier lives—today and for generations to come,” added Cajucom.

Insurance Asia 19

INSURANCE RANKINGS: SINGAPORE

Top 50 list shows worsening dip in SG's insurance premiums Strong nonlife growth softened the blow from life insurance’s decline.

S

ingapore's insurance industry is experiencing widening losses as people shift to deposits instead of insurance policies in search of higher returns.

The decline in gross premiums accelerated 9% in 2023, driven by slowing demand in the life insurance segment, according to data gathered

by Insurance Asia for its annual rankings survey.

The survey used 2023 companylevel results, as 2024 data were not available at press time.

On the other hand, general insurance flourished, cushioning the overall contraction that was worse than the 0.5% dip in 2022, according to data compiled from official sources by Insurance Asia 2024 Insurance Rankings.

Amongst the top 10 life and nonlife insurance segments, seven experienced a drop in premiums, whilst three posted growth. Thirteen life insurers, 28 general insurers, two life reinsurers, and two general reinsurers were on the top 50 list. Five companies had two entries for both their life and nonlife units.

Life insurers dominated the list, with Great Eastern Life Assurance Co. Ltd. getting the highest premiums at $9.24b (S$11.9b) despite a 15.9% decline from a year earlier. It was followed by Prudential Plc, whose gross premiums fell 21.7% to $5.51b (S$7.1b).

In third place was AIA Singapore Pte Ltd., followed by Manulife (Singapore) Pte. Ltd. Singapore Life Holdings Pte.

Billy Teh

Carmel Green

Economic challenges, including inflation and cost-of-living pressures, appear to have impacted consumers more heavily

at No. 5 bucked the trend with a 5.7% premium growth.

Income Insurance Ltd. came in sixth place for its life segment and 10th for nonlife insurance, followed by HSBC Life (Singapore) Pte. Ltd.’s life business at No. 7, Tokio Marine Life Insurance Singapore (life) at eighth, and Utmost International Isle of Man Ltd. (Singapore branch) (life) at No. 9. Amongst the top 10, HSBC Life posted the biggest yearon-year increase of 58%.

Cost-of-living pressures High interest rates in 2023 dissuaded Singaporeans from borrowing to finance their single-premium life policies, Billy Teh, an analyst at S&P Global Ratings, told Insurance Asia in an exclusive interview.

High borrowing costs often cut disposable income, which forces people and businesses to skip insurance or opt for lower coverage.

“Economic challenges, including inflation and cost-of-living pressures, appear to have impacted consumers more heavily, as they navigate a volatile macroeconomic environment marked by rising interest rates and intense market competition,” Carmel Green, a partner at Reynolds Porter Chamberlain LLP (RPC), said in an interview with Insurance Asia.

The weighted new business premiums of Singapore’s life insurance sector fell 3.9% year-on-year due to slowing demand for single-premium

Great Eastern Life Assurance Co. topped the list with $11.9b in premiums despite a 15.9% decline from a year earlier

20 Insurance Asia

life insurance, in which a policyholder pays a lump sum up front in exchange for a guaranteed death benefit.

On the other hand, the demand for regular premium nonpar products such as term and health Insurance plans rose, according to the Life Insurance Association of Singapore.

Single-premium life insurance products, which used to fuel much of the sector's growth, lost traction as consumers leaned towards fixed deposits that had shorter lock-in periods and attractive returns.

On the positive side, Teh said premiums from the health insurance segment were more resilient, supported by consumer awareness about the importance of health coverage in a post-COVID 19 environment.

Growth for the life sector Despite these setbacks, analysts are cautiously optimistic about life insurance in 2024 and 2025. With the expected decline in fixed deposit rates, single-premium endowments may regain popularity.

Teh said he anticipates Singapore’s life sector to grow 3% to 4% in the next two years amidst an ageing population and the need to bridge the protection gap.

Gross written premiums of Singapore’s domestic and offshore general insurance segments rose 10.1% to $10.2b (S$13.23b) in 2023, according to the General Insurance Association of Singapore. Underwriting profit was $608.1m (S$782m), it added.

“The economic rebound created favourable conditions for commercial insurers, with businesses increasingly seeking coverage for emerging risks like cyberattacks and supply chain disruptions,” Green said.

However, the rising sophistication of cyber incidents and climate-related events signals a need for insurers to recalibrate their risk models and update their policy products.

“Several measures, such as partnerships with auto repair workshops and doctor panels, as well as industry-wide data analytics collaboration to detect fraud, are expected to gradually improve claims experiences,” Teh said.

But the motor insurance segment faces slower growth due to Singapore’s stringent car ownership rules, which aim for near-zero vehicle growth to align with environmental targets.

INSURANCE RANKINGS 2024 Rankings 1

2023 Rankings 1

GREAT EASTERN LIFE

LIFE

-15.9%

2

2

PRUDENTIAL

LIFE

3

4

AIA SINGAPORE

4

3

MANULIFE

5

6

SINGAPORE LIFE

LIFE

5.7%

$3.6b

$3.4b

6

5

INCOME

LIFE

-15.9%

$3.3b

$3.9b

Insurance Company

2023 Total premiums (SG$) $11.9b

2022 Total premiums (SG$) $14.1b

-21.7%

$7.1b

$9.0b

LIFE

-0.6%

$6.6b

$6.7b

LIFE

-8.5%

$6.5b

$7.1b

Classification

% change YoY

7

7

HSBC LIFE

LIFE

58.0%

$1.4b

$862.4m

8

10

TOKIO MARINE LIFE

LIFE

-5.2%

$719.0m

$758.3m

9

9

UTMOST INTERNATIONAL

LIFE

-13.6%

$687.5m

$796.0m

10

11

INCOME

GENERAL

10.2%

$492.1m

$446.4m

11

8

ETIQA PL

LIFE

-41.0%

$472.9m

$801.7m

12

12

CIGNA EUROPE

GENERAL

13.1%

$432.7m

$382.6m

13

13

AIG ASIA

GENERAL

6.9%

$398.1m

$372.5m

14

14

SWISS RE ASIA

LIFE

6.8%

$381.5m

$357.1m

15

15

CHUBB INS

GENERAL

14.4%

$331.9m

$290.2m

16

16

MSIG

GENERAL

2.2%

$292.0m

$285.7m

17

17

FIRST CAPITAL

GENERAL

4.3%

$277.7m

$266.2m

18

20

LIBERTY INSURANCE

GENERAL

8.3%

$207.2m

$191.3m

19

32

FWD SINGAPORE

LIFE

76.6%

$202.7m

$114.8m

20

24

QBE INS

GENERAL

16.3%

$186.7m

$160.5m

21

22

TOKIO MARINE INS

GENERAL

0.8%

$180.4m

$179.0m

22

23

GEG

GENERAL

9.3%

$175.4m

$160.5m

23

18

ST. JAMES'S PLACE

LIFE

-16.8%

$168.7m

$202.8m

24

33

ALLIANZ GLOBAL C&S

GENERAL

50.2%

$165.6m

$110.3m

25

26

LLOYD'S ASIA SCHEME

GENERAL

13.0%

$164.3m

$145.4m

26

25

RGA INTL

LIFE

9.0%

$160.5m

$147.2m $118.0m

27

31

RAFFLES HEALTH

LIFE

31.4%

$155.1m

28

29

FRIENDS PROVIDENT

LIFE

-1.3%

$138.0m

$139.8m

29

30

CHINA TAIPING

GENERAL

5.3%

$132.3m

$125.7m

30

19

CHINA TAIPING

LIFE

-34.4%

$129.6m

$197.5m

31

27

SOMPO INS

GENERAL

-12.9%

$125.8m

$144.5m

32

40

ALLIANZ SINGAPORE

GENERAL

50.9%

$113.3m

$75.1m

33

36

ETIQA PL

GENERAL

32.6%

$110.5m

$83.3m

34

21

BERKSHIRE

GENERAL

-40.4%

$109.4m

$183.6m

35

34

CHINA LIFE

LIFE

5.2%

$108.7m

$103.3m

36

35

XL INS

GENERAL

24.9%

$106.9m

$85.6m

37

38

ZURICH

GENERAL

11.1%

$89.7m

$80.7m

38

41

INDIA INTERNATIONAL

GENERAL

12.9%

$84.0m

$74.4m $73.0m

39

42

ALLIED WORLD

GENERAL

14.9%

$83.8m

40

37

SWISS RE INTERNATIONAL

GENERAL

-0.6%

$80.9m

$81.4m

41

45

LIBERTY SPECIALTY SINGAPORE

GENERAL

13.5%

$77.8m

$68.6m

42

44

UOI

GENERAL

10.9%

$77.5m

$69.9m

43

46

EQ INS

GENERAL

18.3%

$77.3m

$65.3m

44

43

FACTORY MUTUAL

GENERAL

5.0%

$74.9m

$71.3m

45

48

FWD SINGAPORE

GENERAL

45.5%

$71.9m

$49.4m

46

39

SUN LIFE

LIFE

-14.8%

$65.6m

$77.0m

47

50

GENERAL RE

GENERAL

82.2%

$60.6m

$33.3m

48

28

HSBC LIFE

GENERAL

-58.6%

$59.3m

$143.0m

49

49

HL ASSURANCE

GENERAL

28.9%

$58.7m

$45.5m

50

47

SINGAPORE RE

GENERAL

1.6%

$55.4m

$54.5m

9.0% decrease from last year's rankings Note: The Insurance Rankings draw on the latest full-year results. As 2024 company-level data was not yet available at press time, this edition reflects 2023 figures.

Insurance Asia 21

INSURANCE RANKINGS: HONG KONG

AIA Group topped this year's Insurance Rankings with $87.1b in premiums

Top 50 list shows recovery in HK insurance premiums

Only four segments in the top 10, all life insurers, posted growth in 2023.

H

ong Kong's top insurers saw premiums rebound, driven by pent-up demand from Chinese clients.

Gross premiums rose by 2.1% growth in 2023, according to data gathered by Insurance Asia for its annual rankings survey. The Top 50 list showed premiums hitting $67.79b (HK$516.5b) from $64.43b (HK$505.8b) in 2022, with life and nonlife segments splitting the ranks.

The survey used 2023 companylevel results, as 2024 data was not available at press time.

The life segment accounted for 90.7% of the total premiums, according to data compiled from multiple official sources.

Those in the top 10 were all life segments, only four of which experienced premium growth, led

by Manulife Financial Corp. at 6.5% in fourth place, AXA China Region Insurance Co. (Bermuda) at 3.2% at No. 6, Bank of China Group Life Assurance Co. Ltd. at 5.3% in seventh place, and Chow Tai Fook Life Insurance Co. Ltd. at 60.4% at No. 8.

In terms of premiums, AIA Group Ltd. took the first spot at $11b (HK$87.1b), followed by Prudential Plc. at $8.31b (HK$65.3b) and HSBC Life (International) Ltd. placing third at $7b (HK$55.5b).

Other insurers in the top 10 were China Life Insurance Co. Ltd at No. 22 Insurance Asia

Tom Lydon

WenWen Chen

John Zhu

Ken Lau

5 with $4.20b (HK$33b), Hang Seng Insurance Co. Ltd. at ninth place with $2.87b (HK$22.6b), and FWD Life Insurance Co. Bermuda Ltd. at No. 10 with $2.58b (HK$20.3b).

The life insurance sector in Hong Kong inched up 0.3% year-on-year, whilst the general insurance market climbed 4.6% in 2023.

The industry’s recovery was mainly attributed to pent-up demand with the return of visitors from Mainland China, as well as rising sales postCOVID-19, according to WenWen Chen, S&P Global Ratings director and lead analyst.

“Mainland Chinese visitors accounted for about 30% of new business sales,” she said. “The border restriction during the pandemic led to a significant slump, but the situation reversed in 2023 with the resumption of cross-border travel.”

Tom Lydon, executive director and head of FIG Australia & New Zealand, as well as head of Non-Bank Financial Institutions, Asia Pacific, at J.P. Morgan, compared how Hong Kong is “generally less transient than Singapore,” a factor that could influence both insurance premiums and customer retention rates.

“Overall, insurance premiums can rise or fall based on specific product types, company strategies, or even banks’ involvement in distributing policies. From our perspective,

supporting the industry’s evolving needs through our payment solutions is central to our role,” Lydon said in an interview during Sibos 2024.

John Zhu, chief economist for Asia at Swiss Re Ltd. said demand from mainland visitors allowed the sector to return to its pre-2019 peak.

He also cited a reversal in the interest rate differential between Mainland China and Hong Kong, where interest rates are now higher.

Insurance Authority data also showed that nonlinked new business policies grew 10% year-on-year, whilst their linked counterparts declined 30%.

“The latter [was] probably impacted by sluggish stock market performance,” Zhu said. “Whilst we have now entered the US Federal Reserve's rate-cutting cycle, US/ HK rates are still expected to stay above that of Mainland China for the foreseeable future," he added.

Other growth drivers were post-COVID income recovery and heightened risk awareness.

“However, both Hong Kong and mainland China's economic recoveries are challenged by various structural factors, and GDP growth is expected to be slower than prepandemic trends in future,” Zhu said.

Positive momentum Industry leaders remain cautiously optimistic about the future.

Ken Lau, managing director of Greater China and Hong Kong CEO at FWD, expects steady growth in 2024 and 2025 after a strong first half this year, when first-year premiums grew more than 30%, and all sales channels posted double-digit gains in the second quarter.

On the other hand, regulatory changes, such as Hong Kong's risk-based capital regime, are raising compliance costs, narrowing profit margins, and necessitating enhanced risk management.

“Tightened regulation will likely facilitate more disciplined underwriting but will add to insurers’ operational costs,” Chen said.

Escalating trade tensions, worsening natural catastrophes, and more serious cyberthreats are also risks.

Carmel Green, a partner at law firm Reynolds Porter Chamberlain LLP, cited the need for robust frameworks to manage cyber risks, particularly in the underinsured small and medium enterprise segment.

INSURANCE RANKINGS: HONG KONG 2024 Rankings 1

2023 Rankings 1

AIA INTERNATIONAL

INSURER

LONG-TERM/LIFE

2

2

PRUDENTIAL (HK) LIFE

INSURER

LONG-TERM/LIFE

3

3

HSBC LIFE

INSURER

4

4

MANULIFE (INT'L)

5

5

CHINA LIFE

Insurance Company

-1.9

2023 Total premiums $87.1b

2022 Total premiums $88.8b

-4.6

$65.3b

$68.4b

LONG-TERM/LIFE

-5.4

$55.5b

$58.6b

INSURER

LONG-TERM/LIFE

6.5

$49.8b

$46.8B

INSURER

LONG-TERM/LIFE

-7.6

$33.0b

$35.7b

Classification

Business

% change YoY

6

6

AXA CHINA (BERMUDA)

INSURER

LONG-TERM/LIFE

3.2

$28.1b

$27.2B

7

7

BOC LIFE

INSURER

LONG-TERM/LIFE

5.3

$25.1b

$23.8b

8

11

CTF LIFE

INSURER

LONG-TERM/LIFE

60.4

$22.8b

$14.2b

9

8

HANG SENG INSURANCE

INSURER

LONG-TERM/LIFE

-1.3

$22.6b

$22.9b

10

9

FWD LIFE (BERMUDA)

INSURER

LONG-TERM/LIFE

-6.9

$20.3b

$21.8b

11

10

TPLHK

INSURER

LONG-TERM/LIFE

-5.3

$15.2b

$16.0b

12

12

SUN LIFE HONG KONG

INSURER

LONG-TERM/LIFE

34.9

$13.3b

$9.9b

13

13

YF LIFE

INSURER

LONG-TERM/LIFE

12.4

$10.0b

$8.9b

14

46

CHUBB LIFE HK

INSURER

LONG-TERM/LIFE

567.7

$5.4b

$0.8b

15

14

AXA GENERAL

INSURER

GENERAL

8.7

$4.8b

$4.4b

16

15

BUPA

INSURER

GENERAL

1.1

$4.1b

$4.0b

17

19

ZURICH INSURANCE

INSURER

GENERAL

13.5

$2.9b

$2.6b

18

17

AXA CHINA (HK)

INSURER

LONG-TERM/LIFE

-11.1

$2.9b

$3.3b

19

18

CTPI(HK)

INSURER

GENERAL

6.7

$2.9b

$2.7b

20

23

ASIA INSURANCE

INSURER

GENERAL

36.0

$2.8b

$2.1b

21

25

AIA INTERNATIONAL

INSURER

GENERAL

25.2

$2.4b

$1.9b

22

16

FUBON LIFE HONG KONG

INSURER

LONG-TERM/LIFE

-29.9

$2.4b

$3.4b

23

26

BOC GROUP INSURANCE

INSURER

GENERAL

11.5

$2.1b

$1.9b

24

28

CHUBB INSURANCE

INSURER

GENERAL

14.4

$2.0b

$1.8b

25

27

XL INSURANCE

INSURER

GENERAL

6.7

$2.0b

$1.8b

26

24

GENERALI

INSURER

GENERAL

1.9

$1.9b

$1.9b

27

20

HKMCI

INSURER

GENERAL

-24.6

$1.9b

$2.6b

28

29

CIGNA WORLDWIDE GENERAL

INSURER

GENERAL

17.9

$1.9b

$1.6b

29

22

AIG INSURANCE HK

INSURER

GENERAL

-14.7

$1.8b

$2.1b

30

30

AGCS SE

INSURER

GENERAL

13.4

$1.7b

$1.5b

31

21

HKMC ANNUITY

INSURER

LONG-TERM/LIFE

-39.7

$1.5b

$2.5b

32

32

LIBERTY INT'L

INSURER

GENERAL

2.5

$1.5b

$1.4b

33

31

TPRE

INSURER

GENERAL

0.6

$1.4b

$1.4b

34

37

BLUE CROSS

INSURER

GENERAL

18.6

$1.4b

$1.2b

35

49

WELL LINK LIFE

INSURER

LONG-TERM/LIFE

116.7

$1.3b

$607.4m

36

48

GENERALI LIFE (HK)

INSURER

LONG-TERM/LIFE

82.3

$1.3b

$698.5m

37

35

CMBWL

INSURER

GENERAL

0.9

$1.2b

$1.2b

38

38

QBE HKSI

INSURER

GENERAL

5.9

$1.2b

$1.1b

39

44

PRUDENTIAL (HK) GENERAL

INSURER

GENERAL

17.4

$1.1b

$975.24m

40

34

ZURICH INTERNATIONAL

INSURER

LONG-TERM/LIFE

-11.5

$1.1b

$1.2b

41

39

PICC (HK)

INSURER

GENERAL

-5.7

$1.1b

$1.1b $1.3b

42

33

FWD LIFE (HK)

INSURER

LONG-TERM/LIFE

-19.5

$1.1b

43

41

AXA CHINA (HK)

INSURER

GENERAL

0.3

$1.0b

$1.0b

44

43

MSIG INSURANCE

INSURER

GENERAL

1.7

$995.3m

$978.5m

45

42

AIA (HK)

INSURER

LONG-TERM/LIFE

-3.1

$949.5m

$979.9m

46

45

BLUE

INSURER

LONG-TERM/LIFE

8.9

$888.4m

$815.8m

47

50

BHSI

INSURER

GENERAL

54.4

$872.2m

$565.1m

48

40

TLIC

INSURER

LONG-TERM/LIFE

-20.8

$857.6m

$1.1b

49

36

HONG KONG LIFE

INSURER

LONG-TERM/LIFE

-27.7

$852.0m

$1.2b

50

47

ALLIED WORLD

INSURER

GENERAL

10.2

$846.8m

$768.3m

2.1% increase from last year's rankings Note: The Insurance Rankings draw on the latest full-year results. As 2024 company-level data was not yet available at press time, this edition reflects 2023 figures.

Insurance Asia 23

CASE STUDY: BANCASSURANCE

Asia’s longest bancassurance deal turns 25 They have the longest-running bancassurance partnership in Singapore and Asia.

P ASIA

rudential Plc. and Standard Chartered Plc.'s long-standing bancassurance partnership has averaged “double-digit” sales growth in the past 15 years, thanks to product innovation by their health and wealth segments.

The companies entered their 25th year of bancassurance partnership in 2024, the longest in Asia.

“Through geographical expansion, continuous enhancement of our wealth and health offerings, and the optimisation of technology-powered omni-customer journeys, we have deepened our market penetration across all customer segments, from affluent to personal mass,” John Chow, chief partnership distribution officer at Prudential Singapore, told Insurance Asia magazine.

“Today, this strategic bancassurance partnership spans 11 markets in Asia and Africa, and has averaged double-digit sales growth rate over the past 15 years,” he said in an exclusive interview.

Affluent people in Singapore and Hong Kong prioritise financial freedom but their perspectives differ, according to a 2024 study by Affluential released in September.

In Hong Kong, high-net-worth

Navigating evolving regulatory challenges and staying ahead of market competition will be crucial for maintaining successful long-term partnerships

John Chow

Jeremy Ong

The partnership spans 11 markets in Asia and Africa

24 Insurance Asia

people largely focus on securing a comfortable retirement in the face of uncertainties, whilst Singapore’s wealthy adopt a more optimistic outlook, prioritising a comfortable lifestyle, the report read.

“Customers today expect personalised, convenient, and seamless experiences, and both companies have collaborated to respond and adapt to them,” Chow said.

“Bancassurance continues to be a major distribution channel for insurers. We continue to feel positive about the future of bancassurance, with various opportunities for growth and innovation,” he added.

The tie-up between Prudential and Standard Chartered is the longestrunning bancassurance partnership in Singapore and across Asia.

“Navigating evolving regulatory challenges and staying ahead of market competition will be crucial for maintaining successful long-term partnerships,” Chow said.

The insurer’s new business profit from bancassurance rose 20% to $465m in the first half of 2024 from a year earlier, driven by annual premium equivalent sales growth in Taiwan, Hong Kong, and Singapore.

Sales through the bancassurance

channel increased 27%.

“In the past decade, as affluence levels increased, we have also pivoted to meet widening clients’ needs,” Jeremy Ong, head of bancassurance for Singapore at Standard Chartered Bank, said in a separate exclusive interview.

Significant opportunities Apart from savings and protection plans, legacy planning solutions were added to the bank for clients looking to pass on wealth.

In 2023, StanChart launched two US dollar-denominated insurance products, whose volume doubled in 2024 from a year earlier and now contribute to 30% of its sales, Ong told the magazine.

The bank-insurer partnership also offers medical insurance coverage to their employees.

“We switched our medical insurance benefits provider to Prudential in April 2024 to provide employees with broader options in their insurance benefits, including comprehensive general practitioner care, specialist care and annual health screenings,” Ong said.

He added that the bank plans to conduct an annual survey starting this year to monitor service quality and satisfaction from the tie-up.

Both Prudential and StanChart expect significant opportunities for bancassurance growth, tech advancements and a stronger focus on customer needs.

“We will continue to work collaboratively with industry partners and authorities to drive the bancassurance industry forward and better serve customer needs,” Chow told Insurance Asia.

He said artificial intelligence (AI) could help them design more highly-personalised products.

“For example, automated underwriting, digital claims processing and AI-driven customer insights, seamless digital interactions and more will help to streamline and enhance customer experience and engagement,” he added.

Insurance Asia 25

PRODUCT WATCH: HERIZON CARE

Bajaj Allianz rolls out women’s insurance The plan covers critical illnesses, maternal and reproductive health, and wellness.

B INDIA

ajaj Allianz General Insurance Co. Ltd. has launched a special plan for Indian women, responding to the rising volume of claims linked to gender-specific illnesses and health conditions.

“Our claims data shows a nearly 25% increase in claims related to women-centric ailments, further reinforcing the need for a dedicated solution,” Aashish Sethi, president and head of Health Strategic Business Unit and Travel at Bajaj Allianz, told Insurance Asia magazine.

In April, the insurer launched HERizon Care, a health insurance plan for women that covers critical illnesses, maternal and reproductive health, and wellness.

“Women have a distinct set of healthcare needs that are not necessarily covered by the traditional health insurance products available in India,” Sethi said in an exclusive interview with the publication.

“That’s where we identified both a gap and, more importantly, an opportunity," he added.

About the products Sethi noted that most insurers only offer add-ons to address health issues of women, who make up half of their clients. Bajaj Allianz's HERizon Care has two main covers, which are Vita Shield and Cradle Care.

Vita Shield covers 34 critical illnesses and offers benefits such as child education support, financial assistance for job loss due to illness, and incidental medical expenses. It also includes wellness, teleconsultations, and check-ups.

Cradle Care caters to mothers and pregnant women and focuses on reproductive health, covering medical expenses for surrogate mothers and hospitalisation related to egg cell retrieval complications.

Optional covers include financial support for infertility treatments, adoption, egg freezing, maternity expenses, and fetal health. “Women today have the awareness and ability to understand these products and actively choose them,” Sethi said.

26 Insurance Asia

C

M

Y

CM

MY

CradleCare also covers expenses for surrogacy and egg cell retrieval

CY

Women today have the awareness and ability to understand these products and actively choose them

Aashish Sethi

“This wasn’t about post-care but about preventive care.”

Addressing women's needs The share of Indian women with term insurance grew 18% in the past year, according to Indian fintech company Policybazaar.

Professionals led with 49%, followed by homemakers at 39%, with almost half of buyers opting for $115,000 or more in coverage.

“Women overwhelmingly prefer monthly premium payments (90%), indicating a strong preference for cash flow flexibility, better budget management and avoiding large upfront costs,” according to the report published in February.

In health insurance, women policy proposers have increased from 15% to 22%. “This increase reflects greater awareness of financial preparedness and more women taking charge of financial decisions,” it added.

Sethi said they consulted women across industries starting with Bajaj’s women employees to come up with

the product, which is considered the first of its kind in India.

“We engaged with women at different life stages — those just entering the workforce, those who have been here for 15 to 20 years, and those in the later stages of their careers," he told the magazine.

The result is a product that addresses both prevalent health issues such as polycystic ovary syndrome, thyroid problems, and diabetes and preventive care such as nutrition guidance, yoga, and disease management, he added.

Sethi said Indian women contribute 20% to economic output, adding that there is a growing awareness about financial products, including health insurance, as more women choose to work.

“Therefore, we see both health insurance, financial products, and women's awareness growing significantly in the next decade and contributing to India's growth, which, in any case, in Southeast Asia, is at the pivot,” he concluded.

CMY

K

Insurance Asia 27

COUNTRY REPORT: MALAYSIA

Solvency rules force insurers to merge Insurers must provide capital for increased risk from floods, amongst other charges.

M MALAYSIA

alaysia’s general insurers will be under pressure to consolidate and increase premiums to counter squeezed returns under stricter capital rules that will take effect in 2027.

“We've already seen significant consolidation over the past five to 10 years, but Risk-Based Capital (RBC) 2 may prompt another wave,” Justin Ward, managing director for the Asia-Pacific region at Guy Carpenter & Co. LLC, told Insurance Asia.

Insurers that fail to adapt or scale up could become acquisition targets, he said in an exclusive interview.

The managing director expects Malaysia’s insurance market to continue growing, but players may need to raise personal premiums “to preserve shareholder value.”

Industry impact RBC 2, slated for implementation in 2027, represents a recalibration of Malaysia’s capital adequacy regime, aligning it with international developments such as the Insurance Capital Standards (ICS) framework.

Whilst the supervisory benchmark capital adequacy ratio will be lowered from 130% to 100%, the rules sharpen risk sensitivity—especially to catastrophe perils—changing where and how insurers deploy capital.

Insurance companies with resources to lead will widen competition through more refined investments and risk-based pricing, while smaller carriers that cannot scale may face tougher choices.

Malaysia’s general insurance sector is projected to grow at a compound annual growth rate of 7.8% through 2028, according to GlobalData. Ward said he does not expect RBC 2 to derail that trajectory.

“This is more about insurer balance sheets and reinsurance dynamics within the Malaysian market,” he said.

The incoming solvency rules force insurers to provide capital for increased risk from floods that have become more frequent and more severe, amongst other charges. Floods have become particularly material for Malaysia: the 2021–2022 event alone caused about $700m in insured 28 Insurance Asia

The flood event in 2021-2022 caused about $700m in insured losses

Having access to a model is one thing, but having highquality, granular data is just as critical

Justin Ward

Philip Doyle

losses, the New York–based risk and reinsurance specialist said in a report.

Flood risk calibration In Asia-Pacific more broadly, natural catastrophes triggered $74b in economic losses in 2024, though just $4b were insured, according to Aon’s Q1 2025 Global Catastrophe Recap.

Insurers may need to improve catastrophe modelling capabilities.

“Having access to a model is one thing, but having high-quality, granular data is just as critical, especially when we’re talking about flood risk,” Ward said.

Flood risk calibration under RBC 2 would heavily depend on how insurers integrate exposure data into pricing, reinsurance structuring, and capital projections, Philip Doyle, vice president for capital advisory strategy at Guy Carpenter Asia Pacific, said in the joint interview with Ward.

Building this expertise will not be cheap. The industry faces upfront and recurring costs—from licensing vendor models to hiring or training actuarial talent, Doyle said.

Human capital is a particular pressure point, Doyle added.

“There is currently a gap in specialised knowledge within the

market and amongst individual insurers,” Doyle told Insurance Asia, citing the need for upskilling.

Insurers should also upgrade operations, including finding other ways to test scenarios, assumption reviews, and internal risk assessments—all of which will stretch budgets and timelines, according to the Guy Carpenter report.

On the other hand, stricter capital rules under RBC 2 could boost demand for reinsurance, with foreign players likely to benefit amidst strained domestic capacity, Ward said.

Malaysia’s reinsurance market is split between onshore Tier 1 providers and offshore participants— such as those operating in Labuan— classified as Tier 2 and Tier 3.

The 45% capital charge applied to certain types of non-proportional reinsurance could further tilt demand toward international providers.

By contrast, “Proportional reinsurance is often a cost-effective tool and an excellent way to manage the overall capital mix,” Doyle said, predicting increased adoption as insurers seek to optimise solvency positions without eroding profitability.

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Insurance Asia 29

REGION REPORT: HONG KONG

Global firms eye Hong Kong for in-house insurance Self-insurance could lower premiums over time and improve liquidity.

HONG KONG

A

quicker licensing process and lower capital requirements for in-house or "captive" insurers are expected to spur multinational companies based in Hong Kong to set up their own insurance units, analysts said.

This would cut or eliminate profit margins charged by third-party insurers, lower premiums over time, and improve liquidity, they added.

The enhanced control over risk management and tailored coverage options also present a significant draw, allowing companies to design insurance programmes that perfectly align with their unique operational needs and risk profiles.

This strategic advantage, combined with potential cost savings, makes Hong Kong an increasingly attractive domicile.

“If you're a large company with significant premium volume or insurance needs, establishing a captive can offer a cost-efficient and effective insurance solution,” Patrick O’Sullivan, head of International Insurance Solutions at global investment management firm Barings, said in an interview with Insurance Asia.

Using captive insurance also lets business groups consolidate global insurance programmes into one structure and ring-fence risks by region or type, he said.

Policy support The Insurance Authority has updated its rules to boost Hong Kong’s allure as a domicile for captive insurance, including an expedited licensing process, reduced capital requirements, streamlined reporting, and more flexible outsourcing operations.

Captive insurers in Hong Kong also get a 50% cut in their profit tax rate on insurance business related to onshore and offshore risks.

“We will continue to make sure eligibility for [the tax concession] is subject to fulfilment of relevant 30 Insurance Asia

Patrick O'Sullivan

Clement Lau

conditions,” Clement Lau, executive director of the Policy and Legislation Division at the Insurance Authority, told Insurance Asia in a separate interview.

“Captive insurers can improve cash flow by giving the parent company control over the timing of claim payments and premiums,” according to O'Sullivan.

In May, HSBC Holdings Plc unit Wayfoong (Asia) Ltd. was given a captive licence in Hong Kong, the fifth captive insurance provider and the first multinational enterprise to get a licence under the updated rules.

There were more than 6,000 licensed captives globally as of May, according to Business Insurance’s captive domicile rankings. In the Asia-Pacific region, Singapore was the leading captive domicile, hosting 89 licensed captives, based on data from the Monetary Authority of Singapore.

Hong Kong is seeking to compete in the captive insurance

market that is currently being dominated by Bermuda.

“Hong Kong shares many of the same qualities [as Bermuda],” O’Sullivan said. “It’s home to a large number of international companies, advisory firms, investment managers, and legal firms.”

“With the recent introduction of the Hong Kong risk-based capital regime, it also has a strong and flexible regulatory framework,” he told the magazine.

The Insurance Authority is reaching out to target companies with tailored proposals and working closely with legal and advisory firms to provide end-to-end support, according to Lau. O’Sullivan expects more applications, especially with the support infrastructure—legal, audit, investment, and regulatory—is already in place.

“Looking forward over the next five years, it’s going to be the bedding down of that ecosystem,” he said. “I don’t necessarily see too many challenges, given that the foundations are already laid.”

The Insurance Authority would continue promoting awareness of captive insurance benefits, enhance competitiveness through regulatory reviews, and develop local talent to support the sector, Lau said.

HSBC's Wayfoong is granted the first captive insurance provider license under the updated rules (Photo from HSBC)

Insurance Asia 31

EVENT NEWS: INSURANCE ASIA SUMMIT - THAILAND

Medical inflation strains state budget and Thai insurers Public spending on health may be unsustainable in the long run.

THAILAND

T

hailand's health insurers may be unable to sustain their operations in the long run due to rising medical costs, which are also squeezing the state’s budget for health, according to Allianz Ayudhya Assurance Plc.'s CEO. “There’s a silent revolution happening,” Thomas Wilson, Country Manager, President and Chief Executive Officer at Allianz Ayudhya Assurance, told the audience at the Asian Banking & Finance and Insurance Asia Summit in Bangkok last 18 February.

He cited rising inflation for claims, with most companies having switched to deductible-based plans. “The industry, the government and the payers are facing challenges with regards to sustainability… And I think it's important to raise awareness of these challenges up front before they become a crisis," he added.

Public healthcare expenditure is projected to rise 6.4% annually, whilst private healthcare spending could climb much faster at as much as 10%.

At these inflation rates, the cost of healthcare in the Southeast Asian nation could double in about seven to eight years, Wilson said.

It's important to raise awareness of these challenges up front before they become a crisis

Thomas Wilson, president and CEO at Allianz Ayudhya Assurance

32 Insurance Asia

High medical inflation can affect an insurance company's profit margins, putting pressure to find ways to cut costs. The steadily increasing state budget allotted to health will also be difficult to sustain in the long term.

Wilson highlighted that the “loss ratio” in some health segments— such as policies for children—has already moved above 100%, meaning claims now exceed premiums, an unsustainable situation.

He explained that companies are being forced to withdraw or redesign products, with most new policies now including deductibles or co-pay triggers as a way to keep them viable.

Collaborations Policymakers, insurers, healthcare providers, and consumers must work together to sustain health insurance even if Thailand’s healthcare infrastructure remains competitive, Wilson said in the summit.

Thailand has a higher-thanaverage level of government-funded healthcare in Asia and remains a leader in medical tourism, generating about $800m in revenue in 2024 — twice that of Malaysia, which is the country's closest competitor.

However, much of this revenue stems from elective procedures, such as cosmetic surgery, which does little to ensure long-term affordability for local patients, Wilson noted.

“Getting people in from Dubai to raise up the price of beds for cosmetic surgery and a little bit of a vacation.

It may not actually support my sustainability, but in general, I think tight end is on par with regards to health infrastructure,” he said.

The government funds about 70% of Thailand’s healthcare costs, covering programmes such as social security and state employee benefits.

The remaining costs are covered by private insurance (18%) and out-ofpocket payments.

The private insurance sector is expanding faster than public programmes, fuelled by rising incomes, heightened health awareness after COVID-19, and limited statefunded healthcare. Private insurance is also more flexible since it lets policyholders choose providers and access a range of treatments.

“COVID, higher health awareness, and increased middle class with greater flexibility of private insurance is driving a higher proportion of growth rate into the private insurance sector,” Wilson said.

Possible measures According to the country manager, preventative care could help reduce insurance claims. Wilson observed that if musculoskeletal disorders were eliminated from the top three claim categories, the insurance industry could free up more resources for critical illnesses such as cancer and stroke.

The Thai government might also need to mandate that private health insurance policies include deductibles to curb excessive claims, similar to what Singapore and Malaysia do, Wilson told the attendees.

Healthcare providers, meanwhile, should focus on cost-effective care, he said, noting that patients compete for the same hospital beds as international medical tourists seeking non-emergency medical procedures.

Wilson said Thailand’s insurance sector faces a challenge in the next five to 10 years. “Can I afford in 15 to 20 years the health care that I need? And based on the data that we've seen, I would say that the challenge is real.”

Insurance Asia 33

EVENT NEWS: INSURANCE ASIA SUMMIT - PHILIPPINES

How GCash’s credit and insurance tools unlock Philippines' inclusion barriers Bank access increased to 65%, whilst insurance penetration improved to 1.71%.

PHILIPPINES

O

ne of the Philippines' major digital payment applications, GCash, has a mission to ramp up financial inclusion in the country, where only a quarter of the population owns bank accounts.

Ingrid Beroña, chief risk officer at GCash, said the company aims to break down financial barriers and create a “future where every Filipino has access to financial services”.

Before the pandemic, only 29% of Filipinos had bank accounts, and a mere 2% had access to credit.

“Now, access to banks is at 65%.

Filipinos have more access to credit, about 8%, up from 2%, and 51% now have access to insurance compared to 23% before,” Beroña told the 286 attendees at the 2024 Asian Banking & Finance and Insurance Asia Summit, held at the Makati ShangriLa, Philippines.

Expanding financial access From everyday payments and transfers to insurance and lending, GCash has become a one-stop solution to Filipinos.

As Beroña pointed out, “We don't believe in one-size-fits-all; we believe in solutions that adapt to each person's needs and priorities.” GCash users can now easily access GCredit, GLoan, GInvest, and even insurance products through the app.

One of the platform’s unique offerings is GScore, a proprietary credit scoring system that assesses users' financial potential rather than relying on traditional collateral.

This system has been particularly beneficial for those who previously had no access to credit, enabling them to borrow without the usual bureaucratic hurdles. “You don’t need to submit or fill out anything; you can just borrow instantly,” Beroña told the summit attendees.

In addition to serving individuals, GCash’s way of supporting micro, small, and medium enterprises (MSMEs) is through GCash for Business. Additionally, GLife, a 34 Insurance Asia

We are breaking the misconception that insurance is only for the wealthy

mini marketplace within the app, allows merchants to showcase their products to millions of users, boosting their visibility and sales.

Democratising insurance In the insurance landscape, GCash also aims to improve the 1.71% insurance penetration rate, albeit better than the 1.63% in 2023.

The company’s GInsure product offers affordable insurance plans, with premiums starting as low as $0.52 (PHP30) per month. “We are breaking the misconception that insurance is only for the wealthy,” Beroña told the attendees.

GCash’s insurance has reached over 7.8 million subscribed users, and the platform has issued more than 51.4 million policies since its launch in 2021. The company’s recent insurance innovations include three new products launched in 2024: Send Money

Ingrid Beroña, chief risk officer at GCash

Protect, Cash for Funeral Costs, and Smart Flight Delay, which have quickly become top sellers.

Addressing concerns about cyber crimes related to the platform, Beroña reassured users that GCash takes cybersecurity seriously.

“We have spearheaded several security measures like facial recognition during login and a onedevice-per-account rule to prevent unauthorised access,” she explained.

Outlook Looking ahead, GCash is exploring new investment options, including bonds, to further expand its offerings. Whilst challenges like verification delays persist, the company said it is committed to improving its processes and delivering better user experiences.

“This is not just progress; it’s a revolution in how Filipinos engage with finance, and it’s only the beginning,” concluded Beroña.

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Insurance Asia 35

CLAIMS INITIATIVE OF THE YEAR - INDIA

Cloud Calling: Revolutionising the claims process for enhanced customer experience

By Gaurav Arora, Chief UW, Claims Property & Casualty of ICICI Lombard

I

CICI Lombard constantly strives to innovate and leverage technology to enhance its customer interactions, ensuring clients receive seamless and efficient support throughout their journey. One such ground-breaking solution is the introduction of Cloud Calling into the company’s claims management process.

Delve into the traditional claims communication process, the pain points it presents, and how the new Cloud Calling feature addresses them.

The traditional process When a customer files a claim, they are assigned a Motor Claim Manager (MCM) who acts as their primary point of contact throughout the claims journey. Communication between the MCM and the customer occurs via phone calls, with the MCM using their companyissued mobile number. This number is shared with the customer through SMS, allowing them to connect directly with their assigned MCM as needed. Whilst this approach has worked for years, it has some inherent limitations.

With ongoing interactions, customers must remember the specific phone number of their assigned MCM. If the MCM changes midprocess, there can be confusion regarding whom to contact, resulting in delays in communication. MCMs, like any professionals, may be travelling, attending meetings, or handling other customer cases.

During these times, they may not be immediately available to answer customer calls, leading to frustration for customers seeking quick updates or clarifications. In the traditional model, tracking the number and nature of calls between the MCM and the customer is not always systematic. As a result, it can be difficult for managers to assess the efficiency of communication as well as resolve any disputes that may arise regarding unreturned calls.

Solution for seamless communication Recognising these challenges, ICICI Lombard has developed the Cloud Calling feature, which is now available to streamline and improve the claims communication process. This system allows MCMs to connect with customers using a dedicated virtual number, offering numerous advantages over the traditional model.

36 Insurance Asia

is never left waiting for long periods without support. By providing an escalation mechanism, the company can guarantee that urgent customer queries are addressed promptly, enhancing the overall claims experience.

Quality assurance ICICI Lombard believes in continuous improvement, especially when it comes to customer service. One of the standout features of the Cloud Calling feature is the ability to record customer-MCM interactions.

These recordings serve multiple purposes, such as quality assurance, training and development, and dispute resolution.

Gaurav Arora, Chief, Underwriting & Claims Property & Casualty, ICICI Lombard

The key benefits of Cloud Calling are: A single contact number for customers With Cloud Calling, each customer is provided with a single virtual contact number that they can use to reach their assigned MCMs. This eliminates the need for customers to remember multiple numbers, providing a simpler, more consistent communication experience Comprehensive call management This system automatically tracks all calls made between the MCM and the customer, including the number of calls initiated by the MCM, the number of calls made by the customer, and missed calls from either side.

This data provides valuable insights into communication patterns and enables managers to identify any gaps in the claims process. For example, if a customer has made multiple unanswered calls, managers can step in proactively to ensure that the issue is addressed before it escalates. Additionally, the system can generate reports on call frequency and duration, offering a clear overview of the MCM’s responsiveness.

Auto redirection to managers In cases where the assigned MCM is unavailable, the Cloud Calling system automatically redirects the call to the motor claim manager. This ensures that the customer

Impact on customer experience By introducing the virtual number system, ICICI Lombard is addressing several pain points that have historically hindered smooth communication. The benefits of this new system include consistency and simplicity, improved responsiveness, greater transparency, and enhanced accountability.

Expanding the use of cloud technology As ICICI Lombard continues to innovate and explore the potential of cloud-based solutions, the launch of Cloud Calling is just the beginning. The integration of cloud technology into its customer service operations opens the door to further advancements, such as AI-powered virtual assistants, real-time analytics, and automated follow-up systems.

These technologies will enable the company to provide even faster, more efficient service whilst maintaining the personal touch that their customers value.

Cloud Calling is a testament to the company’s dedication to providing solutions that meet and exceed customers’ expectations.

ICICI Lombard looks forward to continuing its journey of innovation and creating solutions that make the claims process smoother, simpler, and more satisfying for its customers.

In conclusion, Cloud Calling has the potential to revolutionise the way we manage claims communications, enhancing efficiency, improving transparency, and delivering a superior customer experience.

ICICI Lombard believes in continuous improvement, especially when it comes to customer service

Insurance Asia 37

DOMESTIC GENERAL INSURER OF THE YEAR - INDONESIA MSME INSURANCE INITIATIVE OF THE YEAR - INDONESIA

BRI Insurance: Driving sustainable growth and empowering MSMEs It delivers strong profit growth through premium gains, innovation, and MSME expansion.

BRI Insurance

A

s one of Indonesia’s leading general insurance companies, BRI Insurance (BRINS) successfully improved its annual performance in 2024, achieving a remarkable 45.36% increase in net profit. This accomplishment was highlighted at the 2025 Annual General Meeting of Shareholders (AGMS) held at Menara BRILiaN, Jakarta.

Throughout 2024, BRINS recorded gross written premium of IDR3.90t, an 18.25% year-on-year increase compared to IDR3.30t in 2023. Its net profit reached IDR 702 billion, growing 45.36% year-on-year from IDR483b in 2023. In recognition of its strong performance, BRI Insurance received at least 23 prestigious awards in 2024.

Some of the notable accolades include Domestic General Insurer of the Year Indonesia and MSME Insurance Initiative of the Year from Insurance Asia.

Looking ahead to 2025, BRI Insurance aims to enhance the penetration of its core competencies by optimising products and expanding distribution channels.

The company is targeting 30% growth in non-captive micro and retail segments.

“The goal is to increase customer engagement and deliver added value and benefits through BRI Insurance, ultimately becoming the top-of-mind general insurance company in Indonesia,” emphasised President Director, Mr Budi Legowo during the AGMS. Budi also outlined the core strategy that underpinned BRI Insurance’s strong financial performance. “First, a commitment to contributing to Indonesia’s 38 Insurance Asia

economic resilience and growth. Second, a commitment to building a healthy and sustainable business portfolio,” Budi stated.

BRI Insurance is determined to maintain its position as the leading general insurance company in Indonesia by focussing on strengthening micro and retail business segments, embracing emerging technologies,

enhancing organisational capabilities and talent development, and designing forwardthinking strategies that emphasise customer orientation and service excellence, supported by robust risk management.

As part of its diversification strategy, BRI Insurance is also reinforcing its leadership in Micro and Ultra Micro Insurance.

The company is actively innovating and positioning itself as a pioneer and frontrunner in this space. Key products in this segment include Asuransi Mikro Rumahku, Asuransi Mikro Tempat Usaha, Asuransi Mikro Proteksiku, Asuransi Mikro Motorku, Asuransi Ultra Mikro Rumahku, and Asuransi Ultra Mikro Tempat Usaha. These initiatives reflect BRI Insurance's continued commitment to supporting the growth of MSMEs, which play a critical role in driving the Indonesian economy.

BRI Insurance remains committed to becoming the most reliable and trustworthy partner by providing innovative, highquality protection solutions for the people of Indonesia, fully aligned with its vision of being “The Most Trusted Partner for Reliable Protection Solutions”.

BRI Insurance empowers MSMEs through Plaza Kuliner Galaxy

“The goal is to increase customer engagement and deliver added value and benefits through BRI Insurance, ultimately becoming the top-of-mind general insurance company in Indonesia.”

BRI Insurance adalah Perusahaan Asuransi Kerugian dan menjadi bagian dari BRI Group, sehingga untuk meminimalisir kesalahan dalam redaksional maupun pemilihan gambar ilustrasi BRI Insurance merupakan Perusahaan yang berbeda dengan Bank BRI, BRI Life, BRI Finance dan Perusahaan anak BRI lainnya baik dari bidang bisnis maupun tampilan logo official.

Informasi mengenai BRI Insurance dapat diakses melalui situs www.brins.co.id Untuk keterangan lebih lanjut dapat menghubungi: Fenti Octaviani Corporate Secretary Division Telp. : 622179170477 Email : skp@work.brins.co.id

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Insurance Asia 39

EVENT: INSURANCE ASIA AWARDS 2025

Asia’s finest insurers lauded at the 10th Insurance Asia Awards

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arking a decade of industry excellence, the 10th Insurance Asia Awards took centre stage as it celebrated the region’s finest insurers, recognising their leadership, innovation, and expertise whilst setting new standards across the industry.

Held on 8 July 2025 in Singapore, the awards dinner brought together over 200 top industry leaders and innovators to honour their outstanding achievements in redefining the insurance landscape.

“On behalf of the panel of judges, I would like to extend my heartfelt congratulations to each and every one of you for your outstanding achievement, standing as a powerful testament of your strength, resilience, and innovation that contributes to what the insurance industry of Asia is about. In a time of change, many of you have demonstrated the strength and agility in embracing change and we can see many of these awards coming through tonight, demonstrating this, celebrating the excellence not just of the individual but what you bring to the entire insurance ecosystem,” said Steven Goh, Partner, Head of Insurance Audit, KPMG Singapore.

The prestigious awards programme serves as a premier platform for

organisations that exemplify excellence across claims initiatives, product innovation, customer service, digital transformation, and more. It shines a spotlight on the firms and leaders who are pushing boundaries and driving meaningful change across Asia Pacific.

A distinguished panel of industry experts served as this year’s judges • Chris Hewison, Partner, Insurance Sector, PwC Hong Kong • Dr. Henrik Naujoks, Senior Partner, Head of the Asia-Pacific Financial Services Practice, Bain & Company • Paul Brenchley, Managing Director and Partner, Head of Insurance for Southeast Asia, Boston Consulting Group (BCG) • Joanna Wong, Insurance Sector Leader, Deloitte China • Frank Dubois, Partner, Head of Financial Services Consulting / Head of Insurance, KPMG Singapore • Steven Goh, Partner, Head of Insurance Audit, KPMG Singapore Congratulations to all the winners for their remarkable achievements and contributions to the industry!

Insurance Asia congratulates the following winners:

AIA Thailand • International Life Insurer of the Year - Thailand

A Life Insurance • Insurance Initiative of the Year - Myanmar

Aioi Nissay Dowa Insurance Co., Ltd. • Digital Transformation Initiative of the Year - Japan • Domestic General Insurer of the Year - Japan

ACKO • Direct Insurer of the Year - India

Allianz Ayudhya • Employee Engagement Initiative of the Year - Thailand

Aflac Life Insurance Japan Ltd. • AI Initiative of the Year - Japan

Allianz China Life • ESG Initiative of the Year - China • Marketing Initiative of the Year - China

AIA Bhd. • Mobile App of the Year - Malaysia • MSME Insurance Initiative of the Year - Malaysia AIA Digital+ Malaysia • Social Media Initiative of the Year - Malaysia AIA Group • AI Initiative of the Year - Hong Kong • Training & Development Initiative of the Year - Hong Kong AIA Indonesia • Education Insurance Initiative of the Year - Indonesia • ESG Initiative of the Year - Indonesia • Mobile App of the Year - Indonesia

Allianz Insurance Singapore Pte. Ltd. • AI Initiative of the Year - Singapore • Claims Initiative of the Year - Singapore Allianz Life Indonesia • Agency Distribution Channel Initiative of the Year - Indonesia • Insurance Distribution Initiative of the Year - Indonesia Allianz Partners China • Claims Initiative of the Year - China • Technology Excellence Initiative of the Year - China Allianz PNB Life • Technology Excellence Initiative of the Year - Philippines

AIA Investment Management HK Ltd. • Global Stewardship Fund of the Year - Hong Kong

Allianz Taiwan Life • Marketing Initiative of the Year - Taiwan

AIA Investment Management Private Limited • Global Stewardship Fund of the Year - Singapore • Strategic Partnership of the Year - Singapore

Amana Takaful Insurance • Mobile App of the Year - Sri Lanka • Strategic Partnership of the Year - Sri Lanka

AIA Malaysia • Digital Transformation Initiative of the Year - Malaysia

Anicom Insurance, Inc. • Digital Insurance Initiative of the Year - Japan • Insurance Product Innovation of the Year - Japan

AIA Philippines • Employee Engagement Initiative of the Year - Philippines • Digital Transformation Initiative of the Year - Philippines AIA Singapore • Health Insurance Initiative of the Year - Singapore • International Life Insurer of the Year - Singapore 40 INSURANCE ASIA

APRIL International • Health Insurance Initiative of the Year - Hong Kong AXA Philippines • Health Insurance Initiative of the Year - Philippines • International General Insurer of the Year - Philippines

BIDV MetLife Life Insurance LLC • Domestic General Insurer of the Year - Vietnam • ESG Initiative of the Year - Vietnam

FWD Vietnam Life Insurance Company Limited • Health Insurance Initiative of the Year - Vietnam • Marketing Initiative of the Year - Vietnam

bolttech • Digital Transformation Initiative of the Year - Hong Kong

Galaxy Health Insurance Company Limited • Health Insurance Initiative of the Year - India • Insurance Start-up of the Year - India

BPI AIA Life Assurance Corporation • Digital Insurance Initiative of the Year - Philippines Capital Insurance Group • International General Insurer of the Year - Papua New Guinea Capital Insurance Limited • International General Insurer of the Year - Fiji Capital Taiyo Life Insurance • Direct Insurer of the Year - Myanmar • Domestic Life Insurer of the Year - Myanmar Cathay Life Insurance Co., Ltd. • ESG Initiative of the Year - Taiwan Cebuana Lhuillier Insurance Brokers, Inc. • Domestic Broker of the Year - Philippines • Insurance Distribution Initiative of the Year - Philippines Chubb Life Insurance Taiwan Company • AI Initiative of the Year - Taiwan Chubb Life Vietnam • Agency Distribution Channel Initiative of the Year - Vietnam Cocogen Insurance, Inc. • Social Media Initiative of the Year - Philippines Continental Insurance Lanka Limited • Domestic General Insurer of the Year - Sri Lanka CTF Life • Customer Service Initiative of the Year - Hong Kong

Generali Hong Kong Marketing Initiative of the Year - Hong Kong Generali Insurance Malaysia Berhad • International General Insurer of the Year - Malaysia Generali Life Insurance Malaysia Berhad • New Insurance Product of the Year - Malaysia Generali Vietnam Life Insurance Limited Liability Company • Claims Initiative of the Year - Vietnam • International Life Insurer of the Year - Vietnam Great Eastern Holdings Limited • Education Insurance Initiative of the Year - Singapore • ESG Initiative of the Year - Singapore Great Eastern Life Assurance (Malaysia) Berhad • Claims Initiative of the Year - Malaysia Hannover Rueck SE, Malaysian Branch • Asian Reinsurer of the Year - Bronze Himalayan Everest Insurance • Domestic General Insurer of the Year - Nepal • Insurance Product Innovation of the Year - Nepal Hong Leong Assurance Berhad • Domestic Life Insurer of the Year - Malaysia Howden • International Broker of the Year - Gold

Dai-ichi Life Insurance Myanmar Ltd. • Insurance Distribution Initiative of the Year - Myanmar

HSBC Life (Singapore) Pte. Ltd. • Marketing Initiative of the Year - Singapore • Social Media Initiative of the Year - Singapore

Delta Underwriting Pte. Ltd. • Managing General Agent of the Year - Singapore

HSC Insurance Group • International General Insurer of the Year - China

discovermarket Asia • Insurance Product Innovation of the Year - Singapore • Insurtech Start-up of the Year - Singapore

ICICI Lombard • Agency Distribution Channel Initiative of the Year - India • Marketing Initiative of the Year - India

Doha Insurance Group • Mobile App of the Year - Qatar

Igloo • Insurance Inclusion Initiative of the Year - Singapore • Insurtech Initiative of the Year - Indonesia

EFU Life Assurance Ltd. • Domestic Life Insurer of the Year - Pakistan • Marketing Initiative of the Year - Pakistan

InLife • Domestic Life Insurer of the Year - Philippines

Etiqa Life and General Assurance Philippines, Inc. • Customer Service Initiative of the Year - Philippines

iCare (Insular Health Care, Inc.) • Brand Transformation of the Year - Philippines

FPG Insurance Co., Inc. • Claims Initiative of the Year - Philippines

KBZMS General Insurance Co., Ltd • Domestic General Insurer of the Year - Myanmar • Employee Engagement Initiative of the Year - Myanmar

FuSure Reinsurance Company Limited • Underwriting Initiative of the Year - Hong Kong • Asian Reinsurer of the Year - Silver

KG Information Systems Sdn. Bhd. • Insurtech Initiative of the Year - Malaysia

FWD Insurance • Digital Insurance Initiative of the Year - Hong Kong

KGI Life Insurance Co., Ltd. • Insurance Inclusion of the Year - Taiwan INSURANCE ASIA

41

EVENT: INSURANCE ASIA AWARDS 2025 KRM Insurance and Reinsurance Brokers Philippines Inc. • Intermediary of the Year - Philippines Krungthai-AXA Life Insurance • Insurance Initiative of the Year - Thailand • Marketing Initiative of the Year - Thailand

Prudential Assurance Malaysia Berhad • Insurance Inclusion Initiative of the Year - Malaysia • International Life Insurer of the Year - Malaysia Prudential BSN Takaful Berhad • New Takaful Insurance Product of the Year - Malaysia

Liberty General Insurance Berhad • Digital Insurance Initiative of the Year - Malaysia

Prudential Hong Kong Limited • Technology Excellence Initiative of the Year - Hong Kong

Liberty Insurance Limited • Auto Insurance Initiative of the Year - Vietnam • Technology Excellence Initiative of the Year - Vietnam

Prudential Life Assurance (Thailand) PCL • Digital Transformation Initiative of the Year - Thailand • Wealth Initiative of the Year - Thailand

Magma General Insurance Limited • Customer Service Initiative of the Year - India • Insurance Initiative of the Year - India Malaysian Reinsurance Berhad • Training & Development Initiative of the Year - Malaysia • Editor’s Choice for Asian Reinsurance Excellence Award for Outstanding Growth

Prudential Viet Nam Assurance Private Limited • New Insurance Product of the Year - Vietnam • Training & Development Initiative of the Year - Vietnam PT Asuransi BRI Life • Digital Insurance Initiative of the Year - Indonesia

Mandarin Re Ltd. • Underwriting Initiative of the Year - Malaysia

PT Asuransi Jiwa Manulife Indonesia • Health Insurance Initiative of the Year - Indonesia • Insurance Inclusion Initiative of the Year - Indonesia

Manulife Philippines • Marketing Initiative of the Year - Philippines • Mobile App of the Year - Philippines

PT FWD Insurance Indonesia • Customer Service Initiative of the Year - Indonesia • Insurance Initiative of the Year - Indonesia

Manulife Vietnam • Customer Service Initiative of the Year - Vietnam • Digital Transformation Initiative of the Year - Vietnam

PT Great Eastern Life Indonesia • New Insurance Product of the Year - Indonesia

Metlife Nepal • Social Media Initiative of the Year - Nepal

PT Prudential Life Assurance (Prudential Indonesia) • Marketing Initiative of the Year - Indonesia

MSIG Mingtai Insurance Co., Ltd. • Education Insurance Initiative of the Year - Taiwan

PVI Insurance Corporation • Underwriting Initiative of the Year - Vietnam

OPES Insurance Company • AI Initiative of the Year - Vietnam • Virtual Insurer of the Year - Vietnam

Qatar Insurance Company (QIC) • Customer Experience Initiative of the Year - Qatar

Pacific Cross Health Insurance Thailand • AI Initiative of the Year - Thailand • Health Insurance Initiative of the Year - Thailand PACIFIC UNION INSURANCE COMPANY • Domestic General Insurer of the Year - Philippines • Training & Development Initiative of the Year - Philippines Palawan Group of Companies • Insurance Inclusion Initiative of the Year - Philippines Peak3 • Technology Excellence Initiative of the Year - Singapore Peak Reinsurance Company Limited • Asian Reinsurer of the Year - Gold

Qianhai Reinsurance Company Limited • New Insurance Product of the Year - China RHB Insurance Berhad • Insurance Product Innovation of the Year - Malaysia SBI General Insurance Company Ltd. • Claims Initiative of the Year - India • Domestic General Insurer of the Year - India Shin Kong Life Insurance Co., Ltd. • Insurtech Initiative of the Year - Taiwan Singlife • Customer Service Initiative of the Year - Singapore • Underwriting Initiative of the Year - Singapore

PGA Sompo Insurance Corporation • Insurtech Initiative of the Year - Philippines

Solarelle Insurance Pvt Limited • Domestic General Insurer of the Year - Maldives

Policybazaar.com • AI Initiative of the Year - India

Sompo Insurance (Thailand) PCL. • Travel Insurance Initiative of the Year - Thailand

PROPEL with Singlife • Insurtech Initiative of the Year - Singapore

Sun Life Assurance Company of Canada Singapore Branch • New Insurance Product of the Year - Singapore

Pru Life UK • International Life Insurer of the Year - Philippines

Sun Life Grepa Financial, Inc. • MSME Insurance Initiative of the Year - Philippines

42 INSURANCE ASIA

Sun Life Malaysia • Education Insurance Initiative of the Year - Malaysia Sun Life of Canada (Philippines), Inc. • Insurance Product Innovation of the Year - Philippines Taiwan Life Insurance Co., Ltd. • Digital Insurance Initiative of the Year - Taiwan • New Insurance Product of the Year - Taiwan Takaful Brunei Am (TBA) • Domestic General Insurer of the Year - Brunei Darussalam

AIA Philippines

AIA Singapore

Aioi Nissay Dowa Insurance Co., Ltd.

Allianz Ayudhya

Allianz China Life

Allianz Insurance Singapore Pte. Ltd.

Allianz Life Indonesia

Allianz PNB Life

Allianz Taiwan Life

Anicom Insurance Inc.

BIDV Metlife Life Insurance LLC

bolttech

Capital Insurance Group and Capital Insurance Limited

Cebuana Lhuillier Insurance Brokers, Inc.

Takaful Brunei Keluarga (TBK) • Domestic Life Insurer of the Year - Brunei Darussalam Tawuniya • Mobile App of the Year - Saudi Arabia • MSME Insurance Initiative of the Year - Saudi Arabia Thai Life Insurance Plc. • Insurance Product Innovation of the Year - Thailand VietinBank Insurance Joint Stock Corporation • Digital Insurance Initiative of the Year - Vietnam vrs VietAdjusters Joint Stock Company • Adjuster of the Year - Vietnam XN Global Pte Ltd • Insurance Start-up of the Year - Singapore YF Life Insurance International Limited • Strategic Partnership of the Year - Hong Kong Zurich Insurance Company Ltd (Singapore Branch) • Digital Transformation Initiative of the Year - Singapore Wong Sze Keed, AIA Singapore • CEO of the Year

A Life Insurance

AIA Bhd.

AIA Group

AIA Indonesia

AIA Investment Management Private Limited

AIA Philippines and BPI AIA Life Assurance Corporation

INSURANCE ASIA

43

EVENT: INSURANCE ASIA AWARDS 2025

Chubb Life Insurance Taiwan Company

Chubb Life Vietnam

Cocogen Insurance, Inc.

Continental Insurance Lanka Limited

Dai-ichi Life Insurance Myanmar Ltd.

Delta Underwriting Private Limited

discovermarket Asia Pte Ltd

EFU Life Assurance Ltd

Fusure Reinsurance Company Limited

FWD Insurance

FWD Vietnam Life Insurance Company Limited

Generali Insurance Malaysia Berhad

Generali Life Insurance Malaysia Berhad

Generali Vietnam Life Insurance Limited Liability Company

Great Eastern Holdings Limited

Hannover Rueck SE, Malaysian Branch

Himalayan Everest Insurance

HSBC Life (Singapore) Pte. Ltd.

HSC Insurance Group

iCare (Insular Health Care, Inc.)

ICICI Lombard

InLife

KBZMS General Insurance Co., Ltd

Liberty General Insurance Berhad

Liberty Insurance Limited

Malaysian Reinsurance Berhad

Mandarin Re Ltd.

Manulife Philippines

44 INSURANCE ASIA

MSIG Mingtai Insurance Co., Ltd.

OPES Insurance Joint Stock Company

PACIFIC UNION INSURANCE COMPANY

Pacific Cross Health Insurance Thailand

Peak Reinsurance Company Limited

PROPEL with Singlife

Pru Life UK

Prudential Life Assurance (Thailand) PCL

Prudential Viet Nam Assurance Private Limited

PT Asuransi BRI Life

PT Asuransi Jiwa Manulife Indonesia

PT Great Easter Life Indonesia

RHB Insurance Berhad

SBI General Insurance Company Ltd

Shin Kong Life Insurance Co., Ltd

Singlife

Solarelle Insurance Pvt Limited

Sun Life Assurance Company of Canada Singapore Branch

Sun Life Grepa Financial, Inc.

Sun Life of Canada (Philippines), Inc.

Tawuniya

Thai Life Insurance Plc.

VietinBank Insurance Joint Stock Corporation

vrs VietAdjusters Joint Stock Company

Wong Sze Keed, CEO of AIA Singapore

XN Global Pte Ltd

Zurich Insurance Company Ltd (Singapore Branch) INSURANCE ASIA

45

ADJUSTER OF THE YEAR - VIETNAM

15 years of excellence in complex claims

With over 15 years of proven expertise and global partnerships, vrs VietAdjusters delivers technical excellence, local insight, and unwavering client commitment.

Dominic Tran / Tran Huu Duc, MBA, BEcon, ANZIIF (Fellow) CIP, FCLA, Chartered Loss Adjuster, Executive Chairman

v

rs VietAdjusters is proud to be recognised as Vietnam’s leading independent loss adjusting firm, specialising in complex and high-value claims across property, business interruption, liability, engineering, industrial disasters, and natural catastrophes. With more than 15 years of experience, the company has built a reputation for excellence, integrity, and technical leadership in the insurance industry.

Vietnam’s leading loss adjusters Founded in 2010, vrs VietAdjusters began as a local initiative led by a single Fellow of the Australian and New Zealand Institute of Insurance and Finance (ANZIIF). From humble beginnings, it has grown into a powerhouse of 32 full-time professionals, including 6 Chartered Loss Adjusters (CLAs) — representing half of all CLAs in Vietnam. Its team includes 5 Fellows of the Australasian Institute of Chartered Loss Adjusters (FCLA) — accounting for 100% of all FCLAs in Vietnam — along with 1 Fellow of the International Federation of Adjusting Associations (FIFAA) and 1 Fellow of ANZIIF, 46 Insurance Asia

making vrs VietAdjusters a benchmark for professional excellence in the market. The team’s capabilities are matched by a proven track record of success.

They have handled many of Vietnam’s most significant and complex claims, including the largest-ever fire-related insurance case in the country, with material damages approaching US$60m. These landmark achievements reflect their deep understanding of local laws, regulatory requirements, and market practices — essential factors for resolving claims with precision and professionalism.

In 2019, vrs VietAdjusters became the exclusive partner in Vietnam of vrs Adjusters, one of the top three global loss adjusting networks.

This strategic alliance empowers the company to deliver international standards with local insight, leveraging a global network of over 300 offices in more than 140 countries.

The partnership allows vrs VietAdjusters to

operate seamlessly across borders, providing multinational insurers, reinsurers, and corporate clients with consistent and scalable solutions for their claims management needs. vrs VietAdjusters’ expertise and dedication were recently recognised on a regional stage

when it was awarded Adjuster of the Year Vietnam at the 2025 Insurance Asia Awards.

This prestigious accolade is a testament to the company’s ability to drive value for clients through exceptional technical capability, strategic partnerships, and unwavering commitment to service quality. That this award coincided with vrs VietAdjusters’ 15th anniversary made it all the more meaningful and reflective of the journey it has undertaken.

Supporting clients when it matters most What sets vrs VietAdjusters apart is not only its technical depth but also its client-first philosophy. “We understand that behind every claim is a business facing disruption, a factory halted, or a community impacted. That’s why we bring more than just expertise — we bring clarity, confidence, and control to help our clients navigate their most critical moments,” the company said.

Whether it’s a factory fire, a supply chain breakdown, a structural collapse, or a typhoon’s aftermath, the vrs VietAdjusters team is prepared to mobilise swiftly and respond effectively. From loss adjustment and stakeholder coordination to complex coverage interpretation and settlement negotiation, it manages the entire claims lifecycle with transparency and care.

Vrs VietAdjusters also embraces innovation. By continuously adopting new technologies and methodologies, it ensures its services remain not only relevant but ahead of industry standards. Combined with ongoing training and knowledge-sharing within the vrs global network, its team stays at the forefront of loss adjusting in Vietnam — powered by knowledge-sharing across the vrs global network and aligned with global and regional best practices.

As it looks toward the future, vrs VietAdjusters is committed to shaping the next era of loss adjusting in Vietnam. It continues to invest in talent development, cross-border collaboration, and digital transformation to better serve insurers, reinsurers, brokers, corporates, and public sector clients. Its goal is simple yet ambitious: to be the most trusted and forward-thinking partner for complex claims — in Vietnam.

We bring clarity, confidence, and control to help our clients navigate their most critical moments

Insurance Asia 47

ASIAN REINSURER OF THE YEAR - GOLD

Peak Re: Supporting growth and stability through reinsurance

The company is committed to innovation and client-centric services that meet evolving market needs.

P

eak Reinsurance Company Limited (Peak Re) is an emerging market reinsurance specialist with a global portfolio. Established to support the growth and stability of societies and communities in Asia and beyond, Peak Re is dedicated to delivering innovative, client-centric, and sustainable solutions that address the evolving needs of its clients.

This year marks a significant milestone for Peak Re, as the company celebrates its 10th consecutive win of the Asia Reinsurer of the Year - Gold award at the Insurance Asia Awards 2025. This recognition reflects Peak Re’s ongoing commitment to fostering resilience, building long-term partnerships, and driving excellence within the reinsurance industry. Over the past decade, Peak Re has demonstrated its ability to adapt to challenges, support its clients' growth, and contribute to the stability of the regions it serves.

A diverse workforce built for clients One of Peak Re’s strengths is its market indepth expertise. The company’s diverse and inclusive workforce, with over 160 employees from 21 nationalities, reflects its commitment to understanding and meeting the complex needs of its clients across global markets.

This diversity of perspectives and expertise enables Peak Re to deliver innovative and tailored solutions that address the unique challenges faced in emerging markets. By fostering an inclusive environment, Peak Re ensures that its team is equipped to collaborate effectively with clients, offering insights and solutions that align with their business goals.

Through its client-focused culture, Peak Re has built a reputation for responsiveness and reliability. The company takes pride in its ability to create bespoke solutions, working closely with clients to build long-term, trusted partnerships that drive mutual success.

Sustainability at the core Peak Re is driven by a mission to support the growth and stability of societies and communities, with sustainability as a core focus. The company actively integrates environmental, social, and governance (ESG) principles into its operations and investments to ensure long-term value creation.

Through its ESG-aligned investments, Peak Re supports initiatives such as renewable energy, climate resilience, and sustainable development. These efforts 48 Insurance Asia

reflect the company’s commitment to balancing solid financial performance with meaningful contributions to society.

Peak Re also engages in community support initiatives, including disaster relief programmes, education, and projects aimed at building resilience in underserved communities.

These activities align with the company’s broader mission of creating a positive impact on the regions it serves.

Building long-term partnerships At the heart of Peak Re’s success is its commitment Franz Josef Hahn, CEO of Peak Reinsurance Company Limited to building long-term partnerships. The company believes that collaboration and trust are management, the company builds resilience at essential for delivering lasting value to clients all levels and nurtures the next generation of and stakeholders. leaders who will drive its mission forward.

By working closely with insurers and Looking ahead, Peak Re aims to continue stakeholders, Peak Re ensures that its supporting its clients and communities by solutions are not only innovative but also building resilience and driving economic aligned with the specific goals and challenges growth through its Peak Re Hong Kong of its partners. This collaborative approach Headquarters, Peak Re Switzerland, and Peak has enabled Peak Re to build strong, enduring Re North America global network. relationships across its global portfolio.

Peak Re’s culture of entrepreneurial spirit, Conclusion client-centricity, and agility has earned it Winning its 10th consecutive award is a the trust of its partners and positioned it as proud achievement for Peak Re, reflecting a reliable and forward-thinking reinsurance its dedication to innovation, sustainability, partner. and building long-term partnerships. This milestone underscores the company’s Preparing for the future consistent efforts to deliver client-centric As the global reinsurance landscape continues solutions and create meaningful impacts in to evolve, Peak Re is focused on preparing the regions it serves. for the future whilst maintaining its core By staying focused on its mission to values. The company is investing in digital support the growth and stability of societies transformation to enhance operational and communities, Peak Re is helping shape efficiency, improve client outcomes, and a more resilient and sustainable world. With better address emerging risks. its collaborative approach, forward-thinking Recognising that its people are its vision, and the courage to deliver spirit, Peak greatest asset, Peak Re is also committed to Re is well-positioned to navigate future developing its talent. Through professional challenges and continue delivering value to its training programmes and strategic talent clients and stakeholders.

Peak Re is driven by a mission to support the growth and stability of societies and communities, with sustainability as a core focus

Insurance Asia 49

DOMESTIC GENERAL INSURER OF THE YEAR - PHILIPPINES TRAINING & DEVELOPMENT INITIATIVE OF THE YEAR - PHILIPPINES

Pacific Union Insurance Company bags two wins at Insurance Asia Awards 2025 It has made a huge impact with its operational innovations and employee development solutions. employees and partners through fun and health-focussed activities such as step-counting contests, Zumba sessions, yoga, spinning, as well as a run club.

The company’s Pacific Union Insurance Company at Insurance Asia Awards 2025 sense of corporate social responsibility nsurance firm Pacific Union Insurance also shines through its PUIC Cares Company (PUIC) landed two wins at the programme. From hosting blood drives to coveted Insurance Asia Awards 2025 for organising hospital visits, PUIC proves that continuing to stand as a pillar of excellence, compassion is at the core of its values. stability, and innovation in the Philippine nonComplementing these efforts is the PUIC life insurance industry, marked by innovations Circle, a digital newsletter that educates the in operations and employee development. public on non-life insurance, offers practical PUIC was hailed as the Domestic General tips, and shares company updates.

Insurer of the Year - Philippines for its In just the past year, it has seen a 50% remarkable achievements in the past year. It increase in social media engagement, has also bagged the Training & Development significantly boosting its brand visibility and Initiative of the Year - Philippines category public connection. Financially, the company for its training and development initiatives. has achieved outstanding growth, including the The recognition comes at a particularly rise of its gross premiums written (GPW) from meaningful time, as the company celebrates PHP1.1b in 2023 to PHP1.44b in 2024, as well its 80th anniversary, marking eight decades of as the 44% surge in net underwriting income, excellence and innovation. from PHP296m to PHP426m.

I

Digitisation initiatives In response to the evolving demands of the post-COVID era and stricter capitalisation requirements from regulators, PUIC made a conscious decision to prioritise innovation in every aspect of its operations. One of the company’s most impactful efforts has been its digitisation initiatives, which aim to enhance efficiency, accessibility, and trust.

These initiatives include the introduction of Electronic Policies with unique QR Codes, which allow policyholders to instantly verify the legitimacy of their insurance coverage, eliminating ambiguity, reducing fraud, and providing unmatched convenience. Alongside this, the company has also launched the PUIC Dashboard that gives partners and members a user-friendly platform to track performance, access key data, and manage accounts efficiently in real-time.

Positive work environment Beyond digital transformation, PUIC has demonstrated leadership in cultivating a strong, positive culture and a meaningful presence. The PUIC Active Club has energised 50 Insurance Asia

Employee development initiatives Meanwhile, PUIC has also been lauded in the awards programme for its nationwide technical training sessions held during its mid-year and year-end conferences. These events bring together employees from across the country, creating a collaborative and knowledge-sharing environment.

The conference sessions focus on critical insurance topics such as risk selection,

underwriting principles, various insurance lines, and claims processing. The company invites renowned insurance professionals both locally and internationally, ensuring that employees gain valuable insights from the best minds in the industry.

Complementing the technical aspect of the training programme is PUIC’s Support Education Program (SEP), a monthly seminar series that emphasises the importance of soft and life skills. With topics ranging from customer service excellence and sales etiquette to mental health awareness, SEP has been met with overwhelming participation, with over 85% of PUIC’s workforce attending at least one session in the past year.

These seminars have significantly contributed to a more engaged, empathetic, and effective workforce, positively influencing both workplace dynamics and individual wellbeing. The impact of these initiatives is not only seen in employee satisfaction, but also in tangible business results.

Continuous improvement “What sets PUIC apart is its unwavering focus on continuous improvement. By actively engaging with employees to tailor training content based on their needs and feedback, the company ensures that its programmes remain relevant, effective, and aligned with both individual aspirations and organisational goals,” said Joy P. Carlos, PUIC President & CEO. Marking its 10th anniversary, Insurance Asia Awards honours companies, initiatives, and leaders that have achieved outstanding milestones, set new benchmarks, and transformed the insurance landscape through cutting-edge innovation.

Pacific Union Insurance Company

The company ensures that its programmes remain relevant, effective, and aligned with both individual aspirations and organisational goals

Insurance Asia 51

GLOBAL STEWARDSHIP FUND OF THE YEAR - HONG KONG GLOBAL STEWARDSHIP FUND OF THE YEAR - SINGAPORE STRATEGIC PARTNERSHIP OF THE YEAR - SINGAPORE

AIA Investment Management Private Limited wins three accolades at Insurance Asia Awards 2025

The company leads in pension fund performance, trusted income strategies, and regional financial education.

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IA Investment Management Private Limited (AIAIM) and AIA Investment Management Hong Kong (AIMHK), the investment arms of leading pan-Asian life insurer AIA Group, were recognised at the Insurance Asia Awards 2025 for their pioneering approach to wealth management as well as their focus on helping AIA’s customers achieve sustainable, long-term financial outcomes.

Since 2021, AIMHK has gradually assumed the investment management responsibilities of local pension funds. By mid-2023, the company became the sole appointed investment manager for all funds under the AIA Mandatory Provident Fund (MPF) and AIA Occupational Retirement Schemes Ordinance (ORSO) schemes. This transition has led to strong investment performance, consistent asset under-management inflows, and a top five position amongst the MPF providers in Hong Kong. These developments led to AIMHK receiving the Global Stewardship Fund of the Year – Hong Kong award.

Leading income strategies in Singapore In Singapore, their insurance affiliate AIA Singapore Private Limited (AIA Singapore)’s two flagship income strategies* – AIA Global Dynamic Income Fund and AIA Global Adventurous Income Fund – have collectively reached SG$1.25b^ in assets under management as of February 2025.

These strategies have become trusted solutions for AIA Singapore’s customers seeking stable, long-term returns. As part of AIA’s broader Stewardship solutions, they reflect the company’s commitment to long-term value creation through disciplined risk management and global investment

AIAIM places a strong emphasis on financial education as a way to support the group’s purpose to help people live healthier, longer, better lives *Available in Singapore through Investment-Linked Policies (“ILP”) offered by AIA Singapore Private Limited as the product provider. ^ Source: AIA Investment Management, as of end Feb 2025 52 Insurance Asia

expertise. This achievement was recognised with the Global Stewardship Fund of the Year – Singapore award.

Empowering financial education AIAIM places a strong emphasis on financial education as a way to support the group’s purpose to help people live healthier, longer, better lives. The company has forged strong partnerships across AIA’s 18 markets to develop a financial education ecosystem that strengthens investment advisory standards and supports advisors in delivering more holistic solutions. A key initiative in this effort is the Investment Specialist Programme – a regionwide platform created in collaboration with internal experts and external partners.

This initiative played a central role in AIAIM winning the Strategic Partnership of the Year – Singapore award.

About the awards programme Marking its 10th anniversary, Insurance Asia Awards honours companies, initiatives, and leaders that have achieved outstanding milestones, set new benchmarks, and transformed the insurance landscape through cutting-edge innovation.

The 2025 awards programme was held on 8 July 2025 in Singapore, bringing together over 200 top industry innovators to honour their outstanding achievements in redefining the insurance landscape.

A distinguished panel of industry experts served as this year’s judges, which included:

Chris Hewison, Partner, Insurance Sector, PwC Hong Kong; Dr Henrik Naujoks, Senior Partner, Head of the Asia-Pacific Financial Services Practice, Bain & Company; Paul Brenchley, Managing Director and Partner, Head of Insurance for Southeast Asia, Boston Consulting Group (BCG); Joanna Wong, Insurance Sector Leader, Deloitte China; Frank Dubois, Partner, Head of Financial Services Consulting / Head of Insurance, KPMG Singapore; and Steven Goh, Partner, Head of Insurance Audit, KPMG Singapore.

INSURTECH START-UP OF THE YEAR - SINGAPORE INSURANCE PRODUCT INNOVATION OF THE YEAR - SINGAPORE

discovermarket doubles down on embedded insurance with wins at Insurance Asia Awards 2025 The company simplifies embedded insurance, offering seamless, localised protection more seamless experiences, there is much opportunity to offer protection that fits naturally into each brand’s unique offerings. Recognising this shift, discovermarket recently released its whitepaper "The Optimum Way to Build Embedded Insurance," developed with the Open and Embedded Insurance Observatory (OEIO).

Tushar Kulkarni, Chief Operating Officer, discovermarket at the Insurance Asia Awards 2025 The paper offers a practical framework to navigate the embedded insurance space, presenting best lobal insurtech company discovermarket has once again taken practices for brands looking to build and launch centre stage at the Insurance Asia their products. It also highlights that success Awards, clinching two distinguished honours: of embedded insurance programmes hinges on Insurtech Start-up of the Year – Singapore working with vertically integrated platforms and Insurance Product Innovation of the Year that remove the complexity and risk of building – Singapore. These recognitions reflect the embedded solutions in-house. Having the company’s strong momentum across markets, ability to simplify a traditionally fragmented and the growing relevance of embedded process and reinventing how insurance insurance as a core aspect of the digital is distributed and accessed is what sets customer experience. discovermarket apart. Its regional expansion out of Asia and technological innovations were Powering seamleass insurance journeys central to its recognition as Insurtech Start-up discovermarket partners with insurers, of the Year, reflecting its vision of a world brokers, and trusted brands to embed where insurance protection is seamlessly protection directly into customers’ digital integrated into everyday experiences. journeys, delivering relevant, localised One milestone was its Latin America launch insurance products at the point of need. Its in late 2024, where it partnered with one of proprietary tech-fuelled platform serves as the largest ticketing companies in Brazil to a one-stop-shop for embedded insurance, introduce a fully digital public liability insurance enabling everything from building and product, underwritten by a global insurer. For configuring products, digital distribution, the first time, event organisers could secure policy management and claims. Today, it coverage by answering just two questions supports partners with access to more than via an online portal, eliminating lengthy 200 million end-customers globally. questionnaires, complex policy comparisons, More than just a technology enabler, and simplifying the entire process. discovermarket also works closely with brands and insurers to align on strategic goals, Embedded protection focusing on optimising customer experience The Insurance Product Innovation of the Year and delivering real value. "These awards are a award celebrates the company’s partnership meaningful reflection of the growing demand with Rently, a Singapore-based proptech for embedded insurance done right, and the player. Through discovermarket’s platform, trust our partners place in us. We’re incredibly Rently was able to enhance its Rently Care thankful for this continued recognition.” said subscription with complimentary insurance Tushar Kulkarni, Chief Operating Officer at coverage for eligible tenants residing in discovermarket. non-landed homes, underwritten by another renowned insurance partner.

Reinventing insurance for the digital age This enhanced Rently Care’s value discovermarket’s wins come at a time when

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embedded insurance is becoming a business and strategic priority for brands. As digital transactions increase and consumers demand

proposition by automatically providing eligible tenants protection against unforeseen circumstances. The policy includes comprehensive protection on home contents and renovation in case of fire or burst pipes, temporary accommodation if the residence becomes uninhabitable, multi-appliance extended warranty under the highest plan tier and emergency home care services. It is also available on an opt-in basis for landlords, offering a similar suite of benefits and coverage, tailored for them, at no additional cost when their tenants sign up for Rently Care.

Through this partnership, discovermarket and Rently were able to address recurring issues in Singapore’s rental market and provide a seamless, stress-free renting experience where all parties have assured protection when incidents arise.

That same approach of using embedded insurance to solve real-world issues is also visible across discovermarket’s portfolio in Asia. It has worked with notable brands across hospitality, telco, agriculture, and more to launch relevant and accessible insurance products that closes protection gaps, whilst enabling brands and insurers to reach new customer segments and unlock new revenue streams.

These awards mark an important milestone in discovermarket’s growth across Asia and beyond. As embedded insurance becomes more integral to today’s digitised world, the company is well-positioned to continue supporting brands and insurers to make protection relevant and delivered where it's needed most.

Tushar Kulkarni, Chief Operating Officer, accepting the awards on behalf of discovermarket

Today, it supports partners with access to more than 200 million end-customers globally.

Insurance Asia 53

TRAINING & DEVELOPMENT INITIATIVE OF THE YEAR - HONG KONG AI INITIATIVE OF THE YEAR - HONG KONG

AIA Group builds a future-ready workforce through cloud and technology training

AIA Group has been recognised for its comprehensive approach to workforce transformation through the AIA Cloud Academy and its evolution into AIA Tech Academy. skill sets now comprise 20% of the workforce, representing a75% increase since July 2020.

By the end of 2024, the Academy had produced 742 graduates across 18 markets, with over 14,000 hours of training completed in 2024 alone. This substantial investment in human capital directly contributed to creating a workforce proficient in cloud technology, whilst significantly reducing reliance on external vendors—a strategic advantage that enhances both capability and cost-effectiveness.

AIA Digital+ Malaysia

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IA Group's journey toward building a future-ready workforce began in 2020 with the launch of its ambitious Technology, Digital, and Analytics (TDA) transformation strategy. Recognising that digital transformation success depends fundamentally on human capability, the pan-Asian life and health insurance leader established AIA Digital+ in 2022 as a TDA innovation hub, driving the company's mission to help millions across Asia-Pacific live Healthier, Longer, Better Lives.

AIA Digital+ establishes cloud academy to bridge skills gap The AIA Cloud Academy became the cornerstone of this initiative, equipping employees across all 18 markets with future-ready skills whilst advancing the organisation's cloud-first strategy. Aligned with AIA's Employee Value Proposition "Believe in Better," the Academy fostered a culture where "Better Starts with You," providing employees with unprecedented growth opportunities through comprehensive training, development, and hands-on experience.

What sets AIA's approach apart is its integration of training with business execution. Rather than treating upskilling as a separate initiative, AIA Digital+ designed the Academy as a business enabler, ensuring that training efforts directly supported the company's cloud transformation goals.

Innovation through partnership and personalisation AIA Digital+'s partnership with QA, a cloud training provider (previously known as

54 Insurance Asia

Cloud Academy), enabled the Academy to leverage personalised, data-driven learning experiences. Through close collaboration with in-house subject matter experts from the Cloud and Infrastructure team, AIA developed a tailored curriculum that aligned with evolving digital transformation needs.

The Academy's innovative features included guided courses that enabled employees to progress through structured training from foundational to expert levels, complemented by hands-on labs that provided simulated workspaces where participants could experiment, build, and test solutions. This approach effectively bridged the gap between theoretical knowledge and real-world application.

Recognising diverse skill levels across the workforce, AIA implemented Smart Skills Assessments, allowing employees to focus on targeted learning areas most relevant to their roles. The programme also aligned with official certifications such as Microsoft Certified: Azure Fundamentals and Project Management Professional (PMP)® certification, enabling employees with existing knowledge to skip redundant training and proceed directly to certification exams.

Delivering measurable transformation AIA achieved 90% cloud adoption by the end of 2024, an increase from just 15% in June 2020. Simultaneously, employees with TDA

Cloud Academy evolves into Tech Academy Recognising that cloud expertise alone would not suffice for future challenges, AIA Digital+ expanded its learning framework. In 2025, the AIA Cloud Academy evolved into AIA Tech Academy, through a partnership with Udemy.

The expanded curriculum now includes application development, generative artificial intelligence, data analytics and Power BI, information security, IT service management, and project management. Training is offered in both English and local languages, ensuring accessibility across AIA's diverse markets.

Building tomorrow's workforce today AIA Group's Training and Development Initiative demonstrates how forwardthinking organisations can transform their workforce whilst advancing business objectives. By combining strategic vision, innovative partnerships, personalised learning approaches, and measurable outcomes, AIA has developed an effective model for organisational transformation.

Through AIA Tech Academy, AIA Digital+ continues to build an innovative workforce that not only keeps pace with technological change but actively drives it.

This comprehensive approach to people development supports AIA Group’s efforts to foster a distinctive culture of empowerment with accountability, developing critical workforce capabilities and supporting our people so that they can achieve their full potential.

AIA Digital+ designed the Academy as a business enabler, ensuring that training efforts directly supported the company's cloud transformation goals

Specialist insurance with award-winning service Delta Underwriting is proud to be recognised with the 2025 Managing General Agent of the Year Singapore win at the Insurance Asia Awards, celebrating a year of innovation, resilience, and client-focused growth.

Our award win reflects not just strong governance and service excellence, but a diverse product suite designed to meet the real-world needs of modern clients.

Our offering has recently expanded to include Accident and Health Insurance. This enables clients to seamlessly bundle personal and business cover—such as cyber and legal expense protection—into one smart solution.

Our product range includes: • • • • • •

Accident and Health Insurance Cyber Liability Insurance Personal Cyber Protection Insurance Technology Liability Insurance Associations Liability Insurance Commercial Legal Expenses Insurance

• • • • •

Directors and Officers Liability Insurance Family Legal Expense Insurance Management Liability Insurance Professional Indemnity Insurance Smart Business Essentials

Discover our full range of solutions at

deltaunderwriting.com

© 2025 Delta Underwriting Pte Ltd. All rights reserved.

Insurance Asia 55

DIGITAL TRANSFORMATION INITIATIVE OF THE YEAR - PHILIPPINES DIGITAL INSURANCE INITIATIVE OF THE YEAR - PHILIPPINES

AIA Philippines and BPI AIA introduce affordable, flexible plans to help Filipinos achieve life goals Combining protection, health coverage, and investment growth, AIA Philippines and BPI AIA empower individuals to take control of their financial future whilst staying resilient.

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inancial security often feels out of reach for many Filipinos, especially when day-to-day needs take priority over long-term plans. To help address this, AIA Philippines Life and General Insurance Company, Inc. (AIA Philippines), formerly Philam Life and now the domestic arm of Hong Kong-based insurer AIA, has launched a flexible and affordable variable universal life (VUL) insurance plan, AIA Goals Protect. Its bancassurance arm, BPI AIA Life Assurance Corporation (BPI AIA), a strategic joint venture between Bank of the Philippine Islands (BPI) and AIA Philippines, and recognised as the #1 bancassurance company in the Philippines in 2024 by the Insurance Commission, has also launched BPI AIA Prosper. These plans are designed to put Filipinos in the driver's seat of their financial well-being, helping protect what matters now whilst confidently pursuing life goals.

“Our ‘Rethink Healthy’ study revealed that 41% of Filipinos feel overwhelmed by the challenge of juggling financial security with the demands of daily life,” explains Melita Teo, the President and Chief Executive Officer of AIA Philippines.

“AIA Goals Protect provides an easier way for them to invest in their future whilst adapting to their changing needs, offering the best of both worlds: enjoying life now whilst building a secure future.”

“Similarly, BPI AIA Prosper empowers individuals to tailor their financial well-being, from boosting health coverage to securing their family's future,” Teo added.

Protection and growth tailored to your aspirations Even with savings and insurance, many Filipinos worry about what lies ahead, according to the AIA study. Both AIA Goals Protect and BPI AIA Prosper combine life insurance with financial solutions tailored to specific needs. These plans create a financial safety net, helping policyholders work toward key life goals like buying a home, funding education, or securing retirement.

Starting at PHP2,085 per month, AIA Goals Protect offers flexible coverage through three distinct packages: Protection, Health and Medical, and Long-Term Savings

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Meanwhile, BPI AIA Prosper, exclusive to BPI customers, offers two core packages— Protection and Health—a straightforward, robust option. Like Goals Protect, it allows policyholders to adjust coverage and investment allocations based on life stage.

BPI AIA Prosper also offers customisable benefits via riders for disabilities, medical emergencies, and critical illnesses.

BPI AIA Prosper adapts to changing needs, allowing increased protection during key life events or more growth allocation.

With expert fund management from BPI Wealth, policyholders can benefit from potential growth. Plus, BPI AIA Prosper provides flexible coverage with death benefit multiples.

Melita Teo, CEO, AIA Philippines

Growth. It offers the market's highest loyalty bonus, adding up to 3.5% to fund growth, and a no-lapse guarantee for added peace of mind. To maximise investments and stay on track, AIA Goals Protect is also invested in high-performing local and global funds, managed by experienced professionals.

A key advantage is its enhanced death benefit. Should an unexpected passing occur, beneficiaries receive a death benefit, including fund growth, significantly higher than standard plans. The plan can be customised with optional add-ons/riders covering accidents, hospital stays, critical illnesses, and more. Payment terms include a five-year option or pay-until-age-65.

Policyholders can choose coverage up to 100 times the premium paid, prioritising protection or savings.

Making financial wellness less stressful AIA Philippines research revealed that 65% of Filipinos rely on personal savings for health emergencies, which can derail longterm financial goals. By blending protection with fund growth opportunities, both AIA Goals Protect and BPI AIA Prosper help alleviate this burden, offering peace of mind whilst keeping policyholders on track toward their aspirations.

Compared to many other VUL offerings, both plans are priced competitively, making them accessible to more Filipinos. "AIA is dedicated to empowering Filipinos to take control of their financial well-being without undue financial strain," shares Teo. " Our goal is to make it easier for them to live healthier, longer, and better lives, and we are committed to supporting them every step of the way," she added.

As part of their commitment to empowering Filipinos, AIA Philippines and BPI AIA will host a series of webinars and community events focused on financial planning and well-being. These initiatives aim to educate Filipinos on how to effectively manage their finances whilst securing their future. To know more about AIA Goals Protect and BPI AIA Prosper, visit www.aia. com.ph or www.bpi-aia.com.ph/

AIA is dedicated to empowering Filipinos to take control of their financial well-being without undue financial strain

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Insurance Asia 57

HEALTH INSURANCE INITIATIVE OF THE YEAR - VIETNAM MARKETING INITIATIVE OF THE YEAR - VIETNAM

FWD Vietnam affirms its position through a series of domestic and international awards It was recognised in two categories at the Insurance Asia Awards 2025.

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s the insurance industry continues to evolve to meet rising customer expectations, FWD Vietnam Life Insurance Company has demonstrated strong momentum through outstanding achievements in product development, technology investment, and customer experience enhancement. A series of prestigious awards received both domestically and internationally in June and July further underscores the company’s sustainable and innovative growth strategy.

A highlight was FWD Vietnam’s recognition at the Insurance Asia Awards held in Singapore on 8 July 2025, where the company won two major categories: Health Insurance Initiative of the Year - Vietnam for its FWD Care Health Insurance 3.0 and Marketing Initiative of the Year - Vietnam for its FWD Fun Run event. These accolades not only reflect FWD’s creativity in product design but also its ability to connect emotionally— an increasingly vital factor in the modern insurance landscape. These initiatives show that FWD is not just providing insurance, but creating human-centred experiences that foster community engagement and promote positive lifestyles.

Beyond its accolades at the Insurance Award Awards, FWD Vietnam was named one of the top organisations/enterprises in science & technology, innovation, and digital

FWD Vietnam was honoured at the Insurance Asia Awards 2025 for its innovative product and outstanding engagement initiatives

FWD Vietnam leaves a strong impression on digital transformation initiatives

transformation. This recognition is the result of strategic investments in technology and automation, aiming to build a comprehensive digital ecosystem within the insurance sector.

From simplifying the insurance buying process to personalising service experiences, FWD’s advanced technology platform is a powerful tool in realising its vision to “change the way people feel about insurance.”

Additionally, in June of 2025, FWD Vietnam was named amongst the top 10 most reputable life insurance companies in Vietnam, based on financial strength, operational efficiency, brand recognition, and positive market feedback. Continuous recognition

A vibrant gathering of runners, sports enthusiasts, and energetic souls at the FWD Fun Run

58 Insurance Asia

in such rankings highlights not only FWD Vietnam’s innovation but also its stability and long-term commitment to its customers.

Redefining insurance These achievements are not merely shortterm successes but the result of a customercentric development strategy that skillfully combines innovation, technology, and deep customer understanding. In an increasingly competitive insurance market, these recognitions are a clear testament to FWD’s role in redefining the insurance experience, strengthening trust, and deepening connections with customers across Vietnam.

FWD is not just providing insurance, but creating human-centred experiences that foster community engagement and promote positive lifestyles

Insurance Asia 59

INSURTECH INITIATIVE OF THE YEAR - TAIWAN

Shin Kong Life wins Insurtech Initiative of the Year - Taiwan for pioneering smart tech in insurance

Through its Green Policy-Analyzer System (G.P.S), Shin Kong Life conducts comprehensive insurance needs analysis to close coverage gaps for its customers.

Shin Kong Life Insurance’s “Green Policy-Analyzer System” has supported over 2.97 million users and produced 2.99 million Policy Gap Analysis Reports

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he insurance Policy Gap Analysis is the essential first step in providing insurance services. Traditionally, after obtaining the customer’s policy details, agents often require several days to weeks to organise and analyse the data before creating a readable Policy Diagnosis and Planning Guide to explain to the policyholders.

However, this approach not only consumes a significant amount of the agent’s time and effort but also demands a high level of expertise to effectively consolidate various policies and translate complex policy terms into practical coverage items and content.

Green Policy-Analyzer System To improve efficiency, Shin Kong Life Insurance has implemented the “Green Policy-Analyzer System”, a high-performance digital tool for agents. This system leverages Optical Character Recognition (OCR) and Natural Language Processing (NLP) technologies to replace manual data entry and documentation. Agents simply need to take photos or scan customers’ policies from various insurance companies. Using AI analysis, the system consolidates an overview of existing policy coverage, completing the policy review process in just a few minutes.

This significantly enhances service efficiency and accelerates the documentation of policies from other insurers.

The resulting Policy Gap Analysis Reports, powered by the calculation formulas of the coverage analysis engine, ensure customers receive clear and comprehensive information, thereby reducing information asymmetry.

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Designed to align with agents’ sales practices, Policy Gap Analysis Report categorises common coverage into nine major areas: accidental death and dismemberment, life insurance, cancer insurance, long-term care, critical illness, fixed daily hospitalisation benefits, reimbursement medical benefits, whole life medical insurance, and critical illness benefits. Additionally, it incorporates survival benefit information. The report also provides projections of future annual premiums based on the policy rate tables and estimates of annual payouts upon policy maturity. Foreign currency policies can also be presented in their original currency format.

Agents simply need to take photos or scan customers’ policies from various insurance companies

Ms Lin Yung-Hsin, AVP and Head of the Digital Services Development Department at Shin Kong Life Insurance.

Highlights • Utilise Optical Character Recognition (OCR) technology to replace manual filing, automatically extracting content to the corresponding fields.

• Through Natural Language Processing (NLP) and Deep Learning, machines learn to recognise policies.

• With a vast database, it can accurately consolidate the coverage details of insurance products from various companies. This enables the creation of a clear, comprehensive Policy Diagnosis and Planning Guide for clients.

• Delivering a well-crafted and comprehensive Policy Gap Analysis Report transforms complex and technical insurance terminology into clear and accessible coverage details. This allows users to easily understand their existing coverage, identify potential protection gaps, enhance transparency in insurance policies, as well as achieve fair treatment for customers.

Through this system, agents can more precisely identify coverage gaps in customers' protection plans, enhancing service efficiency, building stronger client trust, and ultimately fostering a positive reputation whilst driving business growth.

Currently, the system has been utilised by over 2.97 million users, generating a Shin Kong Life Insurance holds an annual workshop to gather insights from its sales total of 2.99 million Policy agents and continuously optimise the Green Policy-Analyzer System.

Gap Analysis Reports.

Insurance Asia 61

NEW INSURANCE PRODUCT OF THE YEAR - VIETNAM TRAINING & DEVELOPMENT INITIATIVE OF THE YEAR - VIETNAM

Prudential Vietnam redefines standards with new universal life insurance product PRU-Max Protect The company was honoured with two wins at the Insurance Asia Awards 2025.

PRU-Max Protect

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aunched in early 2025, PRU-Max Protect is Prudential Vietnam’s first universal life insurance product of the year. It is designed to meet customers’ growing needs for long-term protection and flexible wealth accumulation. A standout feature of the product is its maximum protection coverage of up to 80 times (*) the annualised target premium, setting a new benchmark for the local market.

Beyond high protection value, PRU-Max Protect also offers a competitive break-even year, where the policy account value equals the total premiums paid, guaranteed interest rates, and an attractive bonus.

In just three months since its launch, Prudential reported strong market reception, with the average sum assured being 34% higher than previous universal life products.

By 30 June 2025, more than 6,000 policies had been issued.

Setting a new standard in the industry The success of PRU-Max Protect affirms Prudential Vietnam’s innovation capacity and deep understanding of customers’ evolving needs, particularly in an era where financial security for individuals and families is more critical than ever. “This recognition not only reflects the endorsement of the global insurance community but also serves as a testament to the strong and positive reception from our customers and agents,” shared by representative of 62 Insurance Asia

Prudential Vietnam. “I am truly delighted and proud that PRU-Max Protect has been honoured at an international award just three months after launch.” This recognition underscores Prudential’s commitment to developing sustainable value and delivering comprehensive protection to every Vietnamese family.

A customer-first approach to innovation PRU-Max Protect embodies the core value of life insurance — maximised protection per premium. The product ensures that premiums remain affordable whilst providing sufficient, meaningful protection tailored to customers’ needs. The strong initial market response reflects Prudential Vietnam’s ability to translate insights into impactful product design, helping to enhance customer trust and longterm security.

transformation of customer experience and the capability of its distribution force. As Vietnamese consumers become more discerning, seeking greater transparency, tailored protection, and higher service standards as highlighted in the recent Vietnam Report—Prudential Vietnam is proactively investing in agent training and development to meet and exceed these changing expectations.

The company’s agent empowerment strategy includes intensive training programmes to build deep product understanding and improve confidence in advising customers; sales capability enhancement to equip agents with skills in needs-based consultation and long-term financial planning; and customer-centric tools and knowledge to ensure agents can personalise solutions that reflect each individual’s life stage and goals.

Each Prudential agent is seen not just as a salesperson, but as a trusted financial advisor, capable of delivering meaningful protection in a fast-evolving market. By raising distribution standards, Prudential Vietnam is not only preparing its salesforce for future growth, but it is also reinforcing its position as a role model, committed to building trust and delivering peace of mind to every Vietnamese family. (*) Coverage estimates vary based on customer age, gender, health status, and selected benefits. For personalised estimates, customers can use Prudential’s Premium Calculator or consult with a Prudential Financial consultant.

Empowering agents to meet rising expectations At Prudential Vietnam, innovation goes beyond product development; it encompasses a comprehensive

PRU-Max Protect embodies the core value of life insurance — maximised protection per premium

Insurance Asia 63

UNDERWRITING INITIATIVE OF THE YEAR - HONG KONG ASIAN REINSURER OF THE YEAR - SILVER

FuSure Reinsurance honoured with two accolades at 2025 Insurance Asia Awards The emerging innovator was recognised for advancing underwriting technology.

FuSure Reinsurance at the Insurance Asia Awards 2025

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uSure Reinsurance Company Limited, a Hong Kong-based subsidiary of Tencent Group, received two distinctions at the 2025 Insurance Asia Awards: Asian Reinsurer of the Year - Silver and Underwriting Initiative of the Year - Hong Kong. These accolades recognise the company’s specialised focus on complex risk solutions and its development of the AI-Powered Underwriting Manual.

Establishing regional reinsurance capabilities FuSure’s recognition as Asian Reinsurer of the Year - Silver follows a year of significant growth, with premium income reaching US$346m in 2024 – a 34.6% year-on-year increase, maintaining three consecutive years of profitability since inception. This achievement reflects the company’s expertise in not just standard but also substandard risk coverage programmes.

The recent granting of a composite reinsurance license by the Hong Kong Insurance Authority further solidifies its commitment within Asia’s reinsurance ecosystem. As a relatively new market entrant established in 2021, FuSure leverages Tencent’s technological infrastructure whilst maintaining strict adherence to regulatory standards.

Redefining underwriting precision & effectiveness The award-winning FuSure Underwriting Manual represents a comprehensive technical framework developed internally over two years. Structured into six core modules: Medical Information, Financial Underwriting, Occupational Risks, Geographical Risks,

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Sport Risks, and Advanced Therapies, the Medical Information module delivers detailed underwriting assessment guidance across 600+ medical conditions and their level of risks, treatment and prognosis etc.

The manual also incorporates specialised calculators for physiological assessment, enabling underwriters to integrate multiple parameters for risk assessment. The Financial Underwriting, Occupational Risks, Geographical Risks, and Sport Risks are modules providing wider dimensions for professional consideration.

Finally, the Advanced Therapies module documents emerging treatments, ensuring professionals are able to receive the most up-to-date therapy information.

There is also a hidden feature named sample intelligent underwriting questionnaire, which allows the policyholder (or underwriter on behalf) to capture their

possible underwriting conclusion for specific products based on their response.

FuSure also offers API integration services for insurers to integrate the intelligent underwriting questionnaire into their online sales platform, improving the overall effectiveness and underwriting experience.

The manual is backed by AI technology, not only increasing the effectiveness and data accuracy, but also expanding the disease library coverage within the target project timeline. Since its September 2024 launch, the manual has demonstrated operational impact through adoption by 35 mainland Chinese insurers and over 200 senior underwriters. Daily platform engagement consistently exceeds 100 active users.

Future development focusses on two pilot initiatives: national risk modules for regional adaptation and auto-updated disease libraries with policy revision alerts.

Strategic roadmap for regional engagement FuSure will continue deepening its expertise in the Mainland China market whilst advancing its life and health capabilities. The company’s next strategic phase will extend focus to Southeast Asian markets, where significant parallels exist with mainland China across climate patterns, demographic profiles, insurance product structures, and healthcare resource allocation, etc. The proven success in developing specialised underwriting frameworks for complex risks could be adapted to address Southeast Asia's unique protection gaps. FuSure anticipates collaborative partnerships with regional insurers and reinsurers to co-develop solutions for evolving health challenges.

FuSure Underwriting Manual Release Conference at Beijing, September 2024

FuSure will continue deepening its expertise in the Mainland China market whilst advancing its life and health capabilities

INSURANCE ASIA AWARDS 2025 - MYANMAR

TRANSFORMING INSURANCE DISTRIBUTION – A CUSTOMER-CENTRIC GROWTH STRATEGY Introduction: A Commitment to Excellence In Myanmar, Dai-ichi Life set out to bring financial protection to people through meaningful, human-centered insurance services. With a bold vision to lead the industry, we embraced innovation, empowered people, and expanded access with purpose. In just one year, that vision turned into an impactful action across the nation.

Challenges & Market Landscape

At DLMM’s Star Awards Night with our agency’s top achievers.

The life insurance market in Myanmar faces complex challenges: • Low Insurance Penetration: A large population in a fragile economy, mostly unaware of the value of insurance and had no access to those who remain uninsured.

• Productivity & Professionalism: Sales force that needs nurturing and inspiration in a competitive market which cannot be replaced only by numbers.

• Digital Shift & Hybrid Expectations: The need to balance traditional face-to-face sales with digital solutions for a generation demanding instant and intuitive experiences.

Results & Impact

Our Strategy: Bold, Inclusive, Impactful

Our impact extends beyond targets: • Achieved 290.4% increase in premium revenue making it one of the highest YoY growth.

• Expanded our agency network with strong activation and retention, achieving 180% agent activation growth and nearly 140% agent growth.

• More than 100 townships entered, bringing protection to thousands of first-time customers.

• Increased policy persistency and customer satisfaction through digital engagement.

But the real success lies in the father in Kayin State who now sleeps easier knowing his family is protected, the single mother in Mawlamyine who found new purpose as an agent, and the child whose education is now secured through a parent’s policy. These stories reflect the dignity and peace of mind we’ve delivered across Myanmar.

To address these challenges, we implemented a multi-faceted approach: 1. Multi-Channel Expansion • Agency Reimagined: Building a new generation of agents through recruitment by providing intensive upskilling and proper certification.

• Breakthroughs in Bancassurance Partnerships: Deepened partnerships with leading banks that had the reach by embedding life insurance solutions in the banking journey for customers of the banks to buy life insurance with ease and seamless.

2. Geographic Expansion We moved beyond urban centers to underserved communities by establishing new branches and sales offices, customizing products aligned with customer needs, and launching financial literacy programs to create awareness and trust.

3. Empowering Distribution Partners We conducted over 300 workshops covering product, leadership, and empathy-led sales. We introduced recognition programs and digital tools like D-Mirai, enabling agents to provide the smarter service.

The Future We’re committed to evolving further – reaching more townships, expanding financial literacy, and strengthening our hybrid model to balance human touch with digital ease.

Conclusion: Innovation, Impact & Inclusivity Our distribution success rests on three pillars: • Innovation in tools, processes, and thinking • Impact through life changes, not just numbers • Inclusivity by expanding access for all, regardless of geography or background This is not a story of transactions—but of transformation. In a fragile market, with deep-rooted challenges, we delivered lasting change through purpose, people, and partnership.

For these reasons, we proudly nominate ourselves for the Insurance Distribution Initiative of the Year 2025.

At the Partnership Founder’s Recognition Award event with our partner, KBZ Bank.

Insurance Asia 65

CUSTOMER SERVICE INITIATIVE OF THE YEAR - HONG KONG

CTF Life: Revolutionising Customer Experience to Create Value Beyond Insurance

Empowering customers, life planners, brokers, and employees with personalised and unified experiences.

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s a member of the Chow Tai Fook (CTF) Group, CTF Life is one of the leading life insurance companies, with over 40 years of legacy in Hong Kong. With continuous collaboration with CTF Group’s ecosystem, CTF Life is committed to creating value beyond insurance across customers’ life journey with best-in-class experience.

With customer-centricity at its core, CTF Life is dedicated to providing a seamless omni-channel experience, from online to offline, from insurance to beyond insurance, covering customers’ needs from wealth to health to education and more. To realise this, it invests continuously to enhance and transform its digital services. Through the unified digital service platform and an advanced AI-enabled customer contact centre, CTF Life delivers high-quality services and creates customer interactions that are seamless, accessible and hassle-free.

Understand customer needs and provide effective solutions CTF Life’s digital customer solutions cater to diverse customer preferences and offer tailored solutions to meet their needs effectively. Its AI technology ensures customers are well-connected with real-time support or guidance.

Proactive advice to enhance service quality The company’s AI analyses spot trends from customer feedback to offer smoother and more efficient experiences.

Through its comprehensive knowledge base and AI-guided workflow, CTF Life identifies customers’ potential needs and offers suitable solutions.

Effortless and unified experience Its efforts to redefine a better customer

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experience focusses on transforming both frontand back-office processes, eliminating unnecessary steps. The CTF Life team reviews process flows, user interfaces, and journey designs to deliver a humanised and unified experience. Customers receive consistent and personalised responses across communication channels and touchpoints.

Happier customers, life planners, brokers, and employees For customers, they can enjoy reduced waiting time for service requests, with many completed instantly. Customers can connect with CTF Life via their preferred communication channels and can get a unified experience across all channels.

For life planners and brokers, with the elimination of manual form filling, commuting for customer signatures, and mailing forms, life planners and brokers save hours of work, allowing more time to focus on business.

CTF Life’s vision is anchored in an unwavering commitment to creating value beyond insurance For employees, largely reduced data entry and manual processing, saving a lot of effort.

Routine tasks are largely automated to allow staff to focus on value-added activities.

Digital transformation & technology innovation to improve customer experience CTF Life has always been committed to improving customer digital experience to exemplify its customercentricity commitment.

To achieve this, CTF Life uses digital innovation, data analytics, and artificial intelligence to amplify the extensive support from the CTF Group's ecosystem and create a unique

advantage in the industry. Its digital platforms also provide customers and distribution channels with deeper insights, excellent digital services, and personalised experiences.

By collaborating with insurtech partners, CTF Life harnesses technology to keep the organisation at the forefront. Winning the Customer Service Initiative of the Year - Hong Kong at Insurance Asia Awards 2025 is a testament to its commitment.

CTF Life Chief Digital and Technology Officer, Derek Ip believes, “CTF Life’s vision is anchored in an unwavering commitment to creating value beyond insurance. Rooted in this commitment, we strive to deliver more humanised solutions and unified experiences, as we firmly believe that customer happiness is the cornerstone of an organisation’s enduring success.”

Reputable brand, confidence guaranteed CTF Life’s financial strength is wellrecognised by renowned global ratings agencies. It received an A- rating from Fitch Ratings (Nov 2024) and an A3 rating from Moody's (May 2024). As at 31 December 2024, CTF Life’s solvency ratio on the Hong Kong Risk Based Capital basis stood at 266%, which is distinctly higher than the minimum regulatory requirement of 100%.

Committed to creating value beyond insurance, CTF Life consistently strengthens its collaboration with the CTF Group ecosystem to support customers and their loved ones in navigating life’s journey with personalised planning solutions, lifelong protection and diverse lifestyle experiences.

By leveraging the Group’s robust financial strength and strategic investments across the globe, CTF Life aspires to become a leading insurance company in Asia.

Insurance Asia 67

MOBILE APP OF THE YEAR - SAUDI ARABIA MSME INSURANCE INITIATIVE OF THE YEAR - SAUDI ARABIA

Redefining digital insurance in Saudi Arabia: Tawuniya’s innovations for consumers, businesses

Tawuniya stands at the forefront of digital transformation, delivering advanced, user-centric solutions that simplify, automate, and personalise the insurance experience.

Prashant Dixit, Executive Director - Digital, Tawuniya

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ith a legacy rooted in trust and a future shaped by innovation, Tawuniya was honoured with two major recognitions at the Insurance Asia Awards 2025: Mobile App of the Year - Saudi Arabia and MSME Insurance Initiative of the Year - Saudi Arabia.

These awards reflect Tawuniya’s continued commitment to making insurance more accessible, efficient, and intelligent for individuals and businesses.

The company’s two standout innovations, the Tawuniya Super App and the Unified MSME Portal, are not only setting new benchmarks in insurance digitisation but are actively reshaping how customers interact with their coverage, claims, and care.

Tawuniya Super App The Tawuniya Super App reimagines mobile insurance with an ecosystem approach, bringing together policy management, claims, wellness, and value-added services into one sleek, intuitive interface. With over 430 integrated features, customers can now buy, renew, claim, and track insurance in real time, directly from their smartphones.

Touted as one of the most downloaded and used insurance apps in MENA, the app’s success lies in its blend of functionality and simplicity. Key innovations include: 43 68 Insurance Asia

times faster performance than previous versions; an AI-powered chatbot for 24/7 support and service guidance; real-time alerts for claims, renewals, and policy updates; embedded telemedicine and third-party repair booking; personalised dashboards and proactive service nudges; and end-toend digital claims: upload documents, track status, receive approvals—all within the app.

The business problem this innovation addressed was the fragmented and offlineheavy nature of insurance in the MENA region. Customers previously had to navigate multiple platforms, branches, or calls to manage their insurance journey, resulting in inefficiencies and dissatisfaction.

To resolve this, Tawuniya built an app that centralises the entire user experience.

Leveraging several cutting-edge technologies like AI, automation, and embedded APIs, the app delivers a mobile-first, paperless, and fully digital experience, thereby allowing users to manage everything from policy issuance to live medical consultations and vehicle repairs in just a few taps.

This innovation not only meets but exceeds customer expectations, shifting the insurance app from a transactional tool to a daily-use lifestyle platform.

Unified MSME Portal On the enterprise side, Tawuniya launched the Unified Sales and E-Services Portal for MSMEs The One and Only Fully Bundled Digital Insurance Journey for Businesses, a bold initiative to empower micro, small, and medium-sized businesses with instant, digitalfirst insurance access.

It is the first and only platform of its kind in the region to offer a truly unified and fully digital bundled journey, enabling businesses

to manage all their insurance needs—across Health, Motor, General, and Property & Casualty—in one seamless platform.

Prior to this innovation, MSMEs in Saudi Arabia faced hurdles managing policies across disconnected systems, relying on time-consuming manual processes and agent intermediaries. The need for a single, reliable, and smart self-service platform was clear.

Tawuniya addressed this by building a cloud-native, API-driven portal that enables: instant policy issuance, smart comparison and bundling of products, full claim lifecycle management, WhatsApp-based support and automation, and live dashboards and digital document storage.

More than just a sales portal, it is a comprehensive, intelligent workspace where MSMEs can explore bundled offers tailored to their business type, issue and renew policies, submit and track claims, and communicate directly with support channels—all from a single interface.

Through robotic process automation (RPA), AI workflows, and integrated bots, the platform has significantly reduced the need for manual intervention, enhancing both accuracy and turnaround time.

With over 430 services now streamlined and bundled intelligently, the portal delivers: complete transparency, end-to-end selfservice, as well as real-time control over business insurance coverage This portal redefines how business insurance is experienced in Saudi Arabia and the MENA region. It gives MSMEs unprecedented empowerment—simplifying complexity, cutting delays, and enabling them to focus on growth whilst Tawuniya ensures seamless protection.

Looking Forward With the Tawuniya Super App and Unified MSME Portal in full deployment, Tawuniya is committed to pushing further into predictive technologies, customer experience personalisation, as well as ecosystem partnerships. Tawuniya’s goal is simple yet bold: to make insurance smarter, faster, and more human for everyone.

Tawuniya is committed to pushing further into predictive technologies, customer experience personalisation, and ecosystem partnerships

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INTERNATIONAL GENERAL INSURER OF THE YEAR - CHINA

HSC Insurance Group named International General Insurer of the Year - China CEO Michael Hu reflects on the company’s journey, its focus on innovation, and how HSC centres on customer-centricity in China and beyond.

Michael Hu, CEO of HSC Insurance Group

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t the 2025 Insurance Asia Awards, HSC Insurance Group was named International General Insurer of the Year - China in recognition of its outstanding performance in innovation, customer-centric strategy, and sustainable growth. As the company expands its global footprint whilst deepening its local expertise, this milestone is not just an accolade—it is a testament to long-term vision and execution. In this exclusive interview, Michael Hu, CEO of HSC Insurance Group, reflects on the significance of the award, the journey that led to it, and what lies ahead.

Q: Congratulations to HSC Insurance Group on this remarkable achievement. What does this award mean to you and the team?

Michael Hu: Thank you — it’s truly an honour.

This award is a powerful recognition of the collective effort and dedication of the entire HSC team. It marks a meaningful milestone for our operations in China and reaffirms our broader ambition to blend global best practices with local insight. Being recognised by the Insurance Asia Awards validates the direction we’ve taken—one grounded in innovation, customer focus, and sustainable development. To me, this is more than just a title; it’s a reminder that excellence is a continuous journey. We’re proud of how far we’ve come, and even more motivated for the road ahead.

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Q: What do you see as the key achievements that helped HSC stand out in the China market?

Michael Hu: Over the past few years, we’ve made tangible progress in transforming both our product offering and client service model. We launched AI-powered underwriting tools and automated our claims process, whilst also strengthening ties with local medical networks to ensure faster, smarter service. But beyond the tech, our focus has remained steady—earning trust and delivering insurance solutions that are personalised, transparent, and easy to access.

Our Shanghai headquarters continues to be a hub of innovation, driving regional growth with speed and precision.

Q: As CEO, what values or leadership philosophies guide your decision-making and HSC’s direction?

Michael Hu: I believe in consistency, clarity, and long-term vision. Leadership doesn’t always mean being the loudest—it means being the most grounded. I listen carefully, empower talented people, and create an environment where ideas can flourish.

Resilience is also essential. In a world full

HSC Insurance Group

of volatility, distractions are inevitable.

My responsibility is to keep us focussed on what truly matters: creating real value, ensuring compliance, and standing by our clients—every step of the way.

Q: With ESG, technology convergence, and evolving customer expectations reshaping the industry, how is HSC preparing for the future?

Michael Hu: The insurance industry is undergoing a fundamental transformation.

ESG is no longer optional—it’s central to how we evaluate risk and design products.

At HSC, we’re actively developing green insurance offerings, supporting sustainable investments, and improving the transparency of our impact assessment. On the technology front, we’re leveraging predictive analytics and automation—but always with a humanfirst mindset. The future will demand agility, responsibility, and relevance. Our goal is not just to adapt, but to lead in building a more sustainable, responsive, and customeraligned insurance ecosystem.

‘This is more than just a title; it’s a reminder that excellence is a continuous journey’

Insurance Asia 71

INSURANCE INCLUSION OF THE YEAR - TAIWAN

KGI Life pioneers liaison interpreter empowerment programme for new immigrants

The company empowers liaison interpreters to serve new immigrant communities, fostering inclusivity.

KGI Life promotes friendly financial services and equal employment opportunities for new immigrants by recruiting talent using programmes offering industry-leading financial assistance and comprehensive development plans

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n line with its people-centric philosophy, KGI Life has taken the lead in the insurance industry by launching a multilingual and immigrant-friendly financial services initiative to support Taiwan’s growing population of new immigrants and their children. Going beyond language accessibility, the company has empowered liaison interpreters to obtain insurance licenses, pursue careers, and build inclusive communities. Together, KGI Life and the new immigrant communities in Taiwan are fostering a more diverse and inclusive future.

Focussing on new immigrant needs: Talent development New immigrants often face challenges such as communication barriers, limited access to financial knowledge, and insufficient resources due to language and cultural differences. According to a Ministry of the Interior survey, support in licensing and training has helped new immigrants overcome these obstacles and expand their employment options.

KGI Life President Yu-Ling Kuo stated that the company not only advocates for

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language equity but also takes the lead in the financial sector by organising advanced insurance training programmes for its partner liaison interpreters across Taiwan. These programmes have helped new immigrants receive equal pay for equal work. Through their expertise and community influence, interpreters are extending protection to more new immigrant families.

KGI Life and the new immigrant communities in Taiwan are fostering a more diverse and inclusive future KGI Life values workforce diversity and has launched inclusive initiatives targeting new immigrants and their children. With industryleading financial support and comprehensive training, the company has helped participants earn licenses and join its team, building a supportive and inclusive workplace.

The New Immigrant Family Development Association noted that many new immigrants did not understand insurance well. Financial institutions that engage with this community

can bridge information gaps, strengthen financial security, and open new employment pathways, benefitting all parties.

Inclusive finance: Creating a sustainable and friendly environment KGI Life’s commitment to new immigrant inclusion was recognised with the Insurance Inclusion of the Year - Taiwan award of the 2025 Insurance Asia Awards.

Guided by the spirit of equity and empathy, KGI Life continues to promote inclusive finance and develops diverse service teams to meet evolving needs. The company is committed to becoming the most recommended and trustworthy life insurance company that safeguards the well-being of its policyholders.

About the awards programme The Insurance Asia Awards, the premier awards programme for the insurance sector in the Asia Pacific celebrates the industry’s trailblazers—companies that have achieved outstanding milestones, set new benchmarks, and transformed the insurance landscape through cutting-edge innovation.

Insurance Asia 73

ESG INITIATIVE OF THE YEAR - TAIWAN

Cathay Life Insurance’s IOT Green Ecosystem leads Taiwan’s net-zero transformation

Cathay Life Insurance won the ESG Initiative of the Year - Taiwan at the Insurance Asia Awards 2025 by creating the IOT Green Ecosystem to lead in sustainable finance and digital innovation.

The 2024 Cathay Sustainable Finance and Climate Change Summit featured companies that collectively account for 82% of the Taiwan stock market’s capitalisation

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n response to escalating climate risks, Cathay Life Insurance is advancing its sustainability blueprint through an innovative “IOT Green Ecosystem.” Anchored in the company’s dual-track strategy of green and digital transformation, this initiative integrates investment, operations, and technology to accelerate Taiwan’s path toward net-zero emissions. Cathay Life aligns with global initiatives like RE100 and SBTi, aiming for 100% renewable energy usage in Taiwan by 2030 and full net-zero by 2050.

These targets are reinforced by concrete actions across its business pillars.

Low-carbon investment Leveraging its financial influence, Cathay Life is catalysing decarbonisation by supporting sustainable and transition industries. As of 2024, its low-carbon investments reached NT$259b, with a 2030 goal of NT$302.5b.

Cathay Life’s portfolio includes low-carbon projects such as the Shuguang agrivoltaics solar farm, which integrates power generation with sustainable agriculture. In 2024, Cathay Life and Cathay Power jointly invested NT$27.3b in a 50% stake in the 583 MW Greater Changhua 4 Offshore Wind Farm—the largest wind power investment by a Taiwanese insurer—underscoring the company’s commitment to renewable energy and net-zero goals. Beyond financial investment, Cathay Life actively engages investee companies, hosting ESG summits and using structured dialogues to guide firms toward sustainability. These efforts amplify the ripple effect of sustainable finance across Taiwan's corporate landscape.

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3G Policy: Green Operation, Green Energy, and Green Real Estate Cathay Life is reshaping internal operations through its "3G" policy: Green Operation, Green Energy, and Green Real Estate. The company has already surpassed its RE25 interim target and enabled 32 million kWh of green electricity use across its sites and tenants. From digitising insurance services to cutting 1,031 metric tons of carbon emissions via e-policies and paperless processes, Cathay is enhancing operational efficiency. The company's award-winning Green Leasing Program 2.0 allows tenant companies to share in renewable energy benefits, with green electricity now reaching 38 buildings and 24 enterprises.

Innovative technology To support scalable decarbonisation, Cathay Life has developed Taiwan’s first in-house carbon management platform in Taiwan’s financial industry—Green as a Service (GaaS). Deployed in 2024, GaaS allows real-time tracking of Scope 1 and 2 emissions, renewable energy usage, and carbon reduction simulations, saving over 200 person-days of labour annually. Complementing this are two key initiatives: an advanced Energy Management System (EMS), which covers over 60% of Cathay’s electricity use, and the hub smart office service, which transforms Cathay into a "smart green landlord" by enabling cross-site energy monitoring and providing sustainability analytics for tenants.

Better together As a leader in climate action in Taiwan, Cathay Life has built the IOT Green Ecosystem to integrate smart technology, strategic finance, and carbon-conscious operations — driving Taiwan’s industries toward a low-carbon economic transformation. Cathay Life aims to leverage the power of capital to create a sustainable future for the next generation, believing that true impact is only possible when we work better together.

Cathay Life has launched the “hub” smart office service to meet the three key needs of corporate tenants: sustainability, technology, and human-centric design

Cathay Life is catalysing decarbonisation by supporting sustainable and transition industries

Established in April 2016, Solarelle Insurance is a financially strong and profitable firm led by experienced local and international professionals. We are committed to delivering distinguished and reliable insurance services across the Maldives.

Insurance Asia 75

DOMESTIC BROKER OF THE YEAR - PHILIPPINES INSURANCE DISTRIBUTION INITIATIVE OF THE YEAR - PHILIPPINES

Cebuana Lhuillier Insurance Brokers clinches back-to-back wins at 2025 Insurance Asia Awards CLIB continues to cement its leadership in inclusive insurance.

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ebuana Lhuillier Insurance Brokers (CLIB) has long been recognised as a leader in the Philippine insurance sector. With an unwavering vision of inclusion, CLIB has consistently tailored its insurance products to serve the C and D markets, ensuring that quality protection is both affordable and accessible for every Filipino. Over the years, the company’s innovative approach and customer-centric philosophy have solidified its status as the industry’s trusted partner for financial security, empowering millions with solutions that cater to their unique needs.

A leader in the industry In a dynamic industry where excellence is measured by innovation and impact, the Insurance Asia Awards have emerged as the premier recognition for outstanding achievements within the Asia Pacific region.

Celebrating trailblazers who continuously redefine the landscape of insurance, these awards honour companies that not only meet but exceed industry standards. Having participated and celebrated wins in previous editions, CLIB has built a rich legacy of success at these awards. In a moment of immense pride, CLIB has once again been named Domestic Broker of the Year - Philippines at the Insurance Asia Awards 2025—marking its fourth consecutive win in this category.

“Winning this award is more than an honour—it reflects our unwavering commitment to empower every Filipino, especially those often left behind by traditional providers,” said Jean Henri Lhuillier, President and CEO of Cebuana Lhuillier. “Through affordable and accessible insurance, we’re not just offering protection; we’re enabling a more inclusive and resilient financial future. Our 2024 achievements have raised the bar, and this recognition inspires us to keep driving innovation and broadening financial inclusion nationwide.”

This prestigious accolade is a testament to CLIB’s remarkable accomplishments in 2024. The company recorded a staggering PHP1.4b in premiums—a 59% increase over the previous year—coupled with significant growth in both PHP and USD premium markets. Alongside its impressive financial performance, CLIB expanded its physical presence by launching six new branches under its Alternative Distribution Channel (ADC) strategy, further enhancing its ability to serve even the most underserved communities.

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CLIB receives Domestic Broker of the Year for the fourth consecutive year and Insurance Distribution Initiative of the Year at the 2025 Insurance Asia Awards in Marina Bay Sands Expo, Singapore

This record-breaking performance, achieved through strategic expansion, state-of-the-art technology, and a profound commitment to customer satisfaction, underscores why CLIB continues to lead the industry in accessible and innovative insurance solutions.

Insurance within reach Adding another feather to CLIB’s cap at the Insurance Asia Awards, the company also won the Insurance Distribution Initiative of the Year - Philippines award. This accolade highlights groundbreaking approaches that integrate insurance seamlessly into everyday life, ensuring that top-quality financial protection is within reach for all. CLIB’s revolutionary ADC strategy was at the forefront of this achievement. By strategically positioning its branches in high-traffic malls across Luzon, Visayas, and Mindanao, CLIB has not only bridged the gap between traditional financial distribution and modern consumer needs but has also redefined how and where insurance services are delivered.

Our commitment to innovation, inclusivity, and community impact will always guide us The ADC initiative is designed to bring financial literacy and insurance directly to the people. Through this mall-based engagement model, CLIB has achieved notable results— closing 5,350 insurance cases, collecting PHP152m in actual premiums, and generating an annualised premium of PHP227m.

The approach has also brought insurance

awareness to the forefront; over 15,000 individuals have undergone financial needs analyses, whilst targeted outreach efforts engaged approximately 150,000 prospects through a one-to-ten conversion model.

Jean Henri Lhuillier stated "This award is a powerful validation of our ADC strategy, which was designed to meet Filipinos where they are — whether in bustling malls or via our digital platforms. Our commitment to breaking down traditional barriers and making insurance accessible for all continues to drive us forward. We remain dedicated to ensuring that every Filipino can secure a brighter, more confident financial future."

Setting new standards CLIB is both proud and grateful for the dual honours it received at the Insurance Asia Awards 2025. With these milestones in hand, CLIB is more determined than ever to continue setting new benchmarks in service excellence, embracing innovation, and expanding its reach to every corner of the Philippines.

Looking ahead, the company promises to build upon this success and strive to top its performance in the coming year. As CLIB eagerly anticipates the next Insurance Asia Awards, it remains steadfast in its mission to revolutionise the insurance landscape.

In the words of Jean Henri Lhuillier "Our commitment to innovation, inclusivity, and community impact will always guide us. As we celebrate these wins today, we also embrace the challenges of tomorrow, confident that every step we take will bring us closer to a future where every Filipino has the protection they deserve."

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Insurance Asia 77

BRAND TRANSFORMATION OF THE YEAR - PHILIPPINES

The HMO trusted by top employers in the Philippines: iCare’s story of transformation and growth The company received recognition for Brand Transformation of the Year - Philippines.

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n today’s competitive business landscape, top employers know that investing in employee health isn’t just a benefit; it’s a strategy. That’s why many of the Philippines’ leading companies are making a bold switch: they’re saying yes to iCare.

Now, iCare’s bold transformation has gained international recognition.

At the Insurance Asia Awards 2025, held in Singapore, iCare (Insular Health Care, Inc.) was named Brand Transformation of the Year - Philippines. It was the only Philippine Health Maintenance Organization (HMO) to be honoured at the event, a testament to how its renewed strategy is reshaping the local healthcare landscape.

Strategic brand transformation Established in 1991, iCare has undergone a transformative rebranding that signals more than just a name change. In 2023, ValueBased Healthcare PF Pte. Ltd. (a group of Singaporean doctors with proven expertise in managed healthcare) acquired controlling shares in the company. This marked the start of a strategic overhaul centred on affordability, accessibility, and a customerfirst approach. Since then, iCare has grown rapidly whilst remaining committed to helping more Filipinos say yes to better health.

“We at iCare dared to say yes: yes to change, yes to bold ideas, and yes to better health for every Filipino,” said Geronimo V. Francisco, President and CEO of iCare. He accepted the award alongside Chief Operating Officer Dr Mark Roland F. Malanay and Chief Commercial Officer Atty Gideon V. Peña. “Our model delivers sustainable HMO solutions that help both individuals and businesses cope with rising medical costs.”

A partner for Philippine businesses The response from the business community has been remarkable. Over the past year, more and more top employers have selected iCare to manage their employee health benefits. These include companies from key sectors such as IT-BPM, manufacturing, real estate, consumer goods, hospitality, and professional services.

For these employers, iCare stands out for its affordable plans, extensive healthcare network, and leadership that listens. Many

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HR teams now see iCare as a strategic ally, one that provides flexible solutions tailored to both large enterprises and growing small businesses. iCare’s wide network of hospitals, clinics, and medical professionals ensures that members receive quality care no matter where they are in the country. From city centres to remote provinces, iCare makes healthcare accessible and dependable. iCare's transformation is also resonating with the public, thanks in part to its partnership with Janine Gutierrez, a Filipino actress and wellness advocate. Her advocacy for health and well-being reinforces iCare’s message and helps connect with a younger generation of health-conscious Filipinos.

33 years of excellence Driven by a legacy of 33 years in the industry, iCare offers unparalleled reach. iCare boasts over 2,000 accredited hospitals and clinics and more than 50,000 doctors and practitioners nationwide. This

expansive provider network gives corporate clients confidence that their employees can receive prompt, high-quality care anywhere in the Philippines. iCare also empowers HR teams through a user-friendly web-based portal, allowing seamless online enrolment, billing management, and real-time tracking of member data. This digital support complements the HMO’s agile service model and underscores its commitment to innovation and administrative ease.

With recognition from the international healthcare community and a fast-growing list of corporate clients, iCare is proving that a clear strategy and strong values can drive real change. Its journey shows that transformation, when grounded in purpose, leads to lasting impact.

To discover how iCare can support your company’s healthcare goals, visit www.icare.com.ph

Award-winning Filipino actress and wellness advocate Janine Gutierrez joins iCare President and CEO Geronimo V. Francisco and COO Dr Mark Roland F. Malanay at the official launch of iCare’s brand transformation campaign, ‘The Power of Saying Yes’

Our model delivers sustainable HMO solutions that help both individuals and businesses cope with rising medical costs

DOMESTIC LIFE INSURER OF THE YEAR - PHILIPPINES

Love in Life: How a 115-Year-Old brand is changing the way Filipinos see insurance

InLife redefines insurance as an act of love, helping Filipinos protect themselves and those they cherish. have a good life no matter what life stage one is in,” says Martinez.

Gae L. Martinez, Chief Marketing Officer at InLife

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argest Filipino insurer InLife has been a steadfast presence in the lives of generations of Filipinos for 115 years.

But today, it’s doing more than offering life insurance. It’s changing the way Filipinos feel about it.

At the heart of this transformation is InLife’s brand expression, “Love in Life.” It’s more than just a message—it’s a mission.

“We want love to be lived so it becomes real,” shares InLife Chief Marketing Officer Gae L. Martinez. “It’s about showing how life insurance is not about fear, but about love, empowerment, and belongingness.”

Anchored in love, not fear Traditionally, life insurance has been associated with grim possibilities— sickness, loss, or death. It’s a conversation most Filipinos avoid. Martinez believes that this fear can be replaced with something far more powerful: love.

“Fear and love are both deeply emotional,” she explains. “But whilst fear arises from uncertainty, love comes from trust. So when we prepare for the future—whether that’s for our child’s education, our parents’ healthcare, or our own business, educational, even retirement needs—we’re really acting out of love.”

InLife wants Filipinos to see insurance as a legacy of care. “Insurance is just one more way of saying: you can be assured I’m thinking of you, especially when I’m no longer around.

But as importantly, ‘Love in Life’ is manifesting love for oneself, enough to ensure one will

Understanding the Filipino heart Martinez shares that what makes “Love in Life” powerful is how deeply it is rooted in Filipino values. “InLife understands the Filipino heart because we share this identity with our fellow Filipinos—our dreams, our sacrifices, our culture of family and community,” she says.

“That’s what we’re building on.”

Filipinos, she notes, are naturally loving and selfless. Breadwinners make daily sacrifices for their families. Overseas Filipino workers leave home so their family can have better lives. Single adults support aging parents whilst raising younger siblings. “Our culture is grounded in interconnectedness. That’s where InLife meets them—by helping them secure what and who matters most to them.”

The campaign also speaks to a new generation. “We’re seeing more Gen Zs and young professionals becoming more financially aware,” says Martinez. “But they often think insurance is too expensive or that it’s only for married or older people.

We’re changing that narrative. Financial preparedness is a love language—for yourself and for those you care about.”

Products that put people first Beyond heartwarming messaging, InLife is backing “Love in Life” with product innovation. iProtect, InLife’s renewable term life insurance plan gives protection at an affordable cost.

Wealth Assure Plus offers flexibility and customization, allowing customers to tailor coverage based on their life stage and needs.

InLife’s critical illness plan Resilience speaks not just to older adults, but to younger, healthconscious consumers who want peace of mind.

Filipinos who want to save for particular life goals and milestones may avail of InLife’s endowment plan called Abundance whilst Retire Assure,

the country’s first true retirement product can allow retirees to enjoy their latter years, worry-free.

“Love is felt when people know someone listens to them,” Martinez says. “We’ve strengthened our feedback mechanisms and restructured internally to be more agile and responsive to our customers. These have resulted in products and services that are attuned to what our customers need and want. Technology is helping us to pivot faster, but, it’s empathy that drives changes.”

From campaign to culture "Love in Life” is being amplified through a mix of traditional and digital platforms—social media, radio, online and print articles, a jingle and dance video, even a TikTok challenge—all designed to make the message resonate in everyday life. Soon, InLife will launch a new Gen Z-focused campaign that makes financial preparedness feel empowering rather than intimidating.

What sets InLife’s message apart, however, is its credibility. “We’ve been here for 115 years.

Through world wars, recessions, pandemics— we’ve stood by our people. That’s not just business. That’s love manifested in action.”

When asked what success looks like, Martinez doesn’t just talk numbers. “Yes, we want higher insurance penetration. Yes, we want more Filipinos protected. But more than that, we want people to feel proud that they’re giving love that lasts. We want them to feel confident, not afraid. To feel seen, not sold to because life may be tough, but our love for our fellow Filipinos remains strong.”

InLife understands the Filipino heart because we share this identity with our fellow Filipinos Insurance Asia 79

CLAIMS INITIATIVE OF THE YEAR - VIETNAM INTERNATIONAL LIFE INSURER OF THE YEAR - VIETNAM

Generali Vietnam receives two awards at Insurance Asia Awards 2025 Its digital-first solutions enhance transparency, access, and customer experience.

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enerali Vietnam proudly received two titles at the Insurance Asia Awards 2025: International Life Insurer of the Year - Vietnam and Claims Initiative of the Year - Vietnam. This achievement confirms Generali’s unchanged commitment to sustainable growth, ongoing innovation, digital transformation, excellent customer experience and pursuing our mission of becoming a “Lifetime Partner” to millions of Vietnamese families.

Recognised as the International Life Insurer of the Year - Vietnam Despite challenges in the Vietnamese life insurance market over the past year, Generali delivered impressive double-digit growth thanks to its determination to pursue a sustainable growth strategy, excellent customer experience, and transparency in the process. The company has immediately adapted to the new policy regulations by launching new products: VITA – Diem Tua Ngay Mai and VITA – An Vui Nhu Y, offering comprehensive protection solutions at affordable prices, customised to various customer needs.

Alongside product development, Generali has been applying digital transformation across the ecosystem to enhance the customer experience and operational efficiency. The digital ecosystem includes:

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GenVita, Genova, and the Nhu Y chatbot, which have been developed and continuously improved, enabling about 80% of transactions to be executed fully online, which also raised the rate of customers with an account and at least one annual interaction to 75%.

Through these platforms, customers can easily manage their contracts, make transactions, submit claims requests, look up information, and gain insurance knowledge in just a few simple steps. These technological innovations have not only improved customer convenience and transparency but also customer satisfaction and engagement, as evidenced by a consistent increase in the Net Promoter Score (NPS).

“Being recognised at the Insurance Asia Awards is not only a new achievement for Generali Vietnam but also a strong testament to the Vietnamese insurance market’s competitive advantage on a regional level. This recognition also highlights the entire Generali team’s continuous dedication and efforts. With the customer’s trust, Generali is committed to pursuing sustainable growth, improving customer service, and contributing to a transparent and modern insurance market, for the sake of the customer and the community’s long-term benefit,” said Mrs Nguyen Phuong Anh, CEO of Generali Vietnam.

Enhancing customer experience at critical touchpoints Generali was also honoured with the Claims Initiative of the Year award for its outstanding efforts in innovating and fully applying digital transformation into the claims process, which is considered the “most critical touchpoints to fulfilling a company’s commitment to the customers.” Fully understanding this touchpoint’s importance, Generali has implemented

automation initiatives, expanding its guaranteed hospital network to 500 medical agents nationwide, with about 90% of claims being fully processed online.

Thanks to this optimisation process, customers only need an average of 2 minutes to submit a claim, receive feedback within 30 minutes, and receive their pay within 48 hours after document approval.

In addition, they also delivered transparent communications using customer-friendly language across multiple channels, and an active T-NPS survey for continuous service improvement. As a result, most customers have rated their claims experience as satisfied or highly satisfied.

These two prestigious awards not only celebrate Generali’s remarkable achievements but also serve as powerful motivation for the company to continue delivering comprehensive, accessible, and transparent protection solutions, becoming a reliable foundation for millions of Vietnamese families.

Mrs Nguyen Phuong Anh at the Insurance Asia Awards 2025

With the customer’s trust, Generali Vietnam is committed to pursuing sustainable growth, improving customer service, and contributing to a transparent and modern insurance market

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STRATEGIC PARTNERSHIP OF THE YEAR - HONG KONG

YF Life × Ant Bank: Redefining inclusive digital insurance in Hong Kong YF Life partnered with Ant Bank to revolutionise online insurance experience.

competitive landscape where speed and convenience are critical, these efficiency gains provide a decisive advantage.

Beyond individual success, the collaboration represents a milestone for Hong Kong’s broader financial ecosystem. By demonstrating that inclusivity and regulatory compliance can co-exist, it encourages traditional players to rethink their own models, inspiring a wave of innovation and progress across the sector.

Mr Manko Chan, Executive Director & Interim Chief Executive Officer at YF Life (from second right) and Ms Yvonne Leung, Chief Executive Officer at Ant Bank (HK) (from second left), officiate at the launch ceremony of the strategic collaboration

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n Hong Kong’s highly regulated financial landscape, the partnership between YF Life and Ant Bank stands out as a powerful example of innovation in action.

This collaboration transcends the traditional bancassurance model, merging YF Life’s deep insurance expertise with Ant Bank’s digital capabilities. Together, they are setting a new standard for inclusive, efficient, and regulation-compliant insurance distribution, breaking down barriers, and modernising access in the digital age.

Innovation: Pioneering a new standard At the core of this partnership are three groundbreaking innovations challenging longstanding industry norms.

Traditionally, most digital insurance platforms in Hong Kong have restricted their insurance to permanent residents or those with specific nationalities. By focussing on an individual's physical presence rather than their residency or citizenship, subject to underwriting decision, this innovative framework allows tourists, expatriates, or other visitors who are physically in Hong Kong to digitally purchase insurance products.

This redefines eligibility, opening access to a previously untapped demographic and potentially engaging millions once excluded from the insurance market.

Achieving broad accessibility without compromising regulatory standards demands a smart and compliance-driven design.

Ant Bank's platform integrates real-time geolocation tools to verify user presence whilst dynamically tailoring Know Your Customer (KYC) processes for diverse user

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types, including persons with non-Hong Kong ID. Compliance checks are embedded throughout the application process, ensuring all transactions meet Hong Kong’s stringent legal and regulatory requirements. This “compliance-by-design” model not only guarantees security and trust but also sets a new industry standard benchmark for digital bancassurance services.

The entire user journey has been tailored for a smooth experience. Through a digital and paperless process—enabled by straightthrough processing (STP)—most of the customers can now complete their insurance applications and receive coverage with speed and ease. This eliminates the need for paperwork or in-person interactions, making the process significantly faster and more convenient, especially for digitally savvy users and busy professionals.

Impact: Expanding reach, boosting efficiency The benefits of this partnership are already evident in measurable outcomes, both for the companies involved as well as the broader insurance landscape.

YF Life’s transition to a 24/7 digital platform has significantly expanded its market reach. The platform appeals not only to a younger, tech-savvy audience but also to visitors and international travellers.

As most of the applications now utilise STP, this has significantly reduced manual workload, cut operational costs, and drastically accelerated policy issuance timelines. In a

Dynamism: Future-ready and adaptive A key strength of the YF Life–Ant Bank partnership lies in its inherent flexibility and forward-thinking design, built to respond quickly to evolving market dynamics and customer needs.

The platform is designed for evolution. It incorporates customer feedback loops for continuous user experience improvement whilst adapting to new regulatory or technological developments.

Looking ahead, the partnership is actively exploring new insurance solutions, such as micro-insurance for travellers and niche offerings tailored to specific user segments.

Sustainability is also central to the alliance’s future plans. By integrating Environmental, Social, and Governance (ESG) principles— including offering green finance or ecoconscious insurance options—the partnership aligns itself with global sustainability goals and meets the rising expectations of modern consumers and regulators alike.

A blueprint for the future of insurance The YF Life and Ant Bank alliance is more than a partnership—it’s a forward-looking model for the future of digital insurance. It powerfully demonstrates that accessibility doesn’t have to come at the expense of compliance, that efficiency can be achieved through smart design, and that insurance can be both inclusive and innovative. As the financial services industry in Hong Kong continues to evolve, this collaboration offers a compelling blueprint for building a digitalfirst, customer-centric, and regulationaligned insurance future, setting the stage for a more inclusive and responsive financial ecosystem for all.

The YF Life and Ant Bank alliance is more than a partnership—it’s a forward-looking model for the future of digital insurance

Beyond risk sharing, we team up to create opportunities.

Proud to be named “Reinsurer of the Year – Bronze” by Insurance Asia Awards – delivering consistency, innovation, partnership, and impact across the Asian region.

That’s what makes us somewhat different.

Visit us at hannover-re.com

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DOMESTIC GENERAL INSURER OF THE YEAR - MYANMAR EMPLOYEE ENGAGEMENT INITIATIVE OF THE YEAR - MYANMAR

KBZMS General Insurance: Redefining excellence in Myanmar’s insurance landscape The company was recognised for its commitment to innovation and customer service.

CEO Lu Mon Aung with the survey team following the 7.2-magnitude earthquake

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or over a decade, KBZMS General Insurance has been a cornerstone of Myanmar’s insurance sector, transforming challenges into opportunities to better serve the nation.

Under the visionary leadership of CEO Lu Mon Aung, who took the helm in 2024, the company embarked on a bold new trajectory with its GROWTH strategy, setting ambitious benchmarks for the industry.

Despite navigating a landscape marked by economic uncertainty and natural disasters— including the devastating 7.2-magnitude earthquake that struck Mandalay, Sagaing, and Nay Pyi Taw—KBZMS not only met but surpassed its financial targets, emerging as Myanmar’s most resilient insurer. This achievement underscores the company’s strategic discipline, customer-first approach, and ability to thrive in adversity.

A strategy built on performance and inclusion When CEO Lu Mon Aung accepted the Domestic General Insurer of the Year Myanmar at the Insurance Asia Awards 2025, he shared a powerful insight: "When we launched our GROWTH strategy in 2024, we knew Myanmar would test us.

The historic floods last October and the 7.2-magnitude earthquake this March weren’t just disasters—they revealed who we are. At KBZMS, we responded with two unwavering commitments: Performance and Inclusion."

The earthquake tested KBZMS’s resilience like never before. CEO Lu Mon Aung recounted a moving story: "Our Nay Pyi Taw Branch In-charge—whilst her own home collapsed into rubble—led her survey team through dust and aftershocks.

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For three weeks, she worked 18hour days and slept on her in-laws’ floor. When I asked her why, she simply said, 'If not us, then who?'

That’s the KBZMS standard— when the ground shakes, we become the foundation our customers can stand on."

Behind this resilience lies KBZMS’s robust reinsurance programme, backed by its joint venture partner, MSIG. This strategic framework was put to the ultimate test during the 2025 earthquake, enabling KBZMS to swiftly process claims and support policyholders—reinforcing its reputation for excellence in risk management.

This financial strength powers KBZMS’s high-performance products, including Motor, Fire, and Marine Insurance, distributed through Bancassurance, Tied Agency, as well as Corporate Direct channels.

KBZMS’s digital transformation in 2024 revolutionised accessibility, allowing first-time buyers to secure coverage in minutes. CEO Lu Mon Aung highlighted its impact: "Our digital platform became more than technology—it became a lifeline. When a father in Ayeyarwady tragically lost his life in the floods, his family accessed their claim within hours. No endless paperwork. No delays. Just protection when it mattered most."

Affordable Health, Personal Accident, and Travel Insurance products bridged the protection gap for underserved communities, embodying KBZMS’s mission: "To improve the quality of life in Myanmar by providing the right insurance solutions for everyone."

A culture of excellence and compassion KBZMS’s success is rooted in its core values—Metta (Loving Kindness), Thet Ti (Perseverance), and Virya (Courage)—which drive both customer service and employee engagement.

The company’s Employee

Engagement Initiative of the Year - Myanmar recognised its commitment to fostering a workplace where employees go above and beyond, like the Nay Pyi Taw team, who worked tirelessly after the earthquake.

A vision for the future Looking ahead, KBZMS remains committed to innovation, stability, and customer empowerment. As CEO Lu Mon Aung affirmed: "This award isn’t just about overcoming challenges—it’s about how we turn them into opportunities to serve Myanmar better. To our incredible team, our visionary partners, and every customer who trusts us: Thank you.

Together, the best is yet to come!"

Why KBZMS stands out as Myanmar’s leading insurer?

Market Leadership. Dominant position in Myanmar’s property insurance sector.

Innovation. The company offers digital-first solutions and AI-driven customer experiences.

Resilience. Proven ability to navigate crises, backed by a strong reinsurance safety net.

Social Impact. KBZMS has been expanding insurance access to underserved communities.

KBZMS’s journey reflects strategic vision, operational excellence, and an unwavering commitment to its stakeholders. As the Domestic General Insurer of the Year Myanmar at the Insurance Asia Awards 2025, KBZMS proudly stands as a pillar of strength for Myanmar’s evolving insurance needs.

Join us in celebrating KBZMS—a true pioneer in Myanmar’s insurance revolution.

CEO Lu Mon Aung with the survey team following the 7.2-magnitude earthquake

That’s the KBZMS standard—when the ground shakes, we become the foundation our customers can stand on

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AGENCY DISTRIBUTION CHANNEL INITIATIVE OF THE YEAR - INDIA MARKETING INITIATIVE OF THE YEAR - INDIA

Elevating expectations: How ICICI Lombard is redefining health insurance in India

ICICI Lombard’s Elevate breaks the mould with AI-driven personalisation, modular design, and a bold campaign that positions insurance as empowering, intuitive, and adaptable.

ICICI Lombard at Insurance Asia Awards 2025

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ealth insurance in India has undergone a tectonic shift in recent years. Consumer expectations have also matured.

Policyholders today are better informed, more demanding and less tolerant of complexity, inflexibility, or opacity. What once passed as sufficient, limited cover, high waiting periods, and rigid policy structures is no longer enough.

Despite the sector’s double-digit growth, India still suffers from a vast protection gap.

General insurance penetration in the country remains below 1% of GDP, far lower than global averages. For health insurance, the issue is not just affordability, but perception.

Deep-seated scepticism built over years of denied claims, poor servicing, and jargon-laden policies has led many Indian households to view insurance as a reluctant necessity, not a trusted safety net.

Recognising this landscape, ICICI Lombard made a decisive move - not just to arrest its market share slide but to reframe the way health insurance is understood and experienced by Indian consumers.

Elevate AI-powered health insurance policy Designed as a next-generation health insurance solution, Elevate broke away from the traditional “one-size-fits-all” model.

At its core was the concept of infinite personalisation – a commitment to offering each customer a plan uniquely tailored to their needs, lifestyle and life stage. This was made possible by the integration of advanced Artificial Intelligence (AI) and Machine Learning (ML) capabilities. Instead of relying on rigid templates, Elevate assessed age, location, family structure, income level,

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health history, and lifestyle choices to build a customised coverage recommendation.

Amongst the many features that stood out was the introduction of the Infinite Sum Insured option – a concept that allowed policyholders to effectively remove upper claim limits. This directly addressed one of the most pressing concerns in Indian healthcare: the unpredictability of large medical expenses and the fear of exhausting coverage mid-treatment. Additionally, the policy offered a significantly reduced 30-day waiting period for pre-existing conditions, an industry-first at this scale. For customers, this meant immediate protection against known health issues, rather than waiting years for meaningful coverage to begin.

Another key innovation was the modular nature of the policy. Rather than force customers into a predefined structure, Elevate allowed them to choose from a range of add-ons, enabling people to create a plan that mirrored their specific needs. Whether it was a young couple starting a family, a senior citizen seeking continuity of care, or a first-time buyer entering the insurance market, Elevate offered flexibility without compromise.

Building a campaign that educates, engages, and converts To bring this offering to life, ICICI Lombard invested in one of its most expansive and multifaceted marketing campaigns to date.

Operating under the creative platform

#LotLikeMagic, the campaign set out to do more than announce a new product as it aimed to demystify insurance, build digital and offline engagement and most importantly, restore consumer trust.

The centrepiece of the campaign was a digital-first video series that used the metaphor of magic to explain Elevate’s benefits. Featuring a charismatic magician, the films brought to life features such as claim resets and unlimited sum insured through imaginative visual storytelling. The objective was to challenge viewer assumptions about insurance and show that with the right design, it really could feel like magic.

Importantly, the campaign extended far beyond India’s metro cities. Local language press meets were held in Tier II markets such as Jaipur, Hyderabad and Kochi, amongst others. In a country as diverse as India, this regional outreach played a crucial role in driving broader awareness and acceptance.

Driving engagement, building trust On social media, the campaign found further momentum. Collaborations with digital influencers helped communicate the policy features in easy-to-understand language. Creators produced engaging content around features like AI-based customisation and the Reset Benefit, which together garnered millions of views. Hashtags such as #Elevate and #ElevateHealthInsurance trended nationally, leading conversation around the policy.

Behind the scenes, ICICI Lombard also ensured that its own people like agents, advisors, and distribution partners, were fully aligned and informed. Through its internal activation initiative, Bandhan, the company conducted close to 450 and engagement sessions across 150 cities. These events not only educated stakeholders about Elevate’s features but also empowered them to become advocates of the product.

Elevate’s success is not simply a matter of numbers. It’s a reflection of what happens when a brand chooses to listen deeply, design responsibly, and communicate transparently.

Designed as a next-generation health insurance solution, Elevate broke away from the traditional ‘one-size-fits-all’ model

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Global Insurance That’s Right For You. Comprehensive Healthcare Insurance Solutions for Individuals, Families and Businesses.

Insurance Start-up of the Year - Singapore XN Global Pte Ltd

More information on our website

Insurance Asia 87

DOMESTIC GENERAL INSURER OF THE YEAR - VIETNAM ESG INITIATIVE OF THE YEAR - VIETNAM

BIDV MetLife affirms its market leadership with two honours at the 2025 Insurance Asia Awards

BIDV MetLife continues to lead the industry whilst driving positive community impact and sustainable growth. pledge to be a steadfast partner in protection.

specific needs, enabling our customers to build a more meaningful and secure life.”

A broader vision for community impact Evolving to better Whilst continuing to focus on customer value, serve customers BIDV MetLife also maintains its long-standing In response to commitment to social responsibility. Over the rising demand past two years, the company has introduced for insurance several initiatives centred on education and solutions that are disaster relief. Notably, the “Sharing Love – both flexible and Supporting Education” campaign delivered responsive to life’s educational equipment to 57 schools across ever-changing Nam Dinh, Phu Tho, and Vinh Phuc provinces.

BIDV MetLife offers tailored financial protection and wealth management circumstances, solutions designed to meet the unique needs of Vietnamese families In parallel with BIDV Bank, the company has BIDV MetLife supported the “Warm Tet for the Poor” charity launched several run, contributing hundreds of thousands of t the 2025 Insurance Asia Awards (IAA), new products in 2025. Amongst these is the Tet gifts to underprivileged communities held in Singapore, BIDV MetLife Life Gift for the Future policy—a Single Universal and frontline forces. BIDV MetLife also Insurance Limited Liability Company Life product designed for customers seeking partners with the MetLife Foundation, a (BIDV MetLife) was honoured with two comprehensive protection, effective asset global organisation dedicated to equity and major awards: Domestic General Insurer of accumulation, and smooth wealth transfer. opportunity. In 2025, MetLife Foundation the Year - Vietnam and ESG Initiative of the Also introduced was Proactive for the committed over US$600,000 in funding Year - Vietnam. These accolades serve as Future, a Regular Universal Life product to eight NGOs in Vietnam. BIDV MetLife a compelling testament to the company’s that emphasises adaptability. With layered employees joined hands with these groups in consistent achievements and enduring protection coverage ranging from 30 days to volunteer projects, from visits to children's contributions throughout its 11 years of 65 years of age, this plan offers competitive shelters to environmental restoration. operation in the Vietnamese insurance sector. loyalty bonuses, annual contract maintenance rewards, and an attractive guaranteed minimum Looking ahead with purpose and pride A partnership of global and local strengths interest rate. Policyholders can benefit from a Reflecting on the recognition from IAA Established in 2014, BIDV MetLife is the high degree of flexibility in premium payment 2025, BIDV MetLife takes great pride in result of a strategic joint venture between schedules, insurance sum adjustments, and being awarded with two titles that reinforce three major institutions: MetLife, Inc. – a partial withdrawals—making this one of the global insurance giant with over 157 years its growing reputation in the insurance most versatile insurance solutions currently of experience; the Bank for Investment industry. Ms Elena Butarova emphasised: offered by BIDV MetLife. and Development of Vietnam (BIDV) – a ““We will continue to grow with strength and Speaking on the launch of these new cornerstone of Vietnam’s financial industry determination, cementing our position as one products, Ms Elena Butarova, BIDV MetLife’s with more than six decades of market of Vietnam’s leading life insurers. At the same Chief Executive Officer, noted: “Our latest presence; and BIDV Insurance Corporation time, we are fully committed to balancing our products reflect our broader vision of (BIC). This alliance has enabled BIDV MetLife economic objectives with our responsibility to innovation and customer-centricity. We are to integrate MetLife’s robust global expertise society and the environment, creating a more deeply committed to delivering financial with BIDV’s deep-rooted insights into the inclusive and sustainable future for all.” solutions that resonate with each segment’s domestic landscape, delivering products and services that cater specifically to the financial protection and wealth management needs of Vietnamese families.

Operating in a dynamic market of more than 100 million people, BIDV MetLife has earned the trust of over 113,000 customers across the country. The company’s commitment to providing tailored financial solutions has been BIDV MetLife in its pursuit of a better community demonstrated in tangible results. In just the first quarter of 2025, BIDV MetLife processed over 4,000 insurance claims, disbursing a total of VND24.5b to policyholders. These payouts We are deeply committed to delivering financial solutions that helped thousands of families navigate life’s resonate with each segment’s specific needs uncertainties, reaffirming the company’s

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AI Initiative of the Year - Thailand Pacific Cross Health Insurance Thailand

Health Insurance Initiative of the Year - Thailand Pacific Cross Health Insurance Thailand

More than insurance A partner for life’s journeys Your journey, our commitment: 75 years of trusted health insurance in Asia 45 years in Thailand

Pacific Cross Thailand — Your Trusted Partner in Well-Being With over 45 years of experience and deep local insight, Pacific Cross Thailand provides reliable, accessible, and personalized health insurance solutions for individuals, families, and businesses.

Our mission is rooted in care, backed by financial strength, and driven by a vision to empower people to live healthier, more secure lives.

As we continue to evolve and innovate, every policy we offer reflects our core promise: Protection that adapts to you.

With gratitude and commitment, we are proud to have been recognized at the Insurance Asia Awards 2025, receiving: AI Initiative of the Year – Thailand Health Insurance Initiative of the Year – Thailand Pacific Cross Health Insurance PCL No. 3 Rajanakarn Building, 16th Floor, Zone BC, South Sathorn Road, Yannawa, Sathorn, Bangkok 10120.

02-401-9189, 02-401-9188 (Customer Service, 24 hrs.), 02-401-9187. contactus@th.pacificcrosshealth.com @pacificcrosshealth facebook.com/PacificCrossThailand www.linkedin.com/in/pacificcrossthailand https://www.pacificcrosshealth.com/en Insurance Asia 89

SOCIAL MEDIA INITIATIVE OF THE YEAR - PHILIPPINES

Cocogen, Klook win Social Media Initiative of the Year - Philippines at Insurance Asia Awards 2025

The insurance company’s collaboration with Klook for Annyeong Coco reached the wide Korean pop culture fanbase in the Philippines.

Cocogen Insurance at the Insurance Asia Awards 2025

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n 2024, Cocogen Insurance, Inc. collaborated with Klook Philippines to launch the Annyeong Coco: South Korea Travel Campaign. Months after the successful trip, it earned the Social Media Initiative of the Year Award for the Philippines from Insurance Asia.

First Vice President for Corporate Finance and Strategy Division, Atty Paolo S. Somera, and Marketing Manager, Kevin Edward L. Culla received the award at the Marina Bay Sands Expo & Convention Center in Singapore, July 8.

Cocogen launched the campaign focusing on the Korean pop culture segment, which allowed Cocogen to create a defined and impactful marketing campaign. The project was designed to capitalise on the influence of Korean pop culture amongst Filipino consumers. The primary objective of the campaign is to promote Cocogen’s International Travel Excel Plus insurance by reaching the expansive Korean fanbase in the Philippines through a targeted social media promotion and a creative approach to customer engagement.

With Klook’s established presence and credibility, the campaign helped Cocogen increase brand awareness, aiming to expand the number of people interacting with its content on different social media platforms.

As Cocogen continues to innovate in the digital age, this recognition serves as a reminder of the influence that wellconsidered, skillfully executed campaigns can have, not just on brand awareness but also on the lives of people they touch.

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About the awards programme The Insurance Asia Awards gathers the leading insurance companies in Asia and honours their exceptional products and initiatives. This year proudly marks its 10th anniversary and over the past decade, the awards have celebrated the industry’s trailblazers—companies that have achieved outstanding milestones, set new benchmarks, and transformed the insurance landscape through cutting-edge innovation.

A distinguished panel of industry experts served as this year’s judges, which included:

Chris Hewison, Partner, Insurance Sector, PwC Hong Kong; Dr Henrik Naujoks, Senior Partner, Head of the Asia-Pacific Financial Services Practice, Bain & Company; Paul Brenchley, Managing Director and Partner, Head of Insurance for Southeast Asia, Boston Consulting Group (BCG); Joanna Wong, Insurance Sector Leader, Deloitte China; Frank Dubois, Partner, Head of Financial Services Consulting / Head of Insurance, KPMG Singapore; and Steven Goh, Partner, Head of Insurance Audit, KPMG Singapore.

Cocogen Insurance at the Insurance Asia Awards 2025

Cocogen launched the campaign focusing on the Korean pop culture segment, which allowed Cocogen to create a defined and impactful marketing campaign

Environment

EMBRACING MINDFULNESS LEADS TO

Social

Governance

A SUSTAINABLE TOMORROW

A Value-Driven Life Insurance Company of Sustainability From over 83 years of dedication to caring for all lives to “Mindfulness" to continue and drive the Environment, Social, and Governance (ESG) initiatives, so that we may all work together to create a better world.

Please Scan

Insurance Asia 91

INSURANCE PRODUCT INNOVATION OF THE YEAR - MALAYSIA A product that evolves with the market Cancer Care was built with adaptability at its core, backed by ongoing research, customer feedback loops, and a commitment to continuous improvement.

The product’s flexibility offers lump-sum payouts that policyholders can use for income replacement, alternative therapies, or cutting-edge treatments, allowing customers to shape their protection around real-life needs. Since its launch, Cancer Care has seen policy sales grow by multiple folds. High levels of policy renewal enquiries further reflect deep customer satisfaction and sustained trust in the product’s longterm value.

RHB Insurance - Cancer Care

What’s the use of this money now?

Learn about how one customer’s words sparked RHB Insurance to rethink on cancer protection.

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customer once told RHB Insurance’s agent, “I already have end-stage cancer. What’s the use of this money now?” That single moment was a wake-up call — not just for RHB Insurance, but for the industry as a whole. It made them confront a hard truth: traditional critical illness plans often pay out too late, when the focus has shifted from recovery to coping.

This realisation became the driving force behind Cancer Care. Built with early detection and accessibility at its core, Cancer Care offers comprehensive protection from early-stage cancer onward, empowering individuals to take control of their health journey when it matters most.

Challenging the norm In a market long dominated by critical illness products focused primarily on late-stage conditions, RHB Insurance took a decisive step in rewriting the narrative. Traditional coverage in Malaysia typically includes an extensive list of critical illnesses, many of which may not be relevant to the average policyholder, whilst cancer benefits are often limited to advanced-stage diagnoses.

Cancer Care challenged this decades-long convention by offering a simpler, smarter solution: coverage that spans different stages of cancer. From early-stage detection to major cancer diagnoses, this product empowers policyholders to act early, when treatment outcomes are more promising and quality of life can be better preserved.

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By embedding early-stage cancer benefits into the core of the plan, RHB Insurance enables individuals to seek timely intervention, transforming what was once a reactive product category into a proactive tool for health resilience.

Making quality protection accessible Product innovation is often associated with higher costs, but RHB Insurance proved otherwise. Cancer Care is accessible to Malaysians, with premiums starting as low as MYR64 (approximately US$14.50, excluding tax and stamp duty) per year, offering robust protection across multiple plan options. This

Cancer Care offers comprehensive protection from early-stage cancer onward ensures greater reach, especially amongst middle-income and underserved segments often excluded from traditional offerings due to high costs or complex underwriting.

In fact, simplified underwriting is another standout feature of the product. There are no lengthy medical forms or drawnout assessments, just straightforward protection that’s easy to understand and even easier to obtain. This customer-centric approach has been a major contributor to Cancer Care’s commercial success and growing public trust.

Purpose beyond profit For RHB Insurance, Cancer Care is more than just a product; it’s a purpose-driven initiative aimed at closing protection gaps in Malaysia.

The plan is part of a broader strategy to promote cancer awareness, improve financial resilience, as well as enhance access to essential protection.

It also marks a milestone collaboration — the result of a first-of-its-kind strategic partnership with a business ally equally committed to solving real-world problems with practical solutions. Together, the partnership has delivered a product that doesn’t just tick boxes, it transforms lives.

Even as it simplifies access and expands coverage, Cancer Care has maintained a favourable loss ratio, reflecting a wellcalibrated balance between customer benefits and portfolio sustainability.

Leading with vision The recognition of Cancer Care as the Insurance Product Innovation of the Year at Insurance Asia Awards 2025 is not merely a celebration of its unique features. An era of hyper-relevant, inclusive, and customerfocused products is dawning, and Cancer Care is leading the way. As the healthcare and insurance landscapes continue to evolve, RHB Insurance remains committed to shaping products that meet real needs thoughtfully, accessibly, and sustainably. In Cancer Care, that vision has come to life.

To learn more about Cancer Care, visit: www.rhbgroup.com/rhbi-cancercare

Insurance Asia 93

OPINION

EDUARD SARGSYAN

The essential element of a modern, customer-centric insurance business

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hat does the future hold for the insurance industry? For centuries, insurance has served as a foundational pillar of financial security. Now, the industry stands on the brink of yet another major revolution—a digital one—one that is driven by an unyielding commitment to improving customer experience.

According to the Experience 2030 research, many brands are indeed reconsidering the very essence of customer experience (CX) as well as the digital technologies they will need to deploy to deliver rewarding experiences that are personalised, trusted and drive loyalty.

Insurers that cannot deliver the level of CX expected by today’s standards risk losing not only customers and revenues but also shareholder value – and a viable market position.

Technological advancements like advanced analytics, deep data insights, and artificial intelligence (AI)-driven decision-making have gone beyond offering just an innovative advantage. They have become indispensable in various core insurance processes, including underwriting, pricing, claims processing, fraud detection, payment integrity, along with customer engagement.

The real question is whether insurers—many of whom remain deeply rooted in long-standing, traditional practices—are truly aware of how to harness these technological advancements to optimise their internal operations, enhance risk management, and ultimately deliver more meaningful value to their policyholders.

The financial sector’s AI leap In recent years, artificial intelligence has been increasingly infused with powerful analytical techniques to significantly improve pricing accuracy, risk estimation, fraud detection, conversion rates and understanding of price elasticity across various customer segments.

That would explain why Generative AI adoption in Asia is projected to reach $4.3b by 2027, according to IDC. No one wants to be left behind in this race for artificial intelligence supremacy.

Turning data models into business outcomes Whilst many insurers globally employ teams of data scientists to develop sophisticated models, the key challenge lies in translating these data models into actionable business outcomes.

This involves operationalising analytical insights, ensuring their practical application, integrating them with existing systems and executing them in real time to derive tangible benefits.

The pricing process, where building models to estimate risk severity and frequency is vital, also presents a huge challenge. To determine a client's price, insurers typically have to execute a series of rules to apply both before and after the model runs.

The same requirements also apply to claims fraud detection and customer journey optimisations. In these cases, having advanced models alone isn’t enough. They must be backed by robust business logic and applied in real time using well-defined decision-making strategies.

The common thread here is the importance of time. Insurers must be able to adapt these decision-making strategies quickly, as it allows them

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EDUARD SARGSYAN Head of Insurance Business Advisory (ASEAN) SAS Institute

to better respond to competitive actions and market changes. This is where sticking to traditional methods can hold them back.

Why intelligent decision-making is the answer To overcome these challenges, insurers need to be able to drive realtime interactions and automate digital decision-making at scale. That has prompted those within the industry to engage more critically with the idea of leveraging enterprise-level decision-making platforms.

These platforms are designed to help large organisations make complex decisions quickly, accurately and consistently. An intelligent decisioning platform – one that incorporates a combination of AI, machine learning, business rules, sophisticated analytics and automation – can truly empower insurance providers to work smarter and make the best real-time, data-driven decisions.

Many of today’s enterprise decision-making platforms support a wide range of decision-making processes. Some processes that are considered relevant for the insurance sector include pricing and underwriting, claims processing, payment integrity, fraud detection, agent management, and customer journeys.

Ultimately it is a unified approach that not only drives business results but also promotes operational excellence, cost efficiency and greater confidence in the integrity of decisions made by the organisation.

To promote deeper collaboration amongst users with varying technical expertise across the organisation, many of today’s platforms adopt intuitive, interactive, drag-and-drop interfaces. These visual tools eliminate the need for complex coding, making it easier for all users— from data scientists and analysts to business managers and operational teams—to participate meaningfully in data-driven decision-making.

How to thrive in a competitive insurance landscape Technologies such as AI have significantly changed the game for many industries. For the insurance sector, it has brought tremendous opportunities for insurers aiming to enhance revenue, capture market share, and deliver superior customer experiences.

But on the flip side, it has also made the industry extremely competitive. To keep up, insurers must be able to quickly change and adapt their decision strategies, so that they’ll be able to think on their feet and consistently make the best decisions, in every situation, every time.

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OPINION

BENJAMIN NG

Risk strategies for decommissioning traditional power plants

BENJAMIN NG Partner Leader, Natural Resources, Asia Aon

T

he global energy sector is undergoing a seismic shift.

Conventional power plants—coal, gas, and oil-fired facilities—are facing mounting regulatory and economic pressures to retire or repurpose. These assets, once the backbone of our power grids, now demand a renewed focus on contractual obligations and risk management strategies. It's high time we address the evolving risks and obligations these ageing plants present.

Evolving risks and obligations As power plants near the end of their operational life, their risk profiles change. Whilst reduced utilisation may decrease routine wear and tear, ageing infrastructure heightens the potential for significant failures. Deferred maintenance, often a financial strategy in later stages, can exacerbate these risks. Moreover, whilst the physical operations of a plant may gradually wind down, financial and contractual responsibilities persist. Challenges such as stranded asset risk, volatile fuel costs, and unforeseen regulatory obstacles can prolong a plant's operational period beyond initial expectations, necessitating extended insurance coverage.

Determining the appropriate basis of indemnity is crucial when insuring a retiring plant. Traditional replacement cost coverage may not be practical, as many retiring plants are not slated for reconstruction. Operators might consider actual cash value (ACV) models, offering a more appropriate valuation of ageing assets. Choosing the correct indemnity structure is vital to balance premium expenses with sufficient financial protection. Missteps in this selection can lead to underinsurance or inadequate coverage.

Engaging with legal experts and loss adjusters is essential to ensure clear and precise interpretation of indemnity terms.

Business interruption (BI) coverage also requires careful adjustment. For plants with limited remaining contractual periods, traditional BI insurance designed for conservative operational financial protection may not be cost-effective. Implementing a sliding-scale reduction model, which decreases coverage as decommissioning approaches, can align insurance costs with actual exposure, avoiding unnecessary expenditures.

Innovative risk transfer solutions Beyond standard coverage, alternative risk transfer methods are gaining traction. Parametric insurance, which provides payouts based on predefined events like extreme weather, offers immediate financial relief without the complexities of traditional claims processes. Captive insurance arrangements present another option, especially for companies managing multiple plants at various lifecycle stages. Such structures provide plant operators with enhanced control over insurance spending and the ability to customise coverage to specific requirements. Insurance needs extend beyond a plant's operational phase. Post-closure, environmental

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liabilities can persist, with potential contamination necessitating ongoing financial safeguards. Regulatory bodies increasingly require financial assurances for site remediation, adding complexity to post-closure risk management. Structured run-off coverage becomes a critical component for consideration, providing continued protection and oversight for residual liabilities that may persist long after a plant ceases operations.

A frequently overlooked aspect is aligning insurance planning with Power Purchase Agreement (PPA) provisions. Many PPAs contain force majeure clauses that release parties from obligations under extraordinary circumstances. These clauses require thorough review to confirm that insurance solutions adequately cover potential disruptions. Similarly, termination-for-convenience clauses, allowing off-takers to exit agreements prematurely, introduce financial uncertainties that must be mitigated through well-structured risk strategies. Obligations extending beyond the PPA, such as environmental warranties and long-term indemnities, necessitate the maintenance of ongoing insurance coverage well after the cessation of plant operations.

Embracing a proactive approach As the energy sector continues its evolution, operators must proactively approach risk mitigation strategies. This involves not only optimising indemnity valuations and adjusting BI coverage but also exploring innovative risk transfer mechanisms that align with the changing regulatory and contractual environment. By re-evaluating traditional insurance models and collaborating with expert advisors, retiring power plants can transition smoothly into decommissioning, safeguarding both financial and contractual interests.

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