Insurance Asia (March 2023)

Page 1

Issue No. 19

Display to 31 March 2023






ranch offices are visited less and less, and many insurance companies have realised that the way consumers access their personal protection has evolved.


Djan Magbanua Ibnu Prabowo Aulia Pandamsari

COMMERCIAL TEAM Janine Ballesteros Jenelle Samantila GRAPHIC ARTIST Simon Engracial ADMINISTRATION

Accounts Department


Aileen Cruz

SINGAPORE Charlton Media Group 101 Cecil St. #17-09 Tong Eng Building Singapore 069533 +65 3158 1386 HONG KONG Charlton Media Group Hong Kong Ltd Room 1006, 10th Floor, 299QRC, 287-299 Queen’s Road Central, Sheung Wan, Hong Kong PRINTING Times Printers Private Limited 16 Tuas Ave 5 Singapore 639340 a member of Times Publishing Limited

Insurtech firm Qoala recently introduced a technology that can reduce the waiting period of onboarding customers from one week to just one hour. Founder and CEO Harshet Lunani walks us through the company's innovative solution in an interview on page 16. Cyber threats are the the biggest risk to businesses in this digital era, and only a small percentage of SMEs are insured against them. Ronak Shah, President of the General Insurance Association of Singapore, explains the main reason that keeps SMEs from adequately protecting themselves in an interview on page 14. Finally, Damien Green, former Manulife Hong Kong CEO, is now one of Asia's top industry executives. Hear about his inspiring journey to becoming the new CEO of Manulife Asia in an exclusive interview on page 12. This issue also gives recognition to the outstanding industry players in the Insurance Asia Awards 2022. These companies have made worthwhile contributions to the advancement of the insurance industry in the Asia Pacific. See the winning projects of this year's featured insurers on page 28. Read on and enjoy!

Tim Charlton

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FIRST 04 Increase in profitability still too slow for Taiwan’s insurance industry

06 Why consumers cut back on insurance spending

08 Marine, aviation, and transit insurance to balloon to $16b

10 Climate risk-related losses are an increasing challenge for reinsurers







12 New Manulife Asia CEO outlines company goals to become top panAsian life insurance firm

14 SMEs remain underinsured against malware

16 Qoala cuts policy issuance waiting period to 1 hour

20 How 'Emma' transforms AXA's digital strategies

24 How Hong Kongers fare in their retirement preparations

OPINION 78 Hong Kong insurer's response to sustainability challenge

80 How insurance companies in Asia can create meaningful customer experiences

22 What YAS MicroInsurance’s vision of an on-demand insurance product looks like

Published bi-annually by Charlton Media Group 101 Cecil St. #17-09 Tong Eng Building 2 INSURANCE SingaporeASIA 069533

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




For a developed country, insurance penetration remains low at 1%

Increase in profitability still too slow for Taiwan’s insurance industry TAIWAN


n the surface, Taiwan’s insurance industry may appear to be winning in terms of its financial report. But GlobalData is reporting otherwise, describing the industry’s growth to be moving at a snail’s pace. The insurance industry recorded a 2021 pre-tax profit of $14.15b, according to the Financial Supervisory Commission. Out of the total, the life insurance industry’s profits reached $13.37b for the year, an 88.5% increase compared to 2020. Meanwhile, nonlife insurers logged $780m in profit for 2021, a 32.9% increase from the previous year. With the demand for foreign-currencydenominated investment products and the ageing population, the growth in life insurance is even expected to pick up in 2022. GlobalData, however, estimates that Taiwan’s life segment will only grow at a compound annual growth rate (CAGR) of 0.4%, from $107b in 2020 to $121.2b in 2025 in terms of direct written premiums (DWP). According to GlobalData’s Senior Insurance Analyst Deblina Mitra, after contracting in 2019 following years of slowdown, the industry had further contracted in 2020. Mitra said this was mainly due to persistently low interest rates and capital market fluctuations that reduced yields from insurance investment products, lowering their demand. The trend 4 INSURANCE ASIA

continued in 2021 with a decline of 5.9%. The report identified that the decline was most prominent in whole life, term life, and endowment business lines which collectively accounted for 75% of the life insurance DWP in 2020, registering a decline of 11.1%. Amidst the snail-paced growth, the government has not been idle. In June last year, the regulator increased the limit for life insurers who are operating in foreigncurrency-denominated insurance businesses, which offer better returns compared to the Taiwanese dollar, from 35% to 40%. “Taiwan’s life insurance industry’s growth momentum is expected to remain subdued over the next five years as challenges related to adverse market conditions, declining workingage population, and an existing mature market will continue to oppress the demand. The demographic shift towards the super-ageing population is expected to be a focus area for insurers with more products being launched targeting this age group,” Mitra said. Meanwhile, the general insurance industry may have logged a greater CAGR than the life segment, but it remains to be inconsequential

on the grounds that general insurance penetration in the country is very low. The industry is currently growing at a CAGR of 6.7% to $10.4b in 2025 in terms of gross written premiums (GWP). However, Mitra pointed out that despite Taiwan being a developed economy, the penetration rate, as a percentage of the gross domestic product (GDP), is at 1%, which is way below the developed markets’ average of 4%. Mitra blames this on the low uptake of insurance lines such as property and liability. What most affected the industry is the decline in motor insurance which accounts for 53.7% of the general insurance industry’s GWP. Despite getting a boost from an increase in premium prices and strong growth in vehicle sales, the outlook for motor insurance, in the short term, remains negative due to the global shortage of semiconductors used for motor vehicle production. However, Mitra observed that Taiwan’s low insurance penetration and strong exportoriented manufacturing sector provide ample room for the growth of the insurance industry in the country. “Stable economic factors coupled with the government’s initiatives to expand the general insurance industry through new product development are expected to support its growth over the next five years,” Mitra said. The Taiwanese government, for its part, has been introducing several resolutions to bridge the insurance gap. One example is the Farmers’ Insurance Act in 2021, which prompted insurers to develop solutions such as covering risks faced by farmers. This has positively raised the CAGR of the property insurance lines by 5.3%. National health insurance One of Taiwan’s edges in the insurance industry is the government’s National Health Insurance (NHI) under the National Health Insurance Administration (NHIA). The NHI was first introduced back in 1995 and has undergone many changes. In the “An overview of the healthcare system in Taiwan” paper by Tai-Yin Wu, Taiwan’s healthcare was said to be characterised by good accessibility, comprehensive population coverage, short waiting times, low cost, and the use of national data collection systems for planning and research. However, it is still plagued by problems, namely the quality of outpatient visits, a weak referral system, and its financial capabilities.

The demographic shift towards the super-ageing population is expected to be a focus area for insurers with more products being launched targeting this age group

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FIRST it appears to still be more cost resistant than other consumer categories such as dining out, travel, and clothing, where greater cutbacks are anticipated,” YouGov's Ha said. He also identified that in Singapore, those who will likely cut back on insurance are those ages 55 and above. This runs parallel with the numbers in the Asia-Pacific region that shows older consumers will be most likely to ease up on insurance spending. “This is consistent with earlier YouGov data which found that those above 55 are most likely to expect their financial situations to worsen over the next 12 months, which could be one explanation for why the group intend to cut back,” Ha explained.




apan’s life insurance industry is expected to grow at a compound annual growth rate (CAGR) of 2.6% from $274.9b in 2021 to $313.3b in 2026, in terms of direct written premiums (DWP), data and analytics firm GlobalData predicts. However, the industry will see stagnant growth in the next five years due to sluggish sales of term life and savings products. According to GlobalData, the Japanese life insurance industry registered 2.4% growth in 2021 after two consecutive years of decline in 2019 and 2020. Past 2021, however, the industry will only increase by a few percentage points, reaching only 3.1% by 2026. Ashish Raj, Insurance Analyst at GlobalData, said that the industry growth is expected to remain sluggish in 2023 as the term and savings products are not sought-after life insurance products amongst the older Japanese population. “A persistent low-interest rate environment since 2010 due to a stagnant economy has prompted insurers to reduce the sales of savings products offering guaranteed returns. Since the Bank of Japan is persisting with low-interest rates, a recovery in the sale of life products with guaranteed returns is expected to be minimal over the next few years,”Raj said. Disruptions Another challenge for life insurers is the reliance on agency or brokers’ distribution channels, which traditionally accounted for the majority share of life insurance sales. A less developed digital sales channel led to a decline in sales during the last couple of years, specifically after the disruption caused by the COVID-19 pandemic. To avoid such disruptions in the future, the Japanese government established the Digital Agency in the second half of 2021. The agency will support life insurers in reducing their dependence on traditional sales. 6 INSURANCE ASIA

With the cost of living on the upswing, insurance may be cut out of the household budget

Why consumers cut back on insurance spending ASIA PACIFIC


onsumers are now flinching from a higher cost of living as a result of inflation in Asia Pacific and many are cutting back on spending with one in six saying they would cut back on insurance premiums first, a report by YouGov revealed. Breaking it down to several key markets in APAC, Australia has the highest number with one out of five consumers saying they would cut back on policies or premiums. 16% of Hong Kong consumers have said they would ease up on insurance spending, an almost similar figure to 15% in India. Consumers in Singapore and Indonesia are slightly less resistant to the cost of living increases with just one in eight consumers looking to cut back on insurance in the wake of higher costs (12%). Commenting on Singapore’s numbers, Ervin Ha, APAC Head of Commercial at YouGov told Insurance Asia that with inflation in Singapore reaching a 14-year high it is expected for consumers to feel the effects of rising costs and plan for cutbacks to mitigate its impact. “While some do plan to cut back on insurance policies and premiums,

Those above 55 are most likely to expect their financial situations to worsen over the next 12 months

Ervin Ha

A weight on insurers However, despite only 14% of consumers planning to cut back on insurance first, a report by Swiss Re revealed that economic slowdown and the high-inflation environment will weigh on insurance markets as slowing growth typically leads to lower demand for insurance. In a forecast, Swiss Re predicts a negative 0.2% growth in global insurance premiums, with a potential positive 1.9% growth in 2023. However, despite this development, this is still a below-trend performance. With the current economic conditions, insurers will continue to carefully tread water as Swiss Re expects flat growth in total global premiums this year based on real inflation-adjusted terms. “Nevertheless, in nominal we expect total premiums volumes will exceed the USD 7 trillion mark for the first time ever by the end of this year. We base our estimation of a rise in total premiums to $7.3t from $6.9tat the end of 2021 on strong market recovery from pandemic-induced lows, continued rate hardening in non-life, and stronger premium growth in emerging markets in particular,” Swiss Re said. Outlook Swiss Re describes 2022 to 2023 as a transition year for the insurance industry in the Asia-Pacific as it navigates the economic realities of high inflation and low growth. Price pressures would also be felt in property, casualty and health insurance. For positive trends, rising interest rates will boost investment returns.



FIRST The Asia-Pacific MAT insurance industry will present expansion opportunities for domestic insurers

It is estimated to grow at a CAGR of 6.4%

Marine, aviation, and transit insurance to balloon to $16b



arine, aviation, and transit (MAT) insurance in Asia Pacific is expected to grow to $16b by 2026 in terms of written premiums, boosted by positive economic developments according to data and analytics firm GlobalData. MAT insurance in APAC will grow at a compound annual growth rate of 6.4% from 2021 to 2026 as trade activities increase, flight services recovers, and demand from renewable energy infrastructure projects help the insurance segment. According to GlobalData Senior

Insurance Analyst Deblina Mitra, MAT insurance is estimated to have recovered in 2021 with 7.2% growth after remaining almost flat in 2020 as the COVID-19 pandemic adversely impacted air travel, and caused supply chain issues. Mitra adds that a big part of the growth in MAT insurance segment is the establishment of the Regional Comprehensive Economic Partnership (RCEP) in January 2022 as this is expected to create new business opportunities for insurers in Asia Pacific. RCEP involves 15

regional markets including China, Japan, and South Korea. “MAT insurers will also benefit from the ongoing shift towards clean energy in the Asia-Pacific region. The construction of offshore energy plants to replace fossil fuels, such as wind power projects, have gained traction in the region creating demand for marine renewable insurance lines within MAT insurance. China, India, Australia, and South Korea are amongst the major markets for wind and hydro energy in the region,” the GlobalData analyst said. There is also a chance of increased premiums and policy wordings revision for MAT insurance as insurers’ prime focus will be on the Russia-Ukraine crisis as insurers reassess their exposure to war risks. “The Asia-Pacific MAT insurance industry will present expansion opportunities for domestic insurers, as many foreign insurers, especially from Europe, are either reducing their presence in the region or exiting from the market due to unsustainable natural hazard losses. Also, their withdrawal from coalrelated underwriting, to comply with ESG targets, enhances opportunities for the domestic insurers. The profitability of insurers, however, remain exposed to enhanced security threats posed by geopolitical tensions, supply-chain issues, volatility in oil prices, and extreme weather repercussions,” Mitra said.



n 2018, Taiwan formally became an ageing society, and in line with that, the Financial Supervisory Commission is urging insurers to adopt stronger measures in the country for the protection of elderly consumers. In order to further strengthen the safeguards that insurers have in place to protect the right of elderly consumers to purchase insurance, the FSC amended several insurance regulations. The amended regulations were Regulations Governing Pre-sale Procedures for Insurance Products, "Regulations Governing Business Solicitation, Policy Underwriting and Claim Adjusting of Insurance Enterprises, Directions for the Review of Life Insurance Products, Directions for Sale of Investment-linked Insurance Products, and the Compliance Matters for Disclosure of Information on Investment-linked Insurance regulation. 8 INSURANCE ASIA

The key amendments were in product design, solicitation and underwriting procedures, and Improving disclosures related to investmentlinked insurance. In product design, the amended regulation states that when an insurer engages in product development, it must assess the potential impact of a product's characteristics upon customers aged 65 or older and various adverse factors. Assessments must address the question of whether a product is suitable for sales to customers aged 65 or older. Additionally, before an insurer begins selling an insurance product, it must hold awareness activities for its solicitors and cooperating sales channels to discuss whether particular products are suitable for elderly customers, and identify the types and characteristics of customers for which they are unsuitable.



FIRST participate by 31 December 2023. “The hope is that the pool will stem some of the inflation in reinsurance cost for primary insurers, and subsequently insurance prices, which will, in turn, will pass on savings to policyholders and prevent coverage gaps from widening,” Chen explained.

Governments will link arms with reinsurers to fortify natural disaster defence

Climate risk-related losses are an increasing challenge for reinsurers



he increased frequency of natural disasters is pushing up the cost of reinsurance as well as the demand for catastrophe protection, according to a report by S&P Global Ratings. The report highlights that rising catastrophe claims are increasing costs in reinsurance which in turn will inflate the costs for primary insurers, and ultimately, the consumers. “We expect policymakers in Asia-Pacific will increasingly collaborate with reinsurers, in an attempt to maintain affordability and necessary protection, as well as bolster risk awareness,” WenWen Chen, an Insurance Analyst at S&P Global Ratings. Climate risk-related losses, especially those caused by weather-related disasters, are a challenge for insurance and reinsurance firms, especially in the pricing mechanism and assessment of pricing adequacy. In fact, for Asia-Pacific, each year seems to bring outsized natural-disaster claim records to respective jurisdictions related to events such as flooding, drought, and typhoons. Recent examples include the heatwave in China, which interrupted power supply and led to industrial stoppages for some producers, and in Korea, where flooding and typhoon caused record natural disaster costs. Chen said that surges in claims don't just hit the insurance and reinsurance industry. They have broader social costs. 10 INSURANCE ASIA

“Homeowners and businesses face surging insurance premiums--or widening gaps in protection if they can't afford their premiums. Fiscal burdens also rise, as the government foots the bill for social assets and infrastructure losses, clean-up, and other types of remediation. Climate change is also high on the agenda for policymakers,” Chen said. These broader costs are motivating governments to get involved. One recent example is in Australia where heavy flooding in the first quarter of this year caused $3.6b in insured losses, making it one of the costliest natural catastrophes in Asia-Pacific. Natural disasters for three consecutive years have led to surging catastrophe-coverage costs for homeowners in the affected areas. In July 2022, the Australian government established a reinsurance pool, under the Australian Reinsurance Pool Corp., for cyclone and related flood damage in Northern Australia, backed by a AU$10b government guarantee. This covers residential, strata (or common area) and small business property. Participation is mandatory for property casualty insurers with eligible policies. Large insurers must

Reinsurance in agriculture Another change that the reinsurance market is facing due to growing natural catastrophes is it has accelerated the agricultural insurance market, especially in emerging Asia. This is further supported by growth prospects in agriculture insurance as well as many policymakers’ initiatives to protect farmers and facilitate such growth. Many emerging Asian markets have also set up insurance schemes to help build farmers' awareness. These include the National Rice Insurance Scheme established by the Thai government; the rice farming business insurance program in Indonesia; and the public-private partnership on agriculture insurance in the Philippines. Another example is China which it safeguards farming outputs, by allocating $4.69b (CNY33.4b) to agriculture insurance subsidies in 2021, a 16.8% year-on-year increase. This segment climbed 30% YoY for H1 2022. S&P predicts agriculture insurance in China will continue its rapid growth, likely at 30%-50% over the next two years. Recent weather events may also motivate farmers to buy more protection. Chen said that policymakers will likely consider widening coverage for agriculture insurance. An intense heatwave and low rainfall in China have led to severe drought in Sichuan and other southwestern locales. Property and casualty (P/C) insurers with large agriculture exposures in these provinces could face swings in their underwriting results. Claims may grow if the drought persists or has more prolonged effects. Sichuan is also in an earthquake zone, compounding its vulnerability. Long-term solution According to S&P, technology initiatives will be a must for APAC reinsurers to maintain a home advantage. This is because stakeholders across the value chain will strengthen risk management. “For primary insurers, this could include using technology to enhance risk assessment, as well as supporting pricing analysis and selection in policy underwriting.

Homeowners and businesses face surging insurance premiums–or widening gaps in protection if they can't afford their premiums



Life insurance is a people’s business. Our job is to give people a piece of paper with a promise written on it

Damien Green Chief Executive Officer, Manulife Asia



New Manulife Asia CEO outlines company goals to become top pan-Asian life insurance The former Manulife Hong Kong CEO is now one of Asia's top industry executives.


amien Green never planned to hold a high position, let alone have a career, in the insurance industry. He first started working in an Australian superannuation fund, improving and enhancing his clients’ retirement savings. There he learned a great deal about the importance of insurance, particularly insurance for mortality and morbidity. Now, he is the CEO of Manulife Asia, after being promoted in 2022 from being the CEO of Manulife Hong Kong. In an exclusive interview, Hong Kong Business got to know more about Damien and his experiences as an insurance leader in Hong Kong, his thoughts on the issues in the industry, and how he plans to lead Manulife Asia to become the number one pan-Asian life insurance company. Can you tell us the most interesting thing about the insurance industry in Asia? What I’ve come to learn was that the Asian life insurance industry is extremely exciting. It’s a balance of mature and high-growth markets with powerful distribution. It’s really motivating to participate in a key financial services segment in the Asian region. Life insurance is a people’s business. Our job is to give people a piece of paper with a promise written on it. From our advisors, agents, and the people on the frontline— everybody’s passionate about our purpose, which is to make long-term promises and to keep those promises by ensuring we’ve got the right solutions for people that resonate with their inner need to protect their income. We are also giving back to the communities we operate in. For example, in Hong Kong, we launched our Manulife Health Resilience Program for the Elderly with Christian Family Service Centre. It aims to provide 1,000 online medical consultations for needy seniors in the Kwun Tong and Wong Tai Sin districts, with end-to-end support to help them rebuild their health from home. The program includes online consultations with Chinese and western medical practitioners and the delivery of medicine. Can you share with us the things that you learned as you worked with the top firms in the industry? I could just sum it up into one. Culture wins. If I look at the difference between major life insurers today, the products are generally the same. They’re all very competitive. What differentiates everything is culture. We’re focused on supporting and energising our people by breaking down the hierarchy and making sure that people are comfortable with who they are. We are also constantly driving diversity in Manulife, including through our Employee Resources Groups (ERG) in Asia. They play a critical role in the development and implementation of our diversity, equity and inclusion or DEI Strategy. Globally, we have 13 ERGs, with 31 chapters and over 13,000 members.

Our ERGs give us line-of-sight to diversity, equity, and inclusion issues that are top of mind for our employees as well as help us identify opportunities where we can play a stronger role, and let us hold ourselves accountable to our strategy and commitments. What do you think are the top issues in the industry insurers should prioritise? The most important is that the industry moves to have a post-pandemic mindset. In Manulife, we are now looking to significantly accelerate growth, invest heavily, and focus on opportunities before us like the large protection gap in Asia. According to Swiss Re’s research, Asia Pacific expects a US $119t mortality protection gap in 2030. To give you a sense of how much that will grow, back in 2019, it was first calculated at US$77t. But what’s driving the gap? It’s the rising middleclass. Right now we are expecting the middle class in Asia to grow from 2 billion people in 2020 to about 3.5 billion in 2030, that’s a 73% increase. Because standards of living are higher and incomes are higher, the cost associated with the loss of a primary source of income through an untimely event like death is much higher. Tell us about your days as Manulife Hong Kong’s CEO. What are the key achievements you are most proud of? Manulife Hong Kong and Macau is celebrating its 125 years in the insurance business and it’s the longest continuously operating life insurer in Hong Kong. What I’m proudest of in terms of what Manulife Hong Kong has achieved is record agency growth. We now have over 11,000 agents, with a high single-digit growth rate since the beginning of the pandemic whereas the market is going backwards, with the number of agents declining in our key competitors. This was achieved through agency engagement programs such as the CEO program for our young agents, aimed at bringing in potential high-performing agents from other industries. The other thing I’m proud of is our high record insurance sales. We have exceeded the pre-pandemic levels of 2019, with new business value reaching $910m (US$115.93m) and an annual premium equivalent at $1.31b (US$170m). We’ve done that by creating great products and outstanding partnerships like our exclusive partnership with DBS in Hong Kong. With you at the helm of Manulife Asia, can you share with us your goals for the company? We’ll be aiming to be the number one pan-Asian Life Insurance Company. Currently, we’re top three and we are the strongest growing of the three. In Asia, we’re present in 13 markets with 13 million customers and over 100,000 agents. We have 100 bancassurance partnerships, with 10 exclusive partnerships with the 16-year partnership with DBS as the jewel in the crown. INSURANCE ASIA



SMEs remain underinsured against malware

Only 17% of SMEs in Singapore are insured against cyber threats.


round 99% of the 560,000 registered businesses in Singapore are categorised under small and medium-sized enterprises (SMEs). Of these SMEs, only 17% are insured against ransomware attacks. That means only approximately 94,000 SMEs are prepared to face cyber threats, the biggest risk to businesses in this digital era, warned the General Insurance Association of Singapore (GIA). In an interview with Insurance Asia, GIA President Ronak Shah said the lack of awareness amongst SMEs is the main reason that keeps them from adequately protecting themselves from cyber threats. “They don’t know how badly they’re going to be hit the moment a cyber breach occurs, how much it is going to cost them. How much data are they going to lose? Will they lose access to their clients? Will their business be shut down as a result?” Ronak explained. Ronak’s claim is backed up by QBE Singapore reporting that only 45% of SMEs are aware of cyber insurance. But what was prevalent in most organisations in Singapore is that they are confident that cyber-attacks will not happen to them. “62% of SMEs have indicated that they would prioritise other things, rather than getting protected by insurance,” the GIA President Ronak shared. Cyber hygiene GIA has been relentless in promoting and advocating greater public and private and cross-sector collaboration. Through this, a more comprehensive understanding of cyber risks across industries will be built, with its main purpose being to provide valuable cyber propositions to protect vulnerable businesses. What Ronak wants is for cyber insurance to be compulsory in Singapore. “It is not different from if you’re driving a car, you need to have motor insurance. If you’re using a computer and you are connected to the internet, which pretty much everyone is, then the need for cyber insurance has never been greater,” he said. “Cyber hygiene, or having the right approach to cybersecurity, should be the top priority for SMEs. Then they can reinforce that with the use of insurance. This is where cyber insurance comes into play,” he explained. Apart from cyber hygiene, Ronak reiterates that the general insurance sector remains vigilant. “With businesses and social activities resuming to pre-pandemic levels, the general insurance sector is also focused on monitoring the fraudulent activity in the motor insurance segment, and is actively continuing to strengthen its processes to combat fraud in that segment,” Ronak said. 14 INSURANCE ASIA

What Ronak wants is for cyber insurance to be compulsory in Singapore (Photo: Ronak Shah, President, GIA)

SMEs would prioritise other things, rather than getting protected by insurance

GIA’s overall plans Aside from focusing on pushing for public cyber insurance awareness, Ronak, who helmed GIA early in 2022, will also be pushing to elevate the overall culture and conduct standards in the insurance industry. Singapore’s Insurance Culture and Conduct Steering Committee published three papers in 2022 providing best practice guidelines and recommended initiatives for stakeholders within the insurance ecosystem to elevate the culture and conduct standards of insurance companies, intermediaries, employees, and the insurance ecosystem. Ronak said the fourth paper for general insurance intermediaries is already in progress and is expected to be published by the end of the year. “The sector will also be working closely with the Ministry of Manpower to implement enhanced medical insurance coverage for work permits, and for S-pass holders. This would seek to improve the health and well-being of foreign workers here in Singapore. We are also in close partnership with the Ministry to ensure seamless implementation of the enhanced medical insurance model and aim to roll this out towards the end of 2022,” Ronak shared.




Qoala cuts policy issuance waiting period to 1 hour

Usually, it takes up to 14 days to process the initial insurance onboarding.


n the insurance industry scene in Indonesia, a complicated and manual process must be done to complete a customer or partner onboarding. This leads to at least seven to 14 days of waiting period. An insurtech firm, called Qoala, recently introduced a technology that can cut this period to just one hour. Qoala started to employ artificial intelligence (AI) in its platform in 2020, two years after it started operations. “AI has helped Qoala to implement an optical character recognition (OCR) solution to automate identity checks before moving on to the next registration process,” said Qoala Founder and CEO, Harshet Lunani in an exclusive interview with Insurance Asia. It also speeds up the validation of data, which, according to Harshet, reduces the back-and-forth procedure between the insurer and the client. “The Qoala OCR helps extract data from uploaded documents such as ID cards and licenses. This greatly increases our efficiency in extracting the data required for the policy,” said Harshet. In terms of processing claims, the Qoala platform helps in assessing the object to be insured. For example, when a customer wants to make a claim for a broken smartphone, Qoala’s technology will first assess whether there really is damage, like a cracked screen. This information is then submitted to the guarantor or insurer. Once it is confirmed that the identification number of the insured smartphone or the IMEI matches, the claim will be approved. Qoala also allows insurers to send the e-policies to their customers either via email or WhatsApp and other channels. “The role of technology is focused on providing more convenience, transparency, and the opportunity to understand insurance better without making customers feel like they are being defrauded,” said Harshet. Focus on the individual Over the past two years, Harshet revealed that Qoala had grown about 30 times in business and revenue. Qoala is also the first insurtech company to be present in four countries, namely Indonesia, Thailand, Malaysia, and Vietnam. The total sales force and business partners registered with Qoala also increased sharply, with more than 50 thousand marketers. Its platform, used by around 50 companies, is where they can sell insurance whilst managing pre-sales and post-sales services. Qoala also provides several innovative micro-insurance products through partnerships with Traveloka, Redbus, DANA, JD.ID, Shopee, Kredivo, Investree, and others. Harshet believed that Qoala’s growth roots in its strategy to target retail insurance spaces. Individuals, when compared to corporations, demand more ease and convenience of access.


Qoala’s growth roots in its strategy to target retail insurance spaces (Photo: Harshet Lunani, Founder and CEO, Qoala)

Protect the confidentiality of user data Not only in terms of developing insurance products but Qoala also strives to maintain the security of customer data. The Qoala database is encrypted and regularly backed up. “Then access to personal data is strictly controlled while sensitive data is kept strictly confidential. In fact, if customers want to change sensitive data, they must go through a onetime password or OTP authentication code,” said Harshet. The internal Qoala team does not have the authorisation to access and know the passwords – all are stored using hashing techniques. This was followed by service improvements and the implementation of more sophisticated security features to protect systems, accounts, and customer data. In the end, to ensure their efforts, Qoala certifies its information security risk management with ISO 27001, which is a set of policies and systems that manage information security risks, such as cyber attacks, hacks, data leaks, or theft. The role of technology is focused on providing more convenience, transparency, and the opportunity to understand insurance better


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Here are five bad habits in insurance according to HK’s insurance regulator

These behaviours drag down Hong Kongers' insurance literacy rate.

reduce consumers’ motivation for mental effort, resulting in choices becoming less deliberate but driven by emotions and feelings.

A mere 15% of general insurance policy-holding respondents reviewed renewal terms carefully


or a market ranking first globally in insurance penetration according to research firm Swiss Re Institute, it is surprising that Hong Kong’s insurance literacy rate stood only at 52%. In the 2022 Report on Insurance Literacy Tracking Survey (ILTS) in Hong Kong 2021 by the Hong Kong Insurance Authority (IA), it was found that most Hong Kongers are moderately literate when it comes to insurance. “There was a general understanding about policyholders’ rights, insurance principles and product features, but limited knowledge of risk exposure and protection needs,” the IA said. Respondents of the ILTS were analysed based on the three dimensions of insurance literacy— knowledge and skills, attitude, and behaviour. The results revealed that bad insurance behaviours and habits exhibited by Hong Kongers is the culprit dragging down the insurance literacy rate of the city. For example, the survey revealed that when it comes to buying insurance, 72% of respondents relied on the advice and experience drawn from family members or friends 18 INSURANCE ASIA

People often want to be on the winning side when they make a decision

instead of insurance or financial professionals. IA identified this as the first behavioural bias—over-reliance on informal information sources. Consumers who are overly reliant on their family or friends for insurance information and advice is a sign of bandwagon effect. Meaning, that these people do something primarily because others within their circle are doing so, regardless of their own beliefs, IA said. “People often want to be on the winning side when they make a decision. As a result, they look towards their family or friends to see what is right and then jump on the bandwagon,” the IA explained. The second behavioural bias is Hong Kongers’ too much focus on promotions. Promotions offered by insurance companies affect consumers’ decisions via price complexity and misdirected attention. The former means consumers find it challenging to calculate true prices when they face multiple prices, such as discounts and add-ons, leading to confusion and increased possibility of errors. The latter means promotions

Consumers procrastinate Most consumers also seldom shop around for better insurance deals when purchasing or renewing insurance. Only 43% of respondents tended to compare different insurance products, whilst nearly half of the policy-holding respondents were influenced by promotion campaigns such as premium discounts, complimentary movie tickets, and healthcare services offered by insurers. On the other hand, a mere 15% of general insurance policy-holding respondents reviewed renewal terms carefully and shopped around when they renewed their policies. Consumers also tend to procrastinate. This can be caused by different reasons such as too many choices leading to being overwhelmed or people postponing making a decision about insurance as they find it emotionally stressful. Next is passiveness and inertia. The complexity of terms and conditions makes policy comparison very time-consuming. Moreover, policyholders often renew their policies with their current insurers due to a perception that switching is risky and with preference for the familiar rather than the best deal. The last is that most consumers do not take the time to read the terms and conditions of their policies as many find this too long and timeconsuming in addition to being written in complex legal languages. The perception most consumers think is that no one reads T&Cs or that they have no choice but to accept them thus there is no point in reading them. Only 32% of policy-holding respondents read and study T&Cs before committing to

MARKET REPORT: HONG KONG Insurance literacy scores

Danny Lee

Source: Hong Kong Insurance Authority

acquire insurance coverage. 20% read neither policy details nor brochures. The rest simply focused on brochure information and verbal advice from agents, brokers, family members, or friends. Demographical factors IA also found that insurance literacy can be affected by demographic factors such as age, education, and income. The youngest and the oldest have the lowest literacy scores. Those ages 18 to 24 have a literacy score of around 42% whilst those ages 60 to 79 score below 50%. In contrast, are those people in their 30s who have insurance literacy scores of above 60%. Income is also positively correlated to insurance literacy as the higher one's income is, the higher the literacy rate. The literacy score of respondents with a monthly income level below HK$10k is 41%, whilst those earning HK$100k or above score 80%. The report also found that insurance literacy is correlated to educational level. For respondents who graduated only from primary schools, their insurance literacy score was below 35% whilst those who graduated from tertiary education or above scored 63%. Similar results Talking to Insurance Asia, Danny Lee, Chief Product Officer at Manulife Hong Kong and Macau said the key findings of the IA’s study mirror a study they did in February which revealed that most Hong Kong taxpayers do not

still do not fully understand the characteristics and benefits of taxdeductible products. Manulife Hong Kong and Macau's survey asked Hong Kong taxpayers about their knowledge of a trio of tax-deductible solutions: Voluntary Health Insurance Scheme (VHIS), Qualifying Deferred Annuity Policies (QDAP), and Tax Deductible Voluntary Contributions (TVC) under Mandatory Provident Fund (MPF) schemes. “Respondents on average answered just four out of fifteen questions correctly. With an increasing variety of products in the market, we would advise people to take the time and effort needed to educate themselves on these solutions so they can better understand their options and plan ahead,” Danny said.

The pandemic has boosted awareness of health and financial protection, which will raise the level of literacy

Literacy and attitude towards insurance in the next decade Danny also stressed that it is important to seek professional advice from financial advisors who have the knowledge and experience to help customers create a suitable insurance portfolio based on their needs. This survey by Manulife is also how they, as a major insurer in Hong Kong are striving to educate the public about the risks of being unprepared for future health and financial challenges. “Hong Kong is one of the most sophisticated insurance markets in the world. IA’s finding means that some Hong Kongers are failing to make good use of the diversified products available in the market to achieve sufficient risk protection planning. Protection planning is an important part of one’s financial planning, particularly in a place like Hong Kong where the cost of living and medical expenses are relatively high. Life and medical insurance can help to close the protection gap. It is crucial to act early and make good use of a wide range of insurance solutions to hedge the risk exposure,” Danny said. “The pandemic has increased the number of people in Hong Kong adopting healthier lifestyle habits and boosted awareness of health and financial protection, which we believe will raise the level of literacy and overall positive attitude over the next decade,” he added.

Overall insurance literacy by age

Source: Hong Kong Insurance Authority




How 'Emma' transforms AXA's digital strategies The all-in-one platform will provide all the insurance needs of Indonesian customers.


hen branch offices are visited less and less, AXA Mandiri realised that the way consumers access their personal protection has evolved. Their behaviour is now affected by social distancing restrictions, the hesitancy of visiting doctors in person, and other health and financial concerns. But amongst these changes, AXA Mandiri also saw the increasing public awareness of the need for insurance protection. Citing a report by the Indonesian Life Insurance Association, AXA Mandiri said the life insurance industry managed to rebound during the pandemic by scoring a new business premium growth of 17.6% whilst advanced premiums grew 2.4% in the fourth quarter of 2021. AXA Mandiri believed that these numbers were supported by the insurers’ innovation on their digital channels, ranging from services, websites, social media, to applications. This led the insurance firm to launch its all-inone digital platform, called Emma. “At the end of 2021, we launched Emma to make it easier for customers to transact online. Now, the customer can get the information about their insurance policy, total balance, claim submission status, investment performance, articles on health tips, and virtual sports classes that customers can attend from their homes,” said President Director of AXA Mandiri, Handojo G. Kusuma in an exclusive interview with Insurance Asia. “We also position Emma as a ‘Teman Sejati’ or ‘True Friend’ as seen in the slogan,” he added. All-in-one digital access Before the launch of Emma, AXA conducted multi-regional qualitative and quantitative research across five markets in Asia with over 4,000 customers to better understand what they wanted from an insurance company when it comes to their physical and mental health. AXA analysed the data collected and came up with Emma. The Emma all-in-one digital platform is available across AXA’s network in Asia, including Indonesia, Hong Kong, China, Japan, the Philippines, and Thailand. It can be accessed through various electronic devices such as mobile phones, tablets, and laptops. Handojo said customers only need to activate their Emma account through an activation link and user ID they will receive on their emails upon registration. When successfully logged in, the customer will be greeted by a female digital assistant wearing a casual blue blouse, clear and round glasses, and shoulder-length hair—also named Emma. The features available through Emma carry the theme “One Stop Protection and Health Partner.” It is where customers can get information related to their insurance


The features available through Emma carry the theme “One Stop Protection and Health Partner." (Photo: Handojo G. Kusuma, President Director, AXA Mandiri)

Emma's presence is expected to make it easier for over 1 million AXA customers in Indonesia

policy ownership such as premium information, policy status, and personal data. Through Emma, customers can also carry out financial and non-financial transactions, which include paying premiums, updating policy data, viewing the history of claim submissions, and contacting customer service via live chat. There are also health services that help customers avail of teleconsultation services with trusted doctors. From the hospital directory to the list of VIP services, everything is available through Emma. To help in their well-being, customers can access health articles and virtual exercise classes in the comfort of their homes. There is even a point rewards feature that can be exchanged for prizes. In an effort to involve its customers in the protection of the environment, for every AXA Mandiri customer who activated Emma from 1 April to 31 May 2022, AXA Mandiri planted a mangrove tree seedling in collaboration with LindungiHutan, a non-profit organisation for forest and environmental conservation. “Emma's presence is expected to make it easier for more than 1 million AXA entity customers in Indonesia. This encourages us to be more creative, both in designing protection solutions, as well as in offering products to prospective and existing customers according to their evolving needs,” said Handojo.

INTERVIEW AXA joins hands with Chung Shing Taxi, TaxiSafely to calculate taxi insurance

Emma is marketed as a 'Teman Sejati’ or ‘True Friend’ (Photo courtesy of AXA Mandiri)

Expansion to all Bank Mandiri segments AXA Mandiri is a firm believer that digital transformations bring good results. AXA Mandiri recorded an increase in premium income, total assets, and company income in 2021. In the conventional life insurance financial statements of AXA Mandiri in the fourth quarter of 2021, they recorded a net premium income of $847.9m (IDR 12.7t)— an increase from 2020’s $734.4m (IDR 11t). The number of AXA Mandiri's assets in the fourth quarter of 2021 also increased from $2.5b (IDR 37.56t) in 2020 to $2.7b (IDR 41.08t). Overall, the company recorded a revenue of $994.8m (IDR 14.9t) in the final quarter of 2021, from $810.5m (IDR 12.14t year-on-year). Handojo said that the company's solid performance in 2021 was largely due to digital transformation and continuous innovation during the pandemic. But digitalisation is not without challenges. “In addition to the infrastructure that must be prepared, the skills of our employees in building and operating these digital services are an important point that must be considered and improved. Constraints that usually occur in digital technology must be swiftly handled so that services to customers continue to run well,” said Handojo. The focus of AXA Mandiri's expansion, for now, is to optimise the potential of the domestic market, especially the ecosystem of their exclusive partner bank, Bank Mandiri. “AXA Mandiri will continue to build and strengthen existing infrastructure, offer new innovations, and provide added value services to increase penetration of all Bank Mandiri segments. These include its retail, affluent and high net worth, and micro to commercial and corporate segments,” concluded Handojo.

AXA Mandiri is a firm believer that digital transformations bring good results (Photo courtesy of AXA Mandiri)

The skills of our employees in building and operating these digital services are an important point


XA joins hands with Chung Shing Taxi, TaxiSafely to calculate taxi insurance The three will bank on a technology called Internet of Vehicles to enhance road safety. AXA Hong Kong and Macau is joining forces with taxi firm Chung Shing Taxi and tech firm Taxi Safely to launch Hong Kong’s first Internet of Vehicles (IoV) project with an aim to enhance taxi driving safety and protect taxi drivers, passengers, and other road users. The collaboration is considered a first between an insurer and a taxi company. Fifty taxis from SynCab and Chung Shing Taxi will install TaxiSafely’s telematic devices. These devices are equipped with a unique high-sensitivity duo lens, the detection device provides real-time monitoring of road conditions with a 3D lens, accurate detection of obstacles, and advises taxi drivers immediately on the high-risk precautions to avoid accidents, for example, distance to the vehicle ahead, as well as tangent drive. Using this technology, AXA and Chung Shing Taxi will review and analyse the data to assess the driving safety of the taxi fleet. The data will help AXA determine the insurance premiums based on the the actual driving performance of the taxii fleet, the past underwriting and claims records and provide premium discounts to those taxi fleets with good driving records, ensuring fair treatment especially for drivers with good driving performance and enhancing awareness on driving safety amongst taxi drivers. “We wish to leverage our unique driving safety solution specially designed for roads in Hong Kong to enhance the overall driving safety and awareness of professional drivers, and in turn improve general road safety,” Antonio Wong, Founder and CEO of TaxiSafely said. The telematics solution invented by TaxiSafely will collect and transmit the data through 4G to an encrypted cloud system and undergo big data analysis which tracks individual driver’s behaviour and performance. The solution will also provide traffic black spot reports and recommendations for improvement for drivers based on their driving behaviors, which aims to optimise the overall fleet performance. INSURANCE ASIA



What YAS MicroInsurance’s vision of an on-demand insurance product looks like Its latest offering, RYUN, allows runners to be insured per kilometre, on the spot.

a running data log which can then be used to share and compare with friends. RYUN covers up to $5k in medical expenses, $2k cover for damage to personal belongings, and $2k cover for heatstroke or burglary. RYUN is currently available only in Hong Kong and Malaysia. The product is underwritten by Generali in Hong Kong and Etiqa in Malaysia.

Andy Ann, CEO, YAS MicroInsurance


t was a year-and-a-half ago when YAS MicroInsurance Co-founder and CEO Andy Ann went on a hike in Hong Kong and came home with an idea for an on-demand insurance product that you can turn on and off without committing to paying for premiums for years. “I was in the mountains around three or four in the afternoon. I was going downhill when I suddenly had a scary thought about whether I will be able to make it [down] on time. Then I thought to myself, what if I can purchase insurance on-demand? I click a button and now I’m insured and when I reach my destination, I click another button when I don’t need insurance anymore,” Andy explained in a quick chat with Insurance Asia. That idea blossomed into the first on-demand insurance product YAS MicroInsurance created called HYKE, which is an insurance for hikers. This was then followed by BYKE, another on-demand insurance product for professional bikers. In 2022, YAS MicroInsurance introduced its third product made specifically for runners. Insurance for runners The concept of RYUN is simple. A runner buys insurance by the kilometeres, starting at $50 for 500 kilometres. RYUN provides insurance coverage for accidents and medical expenses. “We believe that insurance should be as simple as Spotify or Deliveroo. You press a button, and you are insured,” Andy explained. Unlike most insurance, where you have to talk to an agent and pay premiums on a monthly basis, RYUN insures with a simple tap of a button. A customer will only have to download the YAS app and register. Once all the details have been inputed, all they have to do is tap RYUN and start running. The insurance starts and ends after each run. For each run, the minimum deduction is 5km from the 500-kilometre insurance. This means that until all 500 kilometres are used up, the runner is still insured and he also has the option to turn it off whenever he finishes his lap. The app tracks runners via GPS. It also monitors the weather and updates the runner as he or she goes. The app has several social features like a photo sharing option and


We believe that insurance should be as simple as Spotify or Deliveroo. You press a button and you are insured

Too much focus on life insurance Andy and YAS MicroInsurance created these on-demand insurance products because of the belief that Hong Kong’s insurance industry is far too focused on life insurance or long-term life insurance. “The reason why we want to jump in is that we think that we don’t need much of agents and brokers to take care of general insurance. First of all, the margin (commission) is really low. If [agents] are able to sell life insurance the commission is higher unlike when selling travel insurance. They don’t really have the interest to sell [general insurance],” Andy explained. Because most general insurance products do not require agents or brokers, this makes the services of a digital insurer like YAS MicroInsurance cheaper. “It is easier for customers to process their claims faster and much more efficient than before. In about 48 hours you can file a claim and you don’t need to wait three months for this to process,” Andy said. More on-demand products Andy said YAS MicroInsurance will focus on more ondemand products. One of the products they are working on is what they call WALKY, an insurance product for people walking their dogs. “With WALKY, you will pay premiums each time you walk your dog. Coverage would range from medical expenses if the dog accidentally bit someone or insurance for when it runs away,” Andy explained. The plan for the release of WALKY will be around September 2022. YAS MicroInsurance is also working on expanding microinsurance offerings to other activities like swimming, tennis, volleyball, and soccer. With this kind of approach to creating new, tailored insurance products, it would not be surprising to see insurance evolve into an ondemand-based model.




How Hong Kongers fare in their retirement preparations Two out of five are hoping to retire before their 60s, Sun Life reveals.


ong Kongers are becoming more active in futureproofing themselves, as Hong Kong’s Retirement Index score went up from 56.3 in 2021 to 61.1 in 2022. To further understand this behaviour, Sun Life conducted a study amongst its consumers to learn about their perceptions and motivations in planning for their retirement. Sun Life Retirement Mastery Index evaluated 30- to 45-year-old Hong Kong consumers’ degree of control over retirement planning through their performance in three pillars: “Intelligence”, “Momentum”, and “Positive Experiences”. “Intelligence” assesses the individuals’ information and knowledge of retirement planning and retirement savings; “Momentum” looks at concrete actions taken to plan and save for retirement; and “Positive Experiences” considers personal experiences on the retirement journey, Sun Life Hong Kong’s General Manager for Life and Health Christine Yeung explained to Insurance Asia.

Christine Yeung

The current macroeconomic environment is posing a challenge for Hong Kongers

People are more proactive in monitoring their retirement protection gaps, driving demand for products that can protect them from uncertainties in the future


Positive Experiences rises The majority or 63% of the respondents have worked harder to plan for retirement in 2022 compared to the previous year at 52%. Meanwhile, 62% believe they have worked harder to implement their retirement savings plan, showing an increase of 11 percentage points compared to last year’s 51%,” Christine explained. Amongst the three pillars, Hong Kongers are doing best in the “Positive Experiences” aspect (44%). In comparison, 43% of the respondents claim they are doing very well when it comes to “Momentum”, representing an increase compared to last year’s 34%. In addition, 50% are very satisfied with the frequency of their personal finance review, whilst 48% maintain a positive attitude towards the management of their retirement savings portfolio. The “Intelligence” aspect is where most Hong Kong consumers underperformed, with only 40% saying they did well in this segment.

Macroeconomic factors Despite the enhanced control over all aspects of retirement planning, Sun Life’s Christine warns against complacency given high inflation and an increasingly uncertain outlook. “The current macroeconomic environment is posing a challenge for Hong Kongers,” especially in wealth planning. 74% of respondents feel they are less capable of accumulating wealth compared to two years ago, whilst 88% prefer to set a mid-term wealth management goal due to the unstable macro environment, which indicates local people are tending to be more cautious about wealth management over the last couple of years. In increasing awareness about retirement insurance, Christine said it is important to have a clientoriented approach. Sun Life does this by launching products and campaigns, like its Change Into a Happier You brand campaign where they motivate consumers to be more proactive about their future planning which involved a series of out-of-home advertising and TV commercials that garnered over 21.3m views. Sun Life also enticed consumers by offering brand products such as granting the top 130 customers who pay the highest amount of accumulated Annualized First Year Premium from 1 July to 30 September 2022 a limited edition non-fungible token, which is a part of its recent launch NFT collection as part of Sun Life’s 130th anniversary. “Over the past few years, the pandemic has gradually raised public awareness of risk management. People have become more proactive in monitoring their medical and retirement protection gaps, driving the demand for products that can act as comprehensive tools for wealth planning with a stable income to protect them from uncertainties in the future. Although Hong Kong people now have greater health awareness due to the pandemic, one should not underestimate potential medical expenses after retirement. We should all get into the habit of reviewing our retirement plans and progress regularly to help ourselves and our families be prepared for the future,” Christine said.




Hong Kong insurers rely heavily on Mainland Chinese Visitors for the purchase of life insurance policies

GBA after-sales service centres to boost health and motor insurance sales

The proposal is part of Hong Kong government's Insurance Connect initiative in the Greater Bay Area.


hen Hong Kong Chief Executive John Lee expressed that the government is keen on building after-sales services centres on the Mainland, insurance experts interviewed by Insurance Asia unanimously welcomed the idea. They all agreed that both Hong Kong insurers and China Mainland policyholders will benefit from a more convenient premium settlement and claim filing process. The Hong Kong government’s proposal to build after-sales service centres in Nansha and Qiahai is part of the Insurance Connect initiative in the Greater Bay Area (GBA). This makes it easier for China Mainland policyholders to make claims. In its initial phase, Insurance Connect first allowed the direct settlement of health claims at a public hospital in Shenzhen with Hong Kong and Macau insurers. It also enables Hong


Kong insurers to establish customer service centres in the GBA. In an exclusive interview with Insurance Asia, Sravani Ampabathina, Insurance Analyst at GlobalData said that whilst the initial focus is on after-sales support, the role of these centres is expected to increase gradually. “Insurers are hopeful that the service centres will be able to conduct offshore product promotion during the development phases. Hong Kong insurers rely heavily on Mainland Chinese Visitors (MCVs) for the purchase of life insurance policies. Due to the high rate of returns offered on insurance in Hong Kong, MCVs favour Hong Kong insurers,” Sravani said. GlobalData’s research said that MCVs account for 41.8% of the life insurance industry’s new business in Q4 in 2018. However, China limited cross-border sales to stop capital

The GBA offers insurers a huge and largely untapped market for growth

outflow, which led MCVs to travel to Hong Kong to get insurance, lowering their participation to 25% in 2019. The COVID-19 travel restrictions decreased MCVs contribution to the life insurance segment’s new business, dropping it to 0.4% in Q4 2020. GlobalData's Sravani predicts that after this, insurers from China and Hong Kong will soon launch cross-boundary life, health, and motor policies, along with other innovative insurance products, if they have not already. “Permitting insurers to sell and service policies in GBA would steeply boost Hong Kong life insurers’ sales. This would also enable Hong Kong insurers to use consumer relationships developed via the sale of health or motor insurance to promote higher-margin offshore products to MCVs,” Sravani said.


Sravani Ampabathina

Carrie Tong, Chief Strategy Officer of Manulife Hong Kong and Macau and Head of Macau Branch (Photo from Manulife)

Insurers and regulators react “With a population of 86 million people and a very low insurance penetration rate compared to Hong Kong, the GBA offers insurers a huge and largely untapped market for growth. The population in the GBA has a higher standard of living and awareness, which is expected to drive demand for life insurance products. Simultaneously, the development of the GBA and its vulnerability to property damage due to floods and other natural disasters will create a new business opportunity for general insurers and reinsurers,” Sravani said. Chief Strategy Officer of Manulife Hong Kong Carrie Tong hopes that the scheme and the mutual access of insurance markets in the GBA will be implemented soon. “[I] believe these service centres will enable Hong Kong insurance companies to provide Mainland residents holding Hong Kong policies with a range of after-sales services such as premium renewal, claims, and policy enquiry in the GBA. These service centres will also help attract more Mainland visitors to Hong Kong to purchase insurance products and open new opportunities for the development of Hong Kong's insurance industry,” Manulife's Carrie said.

According to the Manulife Macau Head, buying insurance was the second reason most GBA residents visit Hong Kong. Carrie also said that Manulife has continued to enhance the competitiveness of its products by recruiting professionals and non-local graduates with GBA connections to join its agency force and opening high-end customer service centres to further enhance its customer service experience. Meanwhile, HSBC Life Hong Kong CEO Edward Moncreiffe believes that Hong Kong is an international insurance hub and is ideally placed to act as the risk management centre for Greater China. “We believe Chinese customers continue to look favourably at offshore insurance capacity and capability in Hong Kong, and HSBC Life thus strongly welcomes the policy proposals to facilitate cross-border insurance in the GBA,” Edward told Insurance Asia. Edward said they see huge opportunities in the GBA by using Hong Kong as their hub. They are currently prepared to pounce on the opportunities that the establishment of these service centres will provide as one of Hong Kong’s first licensed insurers to 100% own their company

Permitting insurers to sell and service policies in GBA would steeply boost Hong Kong life insurers’ sales

in Mainland China. Meanwhile, the Hong Kong Insurance Authority (IA) also welcomed the developments in the 2022 Policy Address and said they “strongly support the measures therein facilitating the development of Hong Kong’s insurance industry, strengthening its role as a global risk management centre and regional insurance and reinsurance hub.” “The Policy Address is fully aligned with the National 14th Five Year Plan and the strategy of domestic and international dual circulation, leveraging Hong Kong’s crucial function as a super-connector. We welcome the Government’s formulation of policies to introduce proactive measures to attract overseas talent to Hong Kong, injecting impetus into our economic recovery,” said Stephen Yiu, Chairman of the IA. The IA said it is actively liaising with Mainland regulators and other relevant authorities on a number of market development initiatives highlighted in the Policy Address, including the setting up of after-sales service centres and the introduction of innovative crossborder motor insurance products, to benefit Mainland and Hong Kong residents who are frequent travellers within the Greater Bay Area as soon as possible.

Edward Moncreiffe, Chief Executive Officer, HSBC Life Hong Kong (Photo from HSBC Life Hong Kong)




Outstanding insurers recognised at the 7th Insurance Asia Awards


hilst the need for digital transformation has been fasttracked in recent years due to global threats, its integration into the insurance industry has been challenging due to a variety of factors such as outdated legacy systems and strict regulatory requirements of the industry itself. The need for lower-cost options has also become more apparent amidst losses from the pandemic. Recent trends such as instability in economies and the increasing need for sustainability have also made the work much harder as insurers and even stakeholders navigate a period of uncertainty. Despite these challenges, insurers have been proactive in delivering exceptional service to their customers. Companies that have undergone their respective digital transformation journeys and continue to innovate their products and solutions are at an advantage in such a rapidly moving market. In recognition of these organisations’ conscious efforts in helping the insurance industry pick up, Insurance Asia has honoured around

100 companies across the Asia Pacific at this year’s Insurance Asia Awards. The event was held via digital presentations throughout July and August. Winning companies were interviewed digitally to share their thoughts on winning the most prestigious awards programme in Asia’s insurance industry. This year’s event was judged by an esteemed panel consisting of Liza Drew, Financial Services Indirect Tax Leader, Asia-Pacific at EY; Richard Holloway, Managing Director, Southeast Asia & India and Life at Milliman; Chris Hewison, Partner for Insurance at PwC Hong Kong; Steven Goh, Head of Insurance Audit at KPMG Singapore; Frank Dubois, Head of Insurance at KPMG Singapore; and Wayne Savage, Audit & Assurance Partner and FSI Assurance Leader at Deloitte Southeast Asia.


Allianz Partners China Insurtech Initiative of the Year - China Marketing Initiative of the Year - China

Aflac Life Insurance Japan Ltd. Digital Insurance Initiative of the Year - Japan Insurtech Initiative of the Year - Japan AIA Korea AI Initiative of the Year - Korea AIA BHD AI Initiative of the Year - Malaysia Insurtech Initiative of the Year - Malaysia AIA Thailand International Life Insurer of the Year - Thailand AIA Insurance Lanka Ltd Digital Insurance Initiative of the Year - Sri Lanka AIA International Limited, Hong Kong & Macau Education Insurance Initiative of the Year - Hong Kong AIA Life Insurance Company Limited Claims Initiative of the Year - China AIA Malaysia Mobile App of the Year - Malaysia AIA Singapore Domestic Life Insurer of the Year - Singapore Insurance Initiative of the Year - Singapore Wong Sze Keed, AIA Singapore CEO of the Year Aioi Bangkok Insurance Public Company Limited Insurance Initiative of the Year - Thailand Insurtech Initiative of the Year - Thailand 28 INSURANCE ASIA

Congratulations to all the winners!

Allianz PNB Life Insurance, Inc. Marketing Initiative of the Year - Philippines Amana Takaful Insurance Marketing Initiative of the Year - Sri Lanka New Insurance Product of the Year - Sri Lanka AmGeneral Insurance Berhad Digital Insurance Initiative of the Year - Malaysia APRIL Hong Kong Limited Marketing Initiative of the Year - Hong Kong AXA Affin General Insurance Berhad International General Insurer of the Year - Malaysia New Insurance Product of the Year - Malaysia AXA AFFIN Life Insurance Berhad Customer Service Initiative of the Year - Malaysia AXA Philippines Health Insurance Initiative of the Year - Philippines AXA Tianping P&C Insurance Company Limited Customer Service Initiative of the Year - China AYA SOMPO Insurance Digital Insurance Initiative of the Year - Myanmar Bao Viet Insurance Corporation Insurtech Initiative of the Year - Vietnam BOB-Cardif Life Insurance Co. Ltd International Life Insurer of the Year - China

Braxtone Insurance Management Insurance Administrator of the Year - Bahrain

FPG Insurance Digital Insurance Initiative of the Year - Philippines

Braxtone Surveyors & Loss Adjusters L.L.C Claims Initiative of the Year - United Arab Emirates

PT. Futuready Insurance Broker Insurtech Broker Initiative of the Year - Indonesia

Cardif Assurance Vie Japan Insurance Initiative of the Year - Japan

FWD GROUP HOLDINGS LIMITED Customer Service Initiative of the Year - Hong Kong

Carrot General Insurance Corp. Auto Insurance Initiative of the Year - South Korea Digital Insurance Initiative of the Year - South Korea

FWD Insurance Social Media Initiative of the Year - Malaysia

Cathay Life Insurance ESG Initiative of the Year - Taiwan Cebuana Lhuillier Insurance Brokers, Inc. Domestic Broker of the Year - Philippines Insurtech Broker Initiative of the Year - Philippines Chartered Life Insurance Company Limited Domestic Life Insurer of the Year - Bangladesh China Life Insurance Co. Ltd (Taiwan) Digital Insurance Initiative of the Year - Taiwan Chubb Life Vietnam Mobile App of the Year - Vietnam Cigna Taiwan AI Initiative of the Year - Taiwan City General Insurance Company Limited Claims Initiative of the Year - Bangladesh Cocolife Education Insurance Initiative of the Year - Philippines Continental Insurance Lanka Limited Domestic General Insurer of the Year - Sri Lanka Coverfox Insurance Broking Pvt Ltd Insurtech Broker Initiative of the Year - India Dhofar Insurance Company SAOG Domestic General Insurer of the Year - Oman Insurance Co., Ltd. Claims Initiative of the Year - Japan

FWD Life Insurance Philippines Insurance Inclusion Initiative of the Year - Philippines FWD Singapore Pte. Ltd New Insurance Product of the Year - Singapore FWD Takaful Berhad New Takaful Insurance Product of the Year - Malaysia FWD Vietnam Life Insurance Company Limited ("FWD") Education Insurance Initiative of the Year - Vietnam New Insurance Product of the Year - Vietnam Generali Vietnam Life Insurance Limited Liability Company Marketing Initiative of the Year - Vietnam Generali Hong Kong Insurance Distribution Initiative of the Year - Hong Kong Go Digit General Insurance Domestic General Insurer of the Year - India Customer Service Initiative of the Year - India Grand Guardian Nippon Life Insurance New Insurance Product of the Year - Myanmar International Life Insurer of the Year - Myanmar Great Eastern Life Singapore Education Insurance Initiative of the Year - Singapore Advisers Initiative of the Year - Singapore Green Delta Insurance Company Ltd. Digital Insurance Initiative of the Year - Bangladesh Hanwha Life Insurance Insurance Initiative of the Year - Indonesia HDFC Life Insurance Company Limited New Insurance Product of the Year - India

EFU Life Assurance Ltd Domestic Life Insurer of the Year - Pakistan

HL Assurance Travel Insurance Initiative of the Year - Singapore

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

Hong Leong Assurance Domestic Life Insurer of the Year - Malaysia

Expat Insurance Pte Ltd Domestic Broker of the Year - Singapore

Howden Broking International Broker of the Year - Gold

Forte Insurance (Cambodia) Plc Domestic General Insurer of the Year - Cambodia

ICICI Prudential Life Insurance Company Ltd Digital Insurance Initiative of the Year - India INSURANCE ASIA


EVENT: INSURANCE ASIA AWARDS 2022 Igloo Insure New Insurance Product of the Year - Indonesia

Policybazaar Insurance Brokers Limited Domestic Broker of the Year - India

Janashakthi Insurance PLC Domestic Life Insurer of the Year - Sri Lanka Mobile App of the Year - Sri Lanka

Pru Life UK International Life Insurer of the Year - Philippines

KBZMS General Insurance Co.Ltd Domestic General Insurer of the Year - Myanmar Customer Service Initiative of the Year - Myanmar Krungthai-AXA Life Insurance Public Company Limited ESG Initiative of the Year - Thailand Health Insurance Initiative of the Year - Thailand Liberty Insurance Limited, Vietnam International General Insurer of the Year - Vietnam Auto Insurance Initiative of the Year - Vietnam Magma HDI General Insurance Company Limited Insurance Initiative of the Year - India

Prudential Assurance Malaysia Berhad ESG Initiative of the Year - Malaysia Health Insurance Initiative of the Year - Malaysia Prudential BSN Takaful Bhd Insurance Inclusion Initiative of the Year - Malaysia Prudence Foundation ESG Initiative of the Year - Hong Kong Prudential Life Assurance (Thailand) PCL. Customer Service Initiative of the Year - Thailand Prudential Vietnam Assurance Private Ltd. International Life Insurer of the Year - Vietnam ESG Initiative of the Year - Vietnam

Malayan Insurance Company, Inc. Domestic General Insurer of the Year - Philippines New Insurance Product of the Year - Philippines

PT Asuransi Jiwa Sinarmas MSIG Tbk. Domestic Life Insuer of the Year - Indonesia

Mandiri AXA General Insurance Domestic General Insurer of the Year - Indonesia

PT AXA Mandiri Financial Services Digital Insurance Initiative of the Year - Indonesia

Manulife Financial Asia Limited Claims Initiative of the Year - Hong Kong

PT Great Eastern Life Indonesia Marketing Initiative of the Year - Indonesia Mobile App of the Year - Indonesia

Manulife Vietnam Digital Insurance Initiative of the Year - Vietnam Max Life Insurance Advisers Initiative of the Year - India Mitsui Sumitomo Insurance Co., Ltd. New Insurance Product of the Year - Japan MSIG Insurance Claims Initiative of the Year - Singapore Muang Thai Life Assurance Public Company Limited Domestic Life Insurer of the Year - Thailand Digital Insurance Initiative of the Year - Thailand New Insurance Product of the Year - Thailand Nan Shan Life Insurance Co., Ltd. Domestic Life Insurer of the Year - Taiwan Now Health International Mobile App of the Year - Hong Kong Niva Bupa Health Insurance Pvt Ltd Insurance Distribution Initiative of the Year - India

Qatar Insurance Company Domestic General Insurer of the Year - Qatar Auto Insurance Initiative of the Year - Qatar QBE Hong Kong Digital Insurance Initiative of the Year - Hong Kong Insurtech Initiative of the Year - Hong Kong QBE Insurance (Singapore) Pte Ltd Digital Insurance Initiative of the Year - Singapore Qianhai Reinsurance Company Limited ESG Initiative of the Year - China Health Insurance Initiative of the Year - China Underwriting Initiative of the Year - China Salaam Takaful Limited Auto Insurance Initiative of the Year - Pakistan SBI General Insurance Company Limited Marketing Initiative of the Year - India

Peak Reinsurance Company Limited Asian Reinsurer of the Year

Singlife with Aviva Domestic General Insurer of the Year - Singapore Mobile App of the Year - Singapore

PGA SOMPO INSURANCE CORPORATION Insurance Initiative of the Year - Philippines

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


Surer Insurtech Start-up of the Year - Singapor Insurtech Initiative of the Year - Singapore

Zurich Malaysia Claims Initiative of the Year - Malaysia Cyber Liability Insurance Initiative of the Year - Malaysia

Swiss Re Asia Pte Ltd Auto Insurance Initiative of the Year - China Taiwan Life Insurance Claims Initiative of the Year - Taiwan Health Insurance Initiative of the Year - Taiwan New Insurance Product of the Year - Taiwan Takaful Brunei Mobile App of the Year - Brunei Domestic General Insurer of the Year - Brunei Domestic Life Insurer of the Year - Brunei Tata AIG General Insurance Company Limited Mobile App of the Year - India Tawuniya Insurance Domestic General Insurer of the Year - Saudi Arabia Digital Insurance Initiative of the Year - Saudi Arabia

Aflac Life Insurance Japan Ltd.

Generali Vietnam Life Insurance Limited Liability Company

Thai Life Insurance Plc. Digital Transformation Initiative of the Year - Thailand The Insular Life Assurance Company, Ltd. Domestic Life Insurer of the Year - Philippines Tokio Marine Life Insurance Singapore ESG Initiative of the Year - Singapore Marketing Initiative of the Year - Singapore Tokio Marine Life Insurance Malaysia Bhd. International Life Insurer of the Year - Malaysia

AXA Philippines

Tower Insurtech Initiative of the Year - New Zealand Tune Protect Group Berhad Insurance Administrator of the Year - Malaysia Travel Insurance Initiative of the Year - Malaysia Türkiye Sigorta A.S Digital Insurance Initiative of the Year - Turkey Underwriting Agencies of Singapore Managing General Agent of the Year - Singapore Union Assurance PLC Health Insurance Initiative of the Year - Sri Lanka

AIA China

Unique Insurance Brokers (Pvt.) Limited Domestic Broker of the Year - Pakistan United Insurance Company Digital Insurance Initiative of the Year - Bahrain Universal Sompo General Insurance Company Limited AI Initiative of the Year - India Claims Initiative of the Year - India ESG Initiative of the Year - India




AIA Bhd.

AIA Malaysia

AIA International Limited, Hong Kong & Macau

Aioi Bangkok Insurance Public Company 32 INSURANCE ASIA

AIA Sri Lanka

AIA Singapore

AIA Thailand

Allianz Partners China

Allianz PNB Life Insurance, Inc.

Bao Viet Insurance Corporation

Cathay Life Insurance

China Life Insurance Co. Ltd (Taiwan)

AXA Affin General Insurance Berhad

AXA Affin Life Insurance Berhad

Cebuana Lhuillier Insurance Brokers, Inc.

Chartered Life Insurance Company Limited




Continental Insurance Lanka Limited Insurance Co., Ltd.

Etiqa Life and General Assurance Philippines, Inc

Expat Insurance Pte Ltd


Generali Hong Kong

Forte Insurance (Cambodia) Plc


Peak Reinsurance Company Limited


Grand Guardian Nippon Life Insurance INSURANCE ASIA



Liberty Insurance Limited, Vietnam

Manulife Financial Asia Limited

Muang Thai Life Assurance Public Company Limited

Prudential Vietnam Assurance Private Ltd. 36 INSURANCE ASIA

Mandiri AXA General Insurance


Prudence Foundation

Prudential Assurance Malaysia Berhad

PT. Futuready Insurance Broker

Prudential Life Assurance (Thailand) PCL.

QBE Insurance (Singapore) Pte Ltd

Prudential BSN Takaful Bhd

Singlife with Aviva INSURANCE ASIA



Sun Life Grepa Financial, Inc.

Taiwan Life Insurance

Takaful Brunei

Thai Life Insurance

The Insular Life Assurance Company, Ltd.

Tokio Marine Life Insurance Singapore

Tune Protect Group Berhad 38 INSURANCE ASIA

Zurich Malaysia

City General Insurance Company Limited

AmGeneral Insurance Berhad

Underwriting Agencies of Singapore

KBZMS General Insurance Co.Ltd INSURANCE ASIA



The importance of a purpose-driven approach to insurance in an evolving world

AIA Singapore’s CEO, Wong Sze Keed, shares with insurers of the importance of forming deep, purposeful connections with customers and employees.


t only took one claim experience for AIA Singapore’s Wong Sze Keed to realise that she is not just in the business of simply selling insurance. Starting her career as a financial services consultant (FSC), Wong was able to meet people from all walks of life and turned customers into friends that she held dear to her heart. Amongst all the customers that Wong served during her time as an FSC, one encounter with a young couple, whom she worked with throughout many of their key life stages, stood out to her the most. Her cheerful interactions with the couple quickly turned sombre upon receiving a sudden call from the husband, saying that his wife had passed away due to a pregnancy complication. Wong was saddened but understood that there was not much she could do to ease the husband’s pain, so she did her best to manage and process the claims as fast as possible to at least provide some level of relief and ease the possible financial burdens. The situation made Wong realise the vital role that insurance representatives play in supporting people through thick and thin, all whilst enabling them to live Healthier, Longer, Better Lives. Now, as the CEO of AIA Singapore, and with close to 30 years of experience in the industry, Wong works hard to ensure that all stakeholders are seen and heard. She checks in with colleagues regularly to make sure that the company is providing the support needed for employees, AIA insurance representatives, and customers, building greater interpersonal relationships and doing better every day in all its endeavours. “I believe that engagement with stakeholders is key to identifying issues, opportunities and gathering feedback. Developing a strong people-first culture within AIA, where we are united by a single purpose of enabling Healthier, Longer, Better Lives for individuals and their families is at the heart of all we do,” she said. Engagement with stakeholders became even more crucial when the COVID-19 pandemic hit. For many leaders like Wong, the pandemic was a crisis unlike any other in recent times, and it caused a seismic change in the way people live and work. The main challenge for her was to


opportunities for me to show my dedication and implement schemes that protect and take care of the needs of all stakeholders,” Wong said. Embracing the future of insurance Moving into the future of the industry, one key trend that Wong sees is leveraging technology to better serve clients and transform the very nature of insurance. She mentioned that from the way claims are processed to how customers are served, technology will influence and shape the sector by providing personalised experiences. Wong added that strengthening the business digital ecosystem is an ongoing process at AIA Singapore, and it is focused on investing in new technologies to bring greater value to its customers, employees, and AIA insurance representatives, ensuring that AIA provides hightech, high-touch and high-trust services. Insurers need to embrace technology to stay ahead of Wong Sze Keed, CEO, AIA Singapore the curve and to be able to continually meet the evolving needs of stakeholders. navigate the business against the backdrop of At the same time, she emphasised that insurers the pandemic’s unpredictability. From changing should remain committed to their customers work arrangements to social restrictions, Wong and see the true value of their work. She added acknowledged that there were challenges when that this commitment will drive insurers to planning amidst the pandemic to ensure that work tirelessly to develop stronger customer they were ready for any changes. relationships and realise their goal of bringing the “During such uncertain times, I was best to their customers. cognizant of our role as a leading insurer in “The key to a successful digital transformation Singapore, and that helped us to stay focused is finding a balance between technology and the on our commitment to support and protect much-needed human touch to enable a superior Singaporeans’ financial, physical, and mental customer experience,” she shared. well-being,” she said. Wong’s unmatched dedication to her In 2020, AIA Singapore gave each of its employees, insurance representatives, and employees S$1,000 as part of the company’s customers, as well as her stellar navigation in work-from-home assistance scheme. It also the unpredictability of the insurance industry launched initiatives such as providing mental stricken by the pandemic, has been recognised by health coverage for employees and customers, Insurance Asia Awards as she wins this year’s CEO tapping into teleconsultations, and continuing of the Year Award. to refresh the AIA Vitality programme to She advised insurers to have a purpose-driven inspire its employees and customers to live mindset, as the business of insurance means active and healthy lifestyles. The company also enhancing the lives of people. offered free COVID-19 special coverage for 2.6 “Form deep connections with your customers million of our customers, employees and their by listening to them and understanding their dependents, and AIA insurance representatives.“ needs – only then can you provide them with Although the pandemic brought about valuable solutions to protect them and their loved challenging circumstances, it also brought about ones,” she said.

Developing a strong people-first culture within AIA, where we are united by a single purpose of enabling Healthier, Longer, Better Lives for individuals and their families is at the heart of all we do


Propelling a people-first, digitalised future for insurance

AIA Singapore has remained steadfast in innovating new technologies and providing exceptional service to customers amidst the pandemic.


he past year proved to be challenging for most industries, with companies under huge duress whilst navigating the uncertainties of the pandemic and the consequent, rapid shift in business demands. This became increasingly apparent as the economy continued to be affected by challenges posed by the ongoing pandemic. Despite these limitations, AIA Singapore knew it had to uphold its purpose of enabling Healthier, Longer, Better Lives for its employees, customers, and the wider community. The company also intensified efforts toward its broader sustainability commitments. To offer support and peace of mind, AIA Singapore first provided complimentary COVID-19 insurance coverage for close to 2.6 million customers, employees and their dependents, as well as AIA insurance representatives during the height of the pandemic. The initiative was so wellreceived that the complimentary coverage was extended until the end of 2021. AIA Singapore also leveraged social media with an engaging campaign, titled ‘Scared what Scared’ to raise awareness of the importance of critical illness coverage, which successfully reached out to 3.9 million people to educate and inspire people to take action to protect well. Ramping up digitalisation efforts As the insurance landscape continues to increasingly embrace digital technologies and modern processes, AIA Singapore has also doubled down on its digital transformation journey, equipping AIA insurance representatives with bestin-class digital tools and capabilities to provide customers with a seamless service experience. With this in mind, one of AIA Singapore’s recent innovations was Xplore with Ally, which was developed with the aim of simplifying financial planning rather than merely providing customers with a snapshot of their current financial health. Designed to be a digital partner for AIA Singapore’s insurance representatives, the innovation is the first of its kind: a multi-needs financial calculator that helps customers

understand their financial needs and goals, and assess gaps efficiently, empowering them to make better financial decisions with personalised insights. AIA Singapore’s main goal behind the conceptualisation of the tool was to ensure that Xplore with Ally could understand the needs and wants of customers, was simple and easy to use, and complemented the efforts and advice of AIA insurance representatives. “We wanted to create a Xplore w Ally tool that could simulate and create analysis to suit the unique needs of each customer quickly. Xplore with Ally is an innovative platform that enables AIA insurance representatives to engage customers to better understand their financial needs and goals”, Wong Sze Keed, Chief Executive Officer of AIA Singapore, said. Towards a more sustainable future Upholding its brand promise of enabling Healthier, Longer, Better lives also means recognising and responding to the potential risks and opportunities posed by sustainability issues. As its sustainability programme gains momentum, AIA Singapore is dedicating more effort and resources toward integrating environmental, social and governance (ESG) considerations into both its business and operations. In 2021, AIA Group became the largest pan-Asian life and health insurer to commit to achieving net-zero greenhouse gas emissions by 2050. In that same year, AIA also announced that it had divested from its entire directly-managed listed equity and fixed-income exposure to coal mining and coal-fired power businesses. AIA Singapore has also ramped up its sustainability efforts in the local community.

The company established the AIA Better Lives Fund in 2021 to help raise funds for disadvantaged children, youth, and their families. In 2021, AIA Singapore also pledged S$5 million to the National Parks Board’s Garden City Fund, with the goal of planting 16,666 trees in Singapore’s parks and nature reserves over the next 5 years, which represents the largest corporate contribution to the OneMillionTrees movement to date. “Through our five ESG pillars of focus, we hope to engage and inspire our community to improve their health and wellness, manage our operations more sustainably, secure sustainable investment outcomes for our customers, and remain committed to our high standards of good governance,” Wong said. For the support AIA Singapore has provided its customers through these tumultuous times, the Insurance Asia Awards recently recognised their impact by awarding them the Domestic Life Insurer of the Year – Singapore award. Guided by its brand promise of enabling Healthier, Longer, Better Lives, AIA Singapore will remain steadfast in its embrace of customer-centric innovation, leveraging Technology, Digital, and Analytics (TDA) to accelerate its digital transformation journey and amplify its sustainability efforts.

Xplore with Ally is an innovative platform that engages with customers to better understand their financial needs and goals INSURANCE ASIA



ACCELERATING MSMES’ FINANCIAL INCLUSION AND PROTECTION pre-approved so that distribution can sell instantly without the main office’s intervention. It also improved on its digital experience and took its brand to the next level to efficiently deliver its key message to clients by providing extensive virtual wellness talks and launching a year-long COVID-19 informational campaign.

Holding the trophy is (L-R) Sun Life Grepa Head of Group Sales and Strategies Justine Daguman and Vice President for Group Marketing Operations Peter Miranda.

Sun Life Grepa Financial, Inc. (Sun Life Grepa) recently won the MSME Insurance Initiative of the Year - Philippines at the Insurance Asia Awards 2022. The country’s health spending reached PHP1.09 trillion in 2021 or 18.5% higher compared with PHP917.15 billion posted in 2020. Of these health spending, PHP451 billion (41.5%) came from household out-ofpocket payments based on the 2021 Philippine National Health Accounts. Moreover, high medical expenses have had a major impact on families, forcing them to make various sacrifices in order to pay these bills, including significant changes to their financial situation or lifestyle. To address this situation and make it easier for Filipinos to avail of health insurance, Sun Life Grepa, under its division called Sun Life Grepa Healthcare, created the entire Wellness, Protection, and Recovery holistic ecosystem to fulfill its commitment to be clients’ Health Insurance Partner (HIP). Sun Life Grepa Healthcare aims to change the perception of Group Insurance from just a Payor to a Partner. 42 INSURANCE ASIA

Sun Life Grepa focused on three key impact areas: People, Products and Proposition, and Digital Transformation. “For our People, we promoted an agile sales ecosystem where they were encouraged to have flexible ways of working that allowed them to take initiative and feel more invested in the results of their work. For our Products and Proposition, we created a holistic approach to ensure a balanced product mix. Lastly, for Digital Transformation, from working with semi-automated backroom handling processes, we started providing our clients access to multiple integrated touchpoints in order to provide a seamless experience,” Sun Life Grepa Vice President for Group Marketing Operations Peter M. Miranda said. Through this campaign, Sun Life Grepa worked with all distribution channels to focus on tapping into the underinsured market of Micro, Small, and Medium Enterprises (MSMEs). Three simple, affordable, and comprehensive MSME packages were created wherein rates are

For his part, Sun Life Grepa Head of Group Sales and Strategies Justine G. Daguman stressed how important it is to invest in people and help them acquire new skills. “The concept of the entire Wellness, Protection, and Recovery holistic ecosystem was designed to help thriving entrepreneurs keep their people protected and in dynamic form. We attribute the success of the concept so far to having the right blend of starter products that are truly useful at different stages of business operation.” Its member base grew by 26% compared to the previous three years. These were achieved amidst uncertainties and forced closures brought by the pandemic. This feat has brought recognition to Sun Life Grepa, with the company being recognised as the recipient of the MSME Insurance Initiative of the Year - Philippines award at the Insurance Asia Awards 2022.

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INSURANCE ASIA 43 25/10/2022 11:12 A


UAS leads Singapore’s industrial and commercial plants and equipment insurance

The insurer provides customisable benefits to fit their customers’ needs and reduces gaps in the equipment cover.

Underwriting Agencies of Singapore (UAS) Team


urrently celebrating our golden jubilee, Underwriting Agencies of Australia (UAA) the parent office of UAS is celebrating their 50th year of providing innovative insurance solutions for the mobile plant industry globally. Underwriting Agencies of Singapore (UAS) bagged the Managing General Agent of the Year - Singapore award at the Insurance Asia Awards 2020 and 2022. As a one-stop mobile plant and machinery insurance solution provider, UAS has developed a tailored product known as the Industrial Special Plant (ISP), which combines seven cover sections into one comprehensive insurance package. ISP has a customisable benefit to reduce the gaps in the risk and fit the needs of the equipment of the insured. It offers coverage for owned and non-owned mobile plants and equipment, thirdparty property damage coverage for


registered vehicles and comprehensive legal liability protection for the insured’s business activity. ISP has been designed to protect all mobile plants and equipment, ranging from the most miniature post-hole digger to the most giant fixed or mobile cranes. The package includes cranes, crane trucks, earthmoving equipment such as excavators, bulldozers, hydraulic hammers, boom lifts, cherry pickers, concrete pumps, generators, compressors, forklifts, and other material handling equipment. From understanding and underwriting the risk to managing the full results of the claim, UAS also provides additional benefits and free coverage to the insured when they take up a policy. This includes, and is not limited to, damage to lifted goods, expediting costs, recovery costs, employee property damage, appreciation in value, indemnity to the hirer, and the extra cost of reinstatement. Commitment to client satisfaction As a mobile plant protection expert, UAS regularly conducts focus groups with its distribution agents to meet the insurance requirements of all their clients. One good example is that the distribution agent

needs to cross-sell to their existing clients and requires marketing materials to reach out to them. As a response, an EDM flyer was created for them to quickly reach out via email or WhatsApp to create further awareness and understanding for their client and to ponder whether they have covered all their gaps in a risk. It is essential to have the resources and collaboration so that clients will know and understand the wide coverage provided by ISP for their mobile plants and equipment. Therefore, UAS also provides joint field work with their distribution agents to address the queries and needs of the insured, from product benefits to the handling of claims. Committed to client satisfaction, UAS has vowed to maintain a high standard in its claim services. “Our claims team, with our extendable network, will go all out around the world to source for replacement parts and ensure that our insured customers have an above satisfactory repair in the shortest time frame. UAS has the necessary experience, resources, as well as industry credibility required to enable us to achieve a positive claims outcome such as speedy results and cost-efficient repairs, which we endeavour to deliver as part of our commitment to client satisfaction,” said the company.

Michael Murphy, Group Chief Executive Officer

“The product was specifically designed for mobile plant equipment, which was – and continues to be – unique throughout the market. There’s a number of competitors that have tried to replicate the basic setup of the actual policy, after all, imitation is the greatest form of flattery” Michael Murphy, Group Chief Executive Officer

experts IN MOBILE PLANT insurance

Underwriting of Singapore (UAS),UAA as a With over Agencies 25 years’ experience, specialist underwriting agency for mobile plant and construction equipment, is wholly owned by Underwriting prides itself on innovative insurance Agencies of Australia (UAA).

solutions for the mobile plant industry Itin prides itself on New innovative insurance for the Australia, Zealand andsolutions globally. mobile plant industry in Singapore.

Our focus is on developing long term relationships with

Our focus is onbuilt developing long term relationships our customers on mutual respect and reliability.with our customers&built respectand andreliability. reliability. our customers built on on mutual mutual respect

UAA’s claim service team has extensive experience in

UAS's claim service has extensive experience managing claims for team our customers and has access toin managing claims for our customers and has access to a a network of the very best industry service suppliers network of the very best industry service suppliers.

Industry Industry Special tailored Plant: products include:

Industrial Special Plant (ISP): Industrial Special Plant cover – combining seven cover -Customise Can be tailor made tocustomers' suit customers' needs plan to suit needs options in one comprehensive insurance package -Consists Consists of 7 sections including damage, motor of 7 sections including motor and liability plus; and liability ProCongaps - alsoinstreamlining five options policy covering gaps inkey the cover industry -All-in-one Reduce the market

under one policy,

Underwriting Agencies of Singapore For more information For more informationononUAS's UAA’sIndustrial IndustrialSpecial SpecialPlant, Email: please contact your insurance broker or agent. Plant ProCon products please contact your Website: Website:

Insurance Broker or Agent.

across Australia and New Zealand.

Industrial Special Plant and ProCon underwritten by QBE Insurance (Australia) Limited. ABN 78 003 191 035, AFSL 239545. Underwriting Agencies of Australia Pty Ltd. ABN 86 003 565 302 AFS Licence 238517. Underwriting Agencies of New Zealand Limited (UAA). 4758199, NZBN: 9429040999678. J6663




New AI-driven system streamlines communication in insurance claims process E-design Insurance service focuses on compatibility between the customer and claims handler.

prefer to wait until there are more concrete results on their claims. “We want to provide services that customers can feel comfortable with by responding in accordance with their styles. To make the customer's experience as stress-free as possible during this time, we believe that the feeling between the customer and the claim handler is very important. We also believe that smooth communication between the customer and the claim handler allows the customer to feel at ease during the anxiety of an accident.”

E-design Insurance’s Shigeo Kuwabara, President & CEO, Nobuyuki Sakai, CIO, Kaoru Nohara, CCO


n the past, the typical insurance claims process required a large amount of paperwork, data, and repetition. These inefficiencies caused great frustration and lost time between both the claimants and insurance handlers. Sometimes, the manual processes also allowed fraud to slip through the cracks, resulting in financial and opportunity losses for the company. With the digital revolution touching the finance and insurance industry, claiming insurance has become more time- and cost-efficient, and secure. An added bonus is the collection of data with the analytics-driven approach, enabling organisations to gain key insights into their customer groups.

Eliminating the Mismatch Before the service was launched, only “had information about the circumstances of the accident and the insurance policy. We had no way of understanding the customer's communication style beforehand.” The claim handler was assigned to the case based on the circumstances of the accident and their experience. It was left up to the claim

Solution One of the digital developments within insurance organisations is the launch of My Claim Handler in October 2021. My Claim Handler is an artificial intelligencedriven service developed by Insurance that selects a claim handler that fits the customer or claimant’s communication style. “We want to eliminate the anxiety customers feel when interacting with the claim handler,” said Insurance (Japan), a member of the Tokio Marine Group. The inspiration for this idea was born from the frequent experience of insurance claimants who are already under great stress after they or their loved ones meet with an accident.

handler to consider the type of communication to adopt that would bring peace of mind to the customer. In many cases, customers would report not getting along with the claims handler. “We wanted to eliminate this kind of mismatch in communication styles between customers and representatives, which resulted in the creation of My Claim Handler." Whilst some organisations may focus on the more technical or administrative aspects of the claims process, E-design Insurance believes human communication has an equal importance in the digital revolution. “In the longest cases, it may take more than a year to settle the accident,” said the company, which calls for constant touch points between the customer and the insurance representative. They further explained that some customers require frequent progress reports, whilst others


We want to provide services that customers can feel comfortable with by responding in accordance with their styles

40-second Data Collection To take advantage of the My Claim Handler service, customers are requested to fill out a two-question questionnaire when they contract with the insurance organisation. The questions relate to their communication style and can be answered in about 40 seconds. On the other hand, Insurance's fulltime staff members are also asked to understand their personal communication style. The company then uses this two-sided information to assign the customer to the appropriate claims handler. For example, an analytical or systematic type of customer wants to make decisions after obtaining a lot of information. Each style has its own characteristics and requires a different communication style, so we select a claim handler who is a good match based on this point. Closer to the Customer Since the service’s introduction, the company reports that “more than 80% of customers who have used ‘My Claim Handler’ have given it the highest rating of 10 (satisfied) in a questionnaire after the accident response is completed.” The company further notes that it is achieving its goal of “giving customers peace of mind even in the unlikely event of an accident” and will continue to work on being “close to our customers with this in mind.”

Providing quality customer service


Cathay Life Insurance supports the elderly in building an ideal life in old age

On its 60th anniversary, Cathay Life Insurance announces its brand new strategy, E.P.S, and collaborates with cross-industrial organisations to help the elderly enjoy an ideal life in their later years. major injury/illness, specific injury/illness, and dementia, and ensure that suitable services are available to customers with long-term care needs.

Cathay Happiness Farm

Cathay Life Insurance’s vision of sustainability is to “lead the way in sustainable insurance and ensure the happiness of society”


aiwan is expected to become a superaged society in 2025. However, the unhealthy life expectancy has also been prolonged despite the increasingly longer life expectancy of Taiwanese, leading to poorer health and quality of life in people’s later years and an increased financial and medical care burden for families and society. Cathay Life Insurance, the leader of Taiwan’s life insurance industry, has noticed that elderly care is closely related to social stability. Therefore, it launched the “E.P.S Strategy: Elder Friendly x Protection First x Sustainability” to provide friendly services, innovative products, and charity activities to support elderly people in constructing an ideal life in old age. Encourage the elderly to engage in the society and reduce loneliness Due to physical reasons or lack of outdoor activities for a long time, many elderly people have difficulties integrating into society, which affects their mental health. Cathay Life has the ambition to be a driving force for aging in place and mutual help and thus build the “Cathay Happiness Farms” in local communities. Every weekend, the elderly were accompanied by Cathay’s local employees, local village chiefs, and carers to cultivate


vegetables and have meals together. One of the farms even uses therapy-purposed chickens to serve as the elderly’s companions. Some elderly people pointed out that they gained a great sense of achievement and reduced their depression during the said activities. Help the elderly fill in the gaps in their insurance protection Most Taiwanese no longer rely on raising children to care for themselves in their old age and are inclined towards planning for their post-retirement protection and financial needs on their own. Cathay Life Insurance visits all of its policyholders and helps them fill the gaps in their basic medical coverage, long-term care insurance, major injury/illness insurance, and retirement financial planning. In doing so, elderly policyholders can prepare for their medical care needs and plan for a post-retirement life with a stable cash flow. To cater to the long-term care needs of Taiwanese, Cathay Life Insurance launched in-kind payment-based products that provide in-kind services or insurance benefits. These products offer diversified Cathay Walker Plus critical illness protection for cancer, long-term care,

Extend the functions of insurance from compensation to prevention The elderly are vulnerable to sarcopenia, disabilities, and cardiovascular diseases, whilst the number of people with dementia is also rapidly growing. Cathay Life Insurance actively promotes the “Cathay Walker Plus,” which encourages users to complete health-promoting tasks such as walking, gym exercise, heart rate, body composition testing, and regular sleep. Once users complete the tasks, they can gain rewards and feel a sense of achievement. “Cathay Walker Plus” has over 700,000 members and is the most popular health-promoting plan in Taiwan. Cathay Life Insurance is also the only company that worked with the Health Promotion Administration to introduce the certification for “dementia-friendly angels”. Cathay Life encourages sales agents to participate in the “Dementia-Friendly Angel” training programme and acquire dementia-related knowledge and use this knowledge in their interactions with customers and community visits. Approximately 50% of its sales agents have completed the “Dementia-Friendly Angel” training programme. Cathay Life Insurance’s vision of sustainability is to “lead the way in sustainable insurance and ensure the happiness of society.” In the future, Cathay Life Insurance will continue to focus on the trends of the ageing society, develop and apply new technologies to help elderly people prevent diseases, thereby achieving early treatment or prevention. Cathay Life Insurance hopes to help elderly people enjoy a self-reliant and valuable old-age life, and revolutionise society’s attitude towards elderly people.




QBE integrates digital initiatives to create value for customers and businesses The insurer was lauded at the recently concluded Insurance Asia Awards 2022.

QBE Singapore


he need for digital solutions has been exacerbated by the pandemic, with businesses and consumers expecting a more immersive digital experience. In today’s digital economy, consumers are seeking ways to gather and access information quickly in their daily lives and are bringing their purchasing activities online. Being in a people-focused business, QBE’s insurance solutions and technology are designed with the customer in mind to allow seamless interactions with the company. QBE has displayed their digital prowess through the introduction of a new digital Interior Renovation Prestige (IRP) product and Renewal Pricing Strategies (RPS) solution, delivering a seamless and personalised end-to-end (E2E) customer experience. With an ongoing focus on providing meaningful digital experiences for their customers, QBE Asia clinched the prestigious Digital Insurance Initiative of the Year 2022 award in Singapore and Hong Kong for IRP, as well as the Insurtech Initiative of the Year 2022 award in Hong Kong for RPS. Enabling customers to kickstart their renovations seamlessly Renovation can be a massive and time-

QBE Hong Kong

consuming project for many home or business owners. Property management companies will require proof of insurance before they allow renovation work to start. Hence, it is important for customers to obtain their certificates of insurance (COIs) promptly to avoid any delays in their renovation process. Attaining COIs can be a tedious administrative challenge as most traditional insurance policies are manually processed, requiring many man-hours and hardcopy documentation. To overcome this challenge, QBE leveraged its digital capabilities to launch the IRP solution on their online platform, Qnect in August 2021. This streamlined the administrative process and significantly reduced the turnaround time from a few days to 2-3 minutes. QBE is one of the world’s leading insurers to offer an innovative, one-stop E2E digital product to enhance the customer experience in Hong Kong and Singapore. Optimising operational efficiency QBE has successfully optimised their operational efficiency with the RPS solution by automating their pre-renewal process with data-driven and risk-adjusted insights. With its focus on digital modernisation, the RPS solution was piloted for QBE Hong Kong’s motor portfolio, enabling a more efficient pre-renewal process and improving profitable

retention. This was done in 90 days from ideation to the final go-live. Subsequently, this was successfully expanded to cover multiple Property & Casualty lines of business (Property, Liability, Personal Accident, Travel, Employee Compensation, and Packages) as well as Medical & Health business lines in Hong Kong and Singapore.






QBE enables a more resilient future through digital innovations “Winning these awards is a testament to our ongoing efforts in the use of digital technology to create seamless end-to-end experiences for our customers and partners. Looking to the future, we will continue to strengthen our digital capabilities and offerings to better support the evolving needs of our customers, people, and businesses. We remain focused on creating a customer‑centric business that is increasingly digitally enabled,” said Lei Yu, Chief Executive Officer for North Asia and Regional Head of Distribution, QBE Asia. Echoing the same sentiment, Ronak Shah, Chief Executive Officer, QBE Singapore said, “We are honoured to be recognised for our digital solutions, and we will continue to push boundaries to reach greater heights. Our customers are the reason we are around, and it is through listening to them that we can create innovative solutions to meet their needs in this fast-paced economy where efficiency and speed are key.”

We will continue to strengthen our digital capabilities and offerings to better support the evolving needs of our customers, people, and businesses 50 INSURANCE ASIA





Aflac Life Insurance Japan’s digital innovations provide better services to stakeholders

Its unique solutions and DX strategy were recognised at the Insurance Asia Awards 2022.

Aflac Life Insurance Japan Team


flac Life Insurance Japan Ltd. (Aflac) is currently accelerating its digital transformation (DX) efforts and making the most of new digital technologies to provide new value to its five major stakeholders—customers, business partners, employees, society, and shareholders—based on its core values, which are expressed in Aflac founding philosophy of “Helping save cancer sufferers from economic hardship,” its corporate philosophy, and its brand promise of “Creating living in your own way.” Aflac’s original digital transformation strategy ‘DX@Aflac’ By promoting DX based on core values, Aflac, as a leader in its core business of “Insurance for Living,” will realise the provision of products and services of value to customers through digital technology. Moreover, in new business areas responding to social changes, we will create new value

beyond the domain of insurance by leveraging digital technology and linking insurance services and non-insurance services. Through these efforts, Aflac will leap forward to become the leading company in “Creating Living in Your Own Way,” further enhancing corporate value. AI matching service enables customers to have insurance consultations with their preferred agents Since May 2022, Aflac has been providing an “Agent matching service,” enabling customers to have an insurance consultation with an agent who matches their wishes or situation. This is a service where AI analyses customer interests, preferences, needs, and location, as well as the agent’s characteristics, and suggests the best agent for the customer. This service is expected to improve customer satisfaction because customers can select an agent with whom they feel comfortable from several agents recommended by AI.

Agent training solution using AI avatars that react according to conversation In July 2021, Aflac started “Agent Training AI” with the aim of creating opportunities for training agents and having more labour-saving and uniform training guidance. This is an agent training support service with an AI avatar that responds according to the conversation, with agents practising conversation through role-playing. Objective evaluation and uniform guidance were achieved through AI analysis of roleplaying content and report production. In addition, the relationship between training and skill retention was visualized through analysis of training history and evaluation. These efforts have achieved early construction and introduction by forming a cross-functional team with various knowledge as well as practising agile work styles. To leap forward to becoming the leading company in ‘Creating living in your own way’, Aflac will work to create new values to share with society by accelerating its digital transformation efforts.

Aflac will leap forward to become the leading company in “Creating Living in Your Own Way,” further enhancing corporate value 52 INSURANCE ASIA

Aflac will further accelerate digital t 「ansformation to leap fo 「 ward to become the leading company for ℃reating Living in Your Own Way_" Aflac has been creating value with digital technology, not only in its core business but also 1n new business areas surpassing the scope of 1nsu 「ance Aflac will continue to provide new value to its customers, business partners, employees, shareholders, society, and other stakeholde 「 S.


A f l a c L i f e In s u r a n c e Ja p a n Lt d http s ://www. af I a c. co _j p/ INSURANCE ASIA




AIA launches the Healthiest Schools Programme to help young people live healthier, longer, better lives The insurer was lauded with the International Life Insurer of the Year - Thailand at the Insurance Asia Awards 2022.

Lee Yuan Siong, AIA Group Chief Executive and President


IA Group Limited (AIA or the Group; stock code: 1299) is delighted to launch the AIA Healthiest Schools programme. The programme will contribute to AIA’s Purpose to help millions of people live Healthier, Longer, Better Lives and have a wider positive impact on communities across Asia. The AIA Healthiest Schools programme is aligned with AIA’s Environmental, Social and Governance (ESG) strategy and will encourage healthy living habits among students aged five to 16 by promoting healthy eating, active lifestyles, mental wellbeing, as well as health and sustainability in schools. According to the World Health Organisation (WHO), children today face a host of new threats linked to unhealthy lifestyles and diets, climate change, pollution, injury, violence, and inequality. WHO research shows that investing in children’s health, education, and wellbeing brings substantial returns for societies. In February this year, AIA set an ambition to engage a billion people to live Healthier, Longer, Better Lives by 2030 through the AIA One Billion initiative. The AIA Healthiest

Schools programme will contribute to this goal as it engages, inspires, and educates communities to lead healthier lifestyles. Lee Yuan Siong, AIA Group Chief Executive and President, said, “Helping people live Healthier, Longer, Better Lives guides everything that we do. Through the power of education, the AIA Healthiest Schools programme will instil healthy behaviours in young people at an early age and bring lasting change to improve the health and wellness of our next generation.” Nikhil Advani, Chief Executive Officer of AIA Thailand, said, “I am delighted that Thailand is one of the four markets participating in the AIA Healthiest Schools programme which was initiated by AIA Group to inspire students to live a healthier lifestyle. Moreover, schools will be able to access resources that will encourage teachers and students to care for their wellbeing, from their nutrition, their physical activity, and their mental health, which will provide a strong foundation for Thai youths to live Healthier, Longer, Better Lives.” Driving health amongst students AIA has partnered with an education specialist, EVERFI, to design the AIA Healthiest Schools programme. In May this year, EVERFI conducted research amongst 800 teachers across Australia, Hong Kong, Thailand, and Vietnam. It found that 89% of teachers agree that there is a need for more resources and education that take a holistic health approach encompassing physical, mental, and environmental wellness. 87% of teachers also indicated that the pandemic has had a negative impact on students’ mental health. The programme will comprise a competition to motivate participating schools to showcase their impact and success in driving better health outcomes amongst students. The competition will also serve as a platform for schools to build communities that share best practices and

spark innovative ideas around promoting health and wellness. Winning schools across the region will be rewarded with world-class equipment, resources, and access to expert advice that will address the most pressing challenges identified by individual schools and communities. These prizes will accelerate their health initiatives and instil a strong foundation for sustainable healthy living. The AIA Healthiest Schools programme will provide teachers with free, engaging curriculumlinked resources that can be easily adapted into existing teaching plans. Developed by educators, these resources will enable teachers to effectively engage their students in efforts to improve the health and wellbeing of the whole school community. AIA is the Global Principal Partner of Tottenham Hotspur Football Club, along with AIA’s ambassadors across the region, and will share personal wellbeing advice and practical healthy living content to inspire students and schools into action. The AIA Healthiest Schools programme will be available in primary and secondary schools during the 2022/2023 academic year in Australia, Hong Kong (primary schools only), Thailand, and Vietnam, with the aim of expanding its reach across AIA’s other markets in Asia. Find out more details and register by visiting

Nikhil Advani, Chief Executive Officer of AIA Thailand

Helping people live Healthier, Longer, Better Lives guides everything that we do. AIA Healthiest Schools programme will instil healthy behaviours in young people at an early age and bring lasting change to improve the health and wellness of our next generation INSURANCE ASIA



Cebuana Lhuillier Insurance Brokers Inc. (CLIB) wins Domestic Broker of the Year & Insurtech Initiative It was lauded for its efforts to provide Filipinos with better access to more inclusive and affordable insurance.


wo years after its transformation as an Insurance brokerage firm, Cebuana Lhuillier Insurance Brokers Inc. (CLIB) bagged the Domestic Broker of the Year – Philippines award at the Insurance Asia Awards 2022. CLIB’s initiative in offering its products in the digital space was also recognised by winning the Insurtech Initiative of the Year. In its 7th year, the award honours exceptional insurance companies in Asia that deliver outstanding initiatives, products, and solutions to its clients. Showcasing CLIB’s efforts to provide Filipinos with better access to more inclusive and affordable insurance, this award affirms Cebuana Lhuillier’s market leadership and commitment to push financial inclusion to its stakeholders even in times of uncertainty. “We are honoured to be recognised by an internationally-acclaimed award-giving body like Insurance Asia Awards. This is a strong testament to our commitment to providing excellent insurance products to our kababayans that they can rely on during their darkest times. Guided by our mission of financial inclusion, we will remain steadfast in our commitment to serving our clients by continuously innovating our products and services,” says Cebuana Lhuillier's president and CEO, Jean Henri Lhuillier. Award-winning initiatives CLIB, the only intermediary in the Philippines that is ISO-certified (ISO 9001:2015) with estimated 10 million clients served, has been able to expand its services with continuous collaboration and partnership with reputable insurance providers. Its current portfolio has a total of more than 150 products from personal, life, health, vehicle, and business and liability insurance – being offered across Cebuana Lhuillier’s over 3,000 branches, and other CLIB platforms and distribution partners. Awarded the Insurtech Initiative of the Year, CLIB accelerated its digital transformation by offering its products


Cebuana Lhuillier's Jonathan Batangan and Jean Henri Lhuillier

and services online. This allowed CLIB to reach the untapped market that calls for affordable and accessible insurance products. “We are deeply humbled by these prestigious awards. Year after year, we try to come up with innovative solutions for the market that we serve. This pandemic pushed us to elevate our services by expanding our digital footprint to meet the growing demands of our clients. We will continuously assert our relevance by constantly enabling our clients to get protected easily, anytime and anywhere,” First Vice President and Group Head for CLIB, Jonathan Batangan said. “Since the pandemic started in 2020, CLIB showcased its innovations by digitising its services using different apps and forging

strategic partnerships with various online platforms. As an insurance brokerage offering a variety of affordable insurance products, CLIB was able to bridgethe protection gap during the pandemic through digital payment aggregators, e-commerce, banking apps, insurance marketplace, and online banking platforms,” CLIB’s General Manager, Anthony Lou Bernabe added. Its web-based app, ProtectNow, acts as a one-stop insurance shop, allowing clients to aggregate the best possible insurance options for vehicle, home and business, life and health, and travel and lifestyle insurance needs, all from Cebuana Lhuillier. To learn more about Cebuana Lhuillier Insurance, visit

This pandemic pushed us to elevate our services by expanding our digital footprint to meet the growing demands of our clients




Prudence Foundation leads the way in improving financial literacy for the next generation

Financial education programme for children, Cha-Ching, wins ESG initiative of the Year - Hong Kong at the Insurance Asia Awards 2022.


n 2011, Prudential plc’s community investment arm in Asia and Africa, Prudence Foundation, created a financial literacy programme called ‘Cha-Ching’, with the aim of providing children around the world a strong foundation in financial knowledge, skills, and behaviours to help them make better financial decisions later in life. Thus far, Cha-Ching has reached over one million children through its school curriculum and has trained over 23,000 teachers across 14 countries. The catalyst for the programme was the 2009 financial crisis. There was significant concern around issues such as consumer protection and the blaming of financial misunderstandings. Although not impacted by the crisis, as a major financial services company across the region, Prudential felt a responsibility to look at what role it could play in solutions to these issues. Financial education was a clear gap. Financial literacy impacts issues such as household debt, lending and borrowing, consumer protection, and savings, and is, therefore, a critical enabler of financial inclusion. Global studies demonstrate that children develop the foundation for financial behaviours by seven years old. Historically, education systems have not taught financial literacy. This is especially critical in Asia and Africa, where there is an emerging middle class with more people that need to navigate their new financial futures and where by 2050, 80% of the world’s children will be living1 . With this in mind, Prudence Foundation developed Cha-Ching specifically for children aged 7 to 12 years old. Since Cha-Ching’s establishment in 2011, Prudence Foundation has worked with leading experts to develop engaging, age-appropriate educational content and partnered with regional and local partners to maximise its reach. To develop the content, Prudence Foundation consulted Emmy award-winning education psychologist Dr Alice Wilder, known for her development of Blue's Clues, to develop 18 educational animated music videos teaching four key money smart concepts: Earn, Save, Spend, and Donate. A partnership with Cartoon Network Asia was formed to produce and distribute educational videos, reaching 35 million households each day in 2021. The videos are


also translated into 13 languages to maximise reach. Cha-Ching has received 93 million views to date via Cha-Ching's website and social media channels.

educators’ competencies in teaching the ChaChing curriculum. Over 5,000 teachers have been accredited to date. In 2021, the Cha-Ching curriculum was reviewed by Professor Adele Atkinson, Professor of Practice in Financial Literacy and Wellbeing, University of Birmingham. Using data provided by over 200,000 students, she concluded that there is clear evidence that the Cha-Ching Curriculum is improving students’ knowledge, behaviour and positive attitudes towards financial matters. As part of the evolution and expansion of ChaChing, in September 2022, Prudence Foundation launched an online narrative-based educational game called Cha-Ching Money Adventures. Created in partnership with the Education Development Center (a US non-profit education and health organisation) and Two Bulls (game developers) the aspiration is that the game will reach many more children by introducing them to the four fundamental money concepts through a compelling and fun narrative. Over the years Cha-Ching has evolved into an engaging and educational ecosystem through the Cha-Ching curriculum, videos, teacher and parent guides and comics that can be used across all cultures and geographies. Whilst a hybrid approach has proven to work best, the curriculum is a cornerstone of the Cha-Ching world. As part of Prudence Foundation’s commitment to increasing financial literacy amongst children globally, the goal is to continue to work with governments, schools, and NGOs to reach six million children through the curriculum by 2025.

Cha-Ching curriculum In 2016, Prudence Foundation partnered with Junior Achievement Asia Pacific to develop a Cha-Ching curriculum that could be adopted by schools. The curriculum was designed to align with the OECD Core Competencies Framework on financial literacy for youth and the ASEAN Teachers Competency Framework. The Curriculum has subsequently been endorsed by the Ministries of Education in 14 countries across the Asian and African regions and is implemented within the local school curricula and delivered through a teacher-led model, in partnership with the Ministries of Education and NGO partners. Children engage in pre- and post-curriculum questionnaires that have shown an increase in financial literacy as a result of the Cha-Ching curriculum. To support and motivate teachers, an online assessment and accreditation platform was Cha-Ching curriculum created, Cha-Ching Financial Accreditation, to recognise

Prudence Foundation has worked with leading experts to develop engaging, age-appropriate educational content and partnered with regional and local partners to maximise its reach UNDESA World Population Prospects 2019


Prudential Thailand wins

Customer Service Initiative of the Year - Thailand -

At Insurance Asia Awards 2022 for PRUServices Digital Omni Service Capabilities.

PRUServices help Thai customers to easily connect with Prudential Thailand services anytime anywhere. INSURANCE ASIA



Singlife with Aviva is a leading homegrown financial services company in Singapore and beyond

Singlife with Aviva – Making Insurance Future-Ready

The insurer cemented its position as the leading homegrown financial services company in Singapore and beyond.


lobal markets are in turmoil as sluggish economies struggle against inflationary pressures. Geopolitical conflict, supply chain disruption, and climate change are amongst a host of challenges that have contributed to the reality of our world today. With global inflation hitting new highs and the risk of a recessionary slump1 threatening the future economic outlook, market apprehension and uncertainty have clouded sentiment on personal financial health. Closer to home, Singapore’s core inflation hit a 13-year high2 and is continuing on a steady upward trend, expected to hit 6%3 at the end of 2022. As the Monetary Authority of Singapore tightens monetary policy in an effort to reel in inflation, growing uncertainties continue to brew amongst millennials and Gen Zs—those who are considered to be the drivers of today’s economy and make up the bulk of the workforce. It is not surprising that the cost of living4 tops the list of concerns for the younger generation. How can financial institutions and insurers adapt to today’s fastchanging world and support people during these uncertain times?

Staying on the Pulse Financial services institutions need to recognise these challenges to ensure that their products and services match contemporary needs to effectively support customers during times of financial volatility. Staying on the pulse of customers’ needs is key to keeping financial solutions relevant and effective. The COVID-19 pandemic has been a great leveller, but it has also demonstrated how those at the forefront of digital transformation can be the most resilient.

Singlife has been a close financial companion and valued resource for customers to find solutions that help them achieve their financial goals on their terms Becoming Better Together This approach has been central to Singlife with Aviva, cementing its position as the leading homegrown financial services company in Singapore and beyond. Blending Singlife’s 3 4 1 2


innovative insurtech capabilities and Aviva Singapore’s 40-year legacy of trusted insurance, investment, and advisory capabilities has made Singlife with Aviva a formidable household institution, setting the tone for financial services in a digital-native generation. With its culture of always embracing technology, intuitive digital solutions have enabled the company to be agile and nimble in responding to customers’ needs efficiently and staying resilient no matter the headwinds. Making insurance future-ready means setting sights on future trends and using technologies to keep pace with the needs of today’s digital-first generation whilst leveraging a tried-and-trusted brand legacy. Singlife has been a close financial companion and valued resource for customers to find solutions that help them achieve their financial goals on their terms. Offering an endto-end suite of products from its established insurance protection, savings and investment plans to innovative insurtech capabilities, Singlife has a holistic repertoire of financial services suited for anyone at any stage of life. Flexible Solutions for Contemporary Needs During times of uncertainty, financial liquidity is crucial to providing assurance and stability. This is the impetus behind Singlife’s flagship digital product—the Singlife App—with the accessibility for customers to have full control over their money and ensure complete financial freedom. As the digital generation requires greater choice and flexibility over their finances, it is necessary that, as a financial partner, Singlife is able to offer customers the liberty to choose how they want to use their money and build their wealth. Singlife provides customers with simple and flexible access to their finances through the Singlife App, where they can save, spend, invest, earn and be protected on a single platform. Digital by design, the Singlife App provides complimentary access to the Singlife Account— an insurance savings plan where customers can earn daily interest on their savings with no lockin period or fees—and they can withdraw funds anytime. With the Singlife Debit Card, customers can spend as they earn, giving them complete control over their finances. As a trusted financial companion, Singlife has redefined the financial experience to become future-ready, ensuring that its customers are well protected, especially amidst times of uncertainty, keeping them on track to achieve financial freedom.




Allianz Partners China takes home two awards at Insurance Asia Awards 2022 Allianz Partners China’s Digital Health Assistant and Olympic and Paralympic Movement Initiatives were recognised at this year’s award programme.

Philip Rong, CEO of Allianz Partners Greater China


llianz Partners China has been awarded two trophies at the Insurance Asia Awards 2022, Insurtech Initiative of the Year for “Digital Health Assistant” and Marketing Initiative of the Year Award for “Olympic and Paralympic Movements” Marketing Initiatives. Insurance Asia recognises the conscious efforts of the most outstanding companies in the insurance sector in Asia that put out solutions and deliver exceptional value to their stakeholders. Digital Health Assistant: Insurtech Initiative of the Year – China Allianz Partners aims to create health services that help address people’s challenges in today’s increasingly fastpaced world. Whether those challenges are due to a lack of time, or a lack of information and guidance to make the right choices for their health, our new health assistant brings together a number of digital health services to meet the needs of our customers. Responding to a growing demand for

digital health services in China, especially during the pandemic, we rolled out our “Digital Access to Care” solution in the Chinese market early this year. It provides a smart, convenient, and fast way for people to connect with healthcare services even when they’re under lockdown. The service is accessible with WeChat on a mobile device and provides customers with three core health services: • Symptom Checker to evaluate and understand symptoms with an AI-based “self-service” guiding system • Health Advice via chat with qualified medical professionals to inquire, respond and follow up at your convenience. • Video Consultations: Online video consultations with medical professionals who can provide health and medical advice in a local language, 7 days a week Our “Digital Health Assistant” comes at a time of increasing demand for telehealth solutions and comprehensive digital health services, particularly in the context of the ongoing pandemic. The digital health solution offers convenience to users, reducing the time required to travel far or endure a long wait, as well as to those who would like an additional health opinion. COVID-19 also brings consideration for reducing faceface contact, preserve in public healthcare resource capacity, reduce clinician workload. COVID has accelerated these trends and forced many to adopt new ways of accessing care and these trends are here to stay, with benefits to both the patients and the healthcare system. “Olympic and Paralympic Movement” Marketing Initiatives: Marketing Initiative of the Year - China Joining the Olympic & Paralympic Movements is more than a sound business decision. It’s a statement about Allianz itself. Connecting Allianz’s purpose – we secure your future – with the Olympic vision of building a better world through sport and the Paralympic vision of making an inclusive world through sport

will secure the future for individuals, families and businesses around the world. Allianz is proud to be the Worldwide Insurance Partner of the “Olympic and Paralympic Movements” from 2021-2028. In line with our strategy, we took this chance to drive our brand impact and accelerate our growth in the China market, with the Games taking place in China - Beijing 2022. • Doing sport does not only foster physical skills, but it also influences our everyday working life. As part of the Allianz family, Allianz Partners‘ employees actively engaged in Beijing 2022, especially in the torch relay and volunteering work. We also support the sports ecosystem and shared core values of Olympic and Paralympic-excellence, friendship, inclusion and respect. • As a member of Allianz, we are proud to provide tailored solutions for the Games - insurance-related 7*24-hour assistance services for Beijing 2022, incl. accident assistance services and medical assistance. • We’ve also had a series of marketing campaigns via integrated marketing channels, which ensures people internally and externally are aware, understand and actively support the partnership to have a positive experience with our brand. “We are very delighted to win the two awards in Insurance Asia Awards 2022. It recognises our commitment to delivering innovative and convenient solutions for our customers, as well as our endeavours in helping facilitate a positive brand experience – bringing people confidence in tomorrow,” said Philip Rong, CEO of Allianz Partners Greater China. “At Allianz Partners, we provide peace of mind to our clients and customers with transparent, simple, and intuitive solutions that would support our customers throughout key moments of their lives, fully digitalised with the ‘human touch'. This is why we are the pioneers in our field. Our approach to helping people sets us apart in the market because we believe technology should always have a heart,” he concludes.

At Allianz Partners, we provide peace of mind to our clients and customers with transparent, simple and intuitive solutions, supporting customers throughout key moments of life, fully digitalised with the ‘human touch’ 62 INSURANCE ASIA

All for # And the world’s #1 insurer for all. INSURANCE ASIA



Zurich aims to build a brighter future for Malaysians The company was recognised at the Insurance Asia Awards 2022.

Zurich Community Week 2022


t Zurich, we are driven by our purpose to create a brighter future together. We live by this purpose in our main business of providing protection for our customers, our people, our partners, and certainly in our communities as well. We are in a unique position to meet the needs of all Malaysians and deliver on our purpose. As a global insurer with all four insurance and takaful licenses in Malaysia, we have a full range of products and services, from life to general, conventional or takaful, reflecting the diversity of our culture. Through our One Zurich approach, we aim to deliver to you the best customer experience, with integrity, ethics, and transparency. These are some of the things we have achieved lately: Embracing digital transformation To deliver on our promise (and to do it well), we aim to iteratively innovate and simplify our platforms and processes, including digital tools. One example is our integrated customer portal, MyZurichLife, which lets our customers view all their Zurich policies and certificates on a single dashboard. At the height of the pandemic, we were one of the first in the industry to roll out a remote signature feature that allows customers to review applications and authenticate documents with a virtual signature. We also recognised the urgent need to adapt to the risks faced by our customers in the digital space. In 2020, we introduced a first-in-the-market personal cyber


Junior Cho, Zurich Malaysia Country Head

tackle present and future environmental, social, and economic challenges. Our business-focused climate strategies follow science-based targets, which include reducing carbon emissions by half by 2025 Sustaining livelihoods and by 70% by 2029. Today, we are already During the monsoon season, our Flood Aid Vehicle fleet is mobilised to expedite non-motor ahead of our 2022 commitment as Zurich Malaysia has adopted 100% renewable claims. By being available on-site, flood claims energy in our operations. can be lodged quickly and more conveniently. To mobilise employee support for climate Customers living in areas made inaccessible action, we organise a country-wide Climate due to the flood can also easily submit Month campaign every September. In 2021, claims for flood-damaged properties via our we planted 100 endangered trees, followed innovative WhatsApp for Business platform. by a larger commitment to support the forest This allows our customers to easily submit conservation and restoration effort at TRLC property or home content claims and the Merisuli, Sabah for the next few years. required documentation within 15 minutes. Annually, our people across the country participate in Zurich Community Week to contribute to the community in a meaningful We aim to build not just a way. Volunteers helped to set up a toy library at brighter future together PPR Lembah Subang 2, serving 2,000 families where we can all thrive, but from low-income households. also do right for the people Previously, we have contributed medical equipment to hospitals and built homes for the and the planet Orang Asli community. Zurich Malaysia drives these challenges because they have a direct impact on our Photos, videos, or documents can be uploaded customers, colleagues, and communities. We as supporting documents, with claims processed within or sooner than 5 working days. believe that this strategy will lead us to prosper and contribute to improving the sustainability of It is important for us to provide these services to help our customers get back on their the planet and conditions in society. After all, in all that we do, it all goes back to feet, at a time when they need us most. our purpose, the why - where we aim to build not just a brighter future together where we Community champions can all thrive, but also do right for the people Zurich has a bold ambition around and the planet. sustainability, which is to be ‘one of the most To learn more about Zurich Malaysia, go to responsible and impactful businesses in the world.’ It includes investing in initiatives that protection that protects against financial fraud, online identity theft, shopping fraud and device restoration costs for the entire household.

Congratulations to Liberty Insurance, Vietnam - Winner of 2 Insurance Awards 2022!

International General Insurer of the Year Auto Insurance Initiative of the Year At Liberty Insurance, we work hard every day to support our customers and our people, so they can protect their families, build their businesses and invest in their futures.


Visit us at





+65 3110 3220









Indonesia’s Futuready wins Insurtech Broker Initiative of the Year

It was recognised for offering a motor vehicle insurance plan accessible via mobile app.


stablishing a stable motor insurance plan for Indonesians was more than a goal for top insurance broker company Futuready. Partnering with OVO and Simas Insurtech, the company launched the first monthly motor vehicle insurance plan in Indonesia to cater to various needs the market had long been waiting for. In an interview with Futuready’s President Director Dr Keet Peng Onn, he said that the goal was to provide a convenient, affordable, easy, simple, and flexible way of offering motor vehicle insurance. “With no extra fees and automated review, customers benefit all the way from a simple purchase journey to 24/7 customer service. Most importantly, by having clean processing via in-app purchase, the hassle of buying insurance is eliminated,” he said. “For example, there is no complicated procedure as everything is digitised. There is no physical survey required [and] there's 24/7 customer service with a simple claim process,” he added. Providing customer's needs Futuready centred on being able to offer a seamless customer experience with an easy claim process. As the first digital broker in Indonesia and the first broker with ISO 27001 on information security management, the company is committed to maintaining its stand of ensuring that its customers’ data is safe and secure. The challenge, according to Onn, is rooted in current regulations in the country. Not being compulsory in


Indonesia, availing of motor vehicle insurance is an optional choice for its customers. Following this, the company shifted its focus to identifying the ways why such an insurance will benefit its subscribers. “As we know, [having a] motor vehicle insurance is not compulsory in Indonesia—but more than half of the vehicle owners have an accident, according to the survey done by our business partner. So, it is important to find an innovative solution to fill this gap. Hence, we came up with the solution,” he said. “What is more interesting is that the premium for this product is not more expensive than the annual product... [It] also provides flexibility where the customer can unsubscribe when they

Futuready centred on being able to offer a seamless customer experience with an easy claim process don't need it, for example, during the pandemic [since everyone is] working from home.” For this project, the company was given the Insurtech Broker Initiative of the Year – Indonesia in the recently concluded Insurance Asia Awards hosted by Insurance Asia. The annual awards programme recognises Asia’s leading insurance companies and projects that have grown exceptionally through their initiatives and solutions.

In giving this award, the judging panel took into consideration the stance of the company being committed to making sure more people will be insured and the innovative ways the company has undergone to provide such a service. Speeding up processes Apart from providing flexibility to its customers, Futuready also addressed some of the concerns brought before them. One such example is making it faster and easier to sign up for a policy by removing the requirement of taking photos. By speeding up the process, more people will be inclined to become insured. “We plan to simplify the sales process even further by eliminating the requirement for photos because [the] feedback from our customers is that it is quite an inconvenient way to take photos of the engines and so on. By doing so, the customers will get the policy issue almost instantly after they make the payment,” he said. When asked about how Futuready was able to successfully promote its project, Onn said that they relied heavily on a combination of traditional and digital marketing techniques. “We also use interactive games on social media. In Jakarta, we utilised a big billboard to attract wider markets and people from various backgrounds. So, what is the impact? On average, we get 35,000 visitors to the insurance section of the app, and last May we got 16,000 visitors to that page,” he added. Through this, Futuready was able to issue nearly 2,000 policies since its launch in July last year. It is committed to continuing to improve its services and to digitising its processes to serve its customers better.




Manulife eClaims - redefining the experience

The insurer was recognised with the Claims Initiative of the Year - Hong Kong trophy at the Insurance Asia Awards 2022.

Digital submission channel, eClaims


anulife is a leading international financial services provider with an ambition to be the digital customer leader in the insurance industry. Our mission is to make decisions easier and lives better for our 12.5+ million customers in Asia, starting with one of the key moments of truth – claims.

Starting as a digital submission channel, eClaims has evolved into a powerful, multifunctional one-stop portal that features e-medical cards, doctor search, pre-approvals, and the ability for customers to view their claims status and payment history online, anytime. Today, the platform continues to evolve through iterative improvements and enhancements in response to customer feedback as well as Complex forms, with many market needs. requirements and steps to navigate, have plagued the claims process in the past. This remains the single eClaims has strengthened, biggest opportunity to engage, deepen standardised, and relationships, and build trust with our automated many manual customers. In light of this opportunity, Manulife has ambitions to redefine processes, removing pain the claims experience with the launch points for customers of eClaims, a flagship digital claims servicing platform. Built entirely in-house and underpinned by the principles of human-centred design and developed using Agile Ways of Working, the platform encompasses a simplified design that enables a fast and transparent claims experience for all customers in Asia. With the simple input of an ID document number and date of birth, customers can now submit a claim online in just three simple steps and under a minute. Instant confirmations and updates are provided during the fast and intuitive claims process.


Initially piloted in Hong Kong in 2018, the eClaims platform has now been fully extended to nine of our Asia markets, with more than 4.5 million claims submitted digitally so far since launch. As of Q1 2022, more than 7 out of 10 claims are now being submitted via eClaims, and more than 30% are auto-adjudicated. Adoption levels are touching all-time highs and continue to grow by double-digit percentages year over year. eClaims has strengthened, standardised, and automated many manual processes, removing pain points for our customers. In addition, it utilises data and analytics to enhance fraud

management measures to intensify our risk controls and better protect our customers. Ultimately, this resulted in less manual processing for our internal teams, a faster response to our customers, more communication and transparency, and a game-changing experience for our customers. Since launch, Asia Claims tNPS scores have been uplifted to +43 today and are continuing to climb, exemplifying how we remain committed to truly Making Every Day Better for our customers. About Manulife Manulife Financial Corporation is a leading international financial services provider, helping people make their decisions easier and their lives better. With our global headquarters in Toronto, Canada, we provide financial advice and insurance, operating as Manulife across Canada, Asia, and Europe, and primarily as John Hancock in the United States. Through Manulife Investment Management, the global brand for our Global Wealth and Asset Management segment, we serve individuals, institutions, and retirement plan members worldwide. At the end of 2021, we had more than 38,000 employees, over 119,000 agents, and thousands of distribution partners, serving over 33 million customers. We trade as 'MFC' on the Toronto, New York, and Philippine stock exchanges and under '945' in Hong Kong. Not all offerings are available in all jurisdictions. For additional information, please visit

Listening. Understanding. Delivering.

8/F Uptown Place Tower 1, 1 East 11th Drive, Uptown Bonifacio, 1634 Taguig City, Philippines Office trunklines: (632) 8683 9000, (632) 8884 8484 Customer helpdesk: (632) 8887 LIFE within Metro Manila, 1 800 10 PRULINK for domestic toll-free Established in 1996, Pru Life UK is the pioneer of insuravest, or investment-linked life insurance products, in the Philippines and is one of the first life insurance companies approved to distribute US dollar-denominated investment-linked life insurance policies in the country. Since its establishment, Pru Life UK has expanded its reach to over 190 branches in the Philippines, with the biggest life agency force of about 35,000 licensed agents. The company ranked first (1st) among the country’s life insurers based on the Insurance Commission’s Full Year 2021 rankings in terms of new business annual premium equivalent. Pru Life UK is headquartered in Uptown Bonifacio, Taguig City. Pru Life UK and Prudential plc are not affiliated with Prudential Financial, Inc. (a company whose principal place of business is in the United States of America), Prudential Assurance Company (a subsidiary of M&G plc, a company incorporated in the United Kingdom), Philippine Prudential Life Insurance Company, Prudentialife Plans, Inc. or Prudential Guarantee and Assurance, Inc. (all Philippine-registered companies). Pru Life UK is a life insurance company and is not engaged in the business of selling pre-need plans.

Pru Life UK - Official



Pru Life UK




Krungthai-AXA Life Secures a Double Win at the Asia Insurance Awards 2022 KTAXA leads the way in Protection & Healthcare in Thailand.


rungthai-AXA Life Insurance (KTAXA) has once again lived up to its reputation for its commitment to sustainability and placing protection and healthcare at the centre of its priorities. The Insurance Asia Awards, which lauds Asia's most exceptional insurance organisations, awarded KTAXA with ‘Best ESG Initiative’ for its commitment to climate change and ‘Health Insurance Initiative of the Year’ for iHealthy Ultra, at its most recent awards programme in Singapore. Launched in 2021, iHealthy Ultra appeals to the ‘Smart Customer’ looking for an affordable and comprehensive health insurance plan. A policy that includes critical illness, pregnancy, dental, health screening, and alternative therapy cover, iHealthy is one of Thailand’s top-selling health products due to its flexibility, benefits, and affordability. Krungthai-AXA Life is humbled to receive the ‘Health Insurance Initiative of the Year’ award for iHealthy Ultra. Consideration towards health insurance has seen a rapid surge in the aftermath of the pandemic as people are more aware of modern treatments and rising healthcare costs. But choosing the right insurance coverage is still a problem most customers face. With iHealthy Ultra, KTAXA is giving customers the ‘power of choice’ that is affordable, so that they can design their health insurance as per their needs. Leveraging Technology to better serve our customers’ needs Leveraging the same principle of customer


care and an improved experience, KTAXA also launched another pioneering service— Emma by AXA. The all-in-one insurance and digital health platform provide Thai people with round-the-clock access to their insurance transactions, healthcare services, and realtime health information. ‘Emma by AXA’ has registered over 500,000 users since it was launched in August 2021. The success of ‘Emma’ demonstrates KTAXA’s drive to provide better services to customers whilst living up to the company’s core purpose ‘act for human progress by protecting what matters.’

The safety and security of customers—and all Thai people—remain KTAXA’s paramount priority ‘Emma by AXA’ is the cornerstone of how Krungthai-AXA Life is digitalising its services and moving from being a Payer to a Partner. With Emma, the company is supporting its customers’ holistic well-being across their life journey, which is essential, as leadership in health is a core priority for the company. KTAXA plans to add more self-service features to ‘Emma’ to further improve and humanise the online chatbot experience for customers and engage in partnerships to add more value to users.

Digital Transformation has always been a core element of the company’s strategy, and this has been especially evident throughout the last few years as the company continued to introduce innovative services to help customers adapt to the challenges of the COVID-19 pandemic. Telehealth has been amongst these innovations—a virtual care offering that brings the medical expertise of some of Thailand’s best doctors right to its customers. The online application provides access to high-quality, online medical services from anywhere, making healthcare simpler and easier to access for customers. The safety and security of customers—and all Thai people—remain KTAXA’s paramount priority, especially since the onset of COVID-19. The introduction of TeleHealth and Telemedicine services ensures customers have swift access to the care needed to get and stay healthy. Commitment to Sustainability At KTAXA, sustainability is at the heart of all its actions, from the products and services designed to its work and employee practices and the communities it serves. Winning the ‘Best ESG Initiative’ at the Insurance Asia Awards is a testament to this dedication. In Thailand, through the ‘Go Green’ and ‘Commit to Climate’ strategies, Krungthai-AXA Life has launched several environmental initiatives including the development of digital tools, a waste management programme, an energy reduction campaign, and a reforestation initiative that has seen over 105,000 trees planted in the last 2 years. We are very proud of our achievements and would like to thank Insurance Asia for recognising all our efforts. These wins have inspired us to continue innovating in the industry and provide comprehensive, sustainable solutions to further protect our customers and Thai society.


Only One Awarded in the Insurance Industry 3 Awards from The Asset

Top 100 in the world

Brand Finance Insurance 100

Digital Innova�on

Harvard Business Review Digital Transforma�on Awards

Achieve Glory and Excellence Global Brands Awards 2021 Best Life Insurance Brand, Taiwan

Brand Finance Insurance 100 2021

World's Top 100 Most Valuable Insurance Brands

Insurance Asia Awards 2021

New Insurance Product of the Year, Taiwan Claims Ini�a�ve of the Year, Taiwan Marke�ng Ini�a�ve of the Year, Taiwan

The Asset Triple A Infrastructure Awards 2021 PPP Deal of the Year, Global PPP Deal of the Year, Taiwan

The Asset Triple A Sustainable Inves�ng Awards 2021 ESG Investor of the Year for Insurers, Taiwan

Harvard Business Review Digital Transforma�on Awards 2021

Business Model Transforma�on - Large Enterprise Group - No.1

Taiwan Life Insurance Co., Ltd.




Generali Vietnam reaffirms excellence in branding at the Insurance Asia Awards 2022 ˛


Generali Vietnam was honoured in the “Marketing Initiative of the Year” category at the Insurance Asia Awards 2022 for its “Lòi Câu’ Hôn ThÚ 2” (The Second Proposal) marketing campaign.

in recent years such as “SÔng Nhu Ý”, “Tua Vào Nhau Cho ĐÒi Nhu Ý”. The campaign also featured impressive LED displays showcasing romantic proposal messages. The Insurance Asia Awards is an annual programme organised by Charlton Media Group honouring outstanding insurers for their contributions to the advancement of the insurance industry in the region. This programme was independently judged by an esteemed panel of experts from prestigious organisations in Asia’s finance and insurance sectors.

“The Second Proposal” integrated marketing campaign

The Second Proposal” enabled Generali to be consistently ranked first in social media share of voice by YouNet Media during the campaign’s roll-out period, and significantly improve its brand awareness, consideration and preference scores with more than 40 million reaches, 35 million views and 10 million engagements achieved. The campaign has also contributed to Generali’s maintaining its market-leading position in R-NPS measuring overall customer satisfaction. “The Second Proposal” is an integrated marketing campaign launched by Generali on the occasion of 2022 Valentine’s Day. The campaign comprised a music video inspired by classic love stories, impressive LED displays showcasing romantic proposal messages, and “love” buses dispatched on major streets of Hanoi and Ho Chi Minh City to carry meaningful messages of “lifetime bonding” from Generali to its customers and the community. The campaign culminated in a spectacular show featuring popular artists such as Duc Phuc, LyLy, Osad, etc. delivering great music experiences whilst further promoting Generali’s positive “Lifetime Partner” messages. Ms. Tina Nguyen, Generali Vietnam CEO, shared: “‘The Second Proposal’ has followed other successful brand campaigns of Generali in recent years such as ‘SÔng Nhu Ý’ and ‘Đê Ngày Mai Luôn TÓi,’ etc. to bring


our brand closer to millions of customers in Vietnam. The campaign’s name itself ‘The Second Proposal’ signifies Generali’s commitment to becoming a ‘Lifetime Partner’ to our customers by continually delivering them the best-in-class insurance products and services.” Recognising marketing efforts The “Marketing Initiative of the Year” award at the Insurance Asia Awards 2022 once again highlights Generali’s innovation, humanity, and depth in its brand messaging and approach. Generali was also honoured in multiple awards programmes for its success in leaving strong impressions and making its mark with outstanding brand campaigns

"Love" buses

LED displays

Culmination show

ALL PROTECTIONS UNDER ONE ROOF City General Insurance Company Limited is one of the leading Non-life insurance company engaged in general insurance business with reputation since 1996 in Bangladesh. The company provides the highest services to its clients on Marine Cargo, Marine Hull (Inland & Oceangoing), Fire, Motor, Overseas Mediclaim, Engineering, and all other Miscellaneous Insurance. Company’s credit rating is AA. The one of the principle of the company is to ensure prompt settlement of all types of claims as per Insurance Rules and Regulations.








cityinsurancebd INSURANCE ASIA




Hong Kong insurer's response to sustainability challenge


arely do we see so many different parties, public and private, crossing geographical, political and social boundaries to work in unison for a common objective. A broadening of the understanding of the dire consequences of inaction and a strong sense of time urgency have fueled the now unstoppable momentum behind the global drive for green and sustainability. However, the effort to embrace and promote sustainability is not without challenges. Whilst many of such challenges are common across countries and sectors and require coordinated global solutions, some are specific to the region or industry and require local or industry-specific solutions. Insurers in Asia face both types of challenges in progressing their sustainability initiatives. The HKFI (Hong Kong Federation of Insurers) has conducted a “Green Insurance Survey” amongst its members in 2021. The findings highlighted a number of barriers facing insurers in Hong Kong as they pursue green insurance objectives, including: (1) a lack of harmonised market standards and definitions. (2) a lack of policy framework for green insurance product development; and (3) limited knowledge and expertise on green insurance. Without harmonised market standards, especially reporting and disclosure standards, companies have uncertainty on what to aim for and prioritise. The latest focus is on the consultation by the ISSB (International Sustainability Standards Board), which was created by the IFRS (International Financial Reporting Standard) Foundation Trustees with a mission to deliver a comprehensive global baseline of sustainability and climate-related disclosure standards. The emphasis is on enabling the production of globally comparable sustainability information. It seeks to build upon the recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD) and incorporate industry-based disclosure requirements derived from Sustainable Accounting Standard Board (SASB) Standards. Insurers, along with other financial service providers, had been invited to participate in the ISSB’s 120-day consultation exercise, which concluded on 29 July 2022. One key challenge facing the development and implementation of globally harmonised standards is the data and resources requirement by financial service providers in order to produce reports consistent with proposed standards. Proactive engagement by the industry in the consultation would help the standard-setting bodies to strike a good balance between comprehensiveness and a practical implementation timeline. Green insurance Whilst insurers may have aspired to provide green insurance products in response to the growing ESG consciousness and demand of their customers, the enthusiasm has been held back by a lack of a clear policy framework on green insurance products. Recent reports about large corporates being charged with “greenwashing” further added to the hesitation in view of the uncertainties on what qualifies as a “green insurance product”. Developing an effective policy framework on this 78 INSURANCE ASIA

WILLIAM KN CHAN Chief Investment Officer, HSBC Life (HK)

requires close coordination between the regulator and the industry. The HKFI has established a Task Force on Green Insurance, drawing in subject matter experts from the industry. Several sub-groups have been formed to look into a couple of dimensions including guidelines /benchmarks for disclosure, fostering a culture of green and ESG, and green product development (one for Life Insurance and another on General Insurance). Regular meetings with the HK Insurance Authority have been held to discuss proposals and deliverables. The UNEF FI Principles of Sustainable Insurance (PSI) have just published their first ever ESG underwriting Guide for the Life & Health industry. The guide reflects the critical role of underwriting risk in facilitating a more sustainable future for clients, business partners and communities. Insurance companies are encouraged to review the guide and consider how this can support their business when evaluating the potential impact of ESG risks on Life & Health underwriting. The “talent gap” challenge is not specific to the insurance industry. As more and more financial sector companies signed up for climate and sustainability covenants and alliances, they have an increase in demand for talents with ESG expertise to help them to make preparation and take the steps required to meet their pledged targets. To address this gap, a Capacity Building Working Group has been established by the HK Centre for Green and Sustainable Finance (GSF), led by the HKMA (Hong Kong Monetary Authority) and supported by representatives from a broad segment of the financial industry, including insurers, banks, asset managers and leading Universities. Adopting the recommendation from the working group, the HK Government Financial Secretary has announced, in its 2022-23 Budget Speech, a three-year “Pilot Green and Sustainable Finance Capacity Building Support Scheme”. Under the scheme, subsidies will be provided for the training and acquisition of relevant professional qualifications. Other initiatives including a central online open-access repository for relevant training courses and qualifications are in progress. In all, the insurance industry, in conjunction with other key players in the financial sector and the regulators, has taken proactive steps to overcome the challenges they face in sustainability. As a major part of the global financial industry and the owner of a very sizeable pool of investment assets, insurers are well-positioned to make significant contributions to green and sustainability goals over time.





How insurance companies in Asia can create meaningful customer experiences

CHANDNI MOTWANI Strategy Director, Appnovation Asia Pacific


he Asia Pacific region is poised to be the fastest-growing insurance market globally over the next decade and is expected to grow by more than 32% in 2022 alone. Customer experience is a crucial area where growing insurance companies have an opportunity to stand out for all the right reasons. Acknowledging their customers’ emotional state and enabling solutions that reduce stress can present insurance companies with a unique opportunity; one that can help them cultivate an emotional relationship and deepen loyalty significantly. These five strategies, when applied strategically, will help businesses understand the emotions that drive customer behaviour and gain their trust. In the current economy, setting themselves apart from the competition is critical for success and insurance companies can’t achieve this without their customers’ trust. Plan how you’ll evolve to empathy Asia is home to 60% of the global population, the world’s fastestgrowing digital economy, and therefore set to become the world’s biggest consumer market. With such huge potential audiences, insurance brands in Asia are in the perfect position to re-evaluate how they design products and capitalise on the power of empathy. Embracing a more empathetic approach to customer experience doesn’t have to be overwhelming. Empathy doesn’t have a start and end, so companies should look at this as part of their long-term strategy. Take the time to understand your customers’ perceptions, influences, expectations, and attitudes. Build regular checkpoints throughout your processes to keep your digital services nimble. Make personalisation about people, not risk profiles Mid-pandemic, companies in the Asia Pacific that focused on customer experience became more resilient and grew their customer base. Historically, the nature of the insurance business has been to look at customers as risk profiles instead of people. Now more than ever, it is important to shift this mindset and lay the emphasis on understanding customers as real people with life journeys. Utilising customer data in more meaningful ways is key to creating and delivering real value. Insurance brands are uniquely positioned to achieve this due to the wealth of customer data that they already have. They can offer customised forms of coverage, present information in relevant ways, and proactively connect customers to the right resources when they need them. Superior customer satisfaction is in the details Insurance brands typically struggle with customer satisfaction because of the nature of insurance itself. Customers often interact with their insurance companies only when they’re emotionally distressed. Especially in Asia, relatively few consumers have private health insurance. Products that include denials, deductibles, and other needed restrictions are all barriers to satisfaction. 80 INSURANCE ASIA

Brands can break through this insurance satisfaction barrier by making the “must-do” process seamless and straightforward, like making claims and policy renewals. In addition, consider their aspirational needs, not only their basic ones. Who does your customer want to become? What is their life journey? Make sure your experience crosses platforms and technology seamlessly, and leverage every touchpoint as a crucial opportunity to engage. Deliver value to every customer Globally, insurance customers expect brands to value what they value — Asian consumers are no different. For B2B insurance brands, that could mean expanding your focus to capture and capitalise on shifts in B2C and end-user behaviours. Though your business might not directly serve individual users, you can supply your B2B clients with products designed to meet the needs of enduser customers. Making what your customers value your priority is just good business sense. For example, even if premiums and costs rise, customers are more willing to stay with a brand that aligns with their values and makes them feel important. Use digital experiences to strengthen trust Trust is tricky. The more a brand asks for data, the less a customer is willing to trust it. On the other hand, they still expect personalised experiences and reward brands that deliver them. You need to find the best route to gather data and distil it into actionable insights that can help customise journeys, whilst simultaneously aligning with your customers’ values. With these five strategies, Insurance brands can build trust, be more transparent with prior authorisations, make policy resources understandable and consumable, ensure customers have what they need throughout their journey, and provide coverage summaries of what customers did and didn’t use.