FINANCIAL SERVICES
HL Assurance: First insurer with NCD and Immediate Medical Claims The company also introduced Singapore’s first hybrid critical illness product on the market.
took home the Innovator of the Year award for the pivotal role she played in developing the mentioned products. The award recognises businesses whose creative, out-of-the-box approach has resulted in excellent performance. HL Assurance is no stranger to innovation, having previously rolled out Singapore’s first mobile phone insurance plan and becoming the first insurer to support QR Payment for online customers. CEO Kelvin Lim Choong Kiat, whose leadership earned him the Executive of the Year award in the Financial Services category, has focused not only on developing digital distribution channels for HL Assurance’s products, but also released more than 15 new insurance products to broaden the company’s range of offerings. Since he joined the company in 2015, he and his team have transformed it from a fledgling insurer to one of the industry’s key players, with a strong presence and a solid customer base. Over the last four years, HL Assurance has received a revenue of $50 million.
Kelvin Lim, CEO of Hong Leong Assurance
T
he insurance landscape is constantly changing, and in order to continue offering competitive products that fulfil clients’ needs, insurers have to constantly innovate. For HL Assurance, the tireless quest for innovation has paid off. At this year’s Singapore Business Review Management Excellence Awards, the company won three awards, namely Innovator of the Year, Team of the Year and Executive of the Year. More than 150 established businesses across a range of industries participated in the event on 26 November 2019, with 28 awards being handed out. The event aims to recognise the achievements of outstanding individuals and teams whose work has contributed significantly to the success of their organisations. A culture of innovation HL Assurance is no stranger to adding refreshing spins on their insurance
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products. In fact, the company’s commitment to innovation has made them one of the most dynamic players in the insurance industry. Whilst other insurers have recently been engaging in price wars and slashing the cost of their insurance plans, HL Assurance chooses to take a more balanced approach. In 2019, HL Assurance offered Singapore’s first travel insurance product with No Claim Discount. They also became the first insurer to offer cashless travel insurance post-journey claims through a partnership with local healthcare providers. The company also put Singapore’s first hybrid critical illness product on the market. Claudine Heng, HL Assurance’s Head of Customer Strategy and Direct Marketing,
A team effort HL Assurance’s stellar performance at the SBR Management Excellence Awards is a nod to the supportive and collaborative environment the company cultivates, which enables team members to do their best work. The company’s executive committee took home the Team of the Year award in the Financial Services category. Whilst relatively small compared to the teams at larger insurers, HL Assurance’s exco has proven to be passionate, entrepreneurial and nimble to adapt to changes. The company’s leadership prioritises not just attracting top talent, but also ensuring that new hires are meticulously trained and encouraged to learn and experiment with their solutions. Judging by HL Assurance’s achievements in the past year, their focus on innovation and teamwork is paying great dividends.
“HL Assurance’s stellar performance at the SBR Management Excellence Awards is a nod to the supportive and collaborative environment the company cultivates.”