Insurers in Asia-Pacific face their own set of business challenges, and insurance technology has evolved along a distinctive path, according to
The vision for the research is to attempt to answer a seemingly simple question: "What would it look like for an insurer to do everything right with today's technology?" Eighteen Model Insurer Components are described in Celent’s inaugural edition, “Model Insurer Asia 2011: Case Studies of Effective Technology Use in Insurance.”
Model Insurer Components are used to group the case studies and represent portions of the insurance value chain. The seven components represented in the Model Insurer Asia report are: claims, distribution management, infrastructure/architecture, policy administration, product design and development/rating, service and underwriting. Below are the insurers named in each component.
Claims
• ICICI Prudential Life Insurance Co.: Introducing a Web-based system to process selected classes of Health Claims.
• PICC Health Insurance Co. Ltd.: Implementing a social medical insurance connection platform to enhance automated claim processing and improve claim risk management.
• Transport Accident Commission (TAC), Victoria, Australia: Transforming the Claims Management Process to a new Recovery Model with primary goals to improve return to work rates and durations, better manage common law claims and improve client satisfaction.
Distribution Management
• AXA China Region Insurance Co. Ltd.: Implementing a Web-based technology solution to enhance sales services and distribution capability and speed product rollout.
• ClearView Wealth Ltd.: Implementing a Web-based technology solution to enable the direct mail distribution channel, with call center follow-up, to underwrite and issue policies without the need for external or manual intervention.
Infrastructure/Architecture Component
• Aviva-COFCO Life Insurance Co. Ltd.: Implementing cloud computing technology to reduce cost and improve flexibility.
• China Pacific Life Insurance Co. Ltd.: Rationalizing, standardizing and integrating systems to enable a centralized, stable, reliable and efficient technical platform.
• Generali China Life Insurance Co. Ltd.: Implementing an integrated technology platform with a single sign-on to multiple systems.
• IndiaFirst Life Insurance Co. Ltd.: Investing in simple, cost-efficient, scalable, and proven IT systems to reduce costs and improve time to market.
Policy Administration
• Apollo Munich Health Insurance Co. Ltd.: Implementing a workflow-enabled system that supports straight through processing of the whole health product lifecycle with integration to all back end systems.
• Insurance House Group Pty Ltd.: Implementing an all-in-one solution for the online direct and intermediated markets in Australia.
Product Design and Development/Rating
• Royal Sundaram Alliance Insurance Co. Ltd.: Implementing a workflow-enabled policy administration system with externalized engines to support product configuration and business rules.
• Wesfarmers General Insurance Ltd.: Implementing a multiproduct, multichannel model servicing the entire policy lifecycle.
Service
• Real Insurance: Implementing social media as a channel to build relationships with customers and use the results of this interaction to drive new strategies.
• China Pacific Insurance (Group) Co. Ltd.: Implementing a centralized call center system across China to support life and P&C business needs.
• CPIC Group: Five insurers initiating a project for compulsory automobile liability insurance to improve service efficiency: Tokio Marine & Nichido, Fire Insurance Co., Sompo Japan Insurance Inc., Mitsui Sumitomo Insurance Co., Aioi Nissay Dowa Insurance Co. and Nipponkoa Insurance Co.
Underwriting
• Reliance General Insurance Co. Ltd.: Implementing a motor insurance pre-inspection system using mobile technology linked to in-house systems, streamlining the underwriting of new business.
• Nextia Life Insurance Co. Ltd.: Implementing a real-time, Web-based policy application system including automatic underwriting and payment processing.
