14th Asia Insurance Industry Awards 14th Asia Insurance Industry ...

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Innovation of the Year EQECAT EQECAT’s Asia typhoon model is revolutionising the way in which the insurance and reinsurance industry evaluates risk in the region, by providing comprehensive hazard coverage and a new understanding of risk correlation. The western Pacific basin is known for producing some of the world’s most intense tropical cyclones. Combined with regional economic growth, this has created an increased risk profile that has profound implications for the global insurance and reinsurance industry. Recent notable events, including Asian Typhoons Morakot (2009), Hagupit (2008), Krosa (2007) and Saomai (2006), have each resulted in over $1 billion in damages. In response to the industry’s need for a specific model highlighting risk correlation throughout the region, EQECAT has created what is believed to be the first basin-wide Asia typhoon model providing consistent risk metrics. This is believed to help re/ insurers understand correlation, risk differentiation and pricing, risk aggregation and portfolio risk management. In developing the model, EQECAT worked closely with Dr Johnny Chan, Chair Professor of Applied Physics at the City University of Hong Kong, to reconcile and enhance the typhoon record of the Joint Typhoon Warning Centre (JTWC). Using this enhanced data to create a comprehensive probabilistic event set, including roughly 150,000 stochastic and 1,800 historical events, the model offers comprehensive risk metrics throughout the western Pacific basin. The model offers a comprehensive view of the typhoon hazard – looking at not just the direct effects of wind, but also the effects of storm surge and typhoon rainfall-induced flooding. It covers Japan, mainland China, Hong Kong, Taiwan, South Korea, the Philippines, Thailand and Malaysia – an astounding 12 million square miles of geography. The model is being used by several high profile, global reinsurance brokers and re/insurance companies. Its highly-anticipated release in July 2010 was warmly welcomed by the industry. Mr Jason Miller, Senior Vice President of Validus Re called the model “a breakthrough that allows us to correlate risk in that region in a robust way.” He added: “Our ability to review our exposure for that region on a portfolio basis greatly enhances our underwriting and overall risk management efforts.” Mr Hemant Nagpal, Vice President, Guy Carpenter & Co said the model “will be an indispensable tool for determining the catastrophe risk to wind, storm surge and typhoon induced flooding for the western Pacific basin. The ability to combine the risk across various countries would be instrumental in putting together the pieces in the jigsaw puzzle for the wind risk and associated flooding risk for the region.” Sponsor’s profile HSBC is one of the world’s leading bancassurers. Through its banking, consumer finance and insurance subsidiaries, it provides insurance products and services to its personal, commercial, corporate, institutional and private banking customers in around 50 countries and territories. Insurance services are offered through its manufacturing operations worldwide, supplemented by preferred strategic providers where appropriate. As at 30 June 2010, HSBC Insurance contributed US$1.6 billion or 17% of Group profit. HSBC Insurance (Asia-Pacific) Holdings Limited is a wholly owned subsidiary of The Hongkong and Shanghai Banking Corporation Limited, which is owned by HSBC Holdings plc, the London-based holding company of the HSBC Group. It is the holding company for HSBC insurance manufacturing operations in Asia Pacific, where HSBC Insurance has manufacturing capability in nine markets, including the Hong Kong Special Administrative Region (SAR), the Macau SAR, Singapore, Malaysia, South Korea, Taiwan, Vietnam, India and China. HSBC and HSBC Insurance are honoured to have won the Best Retail Bank in HK for the fifth time and the Excellence in Bancassurance (Joint Award) award at The Asian Banker Excellence in Retail Financial Services Awards 2010 for the second consecutive year. Previously, HSBC Life (International) Limited was awarded ‘Life Insurance Company of the Year’ and HSBC Insurance (Asia) Limited was named ‘General Insurance Company of the Year’ by Asia Insurance Review. www.insurance.asiapacific.hsbc.com Asia Insurance Industry Awards 2010 23
Service Provider of the Year ReMark International Having operated in Asia since 1986, ReMark has become the market leader in providing alternative distribution and marketing solutions to its insurance partners across the region. Since entering Asia, ReMark has helped its business partners improve the performance of their distribution channels and develop new channels to sell insurance products. Many of ReMark’s programmes are tailored to help its partners accelerate business growth. For example, by the end of 2009, after two years of work, ReMark helped a leading Southeast Asian bancassurer grow its alternative distribution business from a negligible amount to 20% of total new business. ReMark has continued to enhance its service offering. In 2009, it launched a proprietary third-party administration system, RaPID, to facilitate the delivery and management of insurance products through multiple alternative distribution channels to support the acquisition, growth and retention of customers. ReMark has also introduced new product offerings and distribution channels across Asia, such as ATMs, inbound calls and mobile messaging. In addition, the company also offers a range of flexible financial solutions ensuring that its goals are wholly aligned with those of its clients. This was particularly important during the uncertain economic climate in late 2008 and 2009 as many clients found their marketing budgets under pressure. In 2009 alone, ReMark provided nearly US$50 million of financing to its partners to help reduce new business strain and strengthen their capital position. And to improve client persistency and retention, ReMark offers a range of customer management programmes, including service calls and appointment generation activities, which target the under-serviced and/or orphaned customers. One such programme executed in 2009 cut the average policy lapse by half for targeted customers. ReMark’s joint creation of the annual Asia Bancassurance Conference demonstrates its ongoing commitment to building and sharing knowledge among the industry. It also regularly sponsors other conferences and forums such as the Asia CEO Summit, Pacific Insurance Conference and Takaful Conference. In addition, the Amsterdam-based ReMark Academy has trained over 50 people from Asia in 2009. ReMark has offices in nine locations in Asia, with over 60 marketing professionals solely focused on helping its partners enhance their business franchise through offering insurance solutions via alternative channels. ReMark Asia, ReMark Group’s fastest growing business unit, has delivered a five-year CAGR in business value of over 100%, and constitutes 40% of the Group’s total business value. Sponsor’s profile Aviva is the world’s fifth-largest insurance group and the biggest in the UK with 57,000 employees, serving more than 45 million customers worldwide. With a history dating back over 300 years, we are one of the leading providers of life and pensions products in Europe and are actively growing our long-term savings businesses in Asia Pacific and the USA. Our main activities are long-term savings, fund management and general insurance. Aviva is a progressive company with a reputation for creating better ways to understand and meet people’s needs. It is this insight and ability to think beyond the immediate and the everyday that makes us who we are. In 2007, we set out our vision for “One Aviva, twice the value”, focusing on new growth and efficiency targets designed to unlock value, drive growth and accelerate the pace of the Aviva’s development in an increasingly global market. In the Asia Pacific, Aviva operates in Australia, China, India, Korea, Sri Lanka, Hong Kong, Singapore, Malaysia, Taiwan and the Middle East. Our long-term savings products and services are distributed through a multi-channel network, which includes a direct sales force, insurance intermediaries and bancassurance partners. www.aviva.com Asia Insurance Industry Awards 2010 25
Page 1: 2010 14 th A sia Insurance Industry
Page 4 and 5: Introduction Winners stand out Asia
Page 6 and 7: Judges Dr Huang Tien-Mu Director Ge
Page 8 and 9: Judges David L Fried Group General
Page 10 and 11: Judges Patrick M Liedtke Secretary
Page 12 and 13: Judges Simon Machell Chief Executiv
Page 14 and 15: Judges Tony Cheng Chief Executive O
Page 16 and 17: Life Insurance Company of the Year
Page 18 and 19: Educational Service Provider of the
Page 22 and 23: Broker of the Year Marsh Marsh, a f
Page 24 and 25: Reinsurance Broker of the Year Guy
Page 26 and 27: Corporate Social Responsibility Awa
Page 28 and 29: Technology Initiative of the Year F
Page 30 and 31: Lifetime Achievement Award Amb. Alf
Page 32 and 33: Sponsors To all our ® Sponsor of:

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