Awards Dynamics: Thoughts
On Its History - A Trip Down Memory Lane
from the Asia
Insurance Review Magazine - Nov 2002
We have yet to hit the
golden, the silver or even the 10th anniversary. But
we felt there was still time enough to reminisce and
look back in wonder at the Asia Insurance Industry
Awards, as the 6th Awards presentation was held in
Tokyo last month.
They now joined the list of elite names chosen by
their peers for the past five years - their achievements
and proficiencies etched permanently in the annals
of history.
Looking back in wonder, we, at Asia Insurance Review,
still marvel at how we dared to venture forth as the
drum-beaters to the region's march towards professionalism
and higher standards. Our biggest fear then was whether
Asia was ready to recognise and salute excellence
without bearing any grudges. Would those people who
did not get the awards be able to say: "Yes it
was fun being considered"? Were we risking our
neutral role as keen observer and partner of the insurance
industry in Asia by launching these Awards? Would
this put us on the warpath with those good companies
who did not get the awards? These fears were genuine,
and even today the questions pop up every now and
then with some hurt losers threatening vengeance and
bad-mouthing the processes. But we decided to go ahead
with the Awards as our humble contribution to the
region's avowed aim to become more professional, and
because we had a strategic partner in The Review magazine.
We structured the Awards to be a showcase of excellence
selected by peers and leaders in the industry and
not based on pure scientific or statistical figures
such as largest premium income or highest paid-up
capital. The judging panel, which form the backbone
and crowning glory of the Awards, represent a mix
of responsible business leaders, association heads
and regulators from around the region as well as internationally.
For example, the CEO of the International Underwriting
Association, Ms Marie Louise Rossi, has been a judge
since the launch of the Awards. Other international
luminaries have come and gone with the times. As for
regulators, we must also express special mention to
the Hong Kong Insurance Commissioner's Office which
has fielded a judge for the Awards every year without
fail.
From the beginning there was one prejudice we wanted
to eschew: To create two separate classes for each
category, such as the best Asian life insurer and
the best life insurer in Asia. A close adviser to
us told us that such a classification, while seeming
to favour a local winner, would serve only to further
entrench the insecurity felt among some local players
that they are doomed and cannot compete on even footing
with the international boys. We are, indeed, grateful
for that deep insight as events, as they unfolded,
have shown that there have been several cases of purely
local Asian winners at times and the big international
companies at other times.
A Salute To The Sponsors
Despite all our courage,
the Awards would not have been possible without the
support of the Sponsors as, in reality, they help
fund the costs of this event with all its extravaganza.
We are grateful to note that three big companies have
stood by in sponsoring the Awards since its launch:
Swiss Re; AIG; and Allianz (now through its reinsurance
arm). They deserve special mention, and so do Toa
Re, ING-Aetna (now ING Antai), Manulife Financial
and AXA China.
Region which came on board since the second Awards
and stayed on, encouraging us to move forward in saluting
excellence as the most fundamental step in helping
the region recognise its full potential. Toa Re, Labuan
Re and HSBC Insurance Brokers are three purely Asian
firms that have come forth to be partners in this
ambitious project. Some of the other global giants
which had supported this project along the way are
CGU (now Aviva), Lloyd's and Munich Re). The newcomers
this year are Converium and SOLCORP.
We look forward to more companies taking a greater
interest in this Awards where the winner does not
take all but adds to the shine in the industry's armoury
of excellence. The silver or pewter may fade but the
Awards remain long in the minds of our readers and
in our Honours' Roll in cyberspace at www.asiainsurancereview.com.
The winning is not just the trophy. Many have shared
with us that their business has also improved with
opportunities coming from people they did not even
know about. It is an endorsement by your peers that
you are doing something right somewhere!
Back to history.
When the inaugural Asia Insurance Industry Awards
was launched in 1997, the excitement in the air for
this new industry Awards organised just for Asia was
strong. We were inundated with nominations and the
judges, including regulators from various Asian countries,
had a difficult time deciding the winners. But decisions
were made and the first set of winners was born.
Since then, we have seen excellence being recognised
and celebrated at every Awards ceremony (see table)
and we now bring you a quick tour of these past chosen
elites.
Life Insurance
Company Of The Year
A fiercely fought contest every year, the winners
are all leaders in their fields with dynamic products
carefully crafted for their clients, excellent customer
service and enhanced training opportunities for their
staff and agents.
The first winner, National Mutual Asia (HK), won because
of its ability to maintain its high standards and
grow despite losing its chief executive and top agents
to a new competitor in 1996. The subsequent winners
all displayed innovative products or innovative technology
in servicing their clients. Mayban Life Assurance,
Prudential Assurance Singapore and Malaysian Assurance
were dynamic with their new and innovative products
while Aetna Life Insurance (Taiwan) excelled with
its imaging technology and outstanding business performance
and commitment to society.
General Insurance Company Of The Year
The earlier winners in this category won because of
their work in raising the overall image of the insurance
industry in their respective countries. Bangkok Insurance
and Commercial Union (Singapore) set high standards
for the industry to follow. Fubon Insurance was also
lauded for its dynamic approach to product development,
customer service and aggressive expansion of overseas
offices.
In recent years, the winners have been trial blazers
in new products and new distribution channels and
these have included HSBC Insurance (Asia) Ltd and
American Home Assurance (HK).
Educational Service
Provider Of The Year
The winners from this category hailed from many countries
and in the short span of five years, the Singapore
College of Insurance (SCI) won the award twice, in
1997 and in 2001.
SCI, the inaugural winner, was selected because of
its extensive use of information technology and its
track record in training not just Singapore-based
insurance professionals but also executives from the
region. In 2001, it won again for continuing to leverage
technology for its courses and providing online communication
facilities 24/7/365.
The other winners also provided educational services
beyond their shores. The National Insurance Academy
of Pune, India, which won in 1998, was known for its
excellence in producing highly trained personnel from
India and other developing nations. The Insurance
School (Non-Life) of Japan (the 1999 winner) also
dedicated its training to both domestic participants
and those from the East Asian region. The 2000 winner,
the Insurance Institute for Asia and the Pacific,
Inc, likewise won for its all-rounded approach in
offering training courses to reach all levels of the
insurance hierarchy in the Philippines and the Asia-Pacific
region.
Innovation Of The Year
Innovative products, distribution means, management
processes have all made it in this diverse category.
In the first year of the Awards, Citibank won for
its SpeedCollect Lockbox which is an integrated electronic
system of collecting and recording payment data from
multiple agents and locations. In 1998, National Mutual
Asia's "Smart Lady" won as it was the one
of the most successful product launches ever in the
history of Hong Kong's insurance industry, with 9,000
policies being sold within two months of its introduction.
Thomas Howell Group (M) Sdn Bhd's Claims Management
Service for Toll Road Operators was selected by the
judges in 1999 because of its "cost-effective
uniqueness" as an outsourced service for highway
operators, resulting in lower costs to insurers and
lower premiums for clients. HSBC the Bank won this
Award in 2000 with its High Yield Reserve Asset (HYRA).
This investment instrument was developed specifically
for the Philippine market after HSBC identified a
gap in the investment requirements of insurance companies
there.
Last year, CIGNA International in South Korea, LINA
Korea, won its consumers over with an innovative direct
and telephone marketing interactive channel. A simple
idea and perhaps even old in some countries, but groundbreaking
in South Korea, this led to its phenomenal success
with more than US$59 million sales and the price of
this award.
Service Provider Of The Year
These were companies ranging from banks, loss adjusters,
law firms and consulting firms that provided strong
and innovative support to the insurance industry.
The five winners were no strangers to the insurance
industry - IBM Insurance Solutions Group, Citibank,
Computer Sciences Corp, HSBC, PricewaterhouseCoopers
and Tillinghast-Towers Perrin.
IBM Insurance Solutions Group won the first Award
for the quality of its survey reports and studies
of the insurance industry. In 1998, both Citibank
and Computer Sciences Corp shared the Award: Citibank
for its unique and dedicated specialist insurance
banking service to the insurance industry, and CSC
for its dynamic, comprehensive software services for
the insurance industry.
HSBC won this category in 1999 for its willingness
to tailor solutions to individual clients as partners
and providing a consistently full range of banking
services to the insurance and reinsurance industries
in Asia. PricewaterhouseCoopers took the award in
2000 for its commitment to help the insurance industry
face the problems of the domestic market head on and
navigate the global marketplace. In 2001, Tillinghast-Towers
Perrin won for its focus on building relationships
and producing results as well as for its global reach
and local understanding.
Risk Manager Of The Year
An important man or woman in most organisations and
for the insurance industry, this category looks at
outstanding individuals who use innovation and creativity
effectively in managing companies' risks and challenges
and in the promotion of risk management as a philosophy
and business discipline.
The distinguished managers for the past five years
have been: Mr T Ramanan of Hindustan Lever (1997);
Mr Jack L Lin of Taiwan Semiconductor Manufacturing
Corp; Mr Levi R Rebanal of The Risk and Insurance
Management Association of the Philippines (they both
shared the win in 1998); Ms Carolyn D Crompton of
West Australian Petroleum Pty Ltd (1999); Mr Yasuhiko
George Ushiba of Ushiba International Office (2000);
and Mr Kevin Knight who is heading various risk management
groups in Australia (2001).
Broker Of The Year
HSBC Gibbs (Asia-Pacific) Ltd was the first winner
in 1997, having won because of its ability to go beyond
placing insurance and providing advisory services
and as a specialist for many areas of insurance. It
won again in 2000 for its continuous dedication to
researching new services and niche markets while maintaining
high standards for existing clients.
Other winners in this category included Bradstock
Insurance Brokers Sdn Bhd (1998), a homegrown Malaysian
company which offers value-added insurance consulting
services as well as advice on mergers and public listings;
Guy Carpenter Sedgwich Re (1999) for providing extensive
training and sophisticated advisory services to its
clients; and Jardine Lloyd Thompson (2001) for being
a leading provider of risk solutions and corporate
services throughout Asia.
Reinsurance Broker Of The Year
Benfield Greig was this category's first Award winner
in 1997. Its renowned computer simulation modelling
programmes are its star performers and together with
the company's outstanding all-round service, it clinched
the Award then.
Willis won next in 1998 with the ability to give in-depth
on-the-spot advice with the help of its battery of
technical experts, while Jardine Thompson Graham Asia
took the Award in 1999 for developing a reputation
for its proactive involvement in events such as the
Indonesian riots.
In 2000, J B Boda & Co Pvt Ltd won for its relentless
efforts to help third-world markets find reinsurance
support, and finally in 2001, Guy Carpenter won for
its drive to be the number one choice, its offer of
new software and systems and range of value-added
unique services.
Reinsurance Company Of The Year
The inaugural winner of this category was an Asian
reinsurer, The Toa Fire & Marine Reinsurance Co
of Japan. Toa Re emerged the winner due to its rapid
expansion into Asia through consistent training and
service to its clients everywhere.
In subsequent years, the big boys Munich Re and Swiss
Re took over as winners of the Award, both of them
winning twice each. Munich Re in 1998 and 1999, while
Swiss Re won in 2000 and 2001.
Loss Adjuster Of The Year/ Insurance Website
Of The Year
These two categories were introduced only in 2001
and, hence, there is only one past winner in each
category.
Cunningham Lindsey International won the Loss Adjuster
of the Year Award in 2001 for its interactive innovative
Internet loss notification systems while lloyds.com
won the Insurance Website of the Year award for its
extensive business-oriented coverage and wealth of
information about the products, players and industry.
Personality Of The Year
This category salutes the top-notch individuals in
the Asian insurance industry, an Award that gives
the industry a chance to cheer its best people.
Mr Chai Sophonpanich of Bangkok Insurance won the
first Award. He has a long history of serving Thailand
and Asean's insurance industry and is regarded as
a leading elder in the Thai insurance market.
Mr Terry Smith of National Mutual Asia won in 1998.
In addition to being a leader in the industry via
several key positions in insurance bodies, he had
also managed to turn around an ailing company which
lost its chief executive and top agents to a competitor.
Mr Victor Apps of Manulife Asia was the winner in
1999 as a result of his expert knowledge of the individual
markets in Asia and his dedicated contribution to
the Hong Kong insurance industry as well.
Among the many achievements that Mr Patrick Poon Sun
Cheong of ING has, two of these were that he built
a billion-dollar life business in Taiwan in 13 years,
and after the tragic earthquake in Taiwan in 1999,
he set up a multimillion-dollar Aetna Earthquake Orphan
Fund which will support 169 orphans of the earthquake
with NT$100,000 per month until age 20. It was thus
hardly a surprise that the judges chose him for the
Award in 2000.
Mr Law Song Keng of Overseas Assurance Corp Singapore
won the 2001 Award for his dedication to fostering
higher standards and professionalism in the marketplace
and for his visionary public service in helping the
local industry move into liberalisation.
Conclusion
With the list of Personalities
of the Year, we conclude the tour of past winners.
The Asian insurance industry has come a long way in
meeting the needs of its countries, economies and
individuals. It is the backbone of economic growth
and it is only right that some accolades should be
directed to those in the industry, companies and individuals
who work hard to bring the best into the industry.
Once again, our congratulations to all these well-deserving
winners!
