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Technology Leaders Recognised At The Indian Insurance Awards 2014

Indian Insurance Awards reports by The Digital insurerThe 4th Indian Insurance Awards was organized by Fintelekt (www.fintelekt.com) on June 25, 2014 at Mumbai, India. This initiative has evolved into the most respected independent platform for recognizing the achievements of the insurance industry in India.

The jury, convened by Shirish Pathak, CEO, Fintelekt, comprised the following members:
S B Mathur, Member (Part-time), IRDA;
R Krishnamurthy, Senior Advisor, Towers Watson; and
R Chandrasekaran, Secretary General, General Insurance Council.

 

Winners of The Indian Insurance Awards 2014 in the Technology & E-Business Categories

While a total of 32 awards were presented, following is a list of 7 awards that are related to Technology and E-Business:

Technology Innovation

This award is designed to recognize leadership in the advancement of the insurance industry’s products, distribution and services through technology innovation, and honours a company demonstrating the most innovative use of technology in terms of a solution delivering measurable business impact to the company and industry.

Life Insurance: HDFC Standard Life – Enterprise sharing solution

The winner of the Technology Innovation award for Life Insurance in 2014 is HDFC Standard Life Insurance Company for the component My Life under its Technology Enabled Business Transformation (TEBT) initiative. My Life uses the concept of social networking to provide employees with a platform where they can engage with their colleagues across the company and with the leadership team. It provides an opportunity for employees to share ideas, which allow the organization to innovate to the next level.

General Insurance: Reliance General Insurance – Fraud Detection

The winner of the Technology Innovation award for General Insurance in 2014 is Reliance General Insurance Company for its innovative solution for Fraud Detection and Control in the RSBY health insurance scheme. The company has developed an innovative mechanism to optimize management of enrolment and claims under the RSBY scheme. The new system is helping identify aberrant enrollment data and irrational claim transactions from service providers and thus cutting losses from fraudulent claims under the RSBY scheme for the company.

Technology Maturity

This award honours technology leadership aligned with business goals. The winning company would have deployed a service offering or solution that has a direct impact on operational efficiencies, business growth or both. The company should have implemented a technology initiative to drive transformational change for the organization. The technology solution should have focused on best practices such as use of industry standards, optimization of infrastructure, positioning for future reuse, data transparency and compliance.

Life Insurance: Canara HSBC Oriental Bank Of Commerce – Policy Servicing Workflow

The winner of the Technology Maturity award for Life Insurance in 2014 is Canara HSBC Oriental Bank of Commerce Life Insurance Company for its initiative Policy Servicing Workflow System. This is a state-of-the-art system designed in-house, which has enabled the company to fully systemize the policy servicing process and digitize the entire life cycle end to end. It is a highly integrated workflow system using the company’s portal as the front end and workflow as the back end. The company has seen significant improvements in the policy servicing process since the introduction of the technology.

General Insurance : New India – Cloud solution for transporters of Petroleum

The winner of the Technology Maturity award for General Insurance in 2014 is The New India Assurance Company’s for its solution for registered transporters of Bharat Petroleum Corporation Ltd (BPCL). The New India Assurance Company offered a cloud-based facility for all transporters of BPCL who are mandatorily required to purchase a Carrier’s Legal Liability Policy and Comprehensive Motor Insurance Policy. The portal offers standardized policy purchases to the transporters, along with an integrated cash payment facility, both online and through the banking channel.

Health Insurance : Max Bupa – Policy issuance 

The winner of the Technology Maturity award for Health Insurance in 2014 is Max Bupa Health Insurance Company’s for its solution Parivartan. The solution is an overhaul of the policy issuance process through innovation and technology to create customer delight. The solution has allowed the company to completely streamline its processes and scale them to keep up with growth.

E-Business Leader

This award seeks to encourage and honour a life insurance company that has deployed the online insurance channel effectively for marketing, lead generation and sales for the business. The award seeks to commend an insurer bringing special focus on this nascent distribution channel.

Life Insurance: Aegon Religare – growth in on-line sales

The winner of the E-Business Leader award for Life Insurance in 2014 is Aegon Religare Life Insurance Company. The company has demonstrated strong growth in online sales, making it the E-Business leader in the life insurance segment for the second consecutive year. Close to 35% of the new customers for the company were acquired through the online channel in the last fiscal.

General Insurance: United India – more than 2 million policies sold on-line

The winner of the E-Business Leader award for General Insurance in 2014 is United India Insurance Company. United India General Insurance has witnessed massive growth in the popularity of its online portal, making it the undisputed leader in e-Business for the general insurance segment. More than 2.27 million policies were sold over the Internet portal in the last fiscal.

Further information please visit http://fintelekt.com/awards

Awards Night

 

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