PHL insurers feted at Insurance Asia Awards
ASIA’S outstanding insurance companies were recognized in the recently concluded Insurance Asia Awards 2017 held at the Shangri-La Singapore. These companies have made significant initiatives to rise above market challenges and maintain healthy revenues while keeping their clients satisfied.
The Insurance Asia Awards is given by the Asian Banking and Finance Magazine, the leading publication for banking and finance executives in Asia that focuses on commercial and retail banking and on securities market from a banking perspective.
This year’s nominations were chosen by an esteemed panel of judges from big accounting firms composed of Mohit Mehrotra, regional head of financial services, strategy and operation at Deloitte; Liew Nam Soon, ASEAN managing partner at Ernst and Young; Egidio Zarrella, ASPAC head of banking and capital markets at KPMG; and Andrew Taggart, partner, financial services leader at PwC Southeast Asia Consulting.
The nomination was opened to all insurance companies in Asia with a certain product, service or project launched prior and over the last 24 calendar months which had recent innovations for improvements.
The entries of the nominees were evaluated based on its uniqueness and innovation, effectiveness and impact, and flexibility to industry’s changes and progressive opportunities.
Three insurance companies in the Philippines bagged awards from the prestigious event: The Insular Life Assurance Company, Ltd.; FWD Life Insurance Corporation; and Sun Life of Canada ( Philippines), Inc..
Insular Life was recognized as the Domestic Life Insurer of the Year – Philippines for being the only domestic life insurance company among the top industry players dominated by foreign- owned companies. The company, which is now on its 106th year of operation, posted a net income of P3.7 billion, net worth of P43.9 billion, and assets of P133 billion in 2016.
Insular Life also received the Digital Insurance Initiative of the Year — Philippines for its Automated Underwriting System (AUS). It is the company’s rules-based underwriting system integrated with Insular Life’s online proposal, application tools, and administration system that has enabled the company to immediately render an underwriting decision during the policy application process.