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. AUS has also helped the company’s agency force to uphold professionalism in looking for prospects, and selling and giving services. It has served as an effective tool to provide immediate insurance coverage to customers.

Meanwhile, New Insurance Product of the Year – Philippines was awarded to FWD Life for its innovative anti-terrorrism insurance plan called Peace Plan. It is the country’s first of its kind insurance product that offers relevant and affordable financial protection to policyholders in case of casualty or serious disability against acts of terrorism in the Philippines or anywhere in the world, without exclusion.

FWD Life also received the Marketing Initiative of the Year – Philippines for its own lifestyle rewards application called Orange World. It aims to become a go-to source of Filipino trends in four popular interests — travel, food, fitness, and arts. It also offers exciting freebies and perks from a curated selection of merchant partners.

Orange World also won a Quill award of merit for digital communications while its event launch, dubbed as Orange City, earned an award of merit for special events. It also received a PANATA award under the Brand-Single Medium-Digital and Mobile Category.

“We at FWD take great pride in these recognitions. They inspire us to work even harder to come up with more relevant and unique initiatives that will bring the brand closer to Filipinos,” FWD Life Philippines Head of Marketing Roche Vandenberghe was quoted as saying in a statement. “We’re as committed as ever to bring to life marketing campaigns that resonate to the Filipinos and contribute to our vision of changing the way people feel about insurance.”

Sun Life received the CSR Initiative of the Year – Philippines Award. The company pioneered life insurance in the country in 1895 and is considered today as one of the largest and most trusted insurers in the Philippines with almost half a million policyholders. It offers a wide spectrum of products including life insurance, accidental insurance, pension plans, education plans and mutual funds.

During the awards night, winners of the Retail Banking Awards 2017 and Wholesale Banking Awards 2017 were also recognized. The event was attended by over 260 banking and insurance executives, beating last year’s record.

BDO Unibank is the only local bank recognized in the Wholesale Banking Awards. It received the Philippines Domestic Trade Finance Bank of the Year Award. For the Retail Banking Awards, local banks including BDO Unibank, The Land Bank of the Philippines, Philippine National Bank, PNB Savings Bank, Security Bank Corporation and Union Bank of the Philippines were feted.

Tim Charlton, publisher of Asian Banking and Finance and Insurance Asia magazines, said in a statement, “We have very good winners who are deserving of their awards tonight. We’d also like to thank all our judges for the ABF Awards and Insurance Asia Awards.”

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