Cathay Life Insurance nabs fifth Celent Model Insurer award

Cathay Life Insurance nabs fifth Celent Model Insurer award | Insurance Business Canada

Insurance News

Cathay Life Insurance nabs fifth Celent Model Insurer award

Applications were received from 170 financial institutions across 50 countries

Insurance News

By
Miko Pagaduan

Cathay Life Insurance has been awarded its fifth Model Insurer Award by global consulting and research company Celent.

The award recognizes insurance companies, reinsurers, and MGAs that have demonstrated exceptional results in technology usage across various critical areas in insurance.

Cathay Life stood out from 260 submissions from 170 financial institutions in over 50 countries, claiming the prize in the category of Data, Analytics, and AI for its Cathay Eye Intelligent Risk Control Model.

The Cathay Eye Intelligent Risk Control Model offers a new risk classification method for the life insurance industry, allowing for the expansion of application to other areas such as personal health risks.

By leveraging substantial amounts of data, Cathay Life simplifies the processes of marketing, underwriting, product design, and more. The new model is one of the few in the global insurance industry that can control and manage multi-faceted risks, providing customers with a better insurance experience.

“We hope to use data analysis and new technologies to provide customers with a new insurance experience. Cathay Eye allows us to view Taiwan’s insurance industry in a more innovative way, which is also a catalyst for change,” said Sun Zhide, senior vice president of Cathay Life Insurance.

The multi-disciplinary approach of using risk models to solve business challenges, demonstrating innovative applications in the insurance value chain, and showcasing the commercial value of AI models in the insurance industry were some of the winning aspects considered by the awards panel.

“The Model Insurer Award aims to commend insurance companies for using technology to change the face of the insurance industry, and Cathay Life’s Cathay Eye model is a successful case worthy of reference by the industry. In the long run, Cathay Eye can be applied to the entire insurance industry to help drive a sustainable and positive direction for the future,” added Max Ang, senior analyst at Celent.

Cathay Life Insurance believes that in the era of digital transformation, talent is the key to sustainable operation.

The company has embarked on a mission to train at least 20% of its staff within five years to become adept with data, and this latest win demonstrates Cathay Life’s commitment to leading industrial innovation and helping customers, as well as cementing its top position in the field of insurance technology.

By the end of last year, the company had cultivated 7% of back-office employees and 129 data scientists to use analytical skills to improve work efficiency and assist in decision-making.

In a statement, Cathay Life said it will continue to invest resources in training its talent and firmly believes the process is akin to putting together a strong operational foundation, which will only create stronger momentum to lead industrial transformation and innovation.