Cathay Life Celebrates Fifth Celent Mannequin Insurer Award

Analysis and growth of latest threat management mannequin attracts worldwide consideration

TAIPEI, April 28, 2023 /PRNewswire/ — Cathay Life Insurance coverage has as soon as once more been acknowledged for its experience, taking residence the corporate’s fifth Mannequin Insurer Award from Celent, the worldwide consulting and analysis firm. As an authoritative consulting group within the monetary expertise business, the Celent Mannequin Insurer Award is among the highest business honors that may be obtained.

With revolutionary digital providers and information as its core energy, Cathay Life stood out amongst the competitors of 260 submissions from 170 monetary establishments in additional than 50 international locations with its Cathay Eye Clever Danger Management Mannequin and claiming the prize within the class of Information, Analytics and AI. The corporate can be the one insurance coverage firm in Taiwan to have obtained an award in 2023.

Pertaining to system and information, the Cathay Eye Clever Danger Management Mannequin gives a brand-new threat classification methodology for the life insurance coverage business. By leveraging the substantial quantity of knowledge accessible to the corporate, Cathay Life was in a position to develop the scope of utility to different areas, together with private well being dangers, simplifying the processes of promoting, underwriting, product design, and extra. The brand new mannequin is among the few within the international insurance coverage business that may management and handle multi-faceted dangers, successfully offering clients with higher insurance coverage expertise.

“We hope to make use of information evaluation and new applied sciences to offer clients with a brand new insurance coverage expertise. Cathay Eye permits us to view Taiwan’s insurance coverage business in a extra revolutionary method, which can be a catalyst for change,” mentioned Solar Zhide, Senior Vice President of Cathay Life Insurance coverage.

The multi-disciplinary strategy of utilizing threat fashions to unravel enterprise challenges, demonstrating revolutionary functions within the insurance coverage worth chain, and showcasing the industrial worth of AI fashions within the insurance coverage business was additionally successful elements thought-about by the awards panel.

“The Mannequin Insurer Award goals to commend insurance coverage firms for utilizing expertise to alter the face of the insurance coverage business, and Cathay Life’s Cathay Eye mannequin is a profitable case worthy of reference by the business. In the long term, Cathay Eye might be utilized to all the insurance coverage business to assist drive a sustainable and optimistic path for the long run,” added Max AngSenior Analyst at Celent.

Cathay Life Insurance coverage believes that within the period of digital transformation, expertise is the important thing to sustainable operation. Being data-driven shouldn’t be solely confined to these within the information evaluation division; all cross-disciplinary abilities must be nurtured and groomed. Having launched into the mission of coaching no less than 20% of its employees inside 5 years to grow to be adept with information two years in the past, this newest win demonstrates Cathay Life’s dedication to main industrial innovation and serving to clients, in addition to cementing its prime place within the discipline of insurance coverage expertise.

By the tip of final yr, the corporate had cultivated 7% of back-office staff and 129 information scientists to make use of analytical abilities to enhance work effectivity and help in decision-making. Cathay Life will proceed to speculate sources in coaching its expertise and firmly believes the method is akin to assembling a powerful operational basis, which is able to solely create stronger momentum to guide industrial transformation and innovation.

SOURCE Cathay Monetary Holding Co., Ltd.