EMBARGOED UNTIL 11:59PM 2 MAY 2018 (GMT +8)
2018 Applied Innovation Institute Singapore Insurance Innovation and Digital Benchmark
NTUC Income, a local, homegrown insurer, ranked overall first in the benchmark.
Singapore, 2 May 2018 – The Applied Innovation Institute (Aii), in partnership with Quest Ventures, releases the inaugural Applied Innovation Institute Singapore Insurance Innovation and Digital Benchmark, ranking the innovation and digitization efforts of 25 insurers in Singapore. It is Singapore’s first benchmark to measure the ability of corporations to cope with disruptive innovation. Researchers at the Applied Innovation Institute recorded and analyzed more than 80 data points across social, online, and innovation metrics to benchmark the progress of insurers towards key industry innovation and digitalization goals.
The goal of the benchmark is to help insurers in Singapore understand the effectiveness of their innovation initiatives and drive innovation and digitalization amongst insurers in Singapore. Insurers such as NTUC Income, AXA, Prudential, and Aviva, have all set up innovation initiatives in Singapore. Following the release of the benchmark, the Applied Innovation Institute will continue to pen insights specific to the region.
Professor Paris de l’Etraz, Chairman of the Board at the Applied Innovation Institute said: “In a world where disruption is the only constant, we believe that it is even more important for corporations to understand the incredible challenges that lie in their strategy roadmaps. Singapore is a key hub for innovation in the region. The Applied Innovation Institute looks forward to being a key partner for leading corporations in Singapore and help foster innovation and disruption in the region.”
Mr James Tan, Managing Partner at Quest Ventures said: “Singapore is a perfect innovation hub for insurers. Global and regional insurers have set up innovation labs and innovation initiatives in Singapore to cope with impending disruptions. With thousands of startups around the world hot on the heels of incumbent insurers, understanding disruption today is more than just an insurance policy for insurers.”
Overview of the methodology:
- Insurers were benchmarked based on three categories: online, social and innovation. The categories contributed to the overall score and were weighted 40%, 30%, and 30% respectively.
- Online: Insurers were evaluated based on their online user experience and efficacy of acquisition channels. We also take into account Google’s Knowledge Graph and the web optimization of insurers, including their search optimization and website quality.
- Social: Insurers were evaluated based on average engagement rates and follower growth across 5 key platforms (Facebook, Instagram, Twitter, Youtube, and Snapchat). Absolute numbers from an insurer’s follower pool were used to fairly benchmark the relative engagement rates of insurers. Frequency of social media posts do affect the score.
- Innovation: Insurers were evaluated based on their foray into and success of incremental and disruptive innovations. Key categories included direct-to-consumer (DTC) insurance, online claims processing, personalized insurance, on demand insurance, rapid claims processing (<5 Minutes), service first mindsets, fee-driven insurance, innovations to improve user behavior, and data collection to improve risk underwriting. DTC only or DTC heavy insurers received a slight boost.
Key insights from the report:
- NTUC Income, a homegrown insurer in Singapore, ranked overall first in the benchmark.
- Income’s performance was the result of strong sub-section scores in the online and innovation. Income, for example, ranked on the first page of Google Singapore’s non-personalized search results in 7 of 7 relevant categories (Travel, Personal Accident, Health, Home, Motor, Maid, and Life).
- Regional and local insurers, including NTUC Income, Etiqa Insurance, and FWD Insurance, ranked in the top 10 of the overall benchmark.
- Insurers with strong customer-centric mindsets and comprehensive innovation strategies succeed.
|2018 Aii Singapore Insurance Innovation and Digital Benchmark|
|Budget Direct||11 to 25|
|China Taiping||11 to 25|
|Chinalife||11 to 25|
|CHUBB||11 to 25|
|Direct Asia||11 to 25|
|Ecics Limited||11 to 25|
|EQ Insurance||11 to 25|
|Great Eastern||11 to 25|
|HL Assurance||11 to 25|
|India International Insurance||11 to 25|
|Liberty Insurance||11 to 25|
|MSIG||11 to 25|
|Prudential||11 to 25|
|QBE Insurance||11 to 25|
|Singapore Life||11 to 25|
In the benchmark, NTUC Income, a homegrown local insurer, ranked first in innovation, online, and overall. In response to the benchmark, Mr Peter Tay, Chief Operating Officer of NTUC Income, said: “We are delighted to be ranked first on the Applied Innovation Institute Innovation and Digital Benchmark. It is a testament to our strength as Singapore’s leading digital insurer and we are heartened by the recognition particularly with our lead position in innovation and online. Our impetus for innovation and digitalization has always been customer-centricity as we strive to offer our customers choices when they engage with us. We look forward to reimagine our collective future via insurance.”
For more information on the 2018 Applied Innovation Institute Singapore Insurance Innovation and Digital Benchmark, please visit http://go.appliedinnovationinstitute.org/sginsurers.
Notes to the Editor
For all media inquiries or interview requests, please contact:
Ms Claire Yang: [email protected]
About the Applied Innovation Institute
The Applied Innovation Institute, a non-profit organization founded in 2009 with roots in Silicon Valley, brings together global leaders in industries, governments, and academic organizations to help each transform to address competition, disruption, and innovation through education, consulting, and partnerships.
Corporations such as Applied Materials, Coca Cola, Nissan, Tencent, Yahoo, and Zain trust the Institute to drive innovation across functional and geographical boundaries. The Institute focuses on Aviation, Banking, Logistics and Transportation, Oil & Gas, and Smart Cities. New areas of research include Alternative Food and Insurance. With faculty from the top universities around the world, the Applied Innovation Institute has been at the forefront of horizon scanning and technology disruption.
About Quest Ventures
Quest Ventures is a leading early-stage venture fund for companies that have scalability and replicability in large internet communities. Located in key global cities where innovation and disruption with technology is taking place at an incredible pace, Quest Ventures has invested in some of Asia’s leading companies. Its 30+ portfolio companies operate in more than 150 cities and employ more than 4,400 people globally.