INSULAR Life Assurance Co. Ltd. has bagged two major awards from this year’s Insurance Asia Awards.
The company said in a statement it was named “Domestic Life Insurer of the Year,” and recognized for its “Digital Insurance Initiative of the Year.” The awards were given on July 13 in Singapore.
Insular Life won the Domestic Life Insurer of the Year award for being the only Filipino life insurance company among the top industry players. The company is also the first and largest Filipino life insurance.
Insular Life, now on its 106th year in the industry, continues to grow as it posted a net income of P3.7 billion, net worth of P43.9 billion and assets of P133 billion in 2016, earning for the company 164-percent, 73-percent, and 164-percent increase from the previous year, respectively.
Insular Life also received the Digital Insurance Initiative of the Year Award for its automated underwriting system (AUS), which is a first in the local industry.
The AUS is a rules-based underwriting system integrated with Insular Life’s online proposal, application tools and administration system.
This system enables Insular Life to render quickly an underwriting decision during the policy-application process.
The AUS has also allowed the company’s agency force to become more professional in their prospecting, selling and servicing activities, as well as effectively provided immediate insurance coverage to customers.
Winners in the Insurance Asia Awards 2017 were chosen by judges from Deloitte, Millman Inc., Ernst & Young and KPMG Singapore.
Insular Life also recently won the Reader’s Digest Trusted Brand Gold Award in the life insurance category, scoring significantly high in the criteria of trustworthiness and credibility, quality, value, understanding of customers’s needs, innovation and social responsibility.
In 2016 it was recognized as one of the Most Innovative Companies of the Year by the Asia CEO Awards and has topped the Asean Corporate Governance Scorecard for the life-insurance sector in 2015 and 2016.
The Insurance Asia Awards aims to honor companies that rise above the challenges and recognize their initiatives that make the most of the lucrative opportunities in the market. It is given by the Asian Banking and Finance Magazine, the leading publication for banking and finance executives in Asia.