21st July, 2017Mumbai

Seventh Edition Award Winners

Opening Remarks

It has been seven years since the first set of Awards were given out across life, general and health insurance in 2011. The growing popularity of our Awards is something we are very proud of. We believe that it is a result of the credibility that we have been able to establish with respect to our evaluation process, and due to the caliber of our jury team.

At Fintelekt, we have been closely tracking the insurance industry for several years. And thanks to the Insurance awards, we find ourselves at a unique advantage of having documented the progress and achievements of the insurance industry. Through our Awards, we have recognised the evolution of customer service, simplification of products, innovations in technology, growth of bancassurance, rise of the online channel, and many such trends. Our endeavor is to make the Awards more and more inclusive and comprehensive in scope and coverage.

This year, we have rebranded the Indian Insurance Awards to Fintelekt Insurance Awards and have integrated the Sri LankanAwards into the Fintelekt Awards this year. As we go along, our plan is to bring more geographies within Asia under the umbrella of the Fintelekt Insurance Awards, with the objective of eventually making the Awards programme a South Asian event and thereby more representative of the trends within the region.

Arpita Bedekar, Research Director, Fintelekt

Keynote Address

I recall that the Indian Insurance Awards were conceptualized and initiated in 2011, at a time when the industry was recovering from a low and was in dire need of encouragement and recognition. At the time, these were the only awards for the insurance industry and over the years, while others have tried to emulate similar awards, this one by Fintelekt remains by far the most credible and comprehensive platform to honour achievements of the insurance industry.

I have been delighted to be associated with these awards, in earlier years as a contender and winner, and now as jury member.Needless to say, the growing popularity of these awards through the years bears testimony to the integrity of the evaluation process and the transparency with which the awards are conducted, using publicly verifiable information and objective parameters declared well in advance.

The awards recognize companies across a variety of categories and have, over time, been modified to improve the scope and coverage, based both on industry feedback and with relevance to industry issues and increasingly maturing capabilities of insurers.

Kaushal K. MishraRetired CEO & MD of Tata-AIG General Insurance Co. Ltd.

Jury Committee - India

Shirish Pathak – Jury ConvenorManaging DirectorFintelekt Advisory Services Pvt. Ltd.

S B MathurMember (Part-time)IRDAI

V. ManickamSecretary GeneralLife Insurance Council

R ChandrasekaranSecretary GeneralGeneral Insurance Council

Kaushal K MishraFormer MD & CEOTata AIG General Insurance

R KrishnamurthyFormer Managing Director (Products and Distribution)Towers Watson

Jury Committee – Sri Lanka

Shirish Pathak – Jury ConvenorManaging DirectorFintelekt Advisory Services Pvt. Ltd.

Dr. Wickrema WeerasooriaInsurance Ombudsman of Sri Lanka

Manjula De SilvaChairmanNational Insurance Trust Fund

Upali SamarasingheSecretary GeneralInsurance Association of Sri Lanka

Winners as well as shortlisted finalists at the Fintelekt InsuranceAwards 2017 may choose to publicise their success by putting eitherthe logo of the Fintelekt Insurance Awards or an image of the trophyon their letterhead, business stationery, website, social media pagesand corporate literature such as brochures and annual reports.

Logo Usage GuidelinesWinners may use the following logo. A high-resolution version of thelogo may be downloaded from our website www.fintelekt.com/awardsThe award category must be mentioned below the logo in Calibri Fontas shown in the following example:

Branding Guidelines –Fintelekt Insurance Awards 2017

Best Product Innovation – Life Insurance

The logo may be stretched in proportion without disturbing the originaldimensions. The minimum size of the logo must be 105 (h) x 200 (w)pixels.In all online references, the logo must hyperlink to the following page:www.fintelekt.com/awards

Information about Fintelekt Insurance Awards 2017 may be used on alltypes of company literature or press releases in the following manneronly:

The Fintelekt Insurance Awards measure and acknowledge theachievements of the insurance industry in India and have become theundisputed and credible mechanism to rank industry players in acomprehensive and fair manner. For more information, please visitwww.fintelekt.com/awards.

ContactFor requests with reference to use of the logo for any other purposes,high-resolution images or any additional information about brand andlogo usage, please get in touch with Karishma Dattani atkarishma@fintelekt.com or call on +91 20 6510 9072.

About Fintelekt Insurance Awards

LIFE INSURANCE AWARDS - INDIA

1. Private Sector Life Insurance Company of the Year (Large Category) -SBI Life Insurance

2. Private Sector Life Insurance Company of the Year (Medium & Small Category) - IDBI Federal Life Insurance

3. Private Sector Claims Service Leader (Large Category) - Bajaj Allianz Life Insurance

4. Private Sector Claims Service Leader (Medium & Small Category) - Star Union Dai-ichi Life Insurance

5. Bancassurance Leader (Large Category) - SBI Life Insurance6. Bancassurance Leader (Medium & Small Category) - IDBI Federal Life

Insurance7. e-Business Leader (Large Category) - Max Life Insurance8. e-Business Leader (Medium & Small Category) - Aegon Life Insurance9. Agency Leader - Life Insurance Corporation of India10.Best Persistency - Kotak Life Insurance11.Best Product Innovation - Edelweiss Tokio Life Insurance12.Technology Innovation - PNB MetLife Insurance13.Social Inclusion - IndiaFirst Life Insurance14.Consumer Education Initiative - Canara HSBC Oriental Bank of

Commerce Life Insurance

Winners List

Winners List

GENERAL INSURANCE AWARDS - INDIA

1. Private Sector General Insurance Company of the Year (Large Category) - Bajaj Allianz General Insurance

2. Private Sector General Insurance Company of the Year (Medium & Small Category) - Tata AIG General Insurance

3. Claims Service Leader (Large Category) - New India Assurance4. Claims Service Leader (Medium & Small Category) - Universal Sompo

General Insurance5. Bancassurance Leader (Large Category) - ICICI Lombard General

Insurance6. Bancassurance Leader (Medium & Small Category) - SBI General

Insurance7. e-Business Leader (Large Category) - New India Assurance8. e-Business Leader (Medium & Small Category) - Reliance General

Insurance9. Personal Lines Growth Leadership (Private Sector) - Bajaj Allianz

General Insurance10.Personal Lines Growth Leadership (Public Sector) - New India

Assurance11.Commercial Lines Growth Leadership (Private Sector) - Reliance

General Insurance12.Technology Innovation - ICICI Lombard General Insurance13.Social Inclusion (Private Sector) - IFFCO Tokio General Insurance14.Social Inclusion (Public Sector) - New India Assurance15.Consumer Education Initiative - Bajaj Allianz General Insurance16.Best Product Innovation - Bajaj Allianz General Insurance

Winners List

STANDALONE HEALTH INSURANCE AWARDS - INDIA

1. Health Insurance Company of the Year - Star Health and Allied Insurance

2. Claims Service Leader - Apollo Munich Health Insurance3. Best Health Product Innovation - Aditya Birla Health Insurance

SRI LANKA

1. Excellence in Agency Distribution - Softlogic Life Insurance PLC2. Excellence in Claims Service - Softlogic Life Insurance PLC3. Best Product Innovation - Union Assurance PLC4. Micro-insurance Leader (Life Insurance) - HNB Assurance PLC5. Excellence in Medical Insurance - Fairfirst Insurance Limited6. Corporate Social Responsibility Initiative - Janashakthi General

Insurance Limited

OVERALL INDUSTRY AWARDS - INDIA

1. Third Party Administrator (TPA) of the Year - MD India Health Insurance TPA

2. Data Analytics Initiative of the Year - SBI Life Insurance

Private Sector Life Insurance Company of the Year (Large Category)

This award honours the leading life insurer of the country with overall leadershipin revenues, product mix, customer mix and business model effectiveness for thefiscal year 2016-17. The company should have demonstrated leadership inproduct portfolio, broad-based customer growth, and achieved significant marketshare growth at the same time keeping a sharp focus on overall profitability inthe life business.

SBI Life Insurance is Life InsuranceCompany of the Year among largecompanies in the private sector, due toits leadership position in the industryalong multiple factors – high premiumgrowth on a large base, growth in netprofit, high persistency, high claimssettlement rate, growth in thebancassurance channel, introduction ofnew products and focus on customerservice.

Life Insurance

Private Sector Life Insurance Company of

the Year (Large Category) 2017

Award Winner

Private Sector Life Insurance Company of the Year (Medium & Small Category)

This award honours the leading life insurer of the country with overall leadershipin revenues, product mix, customer mix and business model effectiveness for thefiscal year 2016-17. The company should have demonstrated leadership inproduct portfolio, broad-based customer growth, and achieved significant marketshare growth at the same time keeping a sharp focus on overall profitability inthe life business.

Among medium and small life insurancecompanies, IDBI Federal Life InsuranceCompany has demonstrated strongperformance along a number of keyparameters including premiums andpolicy growth and net profit growth.Additionally, the company has a highclaims settlement ratio and highpersistency rate, making it the LifeInsurance Company of the Year amongmedium and small companies.

Life Insurance

Private Sector Life Insurance Company of the Year (Medium & Small Category) 2017

Award Winner

Private Sector Claims Service Leader (Large Category)

This award honours the life insurance company that has demonstrated overallleadership and commitment to effective and speedy claims settlement. The juryseeks to honour the company which maintained the highest levels of clientservice, satisfaction and focus in claims handling in the year 2016-17.

Bajaj Allianz Life Insurance hasdemonstrated the highest claimssettlement rate for death claimsamong large life insurance companies,well supported by a low repudiationrate for death claims, speedysettlement metrics and lowoutstanding claim amount. Acombination of these factors makesthe company the Claims ServiceLeader among Large companies in FY2016-17.

Life Insurance

Private Sector Claims Service Leader (Large Category) 2017 Award

Winner

Private Sector Claims Service Leader(Medium & Small Category)

This award honours the life insurance company that has demonstrated overallleadership and commitment to effective and speedy claims settlement. The juryseeks to honour the company which maintained the highest levels of clientservice, satisfaction and focus in claims handling in the year 2016-17.

Star Union Dai-ichi Life Insurance hadthe best claims settlement rate fordeath claims in financial year 2016-17among the medium and small lifeinsurance companies, which alsoshowed a marked improvementcompared to the previous financialyear. Additionally, the death claimsrepudiation rate and outstandingclaims were also lowest within thegroup, making Star Union Dai-ichi LifeInsurance the Claims Service Leaderamong medium and small companies.

Life Insurance

Private Sector Claims Service Leader

(Medium & Small Category) 2017 Award

Winner

Bancassurance Leader

The Bancassurance Leader award recognizes the efforts of an insurance companyin forging strong bancassurance partnerships. The award-winning insurancecompany will have developed bancassurance as a significant distribution channeland leveraged it to achieve extended market reach, creation and distribution ofinnovative products and better engagement with the bank’s customers, making ita win-win situation for both, the bank and the insurance company.

SBI Life Insurance is being recognized asBancassurance Leader among largecompanies due to its continued focus on thebancassurance channel for businessacquisition, demonstrated through highgrowth rate in premiums in the year 2016-17. This was supported by significantimprovement in ticket size per policythrough bancassurance, high persistency aswell as low rate of complaints amongbancassurance customers.

IDBI Federal Life Insurance has beenadjudged Bancassurance Leader amongmedium and small life insurancecompanies for its continued focus on thebancassurance channel for businessacquisition, demonstrated through highgrowth rate of premium through banksand significant increase in averagepremiums per policy sold during financialyear 2016-17. An improvement in thepersistency rate as well as lowerproportion of complaints bybancassurance customers were alsosignificant contributors towards theaward.

Bancassurance Leader (Large Category) 2017

Award Winner

Bancassurance Leader (Medium & Small

Category) 2017 Award Winner

Life Insurance

e-Business Leader

This award seeks to encourage and honour a life insurance company that hasdeployed the online insurance channel effectively for marketing, lead generationand sales for the business. The award seeks to commend an insurer bringingspecial focus on this nascent distribution channel.

Max Life Insurance has beenpronounced winner for e-Businessamong large life insurancecompanies due to strong growth inthe segment that saw the number ofpolicies sold online more thandouble in financial year 2016-17 overthe previous financial year. Thecompany also recorded a rise inaverage premium sold per policy, aswell as an improvement in analready high persistency rate forpolicies sold online.

Aegon Life Insurance is thewinner in the e-Businesssegment for the fourthconsecutive year due to thecompany’s focus on online as asustainable distribution channel.In the financial year 2016-17, thecompany demonstrated highgrowth rates in terms of policiessold online, as well asimprovement in premium soldper policy.

E-Business Leader (Medium & Small

Category) 2017 Award Winner

e-Business Leader (Large Category) 2017 Award

Winner

Life Insurance

Agency Leader

This award is designed to honour a life insurance company that has achievedexcellence in the agency channel by demonstrating leadership in terms of both,the highest productivity and the highest efficiency in retail business acquiredthrough individual agents.

With its established agency network, theLife Insurance Corporation of India is theundisputed leader in this category. Infinancial year 2016-17, the company hadthe most productive agency force in termsof new policies sold per agent, as well asthe highest new business premiumcollected per individual agent among alllife insurance companies.

Life Insurance

Agency Leader 2017 Award Winner

Best Persistency

This award honours the life insurance company that has demonstratedimprovement as well as consistency in the retention of customers across theindustry. The jury members will consider the performance of the company onpremium as well as policy persistency as a trend over the last three financialyears.

Kotak Life Insurance demonstrated thehighest persistency rates, both on thebasis of premiums and policy numbers,further proving its leadership positionthrough continuous improvement inthese metrics over the last two years. Thecompany’s focus on selling right andproviding value to the customer is beingrecognized through the Best Persistencyaward.

Best Persistency 2017 Award Winner

Best Product Innovation

This award seeks to honour a life insurer that has launched an innovative productsetting the benchmark in terms of fulfilling an un-met customer need in thedomain. The product innovation, besides being an industry first, should havebeen well-received by the target audience. The jury, through this awardcompliments the product development thought-leadership of the recipient.

Edelweiss Tokio Life Insurance company’sproduct Wealth Ultima is a unit linkedproduct offering three benefits in one plan -systematic money plan, systematic transferplan and systematic withdrawal plan. Theproduct is being recognized for its simplicity,convenience provided to customers as wellas cost-effectiveness, making it the mostinnovative life insurance product of the year.

Life Insurance

Best Product Innovation 2017 Award Winner

Technology Innovation

This award is designed to recognize leadership in the advancement of theinsurance industry's products, distribution and services through technologyinnovation, and honours a company demonstrating the most innovative use oftechnology in terms of a solution delivering measurable business impact to thecompany and industry.

PNB MetLife Insurance is being honouredfor its technology initiative - conVRse - avirtual reality based customer servicingplatform providing a highly innovative andpersonalized service experience to thecustomer. It is the first instance of virtualreality being used to address customerservice in real-time. ConVRse has beenconceptualised and built in collaborationwith MetLife’s innovation center -LumenLab in Singapore.

Technology Innovation 2017 Award Winner

Social Inclusion

This award will honour the efforts of an insurance company proactively focusedon reaching out to the uninsured and under-insured segments. The awardeeshould have demonstrated excellence in terms of reach, business-volumes,focused product offerings and innovative business models and partnerships toservice the uninsured and under-insured. The consolidated performance of thecompany in rural areas, underpenetrated areas, micro-insurance products, andsocial sector schemes will be evaluated for this award.

IndiaFirst Life Insurance is being recognizedas Social Inclusion leader in the privatesector for its contribution to financialinclusion through its participation under thePradhan Mantri Jeevan Jyoti Beema Yojana(PMJJBY), and the company’s efforts in thearea of micro-insurance through innovativetie-ups and simple products for low incomefamilies and unbanked rural populations.

Life Insurance

Social Inclusion 2017 Award Winner

Consumer Education Initiative

This award recognizes the insurance company which has developed andimplemented a consumer education initiative such as a publicity campaign or aneducation drive for improving the awareness of insurance through any medium ofcommunication. The initiative will be judged for its innovative approach,creativity, clarity in delivering the message and in terms of its ability to create asustainable and measurable impact on consumer behaviour and awareness.

Canara HSBC Oriental Bank of CommerceLife Insurance Company’s initiative ProjectSamarth was an audio-visual campaignaimed at conveying the importance offinancial planning and life insurance. Thecampaign is being recognized for itsinnovativeness in reaching the targetaudience, content in local language andlarge reach through the digital medium.

Life Insurance

Consumer Education Initiative 2017 Award Winner

Private Sector General Insurance Company of the Year (Large Category)

This award honours the leading non-life insurer of the country with overallleadership in revenues, product mix, customer mix and business modeleffectiveness for the fiscal year 2016-17. The company should have demonstratedleadership in product portfolio, broad-based customer growth, and achievedsignificant market share growth at the same time keeping a sharp focus onoverall profitability in the non-life business.

Bajaj Allianz General Insurance has beenchosen the General Insurance Company ofthe Year among private sector largecompanies for its superior performance onmultiple parameters including premium andpolicy growth rates, net profit growth andclaims settlement. Bajaj Allianz GeneralInsurance had the lowest combined ratioamong general insurance companies. Alsonotable is the company’s focus ontechnology to improve customer experienceas well as its innovative product launches inthe financial year 2016-17.

General Insurance

Private Sector General Insurance

Company of the Year (Large Category)

2017 Award Winner

Private Sector General Insurance Company of the Year (Medium & Small Category)

This award honours the leading non-life insurer of the country with overallleadership in revenues, product mix, customer mix and business modeleffectiveness for the fiscal year 2016-17. The company should have demonstratedleadership in product portfolio, broad-based customer growth, and achievedsignificant market share growth at the same time keeping a sharp focus onoverall profitability in the non-life business.

Bajaj Allianz General Insurance has beenchosen the General Insurance Company ofthe Year among private sector largecompanies for its superior performance onmultiple parameters including premiumand policy growth rates, net profit growthand claims settlement. Bajaj AllianzGeneral Insurance had the lowestcombined ratio among general insurancecompanies. Also notable is the company’sfocus on technology to improve customerexperience as well as its innovativeproduct launches in the financial year2016-17.

General Insurance

Private Sector General Insurance

Company of the Year (Medium & Small

Category) 2017 Award Winner

Claims Service Leader (Large Category)

This award honours the general insurance company that has demonstratedoverall leadership and commitment to effective and speedy claims settlement.The jury seeks to honour the company which has maintained the highest levels ofclient service, satisfaction and focus in claims handling in the fiscal year 2016-17.

New India Assurance has the highestclaims settlement ratio among largegeneral insurance companies,supported by a low claim repudiationrate and speedy settlement rate,making it the winner in the ClaimsService Leader category for largecompanies.

General Insurance

Claims Service Leader (Large Category) 2017

Award Winner

Claims Service Leader (Medium & Small Category)

This award honours the general insurance company that has demonstratedoverall leadership and commitment to effective and speedy claims settlement.The jury seeks to honour the company which has maintained the highest levels ofclient service, satisfaction and focus in claims handling in the fiscal year 2016-17.

Universal Sompo General Insurancehad the highest claim settlementratio within the medium and smallgeneral insurance category,supported by a relatively lowrepudiation rate as well as speedysettlement rate, making it thewinner in the Claims Service Leaderamong medium and small generalinsurance companies.

General Insurance

Claims Service Leader (Medium & Small

Category) 2017 Award Winner

Bancassurance Leader

The Bancassurance Leader award recognizes the efforts of an insurance companyin forging strong bancassurance partnerships. The award-winning insurancecompany will have developed bancassurance as a significant distribution channeland leveraged it to achieve extended market reach, creation and distribution ofinnovative products and better engagement with the bank’s customers, making ita win-win situation for both, the bank and the insurance company.

ICICI Lombard General Insurance isbeing recognized as BancassuranceLeader among large general insurancecompanies on account of high growth inpremiums as well as policies soldthrough the bancassurance channel infinancial year 2016-17. The companyalso has a relatively low complaint ratioamong its bancassurance customerscompared to its peer companies.

General Insurance

SBI General Insurance had the highestgrowth rate for the bancassurancechannel among medium and smallgeneral insurance companies infinancial year 2016-17, qualifying it forthe Bancassurance Leader award.Bancassurance grew faster than otherchannels, contributing to a largerproportion of premiums compared tothe previous financial year. Thecompany also has the largest averagepremium per customer for itsbancassurance channel compared toother medium and small generalinsurance companies.

Bancassurance Leader (Large Category) 2017

Award Winner

Bancassurance Leader (Medium & Small

Category) 2017 Award Winner

e-Business Leader

This award seeks to encourage and honour a non-life insurance company that hasdeployed the online insurance channel effectively for marketing, lead generationand sales for the business. The award seeks to commend an insurer bringingspecial focus on this nascent distribution channel.

New India Assurance is the undisputedleader in the e-Business segment withhigh growth rate in policies sold as wellas premiums generated online over analready high base. Compared withother large general insurancecompanies, New India sells a morebroad-based portfolio online thatincludes motor, health, travel, fire andother insurance, which also contributesto its dominance in e-business.

General Insurance

Reliance General Insurancedemonstrated high growth rate inpolicies sold and premiumsgenerated online for financial year2016-17, making it the winner of thee-Business Leader Award amongmedium and small general insurancecompanies. The company sells avaried range of motor, travel, healthand other types of policies online.

e-Business Leader (Large Category) 2017

Award Winner

e-Business Leader (Medium & Small

Category) 2017 Award Winner

Personal Lines Growth Leadership

This award honours excellence in growth in the personal lines i.e. the retailcategory for a general insurer in India. The awardee should have witnessedconsistent and healthy growth in volumes, revenues and client base in 2016-17across all personal line segments in its business portfolio.

Among private sector companies,Bajaj Allianz General Insurance hadthe highest growth in the personallines, or retail business segment,supported by high renewal rate forretail policies. The company has asignificant focus on the retailsegment and had the largestaccretion in personal lines duringfinancial year 2016-17, among largeprivate sector companies.

General Insurance

New India Assurance had the highestgrowth in the personal lines businesssegment, and also the largestaccretion over the previous financialyear. The company’s focus on retailcustomers is witnessed in terms of arenewal rate for retail policies inexcess of 95%.

Personal Lines Growth Leadership (Private Sector) 2017 Award

Winner

Personal Lines Growth Leadership (Public

Sector) 2017 Award Winner

Commercial Lines Growth Leadership(Private Sector)

This award honours excellence in growth in the commercial lines i.e. institutionalcategory for a general insurer in India. The awardee should have witnessedconsistent and healthy growth in volumes, revenues and client base in 2016-17across all commercial line segments in its business portfolio.

Among private sector generalinsurance companies, RelianceGeneral Insurance had the highestgrowth rate in commercial linesbusiness segment. The company hasa large focus on MSMEs (Micro, smalland medium enterprises), making itthe company of choice for theCommercial Lines Growth LeadershipAward.

General Insurance

Commercial Lines Growth Leadership

(Private Sector) 2017 Award Winner

Technology Innovation

This award is designed to recognize leadership in the advancement of theinsurance industry's products, distribution and services through technologyinnovation, and honours a company demonstrating the most innovative use oftechnology in terms of a solution delivering measurable business impact to thecompany and industry.

ICICI Lombard General Insurance leads theway via its innovative technology initiative –Myra, a ChatBot which not only responds tocustomer queries in real time but alsoenables customers to buy / renew insurancepolicies over the chat window without anyhuman intervention. The initiative waschosen for its business impact andscalability potential, besides the innovationin creating a new touch point for customers.

Technology Innovation 2017 Award Winner

Social Inclusion

This award will honour the efforts of an insurance company proactively focusedon reaching out to the uninsured and under-insured segments. The awardeeshould have demonstrated excellence in terms of reach, business-volumes,focused product offerings and innovative business models and partnerships toservice the uninsured and under-insured. The consolidated performance of thecompany in rural areas, underpenetrated areas, micro-insurance products, andsocial sector schemes will be evaluated for this award.

IFFCO Tokio General Insurance winsthe Social Inclusion (Private Sector)Award for 2017 for its efforts atreaching out to the uninsuredpopulations and underpenetratedareas of the country through the saleof simple products such as homeinsurance, two-wheeler insuranceand crop insurance. The company’ssuccess in the micro-insurancesegment is also notable.

General Insurance

New India Assurance, the largestpublic sector general insurancecompany, is also the leader in SocialInclusion among the public sectorcompanies for its keen focus andsignificant success in reaching out tolow income populations throughmicro-insurance, its participation inthe government’s social sectorschemes and its reach and coveragein underpenetrated areas of thecountry.

Social Inclusion (Private Sector) 2017 Award

Winner

Social Inclusion (Public Sector) 2017 Award

Winner

Consumer Education Initiative

This award recognizes the insurance company which has developed andimplemented a consumer education initiative such as a publicity campaign or aneducation drive for improving the awareness of insurance through any medium ofcommunication. The initiative will be judged for its innovative approach,creativity, clarity in delivering the message and in terms of its ability to create asustainable and measurable impact on consumer behaviour and awareness.

The innovative Insurance AwarenessCampaign by Bajaj Allianz GeneralInsurance makes use of four differentmodes of communication – i.e. blog, videocommunication, quora, and Jiochat. Thecampaign was adjudged winner for itssustainability and potential scalability,quality of knowledge resources as well assuccess against defined objectives.

General Insurance

Consumer Education Initiative 2017 Award

Winner

Best Product Innovation

This award seeks to honour a general insurer that has launched an innovativeproduct setting the benchmark in terms of fulfilling an un-met customer need inthe domain. The product innovation, besides being an industry first, should havebeen well-received by the target audience. The jury, through this award,compliments the product development thought leadership of the recipient.

Drive Smart, by Bajaj Allianz GeneralInsurance is being awarded as the BestGeneral Insurance Product Innovation. DriveSmart is India’s first telematics based serviceoffering provided with a motor insurancepolicy, paving the way for usage basedinsurance in India through Big Dataanalytics. Besides being a market first, theproduct provides valuable insights tocustomers on their driving habits and healthof their vehicle through an easilyunderstandable user interface, and alsoallows the company to offer rewards andengage with its customers better byrewarding good driving behaviour.

General Insurance

Best Product Innovation 2017 Award Winner

Health Insurance Company of the Year

This award honours the leading standalone health insurance company of thecountry with overall leadership in revenues, product mix, customer mix andbusiness model effectiveness for the fiscal year 2015-16. The company shouldhave demonstrated leadership in product portfolio, broad-based customergrowth, and achieved significant market share growth at the same time keepinga sharp focus on overall profitability of the health business.

Star Health and Allied Insurance has beenadjudged the Standalone Health InsuranceCompany of the Year on account of highpremium growth during the financial year2016-17. Despite a fall in net profits for theyear, the company is being recognized forits efforts at growing the customer base,introduction of innovative insuranceproducts and the lowest combined ratiowithin the standalone health insurancesegment.

Standalone Health Insurance

Health Insurance Company of the Year 2017 Award

Winner

Claims Service Leader

This award honours the standalone health insurance company that hasdemonstrated overall leadership and commitment to effective and speedy claimssettlement. The jury seeks to honour the company which has maintained thehighest levels of client service, satisfaction and focus in claims handling in thefiscal year 2016-17.

Apollo Munich Health Insurance hasbeen named the Claims ServiceLeader among standalone healthinsurance for its high claimssettlement ratio, supported by arelatively low repudiation rate andspeedy settlement within the firstmonth of receiving the claim.

Standalone Health Insurance

Claims Service Leader 2017 Award Winner

Best Health Product Innovation

This award seeks to honour an insurer that has launched an innovative productthat has set the benchmark in terms of fulfilling an un-met customer need in thehealth insurance domain. The product innovation, besides being an industry first,should have been well received by the target end audience. The jury, through thisaward, compliments the product development thought-leadership of therecipient.

Activ Health, the product by Aditya BirlaHealth Insurance was selected winner amonghealth products of life, general andstandalone health insurance companies in FY2016-17 for its comprehensive andinnovative approach at ‘putting health at theheart of health insurance’. The product’sunique and engaging aspects include anincentivized wellness programme,management of chronic conditions,worldwide medical assistance and healthrewards through its mobile App.

Standalone Health Insurance

Best Health Product Innovation 2017 Award

Winner

Third Party Administrator (TPA) of the Year

This award seeks to recognize the sustainable performance of a third partyadministrator (TPA) in the healthcare insurance segment. The TPA would havedemonstrated healthy growth in policies placed, as well as excellence in claimsservicing. Assessment will take into account demonstrated growth in the numberof policies and premiums, claims servicing ratios and duration of settlement, andany efforts at efficiency improvement undertaken by the TPA in the fiscal year2016-17. Feedback and opinions about the performance of the TPA may besolicited from health insurance companies for this award.

MD India Health Insurance TPA has beenadjudged the TPA of the Year due to highgrowth in the financial year 2016-17 on alarge base as well as its role in processingclaims under government insuranceschemes. Besides, innovations in the areas ofpaperless claims management, awarenessbuilding through communication withcustomers, and efforts at standardization ofcosting, treatment and protocols in theindustry are being recognized through thisaward.

Overall

Third Party Administrator

(TPA) of the Year Award 2017

Winner

Data Analytics Initiative

This award honours the use of data analytics by an insurer targeted to achievemeasurable business impact in areas such as (but not limited to) improvement incustomer engagement, persistency, turnaround times, or reduction of costs. Theinitiative will be judged against how it measured up to specific objectives set bythe company.

The Data Analytics Initiative Awardstarted by Fintelekt in 2017 recognizesthe efforts of SBI Life Insurance for itsRenewal Predictive Analytics campaignto address the challenges faced in thepersistency management process, aswell as to adopt latest best practicesinto the process. The campaign wasadjudged winner for its structured andstrategic approach, significant businessimpact and scalability potential.

Overall

Data Analytics Initiative 2017 Award

Winner

Sri Lanka

Excellence in Agency Distribution

This award is designed to honour a life insurance company which has achievedexcellence in the agency channel by demonstrating the highest productivity aswell as efficiency in business acquired through individual agents. The parametersconsidered for evaluation will include the highest average ticket size and thehighest average agent productivity among life insurance companies.

Softlogic Life has been adjudged the Winnerfor Excellence in Agency Distribution for itssuperior agent productivity and averagepremium per agent among Sri Lankan lifeinsurance companies. The company’s focus onnurturing the agency channel towardsimprovement in sales productivity, sustainablecollection of premiums and improvement inpersistency is being recognized through thisaward.

Sri Lanka

Excellence in Claims Service

This award honours the life insurance company that has demonstrated overallleadership and commitment to effective and speedy claims settlement. Theparameters for evaluation will include volume and value of claims settled,average turnaround time for claims payment, repudiation rates and speed inclaims settlement.

Softlogic Life leads the way in claims settlementmetrics such as rate of settlement, speed ofsettlement and low repudiation. Supporting thestrong performance is the company’s focus onthe use of technology for improvement incustomer service through better empowermentand convenience during the claims settlementprocess, earning the company the Excellence inClaims Service Award for 2017.

Excellence in Agency Distribution 2017

Award Winner

Excellence in Claims Service 2017 Award

Winner

Best Product Innovation

This award seeks to honour a life insurer that has launched an innovative productsetting the benchmark in terms of fulfilling an un-met customer need in thedomain. The product innovation, besides being an industry first, should havebeen well-received by the target audience in terms of sales numbers.

The product Smart Health by UnionAssurance has been selected for the BestProduct Innovation – Life Insurance Awardfor its innovative features such as revivebenefit and multiplier benefit. The productwas a market first, and adjudged winner forits high market acceptance since launch.

Sri Lanka

Micro-insurance Leader (Life Insurance)

This award seeks to recognize the contribution of a life insurance company in thedelivery of affordable insurance to low income segments of the society.Parameters considered will be growth in reach as well as sum assured throughthe micro insurance business segment.

HNB Assurance is being adjudged Micro-Insurance Leader for its leadership position inmicro-insurance as well as significant growthachieved in the segment over the previousyear. The company’s emphasis in terms ofinvesting resources and developing a micro-insurance product which would benefit thosesegments of the society who have minimalaccess to mainstream financial products, isbeing recognized through this award.

Best Product Innovation 2017 Award Winner

Micro-insurance Leader (Life

Insurance) 2017 Award Winner

Excellence in Medical Insurance

This award honours excellence in growth in the medical insurance sector for ageneral insurer in Sri Lanka. The awardee should have witnessed consistent andhealthy growth in revenues, client base and segment profitability in 2016.

Fairfirst is being recognized for its leadershipposition within the Medical Insurancesegment in Sri Lanka in terms of the largestmarket share as well as high growthachieved over the previous year. Thecompany’s focus on retaining business,providing value added services to customers,and speedy claims settlement contributes toits performance in medical insurance.

Sri Lanka

Corporate Social Responsibility Initiative

This award seeks to honour a company that has executed a social responsibilitycampaign resulting in a significant and long lasting impact on an underprivilegedsection of the society. The campaign would be judged for its clarity of objectives,its impact and potential for sustainability.

The Appathon initiative by JanashakthiGeneral has been chosen as the CorporateSocial Responsibility Initiative for 2017, for itsemphasis on a pressing social issue andproviding a platform for the youngergeneration to contribute to the resolution ofthe problem. The Appathon was designed toleverage on new technology and expertise ofthe younger generation towards findingsolutions to the Sri Lanka’s traffic congestionissue.

Excellence in Medical Insurance 2017 Award Winner

Corporate Social Responsibility Initiative 2017 Award Winner

Arpita BedekarResearch DirectorFintelekt

+91 20 65109075arpita@fintelekt.com

Copyright FintelektR 2017. For limited circulation only.

For more information, contact

Oliver DicksonVice-PresidentFintelekt

+91 20 65109074oliver@fintelekt.com

Fintelekt Advisory Services Pvt Ltd401, One+, Near Pancard Club,S. No. 18/1, Baner,Pune 411045