Celent, a global research and consulting company, has recognized Cathay Life Insurance for its expertise. This is the fifth Model Insurer Award that the company has received. Celent is a leading consulting firm in the financial technology sector, and the Model Insurer award is the highest honor that an industry can receive.
Cathay Life’s Cathay Eye Intelligent risk control model, which is based on innovative digital services, stood out from the competition, which included 260 submissions by 170 financial institutions across more than 50 different countries. It won the award in the category Data, Analytics, and AI. It is the only company in Taiwan that has received an award for 2023.
The Cathay Eye Intelligent Risk Control Model, which is based on data and system, provides a new method of risk classification for the life insurance sector. Cathay Life has been able to use the vast amount of data it has available to expand its scope of application, which includes personal health risks. This allows the company to simplify the marketing, underwriting and product design processes. The new model, which is unique in the global insurance market, can manage and control multi-faceted risk. This allows customers to have a better experience with insurance.
A panel of judges also praised the multi-disciplinary approach to solving business challenges using risk models, the innovative applications of AI in the insurance sector, and the commercial value of AI in the industry.
Cathay Life Insurance is convinced that talent, in an era of digitalization, is key to a sustainable operation. Data-drivenness is not limited to the data analysts; it should encompass all talents across disciplines. Cathay Life, which set out two years ago to train at least 20% its staff to be adept with data within five years, has now achieved this new win. This demonstrates Cathay Life’s commitment to leading industry innovation, helping customers and cementing its position as the top insurance technology company.
By the end last year, Cathay Life had trained 7% of its back-office staff and 129 data analysts to use analytical skills in order to improve their work efficiency and aid in decision-making. Cathay Life is committed to investing in its talent. The company believes that this process will create a stronger foundation for industrial transformation and innovation.
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