Research and development of new risk control model attracts international attention
TAIPEI, April 28, 2023 /PRNewswire/ — Cathay Life Insurance has once again been recognized for its expertise, taking home the company’s fifth Model Insurer Award from Celent, the global consulting and research company. As an authoritative consulting organization in the financial technology industry, the Celent Model Insurer Award is one of the highest industry honors that can be received.
Cathay Life Insurance receives fourth Celent Model Insurer Award for its integration of data analysis and AI for multifaceted risk management.
With innovative digital services and data as its core strength, Cathay Life stood out amongst the competition of 260 submissions from 170 financial institutions in more than 50 countries with its Cathay Eye Intelligent Risk Control Model and claiming the prize in the category of Data, Analytics and AI. The company is also the only insurance company in Taiwan to have received an award in 2023.
Pertaining to system and data, the Cathay Eye Intelligent Risk Control Model provides a brand-new risk classification method for the life insurance industry. By leveraging the substantial amount of data available to the company, Cathay Life was able to expand the scope of application to other areas, including personal health risks, simplifying the processes of marketing, underwriting, product design, and more. The new model is one of the few in the global insurance industry that can control and manage multi-faceted risks, effectively providing customers with better insurance experience.
"We hope to use data analysis and new technologies to provide customers with a new insurance experience. Cathay Eye allows us to view Taiwan’s insurance industry in a more innovative way, which is also a catalyst for change," said Sun Zhide, Senior Vice President of Cathay Life Insurance.
The multi-disciplinary approach of using risk models to solve business challenges, demonstrating innovative applications in the insurance value chain, and showcasing the commercial value of AI models in the insurance industry was also winning aspects considered by the awards panel.
"The Model Insurer Award aims to commend insurance companies for using technology to change the face of the insurance industry, and Cathay Life’s Cathay Eye model is a successful case worthy of reference by the industry. In the long run, Cathay Eye can be applied to the entire insurance industry to help drive a sustainable and positive direction for the future," added Max Ang, Senior Analyst at Celent.
Cathay Life Insurance believes that in the era of digital transformation, talent is the key to sustainable operation. Being data-driven is not only confined to those in the data analysis department; all cross-disciplinary talents should be nurtured and groomed. Having embarked on the mission of training at least 20% of its staff within five years to become adept with data two years ago, this latest win demonstrates Cathay Life’s commitment to leading industrial innovation and helping customers, as well as cementing its top position in the field of insurance technology.
By the end of last year, the company had cultivated 7% of back-office employees and 129 data scientists to use analytical skills to improve work efficiency and assist in decision-making. Cathay Life will continue to invest resources in training its talent and firmly believes the process is akin to putting together a strong operational foundation, which will only create stronger momentum to lead industrial transformation and innovation.