The BENCHMARK Awards are not simply handing out a rating or a trophy — they are programs designed to act on behalf of the customers to validate what is going behind the scenes of the providers and help providers do better each year. The process removes the sugar-coating and prettification and digs deeply into the providers’ operations, values, and practices. The method also holds the companies accountable for their behavior.
GRAND TITLE ANNOUNCEMENTS
| Grand Award Title | The Winner |
|---|---|
| Insurance Company of the Year | FTLife Insurance Company Limited |
Winners of the 2022 Awards Announced
The Sustainable Insurer awards are given to the top insurers who have an active presence in Hong Kong, whether a global or a local-based company. The sustainability score sets consider the Insurers' Governance and Dependability, Sustainability, and ESG implementation. These scores reflect the insurer's business longevity and safeness for customers' long-term planning and social responsibilities. Sustainability data is provided by Benchmark's sister company, BlueOnion, to analyze the insurer's ESG, UN Global Compact, Business Controversies, Alignment with the Paris-Climate short and long-term temperature, and UNGC alignment.
Benchmark is tired of seeing too many of the green, blue, SDG, ESG and Sustainability washing in the market and therefore wishes to set the bar with measurable KPIs. Companies are awarded based on transparent metrics. They can win on a merit basis only and nothing else.
Responsible Insurer of the Year 2022 | AXA Hong Kong and Macau |
| Outstanding Responsible Insurer | Generali Hong Kong |
| Outstanding Responsible Insurer | Zurich Insurance (Hong Kong) |
| ESG Integration - Best-in-Class | AXA Hong Kong and Macau |
| ESG Integration - Outstanding Achiever | Generali Hong Kong |
| ESG Integration - Merit | FTLife Insurance Company Limited |
Academy of the Year 2022: | FTLife Insurance Company Limited |
The “Academy of the Year" is awarded to the highest-scoring insurer with the best-in-class training and development commitment and execution in delivering professional education and training to their sales and support staff using the following metrics:
- Holistic design of the Program
- The intention of the training program
- Agility in terms of training delivery
- Technology usage and ultimate effectiveness
- Clarity and effectiveness of KPIs and ability to achieve them
- Talent Acquisition and Retention
- Correlation between the training program and Customer protection
- The measurable success of the training program
- Commitment to promoting Diversity and offering equity to minority equal opportunities
Best-in-Class: | FTLife Insurance Company Limited |
The category reviews the insurers' marketing support and ideas generation within the broker's servicing segments, their digital offerings to access client data and ease of administrative support, proper product mapping, etc. together with the metrics below::
- Holistic design of the Broker Support Program
- Ability to learn from the Voice of the Brokers
- Training depth and content
- Technology usage and ultimate effectiveness
- Brokers Accountability towards clients' goal alignment
- Service Levels to Intermediaries and Clients
- Claims management and effectiveness
- Ease of access and servicing by Technology – web, mobile, and portals
- Ability to understand broker behavior for better service designs
- Commitment to taking an ethical approach and putting client interests before revenues
- Transparency with clients directly and through intermediaries
- Fraud Prevention against claims and mis-selling
Best-in-Class: | Zurich Insurance (Hong Kong) |
The ILAS Product Awards are given to insurers who have earned the highest scores over 5 Pillars of Strengths:
Pillar 1: Value for Money
Value for Money – What each $1 will buy for the customers in return. The product metrics measure premium leverage based on the following:-
- Comprehensive Coverage
- Range of Investments available on the menu
- Return on their money such as Breakeven, I.R.R., Guaranteed Interests, etc.
- Flexibility such as payment holidays, withdrawal options, convertibility
Pillar 2: Comfort and Experience
Comfort and Experience – The insurer's ability to provide a comfortable environment for customers to do business with. The score sets are based upon the capability in handling claims, ease of doing business such as digital access and after-hours support, account opening, problem-solving capabilities, and agents' fair dealing with the following metrics:-
- Use of Technology and Ease of Access
- Understanding of Client Behavior
- Claims Handling and Management
- Product Accessibility to all customer segments
- After-sale Support and Service Level
Pillar 3: Governance and Dependability
Governance and Dependability – Measures the risk of customers' safety in their purchase with the insurer. The score sets reflect the insurer's business longevity and safeness for customers' long-term planning with the following metrics:-
- Financial Strength in consideration of ratings, solvency ratios, and AUM
- Fund Onboarding and Due Diligence
- Risk Management for Asset Under Management such as liquidity and investment/divestment bases
- Corporate Risk Management including risk committees, board expertise, and staff risk training
- Focus and Priorities on Risk Management including fraud prevention and external intermediary training and activities monitoring
Pillar 4: Sustainability and ESG
Sustainability and ESG – Measures the insurer's Participating funds' sustainable investment policies and the extent the insurer is walking their talks in being a responsible insurer with the following metrics:-
- The integration of ESG to their Asset Under Management for investment instruments selected
- Transparency in disclosing their underlying investment policies for policyholders participating benefits
- Commitment in doing no harm to society and promoting social good
- Commitment to promoting Diversity and offering equity to minorities equal opportunities
- Being a responsible shareholder and Transparency in voting disclosure
Pillar 5: Business Growth
Business Growth – The health of where business sources are diversified and whether the company adopts responsible business practices and growth is sustainable based on the following metrics:-
- Responsible Marketing Practice
- Diversification of distribution channel
- Prioritizing the needs of the customers before revenues
- Health of business growth
Best-in-Class: | YF Life Insurance International Limited |
Outstanding Achiever: | AXA Hong Kong and Macau |
The Retirement Product Awards are given to insurers who have earned the highest scores over 5 Pillars of Strengths:
Pillar 1: Value for Money
Value for Money – What each $1 will buy for the customers in return. The product metrics measure premium leverage based on the following:-
- Comprehensive Coverage
- Special programs such as well-being and rehabilitation
- Waiting period and Survival Period
- Return on their money such as Breakeven, I.R.R., Guaranteed Interests, etc.
- Flexibility such as payment holidays, withdrawal options, convertibility
Pillar 2: Comfort and Experience
Comfort and Experience – The insurer's ability to provide a comfortable environment for customers to do business with. The score sets are based upon the capability in handling claims, ease of doing business such as digital access and after-hours support, account opening, problem-solving capabilities, and agents' fair dealing with the following metrics:-
- Use of Technology and Ease of Access
- Understanding of Client Behavior
- Claims Handling and Management
- Product Accessibility to all customer segments
- After-sale Support and Service Level
Pillar 3: Governance and Dependability
Governance and Dependability – Measures the risk of customers' safety in their purchase with the insurer. The score sets reflect the insurer's business longevity and safeness for customers' long-term planning with the following metrics:-
- Financial Strength in consideration of ratings, solvency ratios, and AUM
- Fulfilment History and Outlook for Non-Guaranteed Dividends and Bonuses
- Risk Management for Asset Under Management such as liquidity and investment/divestment bases
- Corporate Risk Management including risk committees, board expertise, and staff risk training
- Focus and Priorities on Risk Management including fraud prevention and external intermediary training and activities monitoring
Pillar 4: Sustainability and ESG
Sustainability and ESG – Measures the insurer's Participating funds' sustainable investment policies and the extent the insurer is walking their talks in being a responsible insurer with the following metrics:-
- The integration of ESG to their Asset Under Management for Participating Funds
- Transparency in disclosing their underlying investment policies for policyholders participating benefits
- Commitment in doing no harm to society and promoting social good
- Commitment to promoting Diversity and offering equity to minorities equal opportunities
- Being a responsible shareholder and Transparency in voting disclosure
Pillar 5: Business Growth
Business Growth – The health of where business sources are diversified and whether the company adopts responsible business practices and growth is sustainable based on the following metrics:-
- Responsible Marketing Practice
- Diversification of distribution channel
- Prioritizing the needs of the customers before revenues
- Health of business growth
Best-in-Class: | Generali Hong Kong |
The Whole Life Product Awards are given to insurers who have earned the highest scores over 5 Pillars of Strengths:
Pillar 1: Value for Money
Value for Money – What each $1 will buy for the customers in return. The product metrics measure premium leverage based on the following:-
- Comprehensive Coverage
- Special programs such as well-being and rehabilitation
- Waiting period and Survival Period
- Return on their money such as Breakeven, I.R.R., Guaranteed Interests, etc.
- Flexibility such as payment holidays, withdrawal options, convertibility
Pillar 2: Comfort and Experience
Comfort and Experience – The insurer's ability to provide a comfortable environment for customers to do business with. The score sets are based upon the capability in handling claims, ease of doing business such as digital access and after-hours support, account opening, problem-solving capabilities, and agents' fair dealing with the following metrics:-
- Use of Technology and Ease of Access
- Understanding of Client Behavior
- Claims Handling and Management
- Product Accessibility to all customer segments
- After-sale Support and Service Level
Pillar 3: Governance and Dependability
Governance and Dependability – Measures the risk of customers' safety in their purchase with the insurer. The score sets reflect the insurer's business longevity and safeness for customers' long-term planning with the following metrics:-
- Financial Strength in consideration of ratings, solvency ratios, and AUM
- Fulfilment History and Outlook for Non-Guaranteed Dividends and Bonuses
- Risk Management for Asset Under Management such as liquidity and investment/divestment bases
- Corporate Risk Management including risk committees, board expertise, and staff risk training
- Focus and Priorities on Risk Management including fraud prevention and external intermediary training and activities monitoring
Pillar 4: Sustainability and ESG
Sustainability and ESG – Measures the insurer's Participating funds' sustainable investment policies and the extent the insurer is walking their talks in being a responsible insurer with the following metrics:-
- The integration of ESG to their Asset Under Management for Participating Funds
- Transparency in disclosing their underlying investment policies for policyholders participating benefits
- Commitment in doing no harm to society and promoting social good
- Commitment to promoting Diversity and offering equity to minorities equal opportunities
- Being a responsible shareholder and Transparency in voting disclosure
Pillar 5: Business Growth
Business Growth – The health of where business sources are diversified and whether the company adopts responsible business practices and growth is sustainable based on the following metrics:-
- Responsible Marketing Practice
- Diversification of distribution channel
- Prioritizing the needs of the customers before revenues
- Health of business growth
Best-in-Class: | FTLife Insurance Company Limited |
Outstanding Achiever: | AXA Hong Kong and Macau |
Healthcare Product
Key metrics include:
- Financial Strength – The ratings and sustainability ratios of the company. Strength of the parent group and commitment
- Product Strategy – The product's commitment to satisfying long-term goals and objectives and its unique propositions.
- Product Features – Rates and premiums, flexibility, maximum renewability, cash value and policy convertibility, additional riders, maximum age of entry, pre-existing condition coverage, exclusions, inclusions, etc.
- Value for Money – Comprehensive list of covered illnesses, cashless treatment, rehabilitation programs, waiting period, survival period, no claim bonuses, medical check-up facility, claim settlement ratio, preventive health check-ups, etc…
- Business – Distribution platform and business growth
- Customer Care – The customer segment, the technology the company has adopted for customers to make claims, shop, get quotes, and buy products with
- Social Responsibility – Agency and broker training rigor, transparency of policies, clarity of marketing materials, accessibility, affordability, etc.
- Appendices A video link, screen captures, photos, etc.
Outstanding Achiever:
FTLife Insurance Company Limited
The candidates are required to justify how their Social media engagement activities connect and communicate effectively with their distribution partners and customers. The candidates are being assessed by the metrics below: