11th Anniversary
USHERING IN A NEW ERA FOR RESPONSIBLE INSURANCE
Tuesday, 24th November, 2020 starting at 7:30 pm. Virtual Awards
ABOUT THE AWARDS
These awards are designed to assess recognize and celebrate innovation, prudence and stability in the sector by recognizing individuals and organizations that have exemplified outstanding performance in the sector over the past financial year.
The awards process focusses firstly and most importantly on financial stability and growth of companies. In addition, the process seeks to celebrate companies embracing innovation in product development and distribution, enhanced risk management practices, investing in the profession, adoption of good corporate governance practices, as well as engaging in sustainable social corporate projects.
The awards are organized by Think Business Limited, a strategic research and publishing company, specializing in the financial sector data and information.
| Date | Activities | Participants | |
|---|---|---|---|
| 01 | Wed, 7th Oct 2020 | Insurance Awards Portal Launch | Underwriters, Brokers and Others |
| 02 | Wed, 7th Oct 2020 - Thu 19th Oct 2020 | Training of participants on the use of the portal | Underwriters, Brokers and Others |
| 03 | Wed, 7th Oct - Fri 6th Nov 2020 | Entry Submission | Underwriters, Brokers and Others |
| 04 | Mon, 19th Oct - Fri. 6th Nov 2020 | Customer Satisfaction Survey | All Underwriters, Brokers |
| 05 | Mon, 9th Nov - Fri. 13th Nov 2020 | Judging Process | Local and foreign industry experts |
| 06 | Tue, 24th November 2020 | Virtual Awards Ceremony | Underwriters, brokers and others |
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Life Insurer of the year
These awards is given in recognition of leadership in the industry ‘s long term business; through innovation in product offerings, thought leadership, financial soundness, enhancing stability through adoption of strong risk management policies as well as good corporate governance.
Who qualifies to enter:
All life insurance underwriters.
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Best Insurance Company in Product Innovation
Entry is open to all products in the insurance sector that entrants feel are the most innovative. The judges will be looking for breakthrough products developed through cutting edge design, research and development that has redefined the market by improving usability, access and value to the customer.
Who qualifies to enter:
All insurance companies licensed and regulated by IRA.
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Claims Settlement Award - General Insurance
Efficient and timely settlement of valid claims is the most important function of every insurance company. This award recognizes the general underwriter that has put in place an efficient claims settlement process and has demonstrated its ability to settle claims promptly.
Who qualifies to enter?
All licensed General Insurance underwriters
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The Most Customer-centric Underwriter - General
The category looks at the overall customer experience with their general underwriter. A Customer satisfaction survey commissioned by Think Business and conducted by Infotrak, amongst other information derived from entry document will be used to determine the winners.
Who qualifies to enter:
Insurance Companies involved in the underwriting of the general business.
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This award seeks to recognize firms in the insurance sector, who incorporate social responsibility (CSR) and sustainability holistically in their business. These companies are seen as trust-worthy businesses that genuinely care for employees, customers and the communities they operate in.
Who qualifies to enter:
All firms in the insurance industry
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Fraud detection and prevention Initiative: Outsourced partner
Fraud is becoming prevalent in the insurance sector especially with the increased adoption of technology. It is incumbent upon players in the insurance industry other than underwriters to also put in place robust fraud detection and prevention measures to avoid making losses. How has this been exemplified in your company
Who qualifies to enter:
Brokers, loss assessors and adjusters, investigators and all firms engaged loss assessment.
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General Insurer of the Year
This awards is given in recognition of leadership in the industry’s short term business:
through innovation in product offerings, thought leadership, financial soundness, enhancing stability through adoption of strong risk management policies as well as good corporate governance.
Who qualifies to enter:
All general insurance underwriters.
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The Risk Management Award
Insurance is a cover against risk. Risk management is therefore a very critical undertaking for any insurance company. This award recognizes the company demonstrates that it’s risk management measures have concretely monitored, minimized and controlled the impact of uncertainties in its business.
Who qualifies to enter:
All Insurance underwriters
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The Major Loss Award
Large claims do happen. The impact of such claims on the financial standing of an underwriter can be devastating if proper risk management measures are not in place. This award recognizes the underwriter that has promptly settled a significant loss.
Who qualifies to enter?
All licensed Life and General Insurance underwriters, loss adjusters and all firms engaged in responding to major losses.
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Medical Underwriter of the Year-Personal
Medical underwriting is steadily becoming an important class of insurance in the Kenyan market. This award recognizes the company that offers the most robust and efficient personal medical cover(s) profitably.
Who qualifies to enter:
Specialized medical underwriters as well as other underwriters that offer personal medical insurance as a product.
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Medical Underwriter of the Year-Group Medical
Medical underwriting is steadily becoming an important class of insurance in the Kenyan market. This award recognizes the company that offers the most robust and efficient group medical cover(s) profitably.
Who qualifies to enter:
Specialized medical underwriters as well as other underwriters that offer group medical insurance as a product
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Best Insurance Company in Product Distribution and Marketing
The judges typically assess the product that was presented and delivered most effectively to the market. The winning entry will be that product that offers greater value to the customer based on the core elements of marketing – the insurance pricing model, distribution network, promotional strategy and value addition of the product. Through the Customer Satisfaction survey (conducted by an independent research firm), insurance customers are also asked to state what insurance products were effectively sold to them. The team of expert judges then pick the winners from a weighted score, determined also by the volume of actual business attracted by the marketing process.
Who qualifies to enter:
All firms in the Insurance Industry offering products to the market.
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Best Insurance Company in Technology Application
Technology is dramatically changing how insurance companies interact with their customers. From premium payments to claims settlement, to internet, mobile and digital transaction services. This award recognizes companies that have greatly benefited from the technology that they have deployed.
Who qualifies to enter:
All insurance underwriters, Insurance Brokers, Insurance Agencies.
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Claims Settlement Award - Life Insurance
The easy and timely settlement of a valid claim is the most important function of every insurance company. This award recognizes the life underwriter that has put in place an efficient claims settlement process and has demonstrated its ability to settle claims promptly.
Who qualifies to enter:
All licensed Life Insurance underwriters
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Fraud Detection and Prevention Initiative: Underwriters
Fraud has become prevalent in the insurance sector especially with the increased adoption of technology. Underwriters must therefore put in place robust fraud detection and prevention measures to avoid making losses. How has this been exemplified in your company
Who qualifies to enter:
All licensed Life and General Insurance underwriters
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The Most Customer-centric Underwriter - Life
The category looks at the overall customer experience with their life underwriter. A Customer satisfaction survey commissioned by Think Business and conducted by Infotrak, amongst other information derived from entry document will be used to determine the winners.
Who qualifies to enter:
Insurance Companies involved in the underwriting of the Life business.
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The Training Award
This award recognizes the insurance company that can best demonstrate excellence in the delivery and development of knowledge or skills for its staff.
Who qualifies to enter:
All firms in the Insurance Industry.
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PSV insurer of the year
This award recognizes the company that offers the most robust and efficient Public Service Vehicle (PSV) cover(s) profitably.
Who qualifies to enter:
Insurance Companies involved in the underwriting of the PSV insurance.
PART B: Insurance Brokers Category
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Overall Best Insurance Broker of the Year
The awards is given in recognition of an outstanding insurance broker, leading in innovation, financially stable and growing, with excellent customer service as well as contributing positively to the overall growth of the industry.
Who qualifies to enter:
All Insurance Brokers.
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General Broker of the Year
The awards is given in recognition of an insurance broker, leading in the corporate line business with regard to product and service offering, innovation, and excellent customer service.
Who qualifies to enter:
Insurance brokers, agents and independent intermediaries.
Underwriters are encouraged to nominate
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Medical Broker of the Year
The awards is given in recognition of an insurance broker, leading in the corporate line business with regard to product and service offering, innovation, and excellent customer service.
Who qualifies to enter:
Insurance brokers, agents and independent intermediaries.
Underwriters are encouraged to nominate
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Best Broker in Technology Application
Technology is dramatically changing how insurance companies interact with their customers. From premium payments to claims settlement, to internet, mobile and digital transaction services. This award recognizes companies that have greatly benefited from the technology that they have deployed.
Who qualifies to enter:
All Insurance Brokers.
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Personal Lines Broker of the year
The awards is given in recognition of an insurance broker, leading in the personal line business with regard to product and service offering, innovation, and excellent customer service.
Who qualifies to enter:
Open to all Insurance brokers, agents and independent intermediaries. Underwriters are encouraged to nominate
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Life Broker of the Year
The awards is given in recognition of an insurance broker, leading in the Life business with regard to product and service offering, innovation, and excellent customer service.
Who qualifies to enter:
Insurance brokers, agents and independent intermediaries.
Underwriters are encouraged to nominate
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The Most Customer-centric Broker
The category looks at the overall customer experience with their life underwriter. A Customer satisfaction survey commissioned by Think Business and conducted by Infotrak, amongst other information derived from entry document will be used to determine the winners.
Who qualifies to enter:
All Insurance Brokers
PART C: Individual Recognition Category
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Young Insurance Achiever of the year
This category aims at show casing tomorrow’s pacesetters in the Kenyan insurance industry. The entrant should be below 35 years and working in the insurance sector. The entrant should have shown the ability to generate new ideas, drive innovation and sustainable growth. Through his or her deeds (actions), the individual should have positively changed the fortunes his/ her institution to the benefit of customers, colleagues, counterparties, communities and the sector. Nominations may be submitted by the employing institution, supervisor/manager or any other person other than the nominee.
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Lifetime Achievement Award
This award is given to and individual who has spent at least 20 years in the insurance industry and has made outstanding and
lasting contribution to the growth, development and sustainability of the sector.
Institution are encouraged to nominate an active, retired or posthumous individual to be considered for the lifetime achievement award.
Submissions must be backed by evidence of the impact the individual’s contribution has had on the growth of the insurance industry in general.
Nominations may be submitted by insurance sector CEOs or key industry leaders. Self-nominations are also accepted.
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Corporate Risk Manager of the Year
Given to the individual who has shown leadership, creativity, and effectiveness in enhancing his/her organization’s risk management and/or contributed to the promotion of risk management. The company the individual works for must support the nominations.
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Chief Executive Officer of the year
This award shall be won by a chief executive of an underwriter in General or Life, deemed by the judges to have made the greatest contribution in the growth and sustainability of their company’s business in 2018.
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