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identify innovative ideas to improve insurance business.

A Data Innovation Challenge hosted by Great Eastern based on comprehensive data schema and descriptions.

Go to Challenge     Download Case Study

great eastern insurance innovation challenge

Great Eastern Life Assurance Pte Ltd founded in 1908, has been providing insurance protection to individuals, families and businesses for over 100 years. The company has grown over the years and now offers a wide range of products including life insurance, health insurance, personal accident, general insurance, travel insurance, investment-linked plans and employee insurance.

How then, can Great Eastern Life Assurance Company Limited improve its insurance business and at the same time ensuring the benefit of their customers? Would providing customers the confidence in purchasing a policy at a cost-effective rate generate more sales or would hiring and retaining the right talents anchor its business to a stronger position? Could anomaly detection also help identify and mitigate risks more efficiently than how it is being conducted currently?

why you should join

Ever wondered why some people buy insurance and some don’t? Is it because of cost or is it because some do not see the need? More often, the consequences of not getting an insurance policy can cause severe economic grief to an entire family compared to the cost of being a policy holder. Coupled with the rise in healthcare costs and inflation, the importance of having an insurance policy is more necessary than ever.

 

With the changes in the global economy and population demographics, can you provide an innovative idea on how insurance businesses can be improved to provide better services to consumers and in turn, grow its revenue?

 

details

Challenge Statement

With the changes in the global economy and population demographics, can you provide an innovative idea on how insurance businesses can be improved to provide better services to consumers and in turn, grow its revenue?
Select the fields from the data schema provided and propose how a model can be built to innovate upon Great Eastern’s insurance business.

Evaluation Metric

Not applicable.

Schedule

Period 26 Days
Start Wednesday – 3 September 2014
End Sunday – 28 September 2014

Prizes

1st Prize : SG$ 4,000
2nd Prize : SG$ 2,000
3rd Prize : SG$ 1,000

partners

Related News

Winners of Great Eastern Insurance Innovation Challenge
21st October 2014, DEXTRA Blog Post

Marketing Analytics and Risk Predictions Workshop
18th September 2014, DEXTRA Blog Post

Great Eastern Insurance Innovation Challenge Launch
3rd September 2014, DEXTRA Blog Post

about the host

 
Great Eastern

Great Eastern Life Assurance Company Limited

Founded in 1908, Great Eastern is the oldest and most established life insurance group in Singapore and Malaysia. With S$61.8 billion in assets and around 4.7 million policyholders, it has three successful distribution channels – a tied agency force, bancassurance, and a financial advisory firm, Great Eastern Financial Advisers. The Group also operates in Indonesia, Vietnam and Brunei and has a joint venture in China as well as a representative office in Myanmar. It was named Life Insurance Company of the Year at the Asia Insurance Industry Awards in 2011 and 2013 by Asia Insurance Review.

Great Eastern Life Assurance Company Limited has been assigned the financial strength and counterparty credit ratings of ‘AA-‘ by Standard & Poor’s since 2010, one of the highest among Asian life insurance companies.

In 2012, Great Eastern refreshed its brand purpose to be a LIFE company, going beyond the traditional role of an insurance company to actively help customers live healthier, better and longer. This is supported by an integrated health and wellness Live Great programme – which provides wellness tools, mobile apps, health tips, workshops and events as well as exclusive privileges – that helps and rewards customers in their journey to better health.

 

The Group’s wholly-owned subsidiary, Overseas Assurance Corporation (OAC), which was founded in 1920, is the oldest composite insurer in Singapore handling both life and general insurance. Through an exclusive bancassurance partnership with OCBC Bank, OAC’s life insurance products are distributed through OCBC’s banking network throughout Singapore since 2000. OAC also distributes a wide range of commercial and personalised general insurance products through brokers, agents, bancassurance and direct channels.

Great Eastern’s asset management subsidiary, Lion Global Investors Limited, is one of the largest private sector asset management companies in Southeast Asia.

Great Eastern is a subsidiary of OCBC Bank, the second largest financial services group in Southeast Asia by assets. It is one of the world’s most highly-rated banks, with an ‘Aa1’ rating from Moody’s and was also ranked by Bloomberg Markets as the world’s strongest bank in 2011 and 2012.

data and resources

 

Data.zip

A data schema of the available fields captured in the newly acquired data warehouse will be provided. All available fields will be accompanied with a description of the fields and the type of value (text, numbers etc).

Submission templates.zip

Submission templates for participant to use in providing recommendations and ideas for the challenge.


FAQ

 

Can I submit more than 1 idea?

Yes, you can submit more than 1 idea by adding a one line summary on your idea in the comments section during each submission.

What if I submit more than once for the same idea (as I had to make some changes)?

We will take your latest submission as the final entry for that particular idea.

Should we propose our idea based on an innovative business model (non-data analysis) or a data analysis model to enhance profit of company's business?

The challenge is not limited to data analysis modelling. Your innovative and creative ideas to improve overall business model is welcomed. However, it would be perfect if you can support your ideas with simulation data, assumptions, and data analysis model. You should try to cover as many sections as possible from judging criteria.

I read that Great Eastern Life Assurance Company is offering Workmen Compensation Insurance. However, given database schema doesn't have that component. In this case, I wonder whether or not we can use algorithm to reduce risk in this area.

Workmen Compensation Insurance is under General Insurance Policies. Given the limited data available on this type of insurance, it’s up to your creativity to develop an algorithm on this area. Do make sure you present your idea well with value proposition and data analysis.

Can we add more attributes to the schema in order to improve the business model or to offer our model?

Judging criteria point (d) will cover for introduction of more possible attributes from outside and (e) will cover for introduction or recommendations of current data collections. Feel free to add more possible attributes (and suggestion to data collection process) to strengthen your proposal model strong and make sure to describe what are the new attributes you introduced and state your assumptions.


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