With 102 high-quality nominations received, the process of selecting the winners for the 3^rd Asia Insurance Industry Awards was arduous but interesting, throwing up several definitions of what ultimately constitutes excellence. It is just the financial performance, corporate governance and the ability to respond to change or more with value-added innovative products and services for customers and adding that "definite extra" to lift the industry as a whole to higher levels. The panel of 15 judges, three in London and 12 in Asia, had to draw distinctions between contribution to corporate bottom line, and to the domestic industry. In certain categories like that of reinsurance broker and reinsurer, they took into account the regional contributions and commitments as well. In the lengthy discussions at the judging, especially in Singapore, the judges took pains to ensure that they were "very fair" and just not merely rewarding names with popular brand appeal.
     In the spirit of the Awards, the quest was for excellence. Every nomination was treated seriously and no one was discriminated against. As in the past, the awards decision is made on a two-step process.
     At the first level, of the 102 nominations received, the Editors of The Review and Asia Insurance Review shortlis the candidates to the top four for each category. This list with a 500-word write-up of each nominee is presented to the judges, themselves leaders of the industry and/or regulators. The judging was done using a points-scoring system so that decisions in each category were not always unanimous. It must be recorded that judges who has an interest in a particular nomination abstained from voting on that category - three such instances occured at the judging. KPMG Peat Marwick in Singapore acted as the independent auditor for the judging and Ms Carol Eapen, a partner of the firm, tallied the results going through each judge's choices carefully.
     If there was a tie, then the Hononary Chairperson of the Judging Panel would then have the casting vote. In this instance, there was no such necessity.
     The panel of 15 judges selected a team of winners whom we are confident will add to the Asian insurance industry's march towards greater profile and excellence.

Source: Asia Insurance Review