Delta Underwriting named Insurance Asia News MGA of the Year 2023
By securing Insurance Asia’s Managing General Agent (MGA) of the Year 2023 award, Delta Underwriting has stamped its authority on the Southeast Asian market as the insurer of choice for cyber and technology risk, and financial line products. The company was awarded the accolade for the second time running.
In their 8th year, the Insurance Asia Awards is one of the most prestigious award programmes in the Asia Pacific (APAC) region and recognise companies making a significant impact with exceptional products, services, and solutions.
Delta Underwriting’s Managing Director, Eugene Cheong, says it has been a busy year. “After winning MGA of the Year back in 2022, we maintained momentum by enhancing our existing products and adding new offerings in an environment where insurance has never been more important,” he says.
Eugene explains Delta’s goal is to become the region’s leading provider of cyber and technology insurance. “This depends on in-depth expertise and careful risk management which seeks prevention of cyber and technology incidents rather than merely remediating them. This message resonates with intermediaries and customers, while they find the risk management tools we provide as a component of our insurance cover, invaluable for improving risk posture.”
Innovations in the Delta product offering have included introducing Personal Cyber Protection. This protects individuals against the consequences of cyber-attacks, including offering enhanced protection with access to threat monitoring services.
Delta Underwriting’s threat monitoring tool is an integral component, helping individuals understand and sharpen their cybersecurity stance and avoid becoming victim to today’s increasingly sophisticated attacks. The tool assesses and assigns risk ratings against individual’s computing or mobile devices, as well as help to monitor mobile phone numbers, email addresses and credit cards for any leaked or stolen credentials. This allows individual insureds to proactively address any gaps in their cybersecurity posture.
Further adding to Delta Underwriting’s credentials, is the achievement of PA-2 Excellent performance assessment from AM Best, which is a first within APAC. The USA-based global credit rating agency specializing in reviewing the insurance industry reviewed both Delta’s New Zealand and Asia businesses. Delta Underwriting remains the only MGA that is rated in APAC.
“This represents an important APAC-wide ‘first’ for Delta, and an assurance of the quality and dependability of our insurance solutions and our business operations,” Eugene notes.
While pleased at securing the award, he says there is always more work to be done. “As a specialist underwriter, our focus is on understanding the market and identifying new risks where we can ease the conduct of business for our customers. Our intermediaries play a crucial role in this process, not only taking our products to market, but providing feedback on what customers want and need. As we look forward to 2024, Delta Underwriting will keep innovating, and continue growing the insurance market across the APAC region and beyond.”
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