MSIG Singapore revolutionises insurance through smart technologies

It utilises APIs, robotic process automation and artificial intelligence to enhance customer experience.

When MSIG Singapore decided to integrate robotics process automation (RPA) into its operations, it saw an unprecedented improvement in its services. For instance, the time it takes to register online travel claims and send an acknowledgement to customers, was slashed by over 70% in all, much to the satisfaction of its stakeholders.

“As a top league player in Singapore, MSIG plays an active role in driving the use of digital technologies to deliver better solutions and experience for our customers and partners,” says Michael Gourlay CEO, MSIG Insurance (Singapore) Pte. Ltd.

MSIG is a member of MS&AD Insurance Group, which is amongst the world’s ten largest general insurance groups. It offers a wide range of general insurance solutions across personal and commercial lines. Headquartered in Japan and with businesses across Asia, Europe and Americas, MSIG is the only general insurer with presence in every ASEAN country and is the number one general insurer by Gross Written Premiums in ASEAN including Hong Kong.

Top-notch service
MSIG has adopted low-code technologies such as APIs and robotics to help digitise its processes, drive efficiencies and enhance customer satisfaction. “Customers expect good service and it is our commitment to deliver on them. By integrating technology to the customer journey, we can deliver more efficient experiences for our customers,” Gourlay says. MSIG now utilises three bots - Mae the Chatbot, as well as virtual assistants Velma and Zac. Mae the Chatbot provides a humanised interface and handles more than 2000 questions on travel insurance per month, giving customers instant support on policy coverage and claims related questions. Meanwhile, Velma and Zac are RPA bots geared at processing high volume manual tasks accurately and efficiently.

“RPA has significantly improved our processing time by 70% for travel claims registration and about 80% for motor fleet policy processing,” Gourlay explains. “Aside from an improvement in the speed of processing, there is also a higher job satisfaction for staff, freeing up our employees to handle higherorder work such as assessing complex claims and servicing customers, and processing more complex policies.”

On the other hand, customers get their policy documents and claims outcomes more quickly, and processing accuracy stands at 100%. “This has a positive impact all the way down the value-chain as customers now do not have to contact us to ask about their claim or policy document, or to report an error. Customer satisfaction and internal efficiencies are improved,” Gourlay adds.

MSIG has also used API technology to transform digital payments and distribution partnerships. It was the first in the industry to implement FAST claims payment service in collaboration with a bank partner, enabling customers to receive real-time payment of their travel insurance claims payout directly credited into their bank account. This has shortened the waiting time to receive claims by four days. It has also launched a flight delay insurance by using API to connect with an insurtech startup’s travel assistant mobile app.

One-of-a-kind offerings
MSIG offers insurance solutions for both commercial and personal risk protection and they are distributed through its direct sales channel, agents, brokers, strategic partnerships and alliances.

“Developing innovative products is one way through which MSIG continues to deepen customer engagement,” says Gourlay.

Amongst MSIG’s leading-edge solutions are TravelEasy Pre-Ex, a travel insurance product that has no upper age limit and covers overseas hospitalisation expenses even for pre-existing ailments. Yet another is UMax, a telematics-based motor insurance that rewards customers for good driving behaviours.

For corporate clients, MSIG is one of the few who can offer specialised plans such as Cyber Liability and Data Protection insurance to protect their increasing business exposures in the cyber domain. MSIG’s large regional footprint and group-wide expertise are another draw for corporate clients who require special risks cover and often, beyond Singapore shores.

With the global-wave of technology-driven competition, Gourlay notes that digital disruption is expected to have a significant impact on the industry over the next 3 years.

“We will continue to invest in new technologies and collaborate with key stakeholders in the industry to drive innovations that will go towards enhancing customer engagement and value, and increase sustainability for all.”