VidSight by Fermion Cyber Village lets customers engage anytime, anywhere
The company was awarded the Connectivity - General Insurance trophy at the Malaysia Technology Excellence Awards 2022.
There was once a need to take extensive documentation and to queue for hours at the insurance office to make a claim, disrupting people’s lives and taking away their satisfaction. Yet today, there’s a radical new twist. The insurance office comes to you!
Fermion Cyber Village, the market leader for technology innovation of digital engagement solutions, known for its trailblazing platforms for financial Institutions, introduced VidSight, a platform that brings interactive video tools into the insurance customer experience, offering real-time engagement between insurers and those making claims.
For VidSight, Fermion Cyber Village won the Connectivity - General Insurance trophy at the Malaysia Technology Excellence Awards 2022. The awards programme gives recognition to the key innovations made by players in Malaysia’s tech industry. Fermion Cyber Village was awarded for VidSight because it redefines the customer experience and brings efficiency to the process of filing claims for insurance.
This platform was first launched for Catastrophe Insurance Claim in June 2019 in Hong Kong. Today, more than 30 insurers across Malaysia, Singapore, Indonesia, the Philippines, Vietnam, Japan, and Thailand use this SaaS interactive video platform to facilitate their claims processes. VidSight is marketed under the Fermion Group as TrueSight Interactive Video for the insurance industry.
The VidSight platform offers an augmented reality experience supplemented with live streaming video and chat, photo capture, live annotation of images, co-browsing of documents and geolocation features, which helps to reduce operational costs and maximise the efficiency of agents. It includes a document signing feature for agents and customers to sign off the document during a video call, with the signatory process recorded as proof. Other features include on-behalf assistance over customers’ devices, geolocation, a comprehensive audit trail of the case record and video recording.
WebRTC Protocol serves as the backbone of VidSight, which allows real-time, high-quality peer-to-peer communication using default browsers, eliminating the need to download and install new applications or plugins for existing programs, leading to a more seamless experience for the customers. As a standalone platform, it issues video call invitations via SMS to the customers’ mobile numbers, and customers can participate in the call simply by clicking the provided link.
The interactive video platform addresses the insurance adjusters’ pain points of travelling, either to a workshop or a customer’s location, for claim assessments, which are pre-empted instead of using live video streaming or photo capturing. These have resulted in improvements of task efficiencies by up to 80%, which cuts the average turnaround time from 2 hours to 20 minutes, generating significant savings on operational costs.
The COVID-19 pandemic was a tipping point for insurers to rapidly adopt new solutions and digitally transform their manual processes. In 2021, the VidSight platform tracked a record of 100,000 calls.
Fermion Group identifies and creates ways for businesses to integrate insurance ecosystems into their customer journeys, thereby helping businesses grow quickly and be more effective at delivering customer value. Fermion serves any entity that has insurance in its roadmap for growth, and for others, helping them understand how to leverage the opportunity.
Fermion incorporates the capabilities, expertise, and technology solutions of Fermion Merimen, a leading claims platform provider and Fermion Cyber Village, a leading digital customer engagement technology provider.
Fermion Group is a Silverlake Axis Ltd (SLVX.SI) company. Headquartered in Singapore, it operates from locations across Southeast Asia, Hong Kong, Japan and the UAE. Working with over 150 insurers, Fermion builds primary ecosystems, which include Health & Wellness, Property & Casualty, Long Term Savings & Protection. Visit www.fermion.io.