Allianz Insurance Singapore has adopted a Claims system for motor insurance and is now digitally integrated to hundreds of reputable workshops, loss adjusters and lawyers via Fermion’s motor ecosystem platform in Singapore.
01 June 2022, Singapore – Allianz Insurance Singapore (Allianz Singapore) has implemented Fermion Group’s (Fermion) best-in-class Claims solutions for Work Injury Compensation early this year and is now ready to add Motor Claims solution from June 2022 onwards, in a move designed to position the insurer as a leader in the motor insurance industry. Fermion Merimen, a Fermion Group member, has been a regional partner for Allianz and is supporting the insurer’s – businesses across Malaysia, Indonesia, Hong Kong and now Singapore with its end-to-end digital policy distribution and claims management platforms powered by data and ecosystems.
Some eighty percent of the motor insurance claims process happens externally to the insurer – damage inspection by loss adjusters, repair by contractors, or the recovery from third-party insurers. By participating in Fermion’s well established motor insurance ecosystem, Allianz Singapore is now digitally integrated to hundreds of reputable workshops, loss adjusters and lawyers, which means that their motor insurance claims process will become more efficient.
Allianz Singapore is now poised to grow their leadership position in the Singapore’s motor insurance market. The digital claims platform helps deliver a better customer experience and enables the insurer to attain robust claims management and cost control capabilities.
To maintain industry competitiveness, time-to-market is a key factor. Allianz Singapore ambitiously sought to launch their digital claims system for motor insurance in a month from giving their requirements. Fermion helped the insurer successfully achieve that goal by deploying the new platform for user testing within 3 weeks. The speed of implementation is testament to the pace of innovation at Allianz Singapore, along with Fermion’s ability to speedily implement their SaaS Claims platform.
“Having built a front-end platform that supports straight-through policy issuance to give our customers immediate Motor insurance cover, we wanted next to provide a seamless end-to-end experience in Motor Claims service. The true value of an insurance policy is at Claims. This collaboration with Fermion Merimen would now allow us to process our Claims in a more transparent and efficient way.”, said Hicham Raissi, CEO, Allianz Singapore.
Trevor Lok, the Chief of Ecosystems for Fermion Group & CEO of Fermion Merimen says, “In Singapore, over the last decade, we have been perfecting how to tailor-make digital platforms that serve the motor insurance industry. As a key regional partner, we are honoured to introduce Allianz into our well-established motor insurance ecosystem.”
Extending the partnership further, Fermion will now work with Allianz Singapore in the digitisation roadmap by introducing automation and artificial intelligence (AI) Fraud detection tools into their processes.
– End –
Fermion builds end-to-end digital engagement solutions, powered by data and ecosystems. Fermion serves any entity that has insurance in its roadmap for growth, and for others, helps them understand how to leverage the opportunity.
Fermion is a member of the Silverlake Axis Ltd (5CP: SGX) group of companies. 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.
Allianz Insurance Singapore Pte. Ltd. Is a 100% subsidiary of the Allianz Group, established in Singapore and providing insurance solutions to retail, SME and mid-corp markets via various channels including agents, bancassurance, brokers, digital platforms, financial advisers, and partnerships.
Martin Lim, Pinpoint PR
+65 8313 1595