20 April 2022, Singapore – As part of its ongoing digital transformation effort, MSIG Singapore chose Fermion Merimen in a large-scale project to transform its claims management processes and workflows.
MSIG has deployed Fermion Merimen’s best-in-class eClaims platform to digitalise and to streamline their end-to-end claims processes for over fifty products across more than ten insurance classes. The system enables a seamless digital experience for MSIG’s users and further enhances productivity, compliance control and customer satisfaction during the process. The unified system allows MSIG to modernise its claims processing across its entire portfolio of both personal and commercial lines of business.
MSIG is in the forefront of building its foundation for a plug-and-play insurance technology system that incorporates artificial intelligence (AI). Through the digitalisation of its processes, MSIG will be able to collect and analyse more structured data – paving the way for use of new analytical tools in the future to generate insights that can help prevent fraud and assess risk.
“Working with Fermion has provided us with the expertise to implement technology solutions to enable our business success. By shifting our claims operations to a digital-first approach, we are able to put our data to work and expand our competitive edge while delivering long-term value with the integration of environmentally sustainable practices,” says Sam Tan, Senior Vice President, Claims Services, MSIG Singapore.
“Even the best technology requires a visionary to bring it to life. MSIG has continually challenged us with their pioneering ideas on ways to digitalise and innovate on their processes. We are proud to have worked closely with MSIG during this project to push the boundary for claims innovation,” shares Sebastian Tan, Country Director, Fermion Merimen Singapore
The first iteration of the system went live on 01 April 2022.
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, helps 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.
A leading general insurer with a local presence of over 100 years, MSIG Singapore offers an extensive range of insurance solutions for commercial and personal risk protection, enabling the security and safety of individuals and businesses. MSIG Singapore holds an A+/Stable financial rating by Standard & Poor’s.
A testament to its growing strength and influence, MSIG Singapore has garnered numerous awards for delivering digitally innovative and customer-centric solutions. It was named Asia’s Most Transformative Insurer (2019) by the IDC Financial Insights and The Digital Insurer of the Year (2018) by The Asset, an independent financial research publication in Asia.
MSIG Singapore is a subsidiary of Mitsui Sumitomo Insurance Co., Ltd, and a member of the MS&AD Insurance Group – one of the largest general insurance groups in the world with presence in 50 countries and regions globally, 18 of which are in Asia Pacific including all ASEAN markets as well as in Australia, New Zealand, China, Hong Kong, Taiwan, Korea and India. Headquartered in Japan, MS&AD is amongst the top non-life insurance groups in the world based on gross revenue.
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