Lily Lim, ACII
Deputy Vice President, Corporate Claims | NTUC Income Insurance Co-operative Limited
As one of Singapore’s designated insurers providing Work Injury Compensation coverage under the Work Injury Compensation Act (WICA 2019), NTUC Income (“Income”) is required to adhere to stringent policy underwriting and claims processing regulatory requirements. Income and other designated insurers now need to redesign their claims operations to fully comply with the stipulated guidelines.
Redesigning its operations was a challenge for Income and other designated insurers given that the prescribed guidelines for policy underwriting and claims processing are diverse, detailed, and comprehensive. This is further complicated by the existing manual claims process that is common practice across the industry – often, it involved claims staff keying in dozens of fields for each claim, manually computing payout amounts and typing out letters to be issued to customers.
Income onboarded Fermion Merimen to facilitate greater efficiency and accuracy in claims computation. The WICA eClaims platform was successfully launched in January 2021, supporting Income and more than 10 other insurers in Singapore to transact claims under the new regulatory framework.
Celeste Chong, Project Manager | WICA eClaims platform.
Fermion Merimen tailormade a new eClaims platform specifically for Work Injury Compensation claims, that digitizes each step in the claims process, from claim creation to case correspondence and offer computation.
The platform enables digitally created new claim which eliminates tedious and error-prone manual data entry work, as well as generation of letters and forms from over 30 templates with a single click (some even pre-filled). Payout offers use engines with inbuilt formulae and limits, which are updated to reflect relevant regulations and cover complex categories from wage computation, medical expenses, incapacity compensation and more.
Each claim is continuously tracked and monitored – staff are alerted to act on delayed claims.
Latest claims data are automatically reported to regulators via APIs, on a daily basis.
NTUC Income Insurance Co-operative Limited (“Income”) is one of Singapore’s leading composite insurers, offering products and services that serve the protection, savings, and investment needs of different life stages and for all segments of society.