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Oliver Wyman

Oliver Wyman is our official partner for the APAC Insurer Innovation Awards.

Oliver Wyman is a global leader in management consulting. With offices in more than 70 cities across 30 countries, Oliver Wyman combines deep industry knowledge with specialized expertise in strategy, operations, risk management, and organization transformation.

The firm has more than 5,000 professionals around the world who work with clients to optimize their business, improve their operations and risk profile, and accelerate their organizational performance to seize the most attractive opportunities. Oliver Wyman is a business of Marsh McLennan [NYSE: MMC]. For more information, visit www.oliverwyman.com.

Arthur D. Little

Arthur D. Little has been at the forefront of innovation since 1886. We are an acknowledged thought leader in linking strategy, innovation and transformation in technology intensive and converging industries. We navigate our clients through changing business ecosystems to uncover new growth opportunities. We enable our clients to build innovation capabilities and transform their organizations. Our consultants have strong practical industry experience combined with excellent knowledge of key trends and dynamics. ADL is present in the most important business centers around the world. We are proud to serve most of the Fortune 1000 companies, in addition to other leading firms and public sector organizations. For further information, please visit www.adlittle.com

FINNOVATING

Finnovating is a Matching as a service platform that enables X-Techs from all around the word to connect , collaborate and get the funding they need to grow from investors and corporations globally. The Finnovating platform is a space were the key players of the Tech industry can connect together easily and boost global Tech innovations.

SØNR

Sønr is the world’s most comprehensive source of innovation intelligence. It is a subscription platform used by some of the best known insurance companies globally.

It tracks millions of companies around the world and provides insight on the latest market trends, the startups and scaleups reshaping the industry, and intelligence on how other big insurers are innovating.

Sønr includes a suite of tools designed for teams to better collaborate and connect. From recording meetings to capturing and sharing Notes, to being able to track and share activity across the company using Watchlists and CRM boards.

The platform is backed up by a team of consultants, researchers and analysts who support clients in discovering and creating new business opportunities.

MSIG’s industry-first video interaction technology brings convenience and speed to motor claims process

In View Summary

In Singapore, MSIG has teamed up with Merimen and Wavecell to co-innovate a video chat survey to speed up the motor claims process. The video is called TrueSight Interactive Video, which is first-of-its-kind video interaction technology. The technology has enabled MSIG to reduce its turnaround time for claims assessment and survey cost by 80% and 88% respectively.

MSIG harnessed the technological know-how of Merimen and Wavecell to co-innovate a video chat survey to speed up the motor claims process

The survey was developed after a 5-month pilot programme. The technology allows for a two-way, real-time video call to be initiated online so motor surveyors can view the vehicle damage and complete a motor claims assessment within minutes, resulting in an 80% reduction in turnaround time. The new technology also offers remote camera control, annotation and geolocation features, and is capable of capturing high definition images in real-time.

The technology is integrated with Merimen’s eClaims which is a digital claims management platform. This allows all video calls, vehicle photos and chat log between the workshop and the insurer, to be automatically documented into the system, further streamlining the motor claims process.

Jeremy Lian, Senior Vice President, MSIG Insurance, said “MSIG is proud to have pursued this co-innovation opportunity with Merimen and Wavecell, and bring to speed the development of a video interaction technology that will go on to benefit the rest of the industry. We have proactively lookout for ways to innovate and the different skills-set and expertise from each party, have provided this excellent chance of success.”

Reported Benefits

Benefits to Customers:

  • Innovative product and services
  • Quick turnarounds
  • Low cost
  • Improved customer experience

Benefit to the Insurer:

  • Innovative product and services
  • Less risk of frauds
  • Improved turnaround times and low operating costs
  • Improved customer engagement

The Digital Insurer's View

Use of video technology in the motor insurance industry will be a massive boon for the insurers and customers alike.

For insurers, it will protect them from insurance frauds and saves travel time plus costs for remote surveyors in an event of an accident. For customers it will enable to avail claims on the go and help in high level of service personalization.

MSIG’s video interaction technology is a great start at a time when the future of traditional motor insurance services as bleak. This solution will help breath-in fresh oxygen into the overall industry which will help the industry to sustain the wave of digital disruption.

MSIG’s, Wavecell and Merimen’s partnership showcases another interesting example on how traditional incumbents and technology companies can work together to deliver the best to its clients.

References

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