MSIG awarded Asia's Most Transformative Insurer by IDC Financial Insights
The Financial Insights Innovation Awards recognize the achievements of financial services firms in displaying innovation to realize business objectives
MSIG Insurance (“MSIG”) was conferred the prestigious Asia’s Most Transformative Insurer award by IDC Financial Insights at its 15th annual Financial Insights Innovation Awards (FIIA) held at the Asian Financial Services Congress (AFSC) in Singapore on 1 March 2019.
MSIG’s Robotic Process Automation (RPA) initiative was among the 110 high-quality entries submitted for this award by leading financial services firms across the Asia Pacific (excluding Japan) or APEJ region. The company's win is a firm acknowledgement of its enterprise-wide deployment of RPA to rapidly scale the digital workforce and drive greater customer satisfaction.
The judges had awarded MSIG as “its nuanced approach to robotics targets both high-volume validations and high-precision data population to create business outcomes that exceed that of larger digitalization initiatives in the region”.
Each year, IDC Financial Insights invites banks and insurers across Asia Pacific to nominate the initiatives that they believe warrant special recognition in the area of innovation. The FIIA recognizes the successes of these institutions in displaying innovation to realize business objectives.
These initiatives are measured by the FIIA Assessment Panel (made up of IDC Financial Insights analysts and an independent panel of industry practitioners) against a rigorous set of matrices that look at responsiveness to market needs, effectiveness of rollout, and market take-up and sustainability.
“It is a great honour to be named Asia’s Most Transformative Insurer. MSIG has been accelerating its digital transformation since the beginning of 2018 and Robotic Process Automation was one of our star projects and still is! We will continue to power more innovations with digital as the core, and deliver better value for our customers and employees,” said Michael Gourlay, CEO, MSIG Insurance (Singapore).
In 2018, MSIG rolled out RPA software to six processes across claims and policy processing. These six processes handle over 10,000 transactions monthly. Since the implementation, RPA has helped to improve the process efficiency by as much as 90%.
About MSIG Insurance (Singapore) Pte Ltd. (“MSIG Singapore”)
MSIG Insurance, a member of the MS&AD Insurance Group, is Singapore’s leading general insurers. 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. Wholly owned by MSIG Holdings (Asia) Pte Ltd, MSIG Singapore holds an A+/Stable financial rating by Standard & Poor’s.
About IDC Financial Insights
IDC Financial Insights assists financial service businesses and IT leaders, as well as the suppliers who serve them, in making more effective technology decisions by providing accurate, timely, and insightful fact-based research and consulting services. Staffed by senior analysts with decades of industry experience, our global research analyzes and advises on business and technology issues facing the banking, insurance, and securities and investments industries. International Data Corporation (IDC) is the premier global provider of market intelligence, advisory services, and events for the information technology market. IDC is a subsidiary of IDG, the world's leading technology, media, research, and events company.