MSIG Insurance wins New Insurance Product and Claims Initiative of the Year at the Insurance Asia Awards 2018
MSIG Insurance ("MSIG") picked up two country accolades at the Insurance Asia Awards held yesterday evening at the Shangri-La Hotel. In its third year, the competition recognises Asia's most outstanding insurance companies. The awards attracted 100 entries across 23 countries in Asia and were assessed by a distinguished panel of judges with unique expertise in the financial services industry.
MSIG was awarded in the New Insurance Product category for innovating a pay-how-you-drive motor insurance product named UMax. The insurer uses an in-vehicle telematics device to record the policyholder's driving style and shares tips on how the policyholder can improve their driving through a free smartphone application - MSIG Connected Car. Through UMax, MSIG rewards its policyholders with waiver of excess in the event of an accident and has positively influenced drivers' behaviour.
Its FAST claims payment service was also lauded for being the first in the industry and was awarded the Claims Initiative of the Year. The service which rides on Application Programming Interface (API) allows its policyholders to receive instant electronic payment of their travel insurance claims without having to wait for a cheque in the mail. This has greatly improved the time taken for customers to receive their travel claims payment by 4 working days, resulting in greater customer satisfaction and better internal efficiencies.
According to the judges' citations, MSIG Insurance was recognised for taking customer centric solutions to the fore and for significantly speeding up claims process through innovative digital solutions. Of special mention is its contribution to corporate social responsibility by promoting safe driving habits through UMax.
Jeremy Lian, Senior Vice President, Technical Services, MSIG Insurance said: "The two awards affirm the hard work we do to deliver innovations that matter to our customers. We are honoured to be recognised as a responsible corporate citizen along with our business success, and we are encouraged to do even better to lead the industry in terms of innovation."
As part of its ongoing commitment to innovation, MSIG has recently signed an MOU to kickstart a blockchain project and has introduced two new products including a travel insurance policy to cover travellers with pre-existing medical conditions. It has also extended its FAST claims service using PayNow since June 2018.
Double victory for MSIG Insurance as the team received New Insurance Product and Claims Initiative of the Year under Insurance Asia Awards 2018.
About MSIG Insurance
MSIG Insurance (Singapore) Pte. Ltd. (“MSIG Singapore”), a member of the MS&AD Insurance Group, is Singapore’s leading general insurer. With a local presence of over 100 years, MSIG Singapore offers an extensive range of insurance solutions for personal and commercial 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.