MSIG’s industry-first video interaction technology brings convenience and speed to motor claims process
- MSIG harnessed the technological know-how of Merimen and Wavecell to co-innovate a video chat survey to speed up motor claims process
- Termed TrueSight Interactive Video, the video interaction technology is the first-of-its-kind in Singapore to be implemented for industry use
- The technology has enabled MSIG to reduce its turnaround time for claims assessment and survey cost by 80% and 88% respectively
MSIG Insurance has pooled together the capabilities of Merimen and Wavecell, to co-innovate a video interaction technology, TrueSight Interactive Video, to speed up motor claims survey. Following a 5-month pilot programme, MSIG has officially implemented the video chat survey as a permanent function and the technology, which comes under Merimen and Wavecell, is now made available to the market.
The idea for TrueSight Interactive Video was first mooted by MSIG to Merimen in late 2018 and the company went on to become the first general insurer to test-bed the technology for industry use.
The technology allows for 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 first-of-its-kind in Singapore, the video interaction technology is integrated with Merimen’s digital Claims Management platform, eClaims. 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.
Having brought about a new change to the industry’s motor claims process, Mr. Jeremy Lian, Senior Vice President (Technical Services), 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 look out for ways to innovate and the different skills-set and expertise from each party, have provided this excellent chance of success.”
Mr. Fabian Lum, Head of Business Development & Singapore Operations, Merimen, said: “MSIG has challenged us to further innovate on our offering and tap on new technologies to transform the claims process. Merimen is privileged to support MSIG for their innovation journey, and looks forward to roll TrueSight Interactive Video out to the rest of the industry.”
Mr. Olivier Gerhardt, CEO and Co-Founder, Wavecell, concurred: “We are privileged to have partnered MSIG and Merimen in testing this product, and will be scaling the use of this video technology to help more insurers address the customer pain points when it comes to the claims journey.”
Since the start of the pilot programme, all MSIG’s partner workshops have begun using TrueSight Interactive Video. MSIG has improved its survey efficiency and achieved a significant cost saving of 88% for motor claims surveys done, using the video interaction technology.
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 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.
A testament to its growing strength and influence, MSIG Singapore has garnered numerous awards for delivering digitally innovative and customer-centric solutions. MSIG Singapore 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. Other notable awards from leading publications include the Best Electronic Solution (2018) by The Asset; Claims Initiative of the Year for Singapore (2018) by Insurance Asia; New Insurance Product of the Year for Singapore (2018) by Insurance Asia; and Insurer Claims Team of the Year (2016) by Insurance Post.
Merimen is Asia’s leading Insurance Software-as-a-Service (SaaS) company. Serving more than 150 insurers across 7 countries, Merimen’s policy underwriting and claims processing platforms facilitate over 2 million policies and claims annually. Its latest suite of Insurtech solutions, named TrueSight, is testament to Merimen’s continuous innovation. Merimen is a wholly-owned subsidiary of Silverlake Axis Ltd (SGX Mainboard-listed) where they are a leading provider of Digital Economy Solutions and Services to major organisations in Banking, Insurance, Payments, Retail and Logistics industries.
Wavecell, Asia’s leading cloud communications platform, helps businesses to enhance customer experience by offering SMS, Chat Apps, Video Interaction and Voice solutions for any platform. Our strength lies in offering cloud-based multi-channel communications to developers and enterprises to build better services by integrating our APIs and SDKs. Wavecell ensures first-class connectivity to more than 190 countries, while maintaining high-security standards on the platform.