Enhanced transparency may redefine general insurance

The following article was published in The Asset on 2 Sep 2026.

Industry players shift competition from price to speed and efficiency in claims processing

For decades, the general insurance industry has operated under a paradox: while policies are sold on promises of protection, the actual standard of claims fulfilment – the moment those promises are tested – has remained behind closed doors.

Consumers compare premiums and limits, yet remain blind to critical metrics: How fast will a claim be settled? How likely is it to be approved? And how empathetic will the insurer be when disaster strikes?

This status quo was disrupted when MSIG Insurance (Singapore) released its inaugural Claims Report, becoming the first general insurer in Singapore to publicly share claims performance data, service benchmarks and customer satisfaction metrics.

In an interview with The Asset, Mack Eng, chief executive officer of MSIG Insurance (Singapore), and Kamini Kanagalingam, head of the firm's claims services, discuss why this shift towards enhanced transparency offers a vital blueprint for the industry's future as growth in Singapore's general insurance sector remains modest at 4.7%.

Why claims data matter 

In general insurance - spanning personal travel and motor to commercial property and liability- products are frequently treated as commoditized financial instruments.

Aggressive price competition leads policyholders to buy solely on low premiums. However, this approach breaks down during claims settlement, where friction, unclear documentation, and delayed payouts often lead to client frustration.

Says Eng: "Claims are where trust is truly tested. When customers experience a loss or disruption, they need an insurer that responds with certainty, empathy and speed. Our inaugural Claims Report reflects the outcomes of our continued efforts to make claims simpler to navigate and quicker to resolve."

By publishing empirical metrics, insurers eliminate information asymmetry, empowering consumers to choose coverage based on reliability over price alone. In the case of MSIG, the numbers are nothing to sneeze at: S$132.4 million (US$104 million) paid out in 2025, a 94% overall settlement ratio (99.9% for motor; 99.5% for work injury compensation) and 92% of fast-track claims settled within three days.

Benefits

For the insured/policyholder, such data would ensure certainty and frictionless processing. These include:

• Verifiable track record. Public settlement ratios give policyholders concrete confidence during moments of loss
• Operational speed. Disclosing turnaround benchmarks drives internal efficiency. Kaizen-driven process updates document guidelines, cutting travel claim turnaround times by 67%, while automated rules-based platforms (PayNow and FAST) enable payouts in under 24 hours.
• Empathetic resolution. Structured appeal channels replace blanket rejections.

"It's called the appeal channel," Kanagalingam notes. "It works very, very well with customers. It is actually to guide them through understanding the decision-making process."

For insurers, the principal benefit is brand differentiation and retention.

In a price-sensitive market with low growth across standard lines like motor (2.4%), competing on trust drives retention as measured by:

• Net promoter score (NPS ): MSIG achieved a 32% NPS improvement in personal claims and a 114% boost in commercial claims NPS.
• Public Advocacy: Positive Google reviews surged by 107%, reaching a 4.5-star rating.

Regulatory alignment, industry nod

Transparency initiatives align closely with regulatory emphasis on fair dealings and mandatory coverages like the Work Injury Compensation Act. 

"Building consumer trust and confidence are core values of our sector," shares Ho Kai Weng, chief executive of the General Insurance Association of Singapore (GIA), which is marking its 60th anniversary.

"Transparency in claims performance helps customers better appreciate the value and protection that insurance provides... Initiatives such as MSIG's inaugural Claims Report demonstrate how insurers can foster trust through openness and accountability."