Service innovations boost customer satisfaction
EASY Claims, an award-winning online claims platform launched in 2018, received 26.9% more submissions from customers who took out policies via traditional channels in 2020. Claims submitted through the platform also covered a broader range of products, with a 48.4% increase in claims from non-travel insurance policyholders.
The report showed that over 92% of respondents of Annual Claims Survey rated MSIG's overall claims experience as 'excellent' or 'good', an increase of four percentage points from the previous year.
Philip Kent, Chief Executive Officer of MSIG, said: "The encouraging results of our 2020 Claims Report reflect our commitment to continuously improving our products and services to deliver on our promise to customers. Although the pandemic has been a challenging period for the insurance industry, it has sent a clear signal that our customers need more and better digital services to adapt. We will continue to innovate and stand by our customers as a reliable partner."
Delivering on MSIG's service pledge
According to the report, MSIG honoured claims totalling HK$466.6 million in Hong Kong and Macau in 2020 and achieved a claims settlement ratio of 91.1% for all claims made during the period. Despite the impact of COVID-19, MSIG maintained its service pledge to acknowledge claim submissions within two working days and settle claims within five working days.
In terms of settlement ratios by class, the top five in 2020 were Employees' Compensation in Hong Kong (100%), Helper (98.8%), Personal Accident (98.1%), Motor (96.1%) and Healthcare (95.1%).
Enabling partners and intermediaries
In March 2021, MSIG upgraded the business and claims management features of its EASYi Claims and Policy Management Portal to help intermediaries better serve their clients. MSIG's business partners can now access client documents and monitor claims from anywhere on a single application. These process improvements are not only time-saving but also creating a positive impact on the environment by reducing the need for printing.
MSIG also implemented a number of security protocols on the portal to further protect records and prevent hacking, including time-based one-time passwords (TOTP) and multi-factor authentication (MFA) tokens.
Protective measures during COVID-19
MSIG introduced a variety of measures at the onset of the pandemic. In addition to the EASY Claims platform whereby customers were able to submit claims online without the need for physical documentation, MSIG provided remote water damage assessments through interactive video tools, reducing the need for physical visits from claim specialists. This lessened the risk of exposure to COVID-19 for the company's employees and customers as well as helped minimise claim processing times.
MSIG also acted quickly in providing travel insurance premium refunds for journeys impacted by COVID-19.
To assist its marine insurance customers affected by the pandemic, MSIG's claims specialists advised on ways to reduce their risk exposure and implement controls, such as adjusting their packing and delivery methods to minimise delays. As the COVID-19 situation worsened, the company also expedited claims payments to provide additional support to businesses dealing with unexpected operational disruptions.
Ongoing industry recognition
In 2020, MSIG continued to gain recognition for its exceptional products and services. It received industry accolades, including "Best Design App - Silver award" at the DigiZ Awards 2020; "Excellence in Change Management - Gold award", "Excellence in Learning & Development, Gold award" and "Excellence in Innovative Business Solutions - Silver award" at the HR Distinction Awards 2020; "Insurance Initiative of the Year – Hong Kong" at the Insurance Asia Awards 2020; and "Best Loyalty Programme – Finance & Insurance, Gold award" at The Loyalty & Engagement Awards 2020.
About MSIG Insurance (Hong Kong) Limited (“MSIG Hong Kong”)
MSIG is a member of the MS&AD Insurance Group, Asia's leading general insurance brand with presence in 46 countries and regions globally. The Group is amongst the world's top 10 non-life insurance groups based on gross revenue*. It is the number one Japanese insurer with A+ Stable credit rating. With over 40,000 employees world-wide, MSIG is represented in all ASEAN markets as well as in Australia, New Zealand, Hong Kong, Mainland China, Korea, India and Taiwan.
A wholly owned subsidiary of Mitsui Sumitomo Insurance Company, Limited, MSIG Hong Kong offers a wide range of solutions and services through an extensive distribution network including agents, brokers, and bancassurance alliances with leading banks. It has been providing general insurance solutions to customers in Hong Kong for more than 160 years, dating as far back as 1855.
*2020 Fortune Global 500, Property & Casualty Insurance Category