Published: Sep 06, 2019
MSIG lead next wave of robotics technology among general insurers
"Results show improvements in processing time as much as 80 percent"
As part of a series of initiatives focusing on digital innovation, MSIG Insurance (“MSIG”) has introduced Robotic Process Automation (RPA) software into its process workflows.[1]
NCS designed the bots to help MSIG leverage on Robotic Processing Automation to improve their customer experience with faster, more accurate processes. With the growing emphasis on business process enhancement through automation, NCS strives to continue partnership with MSIG to embrace innovation for transforming customer engagement.
“Robotic Processing Automation presents an opportunity for insurers to digitise their processes further and enhance customer experience through faster turnaround times. NCS’ deep experience in implementing RPA has enabled us to roll out the initiative within a very short timeframe. We are seeing increased agility in our processes now that our employees are freed up to focus on higher value-added tasks. Our partnership with NCS has produced great results and we look forward to this ongoing collaboration,” said Ms Sharon Teo, Senior Vice President, Corporate Services and Project Management Office of MSIG Insurance.
MSIG’s two newcomers to its virtual workforce – named Zac and Velma – have helped to improve process efficiency, cutting down the time spent on travel claims registration and motor fleet policy processing by around 70% and 80% respectively. Both bots are able to eliminate error rates by 100%.
Zac processes travel claims submitted over the website, saving MSIG staff from the repetitive task of manually entering information into the system and printing out acknowledgement letters to send to claimants. Zac automates the process with immediate registration of claimant details upon online submission, and emails an acknowledgement to the claimant. This cuts down the processing time for MSIG’s travel claims registration and acknowledgement from 14 minutes to 3 minutes.
Velma enters the vehicle details of new motor fleet policies into the system. Instead of taking the average 2 minutes to key in one vehicle policy, she takes 40 seconds. She is also able to handle policy validation and cancel maid or foreign workers’ policies with expired bonds from the system when instructed.
Following the successful implementation of Zac and Velma, MSIG and NCS have plans to extend the partnership even further with the development of more RPAs. They will develop bots to improve claims registration and policy processing for other product lines, and will extend the use of bots to other department processes if they require automation. The investment in RPA will form part of the digital roadmap that MSIG has set out to ultimately simplify customer experience and empower its employees at work.