92.9% claims settlement ratio shows why customers continue to view insurer as a trusted partner
HONG KONG SAR – Media OutReach – 13 July 2023 – MSIG Insurance (Hong Kong) Limited (“MSIG”) today published its fourth annual MSIG Claims Report, which presents the total claims honoured in Hong Kong and Macau as well as the insurer’s latest initiatives. MSIG’s claims settlement ratio reached 92.9% in 2022, rising for the third consecutive year, up from 92.4% in 2021 and 91.2% in 2020.
The insurer’s development of new digital solutions were also highlighted, including its Zero Touch claims payment initiative (“Zero Touch”) and revamp of the EASY Claims system that allows customers to make claims quickly online. Supporting the EASY Claims system and aligning to the insurer’s broader digitalisation goals, MSIG developed a series of explainer videos to provide clear and concise guidance to customers using the platform. They cover a variety of popular insurance products, including travel, home contents, personal accident, domestic helper and motor.
In 2022, MSIG honoured claims totalling HK$356,172,327 in Hong Kong and Macau and its Annual Claims Survey found that, on average, customers rated their satisfaction with the insurer at 8.5 out of 10. In the report, the top settlement ratios by class in 2022 were Employee’s Compensation in Hong Kong at 99.0%, followed by Domestic Helper at 97.82% and Personal Accident at 97.5%.
Philip Kent, Chief Executive Officer of MSIG Hong Kong, said: “While all claims are different, each has a human story behind it that continues to inspire and drive us to do our best. I’m grateful for the hard work of our teams in striving to meet our customer’s needs throughout the past year. Looking ahead, we will continue our focus on serving our customers by further enhancing our range of services and, in particular, continuing the digitalisation of our claims process and how our customers engage with us.”
Zero Touch, a digital payment solution for simple claims, is planned for full roll-out in Q3 2023. This online system checks customers’ claims history, policy validity and claims payment amount, enabling the settlement of eligible clinical and dental expenses in just two working days. The Zero Touch platform will initially focus on insurance for domestic helpers, but will expand to more products in the near future.
To enhance the user experience, MSIG has completely redesigned the interface of its EASY Claims system for greater simplicity and to streamline the claims process. The claims submission process through EASY Claims is now completely digital with improved navigation tools, an option to save claims and come back to them later, and an overall focus on supporting claimants through the process smoothly.
In the period ahead, MSIG will continue to develop more customer-centric claims management tools, such as a tracking system for users to monitor the status of their claims in real time.
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MSIG Insurance (Hong Kong) Limited (“MSIG Hong Kong”)
MSIG Hong Kong is a wholly owned subsidiary of Mitsui Sumitomo Insurance Co Ltd and a member of the MS&AD Insurance Group, Asia’s leading general insurance brand with presence in 50 countries and regions globally. The Group is amongst the world’s top 10 insurance groups based on gross revenue and one of Japan’s leading insurers 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.
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.