- MSIG Singapore was recognised for its contribution to the industry’s fight against motor insurance fraud using Fermion’s Truesight Fraud Intelligence, an advanced AI solution, to identify fraud risks.
- The latest accolade marks the fourth time MSIG Singapore has clinched ‘Claims Initiative of the Year’ at the Insurance Asia Awards since 2018.
SINGAPORE – Media OutReach – 28 July 2023 – MSIG Insurance, a leading general insurer in Singapore and its technology partner, Fermion are pleased to announce their joint win at the Insurance Asia Awards 2023. The companies were commended for setting a new industry standard in fraud prevention using AI-driven detection and analytics to identify motor insurance frauds. The acknowledgement reinforces MSIG Singapore’s unwavering commitment to drive industry-wide transformation and is its fourth win of the award in the last six years.
The Insurance Asia Awards, now in its eighth year, celebrates the remarkable achievements by insurance companies across Asia, and highlights their exceptional efforts in creating innovative and impactful products, services and solutions.
“We are honoured to receive this prestigious recognition at the Insurance Asia Awards 2023,” said Sam Tan, Senior Vice President and Head of Claims Services at MSIG Singapore. “Our collaboration with Fermion and the implementation of TrueSight Fraud Intelligence have empowered us to make significant progress in addressing fraud in the motor insurance industry. This prestigious award validates our dedication to protecting our policyholders, detecting fraudulent activities, and upholding excellence in our field.”
MSIG Singapore partnered with Fermion to train the AI model by leveraging on MSIG Singapore’s domain expertise in fraud. Through rigorous testing and refinement of claims assessment rules, the teams established a robust AI solution which can better predict potential frauds.
The AI platform taps into the localised motor insurance claims that are processed daily through Fermion’s eClaims system. Combined with the vast amounts of data collected from repair workshops, adjusters, lawyers, drivers and claimants – real-time data is integrated with the platform to identify potential fraud risks through AI analysis.
Since MSIG Singapore implemented the AI solution in February this year, it has helped to automate at least 50% of the screening checks and has improved the overall customer experience with straight-through payment of legitimate claims. The AI solution assigns a high-risk score to potential fraud cases which enables the claims staff to prioritise the review and stop the payment of fraudulent claims quickly.
“The automation of claims settlement and fraud detection using advanced technology will become the new industry standard. Together with innovative partners like Fermion, we will continue to drive the transformation process in the insurance world and create a more secure and efficient insurance ecosystem,” Mr Tan added.
