Higher claims settlement ratio means more trust from clients

Higher claims settlement ratio means more trust from clients – insurer | Insurance Business Asia

Property

Higher claims settlement ratio means more trust from clients – insurer

This proves that insurance is a ‘human-to-human’ industry, says CEO

Property

By
Noel Sales Barcelona

Hong Kong-based MSIG Insurance registered a 93.2% claims settlement ratio in 2023, according to the fifth MSIG Claims Report that the company published recently.

According to the report, the honoured settlements by MSIG last year reached a total of HK$312.824 million. This is for both Hong Kong and Macau.

The MSIG report also showed that the top settlement ratios by class were employee’s compensation in Hong Kong at 99.63%, followed by domestic helper, at 97.75% and marine at 97.14%.

During the autumn of last year, Hong Kong experienced extreme weather conditions, with strong typhoons followed by a series of heavy rainfalls, which caused severe damage to livelihood and property. MSIG records show that the company settled over 840 claims related to these events.

“We have always believed that insurance is ultimately a human-to-human industry, and that behind every claim is a personal story. Our investments into our claims processes and tools aim to provide even greater assurance to our customers that they have the support they need when they need it. Be it through medical, travel, home, or extreme weather-related protection, we are here to help them on their life journey. I’m proud of the efforts of our teams and look forward to further enhancing our digital capabilities and continuing to offer an extraordinary service experience to our customers as their trusted partner,” said MSIG-Hong Kong CEO Philip Kent (pictured).

Also last year, the company launched Zero Touch, a digital solution for claims assessment, which helped the company streamline the verification of customers’ claims history, policy validity, and claims payment amounts.

MSIG also introduced MediGo Member Portal for group medical customers that provided comprehensive information on MSIG’s outpatient network supported by online claims submission and tracking functions.

MSIG Hong Kong also implemented Eco Living Coverage for its insurance products offered in Hong Kong and Macau. It provides an additional allowance of up to HK$1,000 per eligible lost or damaged household appliance, replacing it with a new Energy Label Product that has a minimum Grade 2 recognition under the Mandatory Energy Efficiency Labelling Scheme in Hong Kong.