MSIG Singapore’s partnership with Fermion to combat motor insurance fraud has won Claims Initiative of the Year at Insurance Asia Awards 2023
- MSIG Singapore and Fermion have won Claims Initiative of the Year at Insurance Asia Awards 2023 for their implementation of TrueSight Fraud Intelligence, an advanced AI tool developed to combat motor insurance fraud.
- TrueSight Fraud Intelligence automates manual tasks, accelerates the claims process, and improves customer experience, with MSIG Singapore aiming to automate 50% of screening checks. The collaboration marks the beginning of integrating AI across the claims process and exploring its application in other lines of business.
SINGAPORE – MSIG Singapore has been honoured with the Claim Initiative of the Year award at the prestigious Insurance Asia Awards 2023. This recognition is a testament to their exceptional efforts in combating motor insurance fraud in Singapore. MSIG Singapore partnered with Fermion, a provider of SaaS solutions to create insurance ecosystems, to pioneer the implementation of TrueSight Fraud Intelligence, an advanced artificial intelligence tool that is designed to mitigate motor insurance fraud. Through rigorous testing, refinement, and the digitisation of processes, MSIG Singapore’s efforts helped to determine and shape the e-claims processes, ensuring the accuracy and reliability of the data fed into the AI solution.
“TrueSight Fraud Intelligence leverages sophisticated data sets and artificial intelligence to identify instances of claims fraud. By adopting this cutting-edge technology, MSIG Singapore has demonstrated their commitment to deterring criminals and maintaining the highest standards of professionalism and integrity in the industry,” stated Mr Sebastian Tan, Fermion Singapore’s Country Director.
The Insurance Asia Awards 2023 serves as a platform to celebrate excellence, innovation, and remarkable achievements within the insurance sector across Asia. This award acknowledges the collaboration between MSIG Singapore and Fermion, which marks a new standard in the fight against motor insurance fraud.
MSIG Singapore played a crucial role in the development of the AI solution by identifying where there were weaknesses in data integrity and helped to strengthen the data sources and quality such that the AI solution has data veracity. Through Fraud Modelling, cases were flagged for MSIG to check for accuracy, and MSIG Singapore ran internal workshops to build domain expertise around claim assessment and fraud detection, which contributed to defining and refining the AI model’s rule base. Moreover, MSIG was able to teach the AI model to look for suspect or repudiated cases or scenarios, which strengthened the model’s ability to identify potentially fraudulent claims.
MSIG Singapore and Fermion have collaborated to automate manual tasks such as data entry, documentation verification, and claims triage to accelerate the claims process, resulting in improved turnaround times and enhanced customer experiences. With TrueSight Fraud Intelligence, MSIG Singapore expects to automate at least 50% of screening checks using this advanced tool, enabling their claims staff to focus on higher-value work, such as interviewing claimants and evaluating complex claims.
The successful collaboration between MSIG Singapore and Fermion in the development of TrueSight Fraud Intelligence marks the first step in an ongoing journey to embed AI across the claims process. Fermion recognises numerous opportunities to augment human intelligence with machine-powered insights, ranging from reviewing policy certificates for coverage using Generative AI and processing medical bills with OCR to assessing damage based on photos using machine vision.
To learn more about TrueSight Fraud Intelligence, please visit www.fermion.io.
Fermion builds end-to-end digital engagement solutions powered by data and ecosystems. Fermion serves any business with insurance in its roadmap for growth and, for others, helps them understand how to leverage the opportunity.
Fermion is a member of the Silverlake Axis Ltd (5CP: SGX) group of companies. Headquartered in Singapore, it operates from locations across Southeast Asia, Hong Kong, Japan and the UAE. Working with over 150 insurers, Fermion builds primary ecosystems, which include Health & Wellness, Property & Casualty, and Savings & Protection.
Image by: Fermion