It is not just banks and retail businesses that are going digital with the Smart Nation push.
Insurers are also using increasingly innovative technologies to improve work efficiency.
MSIG Insurance announced yesterday it had adopted two new bots to hasten work processes. The bots, named Zac and Velma, will cut the time spent on travel claims registration and motor fleet policy processing by around 70 per cent and 80 per cent, respectively. Both eliminate error rates by 100 per cent.
MSIG is the latest insurer to jump onto the bandwagon of change in how they deal with both customers and their own workflows. Others such as FWD and AIA have been using apps for travellers to make digital claims.
MSIG's bots are part of the Robotic Process Automation (RPA) software, introduced as part of a series of initiatives at MSIG on digital innovation. "RPA presents an opportunity for insurers to digitise their processes further and enhance customer experience through faster turnaround times," said Ms Sharon Teo, MSIG senior vice-president of corporate services and project management office.
Zac will process travel claims submitted over the firm's website, saving MSIG staff from the repetitive task of manually entering information into the system and printing out acknowledgement letters to claimants. Itautomates the process with immediate registration of claimant details upon online submission. This cuts down the processing time for MSIG travel claims registration and acknowledgement from 14 minutes to three minutes.
Velma, for its part, enters the vehicle details of new motor fleet policies into the system. Instead of taking an average of two minutes to key in one vehicle policy, it takes 40 seconds. The bot is also able to handle policy validation and cancel maid or foreign worker policies with expired bonds from the system when instructed.
Both bots were designed by information communications technology service provider NCS, which is a subsidiary of Singtel.
Ms Teo added: "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."
MSIG and NCS will continue to 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.