93.2% claims settlement ratio reflects strong customer trust in the insurer
HONG KONG SAR - Media OutReach Newswire - 1 August 2024 - MSIG Insurance (Hong Kong) Limited ("MSIG") today published its fifth annual MSIG Claims Report which presents the total claims honoured in Hong Kong and Macau during the year as well as the insurer's latest initiatives. In 2023, MSIG's claims settlement ratio reached 93.2% – which has been rising since 2020.In 2023, MSIG honoured claims totalling HK$312,824,598 in Hong Kong and Macau. The Annual Claims Survey found 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%.
Multiple extreme weather events affected Hong Kong during the autumn of 2023, with a powerful typhoon followed by one of the heaviest periods of rainfall since records began – all of which caused significant damage. MSIG handled over 840 claims related to these events while maintaining clear and timely lines of communication with customers and providing assurance during a difficult and uncertain period.
Philip Kent, Chief Executive Officer of MSIG Hong Kong, said: "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."
MSIG's focus on the customer experience has resulted in industry recognition for claims excellence, receiving notable awards in 2023:
- Top three finalist in the category of "Outstanding Claims Management Award – General Insurance" – Hong Kong Insurance Awards 2023, organised by the Hong Kong Federation of Insurers
- "Outstanding Claims Management – Hong Kong" – The InsuranceAsia News Country Awards for Excellence 2023
MSIG further enhanced its claims processes in 2023 with the launch of Zero Touch, a digital solution for claims assessment that streamlines verification of customers' claims history, policy validity and claims payment amounts.
The insurer introduced the MediGo Member Portal for group medical customers, providing comprehensive information on MSIG's outpatient network supported by online claims submission and tracking functions. The new portal has significantly reduced the time it takes to settle claims, with customers receiving their settlement confirmation in as quickly as one working days after submission.
MSIG is continuing to enhance its processes around green claims and prioritise environmental protection for future generations through a range of new initiatives. As part of the insurer's environmentally-conscious and customer-centric approach, it implemented "Eco Living Coverage" for Home Insurance products in Hong Kong and Macau. The coverage from these products now 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.
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About MSIG Insurance (Hong Kong) Limited (“MSIG Hong Kong”)
MSIG Hong Kong is a wholly owned subsidiary of Mitsui Sumitomo Insurance Company Limited 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.
source: MSIG Hong Kong
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