MSIG claims settlement ratio reached new high in 2022
MSIG claims settlement ratio reached new high in 2022 | Insurance Business Asia
Claims
MSIG claims settlement ratio reached new high in 2022
It rose for the third consecutive year
Claims
By
Kenneth Araullo
In its fourth annual claims report, Hong Kong insurer MSIG touted a new high for its claims settlement ratio, with the figure reaching 92.9% in 2022. This is the third consecutive rise for the insurer’s claims settlement ratio, following figures of 92.4% in 2021 and 91.2% in 2020.
Last year, the insurer honoured claims totalling HK$356 million in Hong Kong and Macau, while MSIG’s annual claims survey found that it averaged a customer satisfaction rating of 8.5 out of 10. The top settlement ratios by class in 2022 were employee’s compensation at 99%, followed by domestic helper at 97.82%, and finally personal accident at 97.5%.
Also highlighted in the report is the insurer’s development of new digital solutions, including its Zero Touch claims payment initiative and the revamp of its EASY claims system which allows customers to make claims quickly online. A full roll-out of the Zero Touch digital payment solution for simple claims is planned for Q3 this year, initially focused on insurance for domestic helpers but will expand to more products soon.
MSIG Hong Kong CEO Philip Kent said that while claims are different, each has a human story behind it that drives the insurer to do their best.
“I’m grateful for the hard work of our teams in striving to meet our customer’s needs throughout the past year. Looking ahead, we will continue our focus on serving our customers by further enhancing our range of services and, in particular, continuing the digitalisation of our claims process and how our customers engage with us,” Kent said.
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