Allianz Insurance Singapore (Allianz Singapore) has implemented Fermion Group’s (Fermion) best-in-class Claims solutions for Work Injury Compensation early this year and is now ready to add Motor Claims solution from June 2022 onwards, in a move designed to position the insurer as a leader in the motor insurance industry. Fermion Merimen, a Fermion Group member, has been a regional partner for Allianz Group and is supporting the insurer’s – businesses across Malaysia, Indonesia, Hong Kong and now Singapore with its end-to-end digital policy distribution and claims management platforms powered by data and ecosystems.
Some eighty percent of the motor insurance claims process happens externally to the insurer – damage inspection by loss adjusters, repair by contractors, or the recovery from third-party insurers. By participating in Fermion’s well established motor insurance ecosystem, Allianz Singapore is now digitally integrated to hundreds of reputable workshops, loss adjusters and lawyers, which means that their motor insurance claims process will become more efficient.
Allianz Singapore is now poised to grow their leadership position in the Singapore’s motor insurance market. The digital claims platform helps deliver a better customer experience, and enables the insurer to attain robust claims management and cost control capabilities.
To maintain industry competitiveness, time-to-market is a key factor. Allianz Singapore ambitiously sought to launch their digital claims system for motor insurance in a month from giving their requirements. Fermion helped the insurer successfully achieve that goal by deploying the new platform for user testing within 3 weeks. The speed of implementation is testament to the pace of innovation at Allianz Singapore, along with Fermion’s ability to speedily implement their SaaS Claims platform.
“Having built a front-end platform that supports straight-through policy issuance to give our customers immediate Motor insurance cover, we wanted next to provide a seamless end-to-end experience in Motor Claims service. The true value of an insurance policy is at Claims. This collaboration with Fermion Merimen would now allow us to process our Claims in a more transparent and efficient way,” said Hicham Raissi, CEO, Allianz Singapore.
Trevor Lok, the Chief of Ecosystems for Fermion Group & CEO of Fermion Merimen says, “In Singapore, over the last decade, we have been perfecting how to tailor-make digital platforms that serve the motor insurance industry. As a key regional partner, we are honoured to introduce Allianz into our well-established motor insurance ecosystem.”
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