Bankbazaar Singapore – December 29, 2017
SINGAPORE: In an attempt to simplify the process of making motor insurance claims, AIG Asia Pacific Insurance has launched an online portal through which policyholders can begin the process of claiming accident benefits. Users can access the portal from the website or mobile app of AIG Singapore.
The insurance company’s announcement comes as more and more Singaporeans are opting to take their financial transactions online. A recent report had indicated that about 94% of financial customers in the country do not wish to go to a bank branch for a transaction.
The portal provides policyholders options to choose from various kinds of accident-scenarios and provide the exact location of an incident. AIG believes the system will help users give more precise reports than through the traditional route.
The process is rather straightforward. Once policyholders make a report of an incident through the portal, a reference number will be sent to their mobile phones. They can then go to the Accident Reporting Centre (ARC) for further procedures.
The accident statement would be partially completed by then, based on the data the user has submitted along with information AIG makes available. This means policyholders need not spend much time at ARC and could get their claims approved sooner than before.
If the accident involves a third party whose contact information is given by the policyholder, AIG will send them relevant information on the process of claims to help them avoid falling prey to any unauthorized vehicle-mechanics or touts.
According to a report from the Insurance Journal, Cady Ho, who heads Claims and Customer Office at AIG Singapore, indicated that the insurance company is constantly trying to meet their customers’ needs to make insurance claiming smoother and easier. Ho added that the latest announcement is yet another measure from the insurer to digitize the whole procedure, with about 20,000 policyholders expected to benefit from it by the coming year.
Significantly, taking the claims process online can potentially lower the number of instances of fraudulent claims. Figures from the General Insurance Association of Singapore (GIA) reportedly show motor insurance fraud costed S$99 million in 2016. More recent data from the Commercial Affairs Department show that the number of fraudulent accident reports has increased to 26% in 2017 from 16% in 2016.
Increase in such fraudulent activities could result in insurance companies raising their premiums, which could lead to unnecessary difficulties for the common man. Ho noted that AIG’s move to take the claims procedures online will help people save money.