By MALAYSIA DIGITAL ECONOMY CORPORATION
Gone are the days when you have to rely on conventional insurance claims systems to process your policies. Now, digital transformation is driving business innovation for insurance claims solution providers.
To seize this new growth opportunity, Leong Adjustment Sdn. Bhd. has made a bold attempt to embrace digital technology to optimise the performance of its business processes and to ease the hassle for policyholders and insurers.
Jacqueline Leong, Director of Leong Adjustment said the COVID-19 pandemic had made them realise to expedite their digitalisation effort or risk being left behind.
To deal with the immediate challenges faced by the company, the support from the government’s financial assistance through the National Economic Recovery Plan (Penjana) 2020 #SMART Automation Grant (SAG) that was channelled through Malaysia Digital Economy Corporation (MDEC) came just in time to take their burden off their shoulders.
“After having more than a decade experience in the insurance industry, the company felt that there is room for improvement with respect to claims processing time, asymmetric information transmission, and claims accuracy/ consistency.
"Believing that accuracy and consistency are the key performance indicator (KPIs) in its profession, the company began its digital transformation journey by developing the RTE777 Cloud Insurance Claims Project last year,” she said while explaining this is also part of transforming the conventional labour-intensive business model.
The company also decided to develop a web and mobile app-based insurance loss assessment system under the RTE777 Cloud Insurance Claims Project.
The core values of the RTE777 Cloud Insurance Claims Project are to create a RealTime, Relevance and Reliable (3R) platform for the policyholders, insurers, and its related respective parties from the claims notification to approval. The deployment of the RTE777 Cloud Insurance Claims Project will enable a 100% information accuracy and limit asymmetric information and in turn reduce travelling cost and man-hour by at least 30%.
It will also enhance claims processing time cycle with within 24 hours, create a more transparent claim processing platform and reduce claims leakage (i.e. monetary loss through claims management inefficiencies that result from failures in existing processes).
“As an insurance claims solution provider, we need to always keep pace with current development and practices in other economic sectors in order to maintain our unbiased and independent judgement and opinion. Most importantly, all policyholders are adequately protected at the time of financial loss. Every insurance claim is transparently paid within a reasonable time frame.
“We feel honoured to be awarded as the matching grant had substantially reduced our financial burden and allowed us to fully focus on the research and development (R&D) segment of our digitalisation project,” she commented further.
Leong Adjustment is one of the 66 small and medium-sized enterprises (SMEs) and mid-tier companies being awarded for the Government's National Economic Recovery Plan (PENJANA) 2020 #SMART Automation Grant (SAG).
“It gives us tremendous pride to be able to help empower businesses to stay competitive and robust through digitalisation during these times. MDEC will continue to work with all parties including the Ministry of Communications and Multimedia (KKMM), relevant agencies and partners to ensure the survival and business continuity of SMEs and MSMEs in the market.
"This is provided through our initiatives and efforts such as SAG that can transform them to become digitally-powered businesses and help thrive in this new reality,” said Surina Shukri, Chief Executive Officer of MDEC.
“Enabling digitally-powered businesses is one of our central tenets at MDEC. Leong Adjustment is just one of the many MSMEs that have benefitted from our grant and we will not let up in our efforts in digitalising and empowering businesses and ultimately benefitting the society and the country in line with Malaysia 5.0, ensuring shared prosperity for all as enshrined in the Malaysia Digital Economy Blueprint (MyDIGITAL) and propelling Malaysia forward as the heart of a digital ASEAN,” said Datuk Dr. Rais Hussin Mohamed Ariff, Chairman of MDEC.
Launched in July 2020, MDEC’s SAG matching grant is targeted at companies in the services sector to automate their business processes and adopt digitalisation.
The grant aims to drive these businesses to kick start the development and implementation of digital process and technology tools to automate the recipient’s business operations. - DagangNews.com