How Insurtech Helps Insurance Company to Reduce the Claim Ratio

JAKARTADAILY.ID - Mobile technology enhances all walks of life and becomes a game changer for many aspects, including the way insurance is distributed to the end customers.

However, building a distribution technology platform can be costly in terms of time and resources. That is why more and more insurance companies decide to partner up with insurtech for reaching out to their end customers via digital means.

Asuransi Simas Insurtech Ltd said started working with insurtech startup Fuse five years ago. In 2020, Simas Insurtech decided to choose Fuse as the only insurtech to be partnered up with, as Fuse Titanium insurance company partner.

Nowadays, Fuse has become an important  partner for Simas Insurtech as Fuse contributes a sizable volume of business to Simas Insurtech.

"In the era of the digital economy, collaboration with insurtech is a wise choice for us. Not only do we save cost on our technology investment but also achieve sizable business volume from our partnership. Thus, Fuse brings many fresh ideas and concepts for new insurance products, as well as strategies to increase adoption and conversion," Simas Insurtech's CEO Teguh Aria Djana said Monday, July 4, 2022,.

Teguh claimed Fuse's technology platform is secure and highly scalable in managing spontaneous and massive insurance transactions.

He said integration and synchronization of data can be done hassle-free and in a speedy manner.

"Fuse leverages big data technology that can map and analyze the risk profile according to the portfolio determined by Simas Insurtech. This technology indirectly helps Simas Insurtech increase sales volume of motor vehicle insurance, and on the other hand reduce the claim ratio to 25 percent," Teguh said.

Fuse's Co-founder and Chief Operating Officer (COO) Ivan Sunandar also commented on the same statement.

"We are very committed to deploy the latest technology to enable the insurance ecosystem, especially our close partners like insurance companies. That’s why we launched the Titanium Insurance partnership program in 2020, to work closely with insurance companies on bringing more traction to them, as well as constantly help our insurance company partners to increase their margins," he said.

"Since this year, we start leveraging our data technology to analyze and hence help our Titanium insurance partner to process claims. We are excited to see the value we add on to Simas Insurtech hitherto and hopefully we can help more insurance companies to reduce claim ratio in the near future,” Sunandar said.

Founded in 2017, Fuse being a pioneer in deploying mobile technology platform to revolutionize insurance distribution channel for improving efficiency and experience to end-customers. 

It launched its first-of-its kind mobile app Fuse Pro to “enable” agent/broker partners for closing insurance policy instantly and easily with their customers.

The company also claims to be the first mover on supporting digital/ e-commerce channel like Tokopedia for launching their first transactional top-up micro insurance product back to 2018, and being officially appointed as their strategic insurtech partner since Q3 2021 for supporting all general insurance products onwards.