MSIG Asia was introduced by Plug and Play to Singapore's leading AI-based data transformation platform startup, bluesheets. Through their partnership, MSIG Asia has increased their efficiency by shortening claims processing time and increasing cost savings within 30 days of implementing bluesheets' Smart Inbox technology.
About MSIG Asia
Mitsui Sumitomo Insurance Group (MSIG) Asia is a wholly owned subsidiary of Mitsui Sumitomo Insurance Company, Limited and a member of the MS&AD Insurance Group. It is Asia's leading general insurance brand with presence in 50 countries and regions globally. The Group is one of the top non-life insurance groups in the world with A+ Stable credit rating, having over 40,000 employees world-wide. In Asia, MSIG is represented in all ASEAN markets as well as in Australia, New Zealand, Hong Kong, China, Korea, India and Taiwan.
About bluesheets
bluesheets is a Singaporean AI-powered data-processing platform that enables financial automation for enterprises. They are on a mission to bring the most innovative, time & cost saving technology to everyday businesses with our machine-learning and AI-powered systems. bluesheets' middleware solution automates financial processes, unlocking the power of real time data and financial transparency for organisations.
The Partnership
MSIG is one of Japan's largest insurance companies and a global top-8 private & commercial insurance provider. A Fortune Global 500 member with close to US$2 billion in premiums, it is the only insurance company with presence in every ASEAN country. Consistently ranked No.1 in ASEAN, MSIG has a proud tradition of partnering with best-in-class technology providers to sustain its position as an industry leader, delivering stellar experiences and value to both customers and employees alike.
Recognizing that Intelligent Process Automation (IPA) could further enhance the user experience, MSIG began its search for a software solution that enables a more efficient claims processing workflow, enhanced data analytics capabilities, and supports its steadfast commitment to sustainability.
Having tested – and rejected – several vendors prior, MSIG was then introduced to bluesheets, Singapore’s leading A.I.-based data transformation platform for enterprises looking to streamline the processing of unstructured data at scale. They soon realized they had found their partner of choice.
Upon selecting bluesheets as its technology partner, MSIG tasked bluesheets with digitizing its claims operations and services, to deliver results with 3 key outcomes:
Create a centralized document management process
Allow MSIG to 'Go Paperless' with claims
Enhance the end-to-end customer and employee journeys
Smart solutions across Asia's rich language diversity
To streamline the large volume of data being received every day in a variety of languages from MSIG's international customer base, bluesheets introduced its ‘smart inbox’ solution. All incoming data is automatically ingested, and the platform uses ‘smart’ claims processing to digitize and auto-categorize the data before sending it to the claims management system.
No more manual data input: once implemented, the Smart Inbox takes care of everything. Spanning across every line of business (P&C, Marine, Motor, Healthcare, Life etc), these smart solutions allow MSIG to save 60% of the time they typically spend processing claims, and instantly reduce their operating costs.
Automating with clearer insights
Bluesheets' A.I. capabilities equip MSIG with the ability to auto-verify claims. The in-built Robot Processing Automation (RPA) ingestion channels now automatically intercept applications across various channels and consolidate them in the claims system. Whilst bluesheets is automating claims in the background, in-built control panels uniquely designed for the local teams allow their employees to stay on top of processing activity, driving productivity and job satisfaction.
Downstream features that future-proof
The bluesheets solution also offers MSIG downstream features, disbursing data into 3rd party systems, allowing them to automatically process complementary forms for claims handlers and decision-makers.
With the ability to easily access digitized data sets, MSIG now has the ability to analyze all of its data in one place, paving the way for future product optimization and data-informed strategic decisions.
“Bluesheets is proud to provide MSIG with a digital solution that spans every facet of its business, from Property and Casualty, Marine, Motor, Healthcare, to Life. With data from across business lines now digitally stored securely in the cloud, MSIG is able to supercharge its data analytics and fraud detection. This was simply not possible before bluesheets. Above and beyond significant time and cost savings, with bluesheets, MSIG has unlocked a treasure-trove of analytic insights which can help it maintain its competitive edge.” quoted from Clare Leighton, COO and Co-Founder at bluesheets.
Enny Halim, Executive Vice President of Business Development & Digitalization at MSIG Asia presented on the value that bluesheets delivers at the Plug and Play APAC Summit June 2022 in Singapore.
Reduced processing time from 5 to 2 hours
Within one month of implementation, MSIG reported a reduction in time spent processing claims by 60%. This allowed their team to reallocate their time and efforts into more high-value tasks and responsibilities.
Reduced claims operating expenses by 18%
A significant cost reduction was likewise reported within one month of implementation. This profit booster is completely scalable with bluesheets, so as MSIG continues to grow, their resourcing cost does not have to, hence sustainably improving their bottom line.
Improvements in employee morale and skills
With bluesheets technology automating claims processing in the background, case handlers no longer have to be burdened by tedious rote tasks. Instead, they are free to better allocate their time and energy to tasks that deliver higher value not only to the company, but also to their own professional growth and development, consequently driving overall productivity and job satisfaction.
The team at MSIG were able to reach their project goals more effectively and efficiently than they had ever imagined, leveraging on bluesheets' features which allow them to:
Unify all claims under a single channel
Digitize all file formats
Provide auto-verification of claims
Provide a full end-to-end solution for their customers
Stay language agnostic
Automate with self-learning A.I.
Provide a single environment for data automation
Provide frictionless data capture
“Given the high volume of unstructured data MSIG receives every day - in multiple formats and different languages – we created a ‘smart inbox’ for MSIG to automate this critical first step. MSIG now enjoys ‘hands-free’ data input, with our ‘smart’ claims processing system providing data auto-categorization and digitization via bluesheets' proprietary intelligent document processing engine.” quoted from Christian Schneider, CEO and Co-founder at bluesheets.
Timeline
Aug 2018 - MSIG Signed as a Plug and Play Corporate Partner
Sep 2021 - MSIG was introduced to Bluesheets with an initial demo
Nov 2021 - Both parties signed an NDA and shared a follow-up demo with live data
How Plug and Play Can Help
Plug and Play is a global innovation platform that has been bridging the gap between startups and corporations for over a decade. With a presence in more than 35 locations across the world, Plug and Play provides a unique ecosystem that connects the most promising startups with the world's largest corporations, facilitating innovation and growth for both parties.
Collaborating with startups has become increasingly important for corporations, as it allows them to tap into cutting-edge technologies and fresh perspectives that can help them stay ahead of the curve. However, working with startups can also be a challenge, especially for corporations that are used to a more traditional way of doing business. That's where Plug and Play comes in, providing a framework for open innovation that helps corporations to leverage the power of startups to drive growth and success.
Through its various accelerator programs and corporate innovation services, Plug and Play helps corporations to identify the most promising startups in their industry, providing them with access to mentorship, resources, and investment opportunities. At the same time, startups benefit from the expertise and resources of corporations, gaining access to valuable partnerships and customers that can help them scale their businesses.
At Plug and Play, the concept of open innovation is central to everything we do. We believe that by working together, startups and corporations can achieve more than they could alone, and we're committed to helping our partners navigate the complexities of collaboration to drive innovation and growth. Whether you're a startup looking to take your business to the next level or a corporation seeking to stay ahead of the competition, Plug and Play is here to help you succeed.
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MSIG Asia is one of our Corporate Partners from our Insurtech program, which enables the world's largest insurance institutions and corporations to work with our startups.
bluesheets is one of our Startups from our Fintech program, which enables startups to work with the world's largest insurance institutions and corporations. It is also one of our portfolio startups in Plug and Play APAC.
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