Liberty Insurance wows at Insurance Asia Awards 2021

Insurance solutions provider awarded Claims Initiative of the Year Award following implementation of pioneering virtual appraisal tool.

Liberty Insurance has once again lived up to its reputation of placing customer experience at the centre of its priorities. The company has been awarded the Claims Initiative of the Year Award at the recent Insurance Asia Awards 2021. 

Having served Malaysia for over four decades, Liberty truly proved itself worthy of the award when it introduced the first fully integrated virtual appraisal tool to its customers. 

“The implementation of the virtual appraisal tool was a strategic move following the push towards digitalisation as part of the ‘new norm’ in the wake of the pandemic. This supports Liberty at its core objectives, to ‘Win with Digital’ and aligning to the country’s digital economy blueprint (MyDigital) towards reaching a more digitally connected economy. We devised the system with a clear focus on customer experience and improving on productivity, claims efficiency and approval turnaround times while reducing expenses, ultimately putting the customer as the end in mind”, said Liberty Insurance Berhad’s Chief Executive Officer, Puneet Pasricha.

Incorporating video and photo digital technology, Liberty’s video appraisal capability was implemented during the first lockdown last year. The now award-winning tool encompasses interactive digital features to support claims’ functions such as video calls, video surveys, live chats, geo-location, and remote accessibility that enables wide facets of appraisals and analysis to be carried out remotely between examiners and customers, technicians, and workshops.

To ensure the successful implementation of the tool, the video and photo features of Liberty’s virtual appraisal tool were integrated into the company’s core system and E-claims system to provide a seamless process from approval to final payment on a single platform, resulting in an improvement in the claims lifecycle.

However, more remarkable than the quick development and effective integration of the virtual appraisal tool are the astounding results it has brought about, not only for the company but its customers. 

Following the implementation of the tool, Liberty saw appraisal times reduced from two hours to less than 30 minutes, while approval times were reduced from two days to just a single hour. Liberty also saw a 4% increase in transactional Net Promoter Score (tNPS), relating to the measure of customers’ satisfaction following the claims and approval processes. 

The implementation of the virtual appraisal tool also witnessed an 11% reduction in motor cases assigned to external adjusters, translating to a 9% reduction in expenses. 

“During the pandemic, when adjusters could not move freely and interact with customers, the virtual appraisal tool played an important role in improving Liberty’s standards of service. Importantly, we were able to leverage the new way of doing business to our advantage by effecting a mindset and behavioural change in how we partner with workshop operators”, said Liberty Insurance Berhad’s Head of Claims, Ronnie Chan.

With a firm belief of “building once, deploying many times” and continuous efforts to drive and deliver a best-in-class customer experience, the virtual tool was deployed from motor claims to non-motor claims to ease homeowners’ and business owners’ claims process. Customers experienced shorter appraisal-to-approval times from five working days to less than 24 hours, as a result of the shift to virtual assessment from in-person assessment. 

The tool also presented a hassle-free claims end-to-end process, minimising disruption to customers’ personal life and business operations. The redeployment of this tool is projected to provide an additional cost savings of RM120,000 per annum. 

Leveraging on the same technology and principle, Liberty has also launched another pioneering service - Xpress Claims. This service aims to provide customers a quick 24-hour claims settlement solution for minor motor damages. With just three documents and a smartphone, a quick appraisal and cash settlement can be made almost instantaneously for customers to proceed to their choice of repairer. 

“Claims has always been a key ‘Moment of Truth’ for Liberty. The deployment of the virtual appraisal tool and Xpress Claims shows our drive to provide better service to our customers, while living up to the company’s core values of Making Things Better and Keeping It Simple,” says Puneet. 

To find out more, visit www.libertyinsurance.com.my.