Simas Insurtech's Claim Ratio at Fuse Down ~ Akademi Asuransi
JAKARTA – Information technology is developing very rapidly and provides changes to many aspects of life. These changes include the way insurance is distributed to customers. However, building a technology platform as an insurance distribution channel requires a lot of cost, time and effort. Then, the insurance company decided to collaborate with insurtech companies to reach customers through digital means.
PT Asuransi Simas Insurtech became a pioneer in exploring cooperation with insurtech, and began working with insurtech startup Fuse five years ago. In 2020, Simas Insurtech decided to choose Fuse as the only insurtech partner, which Fuse labeled as Titanium partner. Currently, Fuse has become an important partner because it contributes quite a large volume of business to Simas Insurtech.
“In the era of the digital economy, collaborating with insurtech was a wise choice for us. We not only saved the cost of our technology investment, but also achieved a sizeable business volume from our partnership. Fuse brought many fresh ideas and concepts for new insurance products, as well as strategies to increase adoption and conversion,” said Simas Insurtech CEO Teguh Aria Djana, in his official statement in Jakarta, Monday (4/7).
Teguh added that the technology platform developed by Fuse is safe and highly scalable in managing insurance spontaneously and massively. Data integration and synchronization can be done hassle-free and in a fast way.
“Fuse has big data technology that can map the risk profile according to the portfolio determined by Simas Insurtech. The use of this technology indirectly helps Simas Insurtech increase the sales volume of motor vehicle insurance, and on the other hand reduce the claim ratio to 25%,” said Teguh.
Responding to this, Co-founder and Chief Operating Officer (COO) of Fuse Ivan Sunandar said, “We are committed to developing the latest technology to activate the insurance ecosystem, especially our closest partners such as insurance companies. That’s why we launched the Titanium Insurance partnership program in 2020, to work with insurers to bring more innovations, and continue to help our insurance partners improve their margins. Starting this year, we started leveraging our data technology to analyze and assist our Titanium insurance partners to process claims. We are delighted provide added value for Simas Insurtech and hopefully we can help more insurance companies to reduce the claim ratio in the future.”
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