KUALA LUMPUR – The National Economic Recovery Plan (PENJANA) and the Smart Automation Grant (SAG), which are chanelled through the Malaysia Digital Economy Corp (MDEC), help facilitate digital transformation and business innovation for insurance claims settlement companies, reported Bernama.
Citing Leong Adjustment Sdn Bhd as an example, MDEC chief executive officer Surina Shukri said the company had made bold changes in incorporating digital technology to improve the performance of its business processes, making it easier for policyholders and insurers.
In a statement on March 3, she said MDEC is proud to be involved in such initiatives as it has the opportunity to help strengthen businesses, allowing them to remain competitive and strong through digitalisation.
“MDEC will continue to work with all stakeholders, including the Ministry of Communications and Multimedia, as well as other government agencies and partners to ensure the viability of small and medium enterprises (SMEs) and micro-entrepreneurs in the country,” she said.
Meanwhile, Leong Adjustment’s director, Jacqueline Leong said the Covid-19 pandemic has caused her company to realise the urgent need for digitalisation, without which the company may risk being left behind.
“We are aware that there is room for improvement involving the claims processing time, inaccurate information sharing and claims accuracy.”
“Hence, the company embarked on digital transformation by developing the RTE777 Cloud Insurance Claims Project last year,” she said, adding that the company decided to develop a web and mobile application-based insurance loss assessment system under the project.
The RTE777 Cloud Insurance Claims creates a real-time, relevant and reliable (3R) platform for policyholders, insurers and related parties, from the onset claim notification to settlement.
Its deployment ensures 100% information accuracy, thus reducing travel costs and processing time by 30%.
“This will also expedite the claims process to within 24 hours and create a more transparent claim application platform to reduce claim leakages, such as financial losses incurred due to insufficient claim management.”
“As a company which provides insurance claims settlement services, we should follow current developments and practices to maintain fair and accurate assessments,” she added.
Leong also said the matching grants helped to reduce the company’s financial burden, allowing it to focus more on research and development on digital projects.
Leong Adjustment is one of 66 SMEs and mid-level companies that received grants under the SAG-PENJANA package introduced by the government last year.