Client engagement and technology are key to a more demanding claims environment in Asia, according to Brian Yang, Head of Claims for AXA XL in Singapore.
The claims environment in Asia is increasingly dynamic. With economic development, rapid changes in the risk landscape and more sophisticated risk and insurance management, the region is seeing more large, diverse and complex claims, putting new demands on insurers.
Relationship management
This shifting claims environment places far greater importance on the human aspect of claims. Large and complex risks typically involve multiple stakeholders, yet a more complex risk landscape requires collaboration and partnerships between parties. From a claims management perspective, clear communication, transparency and coordination are essential to the smooth and expedient settlement of claims.
By engaging directly with clients and building relationships based on trust and understanding, claims managers can help them better understand and mitigate their risks. But we can also guide clients on what to expect in the event of a major claim and help them prepare, ensuring that a claim proceeds quickly and effectively with minimal disruption. To this end, regular claims events (such as AXA XL’s Claims Academy held in Singapore and Hong Kong annually) and training sessions are a great way to support risk managers and brokers, updating them on the latest claims trends and developments in large loss management.
By moving from payer to partner, claims managers work closely with clients in challenging situations to find the best possible solution and restore a business to pre-loss operations as soon as practically possible. The recent Asia Insurance Award for outstanding claims management won by AXA XL’s claims team in Singapore for the second consecutive year is testament to our promise to deliver market-leading claims service and go beyond just paying claims.
Specialist capabilities
The increasing diversity and complexity of claims will also require insurers to develop highly specialized technical claims handling capabilities. This is particularly true for complex multinational insurance solutions, natural catastrophe exposures and niche lines of business such as cyber and political risk and credit. Such risks require specialist claims managers to work as part of a suite of experts to deliver critical loss prevention advice and services that help minimize the frequency and severity of claims.
One area where knowledge and collaboration come to the fore is transition technology. Asia has emerged as a leading player in the renewable energy market, through its investment in wind and solar and more widely as a manufacturer of renewable energy technology (China invested a record breaking USD$625 billion – based on IAE - in energy sources that produce little or no pollution in 2024 alone). From an insurance perspective, the successful development of renewable energy technology will require a global exchange of knowledge and experience, including for claims. Our claims teams in Asia are able to tap into a global network of claims experts, including for complex claims in renewable energy infrastructure, where the US and Europe have amassed decades of knowledge and experience.
Innovation in claims processes
Clients in Asia expect fast, efficient and transparent claims service from their insurers, and this is where technology will play an increasingly important role. Automation is already helping manage low-value frequency claims more efficiently, reducing settlement times to just a few days. Innovation is now also bearing fruit for large complex claims, where investments in technology can significantly speed up response times, reduce costs and help generate insights.
Artificial intelligence, in particular, holds great promise, automating and accelerating day-to-day claims processes. Our claims managers, for example, are piloting an AI-powered tool that summarizes technical claims reports, enabling them to provide rapid feedback to clients. Insurers have an obligation to support clients in their hour of need, and the quicker we respond and processes a claim, the faster they will be back in business, and with minimal disruption.
Data is another increasingly vital tool for claims professionals. There are huge opportunities to make more effective use of claims data, using AI to reduce risk, both insured and uninsured. In combination with advanced analytics, AI is beginning to help insurers identify claims trends and share insights. Natural catastrophes are a case in point. Claims managers are able to capture more granular information on natural catastrophe claims, which help better understand the impact of extreme weather events and support risk consulting services and loss prevention advice.
Putting claims upfront
Claims sits in the forefront of the insurance value chain – not in the back office. As the most visible touchpoint for clients, a fast, efficient claims experience is more than operational – it is foundational. At its core, claims is how we deliver on our promise to make things right when it matters most.
Technology is accelerating the evolution of claims. Yet, people will remain central to how we respond to large and complex losses. AI and automation will streamline repetitive tasks, freeing up claims professionals to focus on what truly drives impact– partnering with clients, uncovering insights and delivering solutions. These high-value, human driven activities will be essential to navigating the growing complexity of the claims environment in Asia.
- Share This Article:
-
-
Global Asset Protection Services, LLC, and its affiliates (“AXA XL Risk Consulting”) provides risk assessment reports and other loss prevention services, as requested. In this respect, our property loss prevention publications, services, and surveys do not address life safety or third party liability issues. This document shall not be construed as indicating the existence or availability under any policy of coverage for any particular type of loss or damage. The provision of any service does not imply that every possible hazard has been identified at a facility or that no other hazards exist. AXA XL Risk Consulting does not assume, and shall have no liability for the control, correction, continuation or modification of any existing conditions or operations. We specifically disclaim any warranty or representation that compliance with any advice or recommendation in any document or other communication will make a facility or operation safe or healthful, or put it in compliance with any standard, code, law, rule or regulation. Save where expressly agreed in writing, AXA XL Risk Consulting and its related and affiliated companies disclaim all liability for loss or damage suffered by any party arising out of or in connection with our services, including indirect or consequential loss or damage, howsoever arising. Any party who chooses to rely in any way on the contents of this document does so at their own risk.
US- and Canada-Issued Insurance Policies
In the US, the AXA XL insurance companies are: Catlin Insurance Company, Inc., Greenwich Insurance Company, Indian Harbor Insurance Company, XL Insurance America, Inc., XL Specialty Insurance Company and T.H.E. Insurance Company. In Canada, coverages are underwritten by XL Specialty Insurance Company - Canadian Branch and AXA Insurance Company - Canadian branch. Coverages may also be underwritten by Lloyd’s Syndicate #2003. Coverages underwritten by Lloyd’s Syndicate #2003 are placed on behalf of the member of Syndicate #2003 by Catlin Canada Inc. Lloyd’s ratings are independent of AXA XL.
US domiciled insurance policies can be written by the following AXA XL surplus lines insurers: XL Catlin Insurance Company UK Limited, Syndicates managed by Catlin Underwriting Agencies Limited and Indian Harbor Insurance Company. Enquires from US residents should be directed to a local insurance agent or broker permitted to write business in the relevant state.