Singapore to pilot platform next year to speed up insurance claims: MAS

SINGAPORE is building a platform to speed up insurance claims, nudging the insurance sector to digitalise the claims process.

The platform, to go "live" as a pilot next year, is targeted at the uncertainty over the claimable insurance amount when an individual is hospitalised, said Ravi Menon, managing director of the Monetary Authority of Singapore (MAS).

"Hospitals have to access multiple systems to request for or provide information to different insurers; and some of these processes are still paper-based," he said in a speech on Tuesday at the Singapore FinTech Festival x Singapore Week of Innovation & TeCHnology (SFF x SWITCH).

With this, MAS, the Ministry of Health, and the Integrated Health Information Systems are collaborating with the insurance and healthcare sectors to build a technology platform. It will securely share data with patient consent.

The aim is to help to reduce duplicate claims, manual errors, and processing time, said Mr Menon.

READ MORE: