Merimen Technologies: The Cornerstone of Insurance Collaboration
Claims processing remains the biggest defining factor that drives customer satisfaction. But the long turnaround periods and frequent errors due to manual processing; loss of information and errors in communication between multiple parties; and lack of meaningful data and insights into internal/external operations make the whole claims processing management an inefficient endeavor. As insurers look to improve customer experience and control their claims expenses, they are in the pursuit of end-to-end and collaborative claims management solutions. The solutions that can help insurers reduce claims settlement time, minimize human error, and eliminate inefficiencies by streamlining claims processing.
The solutions that analyze a firm’s claims process in real-time by implementing an approach built on key performance indicators (KPIs) to measure performance. The solutions that allow the management to make both tactical and strategic claims decisions for increased efficiency. Offering such solutions is Merimen Technologies. The company is breaking down the shackles of legacy systems with its cloud-based collaborative software-as-a-service (SaaS) solutions which bring standardization and speed to insurance claims processes.
As a widely preferred SaaS-based solutions provider for insurers, Merimen deciphers many challenges that are pertinent in the practice of manual claims processing. Each claim procedure involves numerous conversations with multiple stakeholders such as adjusters, lawyers, and repairers who are from different spheres of operations. This often led to data silos, ultimately resulting in miscommunications, delays, human errors, and inconsistencies in stakeholders’ statuses— hampering the overall visibility on the progress of a claim. “Lack of transparency and actionable insights increase the overall cost of monitoring and investigation,” says Trevor Lok, CEO, Merimen. By combing their extensive insurance claims processing and underwriting practices knowledge and technology expertise, Merimen provides industry-leading, flexible, and adaptable SaaS-based solutions eClaims and ePolicy that expedite insurance claims processing and facilitate real-time processing of policy-related transactions.
Collaboration Holds the Key
Merimen’s eClaims platform presents general insurers with an end-to-end integrated engine designed to communicate, transact, manage, and process all claims-related activities. eClaims is an ecosystem with information sharing and exchange, workflow facilitation, and transaction processing features that are enabled by Merimen’s single-claims-view collaborative architecture.
Merimen’s ePolicy offers a collaborative cloud-based engine for configuring insurance products and for real-time processing of policy-related transactions. “The creation of insurance products, with its associated underwriting and rating rules, can be a complex undertaking. Merimen ensures that good tools are available for our clients to configure and automate their new products, resulting in a shorter time-to-market and enables extensive automation of policy sales,” states Ng Kian Yee, CTO, Merimen. The functionalities of Merimen's ePolicy encompass the generation and submission of electronic insurance proposals, automated quoting, automated binding and issuance of policies, and appropriate escalation to human underwriters as needed. The integrated platform enables ease of use coupled with strong management and monitoring capabilities by the three key parties in an insurance policy—Insured, Insurer and Intermediaries.
Additionally, the firm’s TrueSight is an analytics product with the overarching objective of providing insurers with true, comprehensive and actionable insights into their operations. The first tool currently offered under the Truesight umbrella is Truesight PeerIndex, which provides insurers with a comparative benchmark analysis of their claim statistics against their peers, meaning against a composite index formed by Merimen's clients. For instance, an analysis of the various components of an insurer's claims incurred such as parts pricing and labor pricing can be performed. Similar benchmarking for operational efficiency such as claims turnaround times is also possible. Segments with possible opportunities for large savings or efficiency gains are highlighted, and further drill down investigations can be performed via the PeerIndex.
Merimen’s epolicy offers a collaborative cloud-based engine for configuring insurance products and for real-time processing of policy-related transactions
Bringing Modularity and Simplicity
Merimen’s solutions are built on an open and modular architecture that makes configuration and enhancements for different clients easy. The solutions also integrate, in a simple, adaptable, and seamless manner, all the rules that regulate the insurance industry in a particular territory. Merimen's customers can request specific enhancements at any time and leverage them without going through tiresome software updates. Additional features and functionalities are added by Merimen in such a way that it endows clients with the ability to activate them based on their needs. With extensive experience of over 17 years serving the industry, Merimen understands that the users on their platform are not just savvy executives operating with the support of a full IT department. They may be users in a small agency or law firm. They may be users in a rural workshop. This is one of the core reasons why Merimen has built its solution from an ease of use and maintenance point of view. Users require only access to the system from a standard web browser, without any installation or maintenance on their end. The simple interface for customers is, in fact, a leap forward from the typical enterprise software. Merimen works with its customers in proximity to achieve fast rollout and then builds upon the live system with continuous use-learn-enhance cycles. “We also proactively feed our innovation and research department with client feedbacks,” says Agustinus Eka Budiman, Head of Product Development, Merimen. This ensures robust implementations that stay relevant over time as the customers’ operating requirements evolve.
The Growth Trajectory
Merimen’s cloud-based collaborative and modular SaaS-based solutions are backed by a nimble and agile approach to development and a results-oriented work culture. The company builds a friendly work environment which in turn reciprocates into their splendid customer retention rate and exponential growth trajectory.
In the near future, Merimen aims to expand its product portfolio with new features that cover areas such as data science and analytics, fraud detection, automated flagging of potential subrogation, and early evaluation of litigation propensity. They also aim to build more features into their TrueSight product by leveraging machine learning/AI technology. “There is a lot of fraud happening in the insurance industry and we are working toward developing a system that can mitigate these frauds by tendering early detections,” adds Fabian Lum, Head of Business Development, Merimen. The firm has also started an InsurTech Internship Program in Singapore. The internship reaches out to students who are keen to research and work on insurance innovation; the recent internship project was to work on some aspects of insurance fraud detection. Merimen also continues to aggressively push forward with their geographic expansions. The Malaysia headquartered company has recently opened a corporate office in Hong Kong. They intend to flourish geographically across the North Asian markets including China, Korea, and Japan, and also the Middle East. Having dominated the South East Asian landscape with their state-of-the-art SaaS offerings, the future seems all set to extend a ladder of never-ending success to Merimen Technologies.
July 26, 2018