DBS Bank has launched a fast-tracked electronic payment service for travel insurance claims, a joint initiative with Singapore-based insurer, MSIG.
Utilising the service, DBS expects to reduce travel claim settlement times by approximately four days, effectively supplanting cumbersome cheque-based payments.
The initiative has been declared a first for the Singapore market.
The service will utilise DBS’ new application programming interface (API), ‘DBS IDEAL RAPID’ to deliver real-time payments to eligible claimants.
For Jeanette Wong, Group Head of Institutional Banking Group, DBS Bank, the partnership represents the companies’ mutual efforts to accelerate and streamline traditionally paper-based processes through digital.
“This collaboration is part of our broader strategy to work with our clients to co-create new digital experiences for their customers and partners,” said Wong.
“Our technology capabilities have enabled us to deliver innovative solutions to our customers. Integrating DBS IDEAL RAPID into MSIG’s claims processes is one example,” Wong said.
According to Michael Gourlay, CEO of MSIG Insurance, the company is set to expand the e-payments service across their policy offerings.
“Besides travel claims, we will look into introducing real-time electronic payment service across our whole enterprise,” he said.
DBS/POSB account holders who bought MSIG’s travel insurance plans through the DBS website and have a member account with MSIG’s customer portal will be able to use the e-payments service.
MSIG provides various insurance policies through DBS’ online platform; approximately one out of two MSGI policies distributed through DBS last year was bought online.