FWD Insurance Singapore and DBS Bank have linked up to enable electronic payment of claims across a wide range of the insurer’s products, effective immediately.
According to the insurer, the move is in line with the Singaporean government’s push for wider adoption of electronic payments and greater digitalisation. The new system will harness DBS’s new application programming interface (API), known as DBS IDEAL RAPID, which will cut payout times from five days to one day upon approval of claim. All payouts through the API will have a cap of SGD$50,000 per transaction.
“Many insurers make their claims payouts via cheque – and this has led to unnecessary delays and even lost cheques,” said FWD Singapore chief executive Abhishek Bhatia. “With DBS IDEAL RAPID, our customers are now able to get their claims payouts straight into their bank accounts within a day of approval.”
Benjamin Yeo, managing director and head of insurance coverage at DBS Bank added: “We are delighted to collaborate with FWD to launch real-time electronic claims payments across the full suite of insurance products using DBS IDEAL RAPID. Customers do not buy insurance hoping to make claims but when a claim situation occurs, this real-time capability enables FWD to make payments swiftly, enhancing customer experience.”
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