Real-time electronic payment service for travel cover claims introduced

New online claims system to replace old method where policyholders needed to wait several days for cheque clearing

Real-time electronic payment service for travel cover claims introduced

Insurance News

By Gabriel Olano

MSIG Insurance Singapore and DBS Bank have jointly released the market’s first “instant” electronic payment service for travel insurance claims.

According to the firms, this means that policyholders who make a successful claim will receive their money on the spot, instead of waiting for four days for cheque clearing.

DBS clients who purchase travel insurance from MSIG through the bank’s website can sign up for an account on MSIG’s consumer portal to gain access to the real-time claims payment service.

“Technology is fast changing the way people are buying and interacting with the sellers,” said Michael Gourlay, chief executive of MSIG Insurance.

“While digitisation can be wide spread, we will focus on initiatives that will truly help us to improve our customer’s journey and enhance their overall experience. Besides travel claims, we will look into introducing real-time electronic payment service across our whole enterprise.”

The general insurer and bank’s partnership is going strong, especially in the online channel. Last year, around half of MSIG policies sold through DBS bought online. Having this new online claims system will supplant the old system, where claimants had to wait four days for the bank to clear their cheque. This gives policyholders quicker access to funds in case of a travel emergency.

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