Singapore Life Ltd has enabled next-day critical illness claims, with payouts received within 24 hours.
According to the insurance technology (insurtech) firm, it is the first such system in Singapore.
Policyholders with a term life or direct term policy must have a valid, new, or reinstated Singapore Life critical illness supplementary benefit for two years prior to diagnosis of a claimable condition, to avail of the next-day claims benefit.
Claimants must submit their completed forms and relevant medical documents, such as laboratory test results, by 3pm each day. Claims will then be paid out by 6pm on the next business day through FAST transfer or couriered cheque.
Zurich Life Insurance policyholders with critical illness covers are also eligible for the next-day claims payout, the Straits Times reported. Singapore Life acquired Zurich’s life insurance portfolio in January of this year.
“Critical illness claims have historically been a big challenge for customers seeking payouts in a fuss-free and timely fashion,” said Walter de Oude, CEO of Singapore Life.
“We have done away with manual workflow processes and long-drawn waiting periods, and replaced these outdated practices with streamlined and smart digitisation.”