AIG Singapore and DBS Bank have unveiled an instant electronic payment service for travel insurance claims, as part of Singapore’s thrust towards increased adoption of electronic payments and greater digitisation of financial services.
The new system will allow AIG policyholders who have accounts with DBS or its subsidiary POSB to receive immediate payouts to their accounts for approved travel insurance claims, eliminating the need to wait for cheques.
Under the new system, policyholders can expect that payouts for simple travel inconvenience claims such as flight or baggage delays will appear in their bank accounts in just three working days, down from the previous eight days.
Leveraging DBS’ new application programming interface IDEAL RAPID, the real-time claims payment service will benefit around 500,000 travel insurance policyholders, with an expected 40,000 travel claims processed each year, according to AIG Singapore.
“Working with DBS marks another step in our digital transformation journey to leverage smart technologies for a swifter and more seamless claims experience, thus enabling Singapore’s Smart Nation agenda,” commented Cady Ho, vice president and chief claims and customer officer of AIG Singapore.
“We are excited to support AIG’s drive to enhance the travel insurance claims experience and reduce the industry’s reliance on cheques,” added Benjamin Yeo, head of insurance coverage at DBS Bank.
Related stories:
Demand for travel insurance among Singaporeans surging
Workplace safety a significant risk, says AIG
AIG reveals emerging risks in travel insurance market
