In tune with rapid technological innovations, MSIG Insurance and DBS Bank have joined hands to provide Singapore’s first ‘instant’ electronic payment system service for travel insurance claims. In fact, the first claim payment via the real-time service was made last week after the service was launched two weeks ago.
Under the new system, travellers who make a successful claim can get their money directly rather than waiting four days for a cheque to be cleared.
DBS and POSB customers who buy MSIG travel insurance plans through the DBS website and sign up for a member login account on MSIG’s customer portal will be able to use the real-time claims payment service.
A MSIG spokesperson said, “Consumers can look forward to easier and faster travel insurance claims payment with this new service.”
Michael Gourlay, CEO of MSIG Insurance, said “Technology is fast changing the way people are buying and interacting with sellers. While digitisation can be widespread, we will focus on initiatives that will truly help us to improve our customers’ journey and enhance their overall experience.”
MSIG Insurance offers a wide spectrum of insurance solutions to DBS customers, and around half of MSIG policies distributed through DBS were bought online last year.
The new system replaces the traditional payment by cheque which takes around four days to process.
Lauding the initiative, Jeanette Wong, group head of institutional banking group, DBS Bank said, “We are delighted to support MSIG’s drive to re-define the customer’s travel insurance claims experience towards a more streamlined and immediate digital process by reducing the use of cheque payments. This collaboration is part of our broader strategy to work with our clients to co-create new digital experiences for their customers and partners.”
The bank is working with other insurance players to identify areas of process improvement, with a view to improve the consumer experience.