Insurance company FWD has collaborated with DBS Bank (DBS) to provide electronic payment of claims via PayNow, the company announced on June 14, 2018.
PayNow is an electronic fund transfer service available to customers of any of the seven participating banks: Citibank Singapore, DBS/POSB, HSBC, Maybank, OCBC, Standard Chartered Bank, and United Overseas Bank.
To receive payments via PayNow, FWD customers simply need to provide their PayNow registered mobile number or NRIC number for the funds to be transferred to their account.
Benjamin Yeo, Managing Director and Head of Insurance Coverage at DBS Bank said that the collaboration is in line with the bank’s promise to bring new digital experiences to its partners and customers.
“In today’s digital age, customers seek an instant and hassle-free experience. We are continuously working on innovative solutions to bring to reality greater convenience for corporates and consumers. By leveraging on our digital expertise, we are pleased to provide a solution that does away with claims cheques, providing customers a truly seamless claims experience,” he added.
FWD’s philosophy of marrying technology with customer experience has paid dividends in the industry. At last year's Financial Services Summit, the company won the Best Customer Experience award. It also bagged the Best Digital Insurer of the Year at the Asia Insurance Industry Awards, and the Best Direct Insurer at the Insurance Asia Awards.
“Many insurers make their claims payouts via cheque – and this has led to unnecessary delays and even lost cheques," said Abhishek Bhatia, Chief Executive Officer, FWD Singapore.
"PayNow is a very convenient payment platform that will benefit FWD’s customers. We’re proud of the fact that this service will improve an already exceptional claims experience by ensuring our customers receive claims payments faster, and more conveniently than other insurers have traditionally been able to achieve,” he added.