MSIG Insurance and DBS Bank have joined forces to launch Singapore’s first instant electronic settlement service for travel insurance claims. The instant electronic payment service leverages DBS’s new API (application programming interface) that reduces the time a travel claim is settled from four days to minutes and will ultimately eliminate the use of cheque based claims payments altogether.
MSIG is the first to tap the DBS API to enable real-time payments that match what customers are experiencing in other industries.
Michael Gourlay, CEO of MSIG Insurance recently encapluated MSIG’s new digital culture: “Technology is fast changing the way people are buying and interacting with the sellers. Besides travel claims, we will look into introducing real-time electronic payment service across our whole enterprise”.
Additionally, DBS/POSB account holders who have bought MSIG’s travel insurance plans through the DBS website have signed up for a member login account with MSIG’s customer portal will be able to benefit from this real-time claims settlement. Similarly, MSIG is assessing the introduction of real-time electronic payments across its range of other insurance products including health and auto insurance.