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MSIG and DBS collaborate to bring instant travel claims payments

In View Summary

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 moving fast to introduce real-time electronic payments across its range of other insurance products including health and auto insurance.

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.

Reported Benefits

Benefit to Customers

  • Faster claims approval.
  • Additional incentive to keep policy active and renew.
  • Better experience at their own convenience.

Benefits to the Insurer

  • Opportunity to co-create the next level of affinity model, i.e. an ecosystem.
  • Customer loyalty.
  • Efficient claims management.
  • Opportunity to harness customer data for better insights in customer behaviour and/or cross selling efforts.

The Digital Insurer's View

Once popular, Bancassurance and affinity models are increasingly shifting towards digital platforms. The collaboration between MSIG and DBS is a part of similar strategy whereby MSIG want to co-create new digital experiences for their customers through mobile payment facilitation which will also help MSIG and DBS to establish a direct relationship with customers in addition to accessing payments data that can be mined for cross selling activities later.

References

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