BankBazaar Singapore – December 22, 2017
SINGAPORE: Etiqa, an online insurer based in Singapore, has announced new digital services with DBS Bank and the Ministry of Finance.
Etiqa has become the first to combine its services with government’s MyInfo. This service is a digital database launched by the Ministry of Finance and GovTech in 2016. More than 3.3 million customers on SingPass will benefit from this service while purchasing insurance.
The Chief Executive Officer of Etiqa Insurance Pte. Ltd., Sue Chi Kong, said that MyInfo allows new customers to buy life insurance products online without having to convert approved personal documents into forms. Customers will not have to provide documents such as proof of address or long-term pass either.
MyInfo consolidates data from 7 public agencies including the Immigration and Checkpoints Authority (ICA), the Inland Revenue Authority of Singapore (IRAS), and the Urban Redevelopment Authority, into one single repository. This process spares the customers from manually filling in data in forms for various services. GovTech said that by the end of this year, all SingPass users will, inevitably, get registered for MyInfo under the Smart Nation undertaking.
Etiqa, in collaboration with DBS, has also launched an eWallet service that allows customers to instantaneously credit and get paid for insurance claims online. This cuts down on the two-week time process from cheque preparation to receipt. This service is available on TiqConnect, Etiqa’s online self-service portal, enabling customers to submit policy cancellation requests and renew policies online.
Since eWallet uses DBS Ideal Rapid, the bank’s new API, the present customers will have the benefit of having prompt payouts through eWallet for refunds on policy cancellation and claims. This service can be enjoyed by 19 Singaporean banks, such as OCBC Bank, Deutsche Bank, Standard Chartered, and UOB.
DBS Bank’s MD and Head of Insurance Coverage, Benjamin Yeo, said the partnership with Etiqa will help the insurance sector operate better and also lead Singapore towards its goal of being a Smart Nation.
Etiqa, owned by Maybank Ageas Holdings, has witnessed a record-breaking annual growth of 200% in online revenues from its products this year, as the number of online insurance buyers is high in Southeast Asia. More than 70,000 customers purchased financial products from Etiqa online and the company successfully approved 90% of the claims submitted within one day.