The insurance company FWD plans to digitise its claims payment system with DBS’ application programming interface (API), DBS IDEAL RAPID. This should bring down the claims process from five days to one day.
BankBazaar Singapore – February 9, 2018
Singapore: The insurance company FWD has said that it is joining hands with DBS to enable electronic claims payment for a number of its products using the bank’s API capability. The move is expected to reduce the time required to make claims from five days to one day.
The insurer considers this move to be in line with the country’s move towards digitisation. Last year, MSIG had made a similar move with DBS to reduce claims processing times and increase convenience. Other insurers like Aviva have also taken steps to digitise processes with mobile apps and online portals for its customers.
Payments from FWD through DBS’ API, known as DBS IDEAL RAPID, will be limited to S$50,000 per transaction.
Speaking about the company’s decision, Abhishek Bhatia, CEO of FWD, said that many insurance companies rely on cheques to make the payments. This makes the process slow and even troublesome as cheques can get lost in transit.
Benjamin Yao, MD and Head of Insurance Coverage at DBS, further noted that insurance customers would any day prefer they do not have to claim the benefits of the product they purchased. But in the unfortunate event that they do have to, the process should be quick and simple. This is where DBS IDEAL RAPID becomes a relevant solution.