MSIG Insurance and DBS Bank have launched Singapore’s first instant electronic payment service for travel insurance claims. The new initiative will reduce the time a travel claim is settled by approximately four days.

DBS/POSB account holders who have bought MSIG’s travel insurance plans through the DBS website and have signed up for a member login account with MSIG’s customer portal will be able to benefit from the real-time claims payment service.

The instant electronic payment service rides on DBS’ new API named DBS IDEAL RAPID. MSIG is the first company in Singapore to deploy this new service. The general insurer offers a wide spectrum of insurance solutions to DBS customers. Around half of MSIG policies distributed through DBS were bought online last year.

“Being the first to tap on the bank’s real-time payment service is a reflection of our long standing and solid partnership with DBS,” says Michael Gourlay, CEO of MSIG Insurance.

“Technology is fast changing the way people are buying and interacting with the sellers. While digitization can be wide spread, we will focus on initiatives that will truly help us to improve our customer’s journey and enhance their overall experience. Besides travel claims, we will look into introducing real-time electronic payment service across our whole enterprise,” he adds.

“This collaboration is part of our broader strategy to work with our clients to co-create new digital experiences for their customers and partners. Our technology capabilities have enabled us to deliver innovative solutions to our customers. Integrating DBS IDEAL RAPID into MSIG's claims processes is one example,” says Jeanette Wong, group head of institutional banking group, DBS Bank.

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