SINGAPORE, October 16, 2017 – AIG Asia Pacific Insurance Pte. Ltd. (AIG Singapore) and DBS Bank (DBS) today announced an instant electronic payment service for travel insurance claims, supporting Singapore’s push for greater electronic payments and drive towards digitisation.
AIG Singapore’s policyholders who are existing DBS or POSB account holders can now expect immediate payouts to their bank accounts for successful travel insurance claims once these have been approved, without waiting for cheque payments.
For example, for simple travel inconvenience claims involving flight or baggage delay, policyholders can expect payouts to their bank accounts in just three working days, down from the current eight.
Leveraging DBS’ new application programming interface (API) capability, IDEAL RAPID, the real-time claims payment service will benefit up to half a million AIG Singapore travel insurance policyholders, with around 40,000 travel claims expected to be processed each year.
Ms Cady Ho, AIG Singapore’s Vice President, Chief Claims and Customer Officer, emphasised the importance for insurers to expand their digital capabilities, as consumers today are increasingly seeking faster transactions and more sophisticated customer experiences.
“At AIG Singapore, we are committed to bringing innovative solutions to meet the changing needs of customers. Working with DBS marks another step in our digital transformation journey to leverage smart technologies for a swifter and more seamless claims experience, thus enabling Singapore’s Smart Nation agenda,” Ms Ho said.
Mr Benjamin Yeo, DBS Bank Managing Director, Head of Insurance Coverage, said, “Working closely with our clients to use digital technologies is part of our strategy to create faster and more streamlined processes for our clients and the industry, as well as improve the overall experience for their customers. We are excited to support AIG’s drive to enhance the travel insurance claims experience and reduce the industry’s reliance on cheques.”
AIG Singapore is among the leading insurers in Singapore to adopt DBS’ IDEAL RAPID capability. Its Travel Guard® offers travellers 24-hour assistance and comprehensive coverage ranging from emergency medical care and delayed flights to lost luggage.