Leveraging on technology to make claims payments seamless and reliable across all products
SINGAPORE, 7 February 2018 – FWD’s customers have more reason to smile, with the digital insurer and DBS Bank (DBS) announcing a partnership that allows them to enjoy electronic payment of claims* across a wide range of FWD’s products. The partnership takes effect today.
Aligning with Singapore’s push for greater electronic payments and drive towards digitization, the electronic payment service rides on DBS’ new application programming interface (API) capability, DBS IDEAL RAPID, to cut payout time from 5 days to an industry leading next-day upon successful approval of their claims.
“Many insurers make their claims payouts via cheque – and this has led to unnecessary delays and even lost cheques. With DBS IDEAL RAPID, our customers are now able to get their claims payouts straight into their bank accounts within a day of approval,” said FWD CEO Abhishek Bhatia.
“Technology is the engine that is driving change across multiple industries, but tech for tech’s sake is meaningless. One of FWD’s core focus is to look at technology that will truly help us to improve our customer’s journey and enhance their overall experience. DBS IDEAL RAPID is a natural extension of the user experience our customers have come to expect from a truly digital insurer – a process that is much more simple, reliable and direct than what they had previously experienced with insurance,” he added.
The Company’s philosophy of marrying technology with customer experience has paid dividends in the industry, with FWD already having won Best Customer Experience at the Asia Insurance Industry Awards, the Best Direct Insurer and the Insurance Startup of the Year at the Insurance Asia Award last year.
Benjamin Yeo, Managing Director and Head of Insurance Coverage at DBS Bank said: “We are delighted to collaborate with FWD to launch real-time electronic claims payments across the full suite of insurance products using DBS IDEAL RAPID. Customers do not buy insurance hoping to make claims but when a claim situation occurs, this real-time capability enables FWD to make payments swiftly, enhancing customer experience”
*Payouts by DBS IDEAL RAPID are currently capped at a limit of S$50,000 per transaction.