Etiqa, one of Singapore's leading online insurers, has launched new digital services, including becoming the first insurer to integrate with "MyInfo", a digital data vault launched by Government Technology Agency of Singapore (GovTech) and the Ministry of Finance.
Integration with MyInfo
With Etiqa’s online life insurance sales platform now integrated with MyInfo, new customers no longer need to encode government-verified personal particulars into forms and submit supporting documents such as the long-term pass or proof of address when purchasing online life products.
Launched in 2016, MyInfo consolidates personal data from seven public agencies including the Immigration and Checkpoints Authority, the Inland Revenue Authority of Singapore and the Urban Redevelopment Authority. By compiling personal information into a single repository, MyInfo spares users from the hassle of having to manually key-in data when filling up forms for different services. By the end of this year, all 3.3 million users of SingPass (which is an authentication system for citizens to access to all government e-services) will automatically be enrolled in MyInfo, as part of the government’s Smart Nation initiative.
In addition, Etiqa has collaborated with DBS Bank on instant claims payment capabilities to launch Etiqa’s eWallet service, enabling consumers across multiple banks to instantly credit and encash insurance claims online, in real time. This streamlines the standard two-week claims payment process from cheque preparation to receipt.
Existing customers can now enjoy instant payouts via eWallet for claims or policy cancellation refunds as the electronic service leverages on DBS’s new application programming interface (API), DBS IDEAL RAPID. Through the API, existing customers can enjoy a significant reduction in insurance claims processing time: they no longer have to wait for the industry standard of two weeks.
“The shift from offline to online plays to Etiqa’s strength as among the most innovative digital insurers in Asia and the market leader in Singapore. Our status as the first online insurer to integrate with MyInfo and our efforts to leverage market-first digital capabilities leveraging on Application Programming Interface (API) from DBS further cement our commitment towards improving the customer experience as we capitalise on growth opportunities in the online insurance industry,” said Mr Sue Chi Kong, CEO of Etiqa.
eWallet’s initial roll-out will focus on travel-related claims. It is available on TiqConnect, Etiqa’s new online self-service portal that enables existing customers to submit policy cancellation and endorsement and renew policies online.
“By allowing consumers to purchase new policies and solutions and encash claims online, Etiqa is eliminating pain points, including long processing periods, to better respond to our consumers’ needs. Our goal is to drive rapid digital transformation within the insurance sector, and in doing so, we hope to significantly enhance the lifestyles of all our consumers,” added Mr Sue.
This year, Etiqa has helped more than 70,000 customers purchase products online, and successfully approved more than 90% of submitted claims within one day, the company says in a statement.
Etiqa is a licensed life and general insurance company registered in Singapore and regulated by the MAS. Etiqa has been protecting Singaporeans since 1961 with a range of general insurance solutions that constantly evolve to meet their ever-changing needs. Etiqa is owned by Maybank Ageas Holdings which in turn is 69% owned by Maybank, one of Asia’s leading banking groups with more than 22 million customers worldwide in 20 countries; and 31% by Ageas, an international insurance group with 33 million customers across 16 countries.