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Singapore: DBS Bank lays path for instant claims payment

Source: Asia Insurance Review | Nov 2017

Singapore InsurTech

DBS Bank, the largest banking group in Singapore and Southeast Asia, recently shared insights on how the insurance claims experience could be transformed with instant claims payments – through leveraging on its new API named DBS IDEAL RAPID. 
 
   IDEAL RAPID is an innovative solution to provide seamless and real-time access to banking services such as payment/collection with the use of API.
 
   Speaking to a group of insurance executives, Mr Navinder Duggal, Managing Director and Group Head of Cash Management, DBS Transaction Banking, outlined the vision of instant insurance premium and claim payments for both individuals and corporates. 
 
   Earlier in July, DBS and MSIG Insurance announced the launch of Singapore’s first instant electronic payment service for travel insurance claims – which reduces the time a travel claim is settled by approximately four days. And just last month, AIG Singapore also announced its partnership with DBS for a similar initiative.   
 
   Moving forward, e-payments will become easier in Singapore as the island-state is developing a common QR code that could be used for e-payments islandwide – regardless of which banking app is being used. A 
 
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