FWD Insurance Launches Electronic Claims Payments Via PayNow

Hong Kong-based FWD Insurance, is collaborating with DBS Bank, to provide electronic payment of claims of up to $200,000 per transaction via PayNow, the immediate electronic fund transfer service. PayNow was launched in 2017 by several Singaporean banks and is available to customers of the following banks: Citibank Singapore Limited, DBS Bank/POSB, HSBC, Maybank, OCBC Bank, Standard Chartered Bank, and United Overseas Bank.
 

“Many insurers make their claims payouts via cheque – and this has led to unnecessary delays and even lost cheques. PayNow is a very convenient payment platform that will benefit FWD’s customers. We’re proud of the fact that this service will improve an already exceptional claims experience by ensuring our customers receive claims payments faster, and more conveniently than other insurers have traditionally been able to achieve.” – CEO of FWD Singapore, Abhishek Bhatia.

This announcement follows a previous collaboration between FWD and DBS, to cut payout time from 5 days to 1 day. Back then, the technology in use was called DBS IDEAL RAPID with a maximum of $50,000 per transaction.

Bottom Line: AIG Singapore comes to mind.