AIG Singapore Launches Claims Payment via PayNow
PayNow is an electronic fund transfer service available to customers of any of the seven participating banks: Citibank Singapore Limited, DBS Bank/POSB, HSBC, Maybank, OCBC Bank, Standard Chartered Bank, and United Overseas Bank. AIG Singapore’s policyholders can now receive travel claims payout by simply providing their PayNow registered mobile number or NRIC/FIN number for the funds to be transferred to their account with these participating banks.
AIG Singapore is the first insurer to enable claims payment through PayNow on an enterprise to individual platform via DBS Bank (DBS) through IDEAL RAPID, a market-shaping application programming interface (API)-based instant settlement solution. Customers can now receive travel claims almost instantaneously upon the claims being approved.
“PayNow is a very convenient payment platform that will benefit almost 30,000 of AIG Singapore’s travel policyholders. We have plans to progressively roll out this claims payment service to our other products so that more customers can benefit from the convenience of faster claims payment and seamless claims experience” – AIG Singapore’s Vice President, Chief Claims and Customer Officer, Cady Ho.
“Policyholders can now benefit from a simpler, faster and more convenient claims process. In today’s “instant” economy, customers also don’t have to deal with the extra step of providing their bank account details, or banking in their cheques and then waiting for them to be cleared. Instead, they can now receive their claims immediately upon approval. We are pleased to support the industry’s forward-looking efforts in enhancing customer experience” – DBS Managing Director and Head of Insurance Coverage, Benjamin Yeo.
Bottom Line: most of AIG Singapore’s personal insurance products and claims services are available online, and by 2020, it estimates that half a million personal insurance policies will be transacted electronically.
