Thursday, March 15, 2018

AIG Singapore is the first in the general insurance industry to launch claims payment via PayNow

AIG Asia Pacific Insurance Pte. Ltd. (AIG Singapore)’s customers can now submit travel insurance claims online and request to receive the insurance 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 travel insurance 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.

Ms Cady Ho, AIG Singapore’s Vice President, Chief Claims and Customer Officer, said, “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.”

Mr Benjamin Yeo, DBS Managing Director and Head of Insurance Coverage, said that PayNow brings the promise of digitalisation to customers. “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.”

Ms Claudia Salem, CEO of AIG Singapore and Head of Country Operations Southeast Asia said, “Sending money electronically instead of issuing paper cheques is a tablestakes capability in this day and age. This enhancement is one of many, as part of AIG Singapore’s prioritised roadmap in modernising our insurance services. The launch of the PayNow service for claims payments not only improves customer convenience but also aligns with our sustainability agenda to reduce AIG’s carbon footprint.”

Today, most of AIG Singapore’s personal insurance products and claims services are available online, and by 2020, they estimate that half a million personal insurance policies will be transacted electronically1. Paying claims electronically allows customers to enjoy seamless digital insurance experience which is expected to be the future of the industry for most consumer general insurance products.