FINANCIAL SERVICES | Staff Reporter, Singapore

DBS launches instant e-payment service for travel insurance

It is in collaboration with MSIG.

MSIG Insurance and DBS Bank have announced the launch of Singapore’s first instant electronic payment service for travel insurance claims. The new initiative will reduce the time a travel claim is settled by approximately four days.

DBS/POSB account holders who have bought MSIG’s travel insurance plans through the DBS website and have signed up for a member login account with MSIG’s customer portal will be able to benefit from this real-time claims payment service.

This instant electronic payment service rides on DBS’ new API named DBS IDEAL RAPID. MSIG is the first company in Singapore to deploy this new service. The general insurer offers a wide spectrum of insurance solutions to DBS customers and around one out of two MSIG policies distributed through DBS were bought online last year.

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