More than $11m of premiums have been remitted via the unified scan-and-pay function.
Fintech firm and life insurer Singapore Life has teamed up with DBS to roll out what is said to be the city-state’s first-in-market embedded QR code that will allow Singapore Life’s customers to pay their premiums and have their policies issued or renewed instantly, an announcement revealed.
Whilst most current QR codes are just a static image with users requiring to manually input their transaction details which often result in typo errors, clients of Singapore Life no longer have to key in their policy number and payable premium.
To enable this remittance gateway, Singapore Life’s native technology team reportedly developed an inward credit confirmation (ICC) application programming interface (API) implemented with the PayNowQR code that embeds client details and payable information QR code, and alerts policyholders in real time when policy payments are received.
The scan-and-pay dynamic Singapore Life-DBS PayNowQR code works by, upon purchasing a product, or electing to pay for a premium instalment, a dynamic QR code with specific policy number and corresponding amount being generated, which customers can scan and pay immediately.
“With the launch of the Singapore Life-DBS PayNowQR across all of our product verticals – life and term insurance, critical illness and endowment plans – we effectively resolved the issue of mismatching premiums and policy numbers,” Robert Ross, Singapore Life’s group CTO. “This differs from current industry standards where consumers of incumbent insurance and wealth companies may take up to a few days to complete a transaction and issue verification to the client that payment is received and policy in force.”
To date, more than $11m of premiums have been paid to Singapore Life via this feature, Ross added.
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