AIG Singapore's policyholders who are existing DBS or POSB account holders can now expect faster payouts to their bank accounts for successful travel insurance claims.
For instance, claims involving flight or baggage delay will be paid out in three working days. Prior to this, policyholders had to wait for eight days to receive cheque payments for approved travel claims.
This service is enabled by IDEAL RAPID, an application programming interface (API) capability from DBS Bank. It is expected to process 40,000 travel claims annually, and benefit up to 500,000 AIG Singapore travel insurance policyholiders.
Commenting on the partnership, Cady Ho, AIG Singapore's vice president, chief claims and customer officer, said: "AIG Singapore is committed to bringing innovative solutions to meet the changing needs of customers. Working with DBS marks another step in our digital transformation journey to leverage smart technologies for a swifter and more seamless claims experience."
Meanwhile, Benjamin Yeo, DBS Bank Managing Director, Head of Insurance Coverage, said: "We are excited to support AIG's drive to enhance the travel insurance claims experience and reduce the industry's reliance on cheques. Working closely with our clients to use digital technologies is part of our strategy to create faster and more streamlined processes for our clients and the industry, as well as improve the overall experience for their customers."