The digital insurer FWD and DBS Bank collaborating to provide electronic payment of claims 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.
FWD customers who wish to receive payments via PayNow, simply need to provide their PayNow registered mobile number or NRIC number for the funds to be transferred to their account.
“Many insurers make their claims payouts via cheque – and this has led to unnecessary delays and even lost cheques. PayNow is a very convenient payment platform that will benefit FWD’s customers.
We’re proud of the fact that this service will improve an already exceptional claims experience by ensuring our customers receive claims payments faster, and more conveniently than other insurers have traditionally been able to achieve,”
said Abhishek Bhatia, Chief Executive Officer, FWD Singapore.
Aligning with Singapore’s push for greater electronic payments and drive towards digitisation, this initiative comes off the back of a collaboration with DBS, where in February this year they together launched real-time electronic claims payments using DBS IDEAL RAPID.
Benjamin Yeo, Managing Director and Head of Insurance Coverage at DBS Bank said that the collaboration is in line with the bank’s promise to bring new digital experiences to its partners and customers.
“In today’s digital age, customers seek an instant and hassle-free experience. We are continuously working on innovative solutions to bring to the reality greater convenience for corporates and consumers.
By leveraging on our digital expertise, we are pleased to provide a solution that does away with claims cheques, providing customers a truly seamless claims experience,”
he added.
The insurer’s philosophy of marrying technology with customer experience has paid dividends in the industry, with FWD already having won Best Customer Experience at last year’s Financial Services Summit, the Best Digital Insurer of the Year at the Asia Insurance Industry Awards, and the Best Direct Insurer at the Insurance Asia Awards.
Payments via PayNow (which rides on the FAST Payment Mechanism in Singapore) are currently capped at a limit of S$200,000 per transaction.
