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MSIG Insurance and DBS Bank have launched Singapore's first instant electronic payment service for travel insurance claims. MSIG is the first to tap the DBS's real-time payment service, using technology to focus on initiatives that will improve customer experience.
This service, rolled out recently through an application programming interface, will reduce the time a travel claim is settled by about four days. MSIG said it is the first company in Singapore to deploy this service.
"This collaboration is part of our broader strategy to work with our clients to co-create new digital experiences for their customers and partners," said Jeanette Wong, group head of institutional banking group, DBS Bank. "Our technology capabilities have enabled us to deliver innovative solutions to our customers."
Michael Gourlay, CEO of MSIG Insurance, said: "Besides travel claims, we will look into introducing real-time electronic payment service across our whole enterprise."