Digital Insurer Makes Direct Debits Easier
DBS helped a leading online insurer build a first-in-market, online DDA service using a suite of banking API solutions to eliminate customers’ wait time entirely.
One of our clients, a leading online insurer, is a master at building competitive advantage through inventive digital products. One of the reasons why it has been so successful is that all the changes they make have a clear purpose; to increase client satisfaction.
As it looked for new ways to improve, the firm found that customers applying for insurance policies had to wait for up to two weeks before their direct debit authorisation (DDA) was approved. Frustratingly, insurance cover cannot start during this delay, so the firm asked if we could help cut the time that customers were forced to wait.
Together, we built a first-in-market, online DDA service using our suite of banking API solutions, DBS RAPID (Real-time APIs with DBS).
Although our initial goal was to reduce the time needed to set up a DDA, we were able to eliminate waiting time completely. The service provides instant confirmation of a DDA to the new policy holder and the insurance company, via the APIs that link the client’s platform to our banking services.
To further enhance the new service, we created a digital process to collect the first premium online so that new policyholders can receive insurance cover immediately.
By introducing these changes, the company transformed its customers’ satisfaction. It also reduced its own operational costs by replacing paper-based processes with a fully digitised operation.
Our client knows that a focus on client expectations creates a powerful competitive advantage over those who compete only on product features. If this resonates with you, a DBS RAPID solution could help.
Over the last decade, we have become a leader in the provision of banking API technology, with more than 200 clients and the biggest banking API library in the world, allowing us to offer our clients innovative solutions to help them develop and grow their businesses.