Providing Instant Claims Payout
DBS develops a digital API solution to support Allianz’s plan for instant payouts
About Allianz Taiwan Life
Allianz Taiwan Life, the largest foreign life insurance company in Taiwan and market leader in investment-linked policies, is ranked 9th in terms of total premiums and 12th in total assets among life insurance firms in the country. Leveraging its extensive network of agents and business partners, Allianz Taiwan Life provides a full range of products and services for life insurance, protection and savings to its customers throughout Taiwan.
Speed defines the winner. With DBS RAPID’s connectivity, claim payments can be made within seconds. The real-time automation of our processes is a key milestone in our company’s digital journey for claim services. - Leo Liu, Project Manager, Claims Management, Allianz Taiwan Life Insurance Company Ltd
In order to stay competitive in the market, Allianz Taiwan Life introduced a corporate digitalisation strategy in 2018 – so it could improve its customer experience by providing instant claims payout services. Allianz faced challenges when working with its incumbent bank, and no other banks at that time were capable of meeting its requirement for digital solutions and their project deadline.
Market-leading Instant Payouts
Allianz then turned to DBS to support its plan for instant payouts. DBS developed a digital solution, integrated with Allianz Taiwan Life’s ERP system, based on the API capabilities available through DBS RAPID (Real-time APIs with DBS). An e-ACH API is layered onto DBS RAPID, which enables Allianz to execute instant payouts for customers’ claims. The solution also enables Allianz to provide real-time end-to-end transactional capabilities with straight-through processing (STP).
Improved Efficiency and Customer Experience
The solution from DBS enabled Allianz to make instant payouts for claims by its customers. Powered by DBS RAPID, the claim payment process is 22% faster than before, which in turn translates to better customer experience. Internally, Allianz was also able to automate the transactions process, improve workflow efficiency, speed up operations and reduce costs for Taiwan dollar remittances.
By embracing a fully automated solution, Allianz positioned the company well for exploring the next level of payment transformation.