Getting Ahead of the Competition by Using API
Read how DBS played a part in its' client's journey to bring innovation and disruption to the insurance industry
Our client is one of the new breeds of digital insurance firms bringing innovation and disruption to the insurance industry. Established in 2013, its aim is to transform the sector by making insurance products more relevant and easier for people to use.
So, when the firm realised it could improve the way it managed pay-outs for claims, it saw an opportunity to set new standards for the industry and get ahead of its competitors.
Many insurance companies pay their claims by cheque, creating an average delay of five days between approving the claim and paying the claimant. Our digital insurer realised that could be radically improved by automating the payments process.
We partnered with the insurer, deploying our suite of banking API solutions, DBS RAPID (Real-time APIs with DBS) to create a real-time electronic claims payment system. The APIs connect our banking systems directly into the operations of the insurer. Once the claim is approved, we receive an automatic, real-time instruction to pay the claimant.
DBS RAPID has significantly improved pay-out times for our client – instead of paying out five days after a claim has been approved, it pays the day after approval.
Whilst acknowledging that new technology is driving change across the industry, the insurer explained that choosing the right technology was vital. “Tech for tech’s sake is meaningless”, it said. Its approach is to adopt technology that genuinely improves its clients’ journey and experience. In this case, DBS RAPID provided specific support for our client’s mission; eliminating risk for the insurer and creating a process that was simpler, more direct, and reliable for its clients.
If your business is looking to get ahead of the competition, a DBS RAPID API solution might be the answer.