Insurance

DBS and Sun Life HK launch mobile app that can pay insurance claims with 24 hours

DBS and Sun Life Hong Kong are working together to leverage digital technologies and it’s bringing important innovations to the insurance sector.

By using the recently launched eClaims feature on the My Sun Life HK app, a mobile application offered by Sun Life, and DBS’ Application Programming Interface solution, IDEAL RAPID, together with the real-time payment functionality of Hong Kong’s Faster Payment System (FPS), individual insurance clients can now easily submit hospitalisation and accidents claims online and receive their claim pay-out as quickly as within 24 hours.

With FPS being the selected payment option, clients can designate a mobile phone number or an email address to receive the claim payments without disclosing their bank account details, making the process even simpler and more secure. And they no longer need to queue to deposit the cheque if they use FPS instead of cheque, hence eliminating unnecessary waiting and cheque processing time. 

As a result, DBS – which has been crowned World’s Best Digital Bank twice by Euromoney, with Sun Life Hong Kong, are helping to bring peace of mind to customers in times of need, faster, more efficiently, and entirely hassle-free.

According to Sun Life, the eClaims solution covers over 95 percent of all claims the firm receives, allowing the settlement and payment of accident claims submitted through the mobile application to take place within 24 hours at the earliest.

“We are excited to support Sun Life to be the forerunner in the HK insurance market to streamline end-to-end claims processing.  DBS’ cutting edge solution, RAPID, together with FPS makes the customer journey seamless," said Sohfern Boey, Managing Director and Head of Global Transaction Services at DBS Bank Hong Kong.

In August 2018, DBS introduced its award-winning API solution, DBS IDEAL RAPID, to Hong Kong, for corporate clients to access instant banking services on their digital platforms. The Sun Life use case is an excellent example of how the API solution is making banking seamless and enhancing the entire customer claim experience.