Etiqa Insurance Pte Ltd
Contact person: Karen Zheng
Email address: [email protected]
Contact number: 63319238
Asia and ANZ
The Digital Insurer Insurance Innovation Award
With a goal to drive rapid digital transformation within the insurance sector, Etiqa provides a seamless consumer journey from hassle-free online purchase options to automated claim processes. Gone were the days of completing travel insurance application forms by hand at travel agencies. At present, the buying process of travel insurance takes a mere few minutes on one’s mobile device, but the same cannot be said for travel claims processes that typically take two weeks or more.
With our ePROTECT travel insurance plans, Etiqa addresses this gap in the industry to provide greater convenience and satisfaction to travellers. After getting an online quote in seconds and purchasing their travel insurance, customers can rest assured they are in good hands with our straight-through process for flight delay monitoring, notifications, automated claim process, instant approval for claims, and online encashment. This can be fulfilled within a day. To date, Etiqa is the first and only insurer in Singapore to provide this service.
Through collaborative strategies with leading industry partners and the use of API services, Etiqa stays at the forefront of the latest innovations to redefine the customer experience and increase customer satisfaction in the market.
Straight-through process (STP) for flight delay monitoring, notification, claims submission and encashment
In 2017, Etiqa is the first in Singapore to introduce the automated service of flight delay monitoring, status notifications and claims processes. Flight delay is being monitored and in the event of a delay, customers will be automatically notified via SMS. If the customer’s flight is delayed for three consecutive hours or more, claims will be processed automatically.
This is made possible with a flight monitoring system by FlightStats where data is made available through a library of API services. Customers will be kept informed of their travel claims status. Upon successful completion of the claims process (customers do not need to do anything), the benefits will be credited to the customer.
In our straight-through digital claims process, customers can receive their travel delay benefits within a day, without the hassle of informing the insurance company. Customers will receive SMS notifications after encountering a flight delay of three consecutive hours (less than half the industry average of six to 12 hours) or more. Etiqa is also the first insurer in Singapore to offer flight delay benefit upon three hours of consecutive delay.
Straight-through process for travel claims within a day
Leveraging on market-first digital capabilities through collaboration with DBS Bank, Etiqa allows consumers across multiple banks to instantly credit and encash insurance claims online, in real time. In 2017, Etiqa has successfully approved more than 90% of submitted claims within a day.
Existing customers can enjoy instant payouts via eWallet for claims or policy cancellation refunds as the electronic service leverages on DBS’s new application programming interface (API), DBS IDEAL RAPID. This streamlines the claims payment process from cheque preparation to receipt, and customers no longer have to wait for the industry standard of two weeks. Currently, eWallet via DBS IDEAL RAPID is available to 19 major banks in Singapore.
Usual travel claim process vs Etiqa’s travel claim process
In comparison with the usual travel claim process, Etiqa has created greater value in travel insurance for customers through innovative adoption of digital solutions. With Etiqa, the travel claim process period for flight delay has been shortened from industry average of two weeks to a day and the effort to make claims is kept to a minimal. Delayed travellers do not have to worry about making a claim after their holiday within a certain time frame and can avoid the hassle of gathering supporting documents.
First to offer Free In-flight Insurance
Further to enhancing our products and buying process, Etiqa is also keen to spread awareness on the importance of purchasing travel protection. The ePROTECT travel in-flight insurance is the first free in-flight insurance in Singapore and it includes an in-flight personal accident coverage up to S$50,000.
This is a unique initiative to make travel insurance ubiquitous to all travellers, especially for those who do not usually purchase travel insurance. There are add-on options such as a flight delay add-on, priced at S$4, covering travellers for delays of three consecutive hours with claims of up to S$300.
Digital Innovator in the Making
Etiqa is constantly exploring possibilities to provide new, unique online insurance products with seamless delivery to improve the customer experience. We have been recognised for our innovation efforts with the “Most Innovative Finance Firm – Singapore 2018” award by World Finance Markets.