Singapore’s leading fintech company and life insurer has teamed up with DBS to roll out the city-state’s first-in-market dynamically embedded QR code that allows for Singapore Life’s customers to pay their premiums and have their policies issued or renewed instantly.
Whilst most current QR codes are just a static image with users requiring to manually input their transaction details which often result in typo errors, clients of Singapore Life no longer have to key in their policy number and payable premium.
To enable this groundbreaking remittance gateway, Singapore Life’s native technology team developed an Inward Credit Confirmation (ICC) Application Programming Interface (API) implemented with the PayNowQR code that embeds client details and payable information QR code; and alerts policyholders in real time when policy payments are received.
“With the launch of the Singapore Life-DBS PayNowQR across all of our product verticals - life and term insurance, critical illness and endowment plans - we effectively resolved the issue of mismatching premiums and policy numbers. This has netted Singapore Life another digital win as we continue to make our business processes nimble; translating to an efficient purchasing journey from end-to-end in our truly digital customer experience. This differs from current industry standards where consumers of incumbent insurance and wealth companies may take up to a few days to complete a transaction and issue verification to the client that payment is received and policy in force,” - states Robert Ross, Singapore Life’s Group Chief Technology Officer. “To date, I am pleased to report that more than S$11 million of premiums have been paid to us via this feature.”
The scan-and-pay dynamic Singapore Life-DBS PayNowQR code works in 3 simple steps:
1. Singapore Life customers log onto their account.
2. Upon purchasing a product, or electing to pay for a premium instalment, a dynamic QR code with specific policy number and corresponding amount is generated.
3. Customers scan and pay.
Benjamin Yeo, Managing Director and Head of Insurance Coverage at DBS Bank shares more about the technology alliance between DBS and Singapore Life: “With the new QR solution, customers can pay for insurance policies easily without having to go through the hassle of keying in lengthy policy numbers and other transactional information. DBS is delighted to collaborate with Singapore Life to introduce this innovative solution, and we look forward to continually improving customer experience for their users.”
According to Walter de Oude, Group Chief Executive Officer of Singapore Life: “We recognise the need to reshape finance. There is a disconnect today in the savings, investments and protection space. Singapore Life is fixing the way consumers look to wealth management and insurance, by offering better solutions that have consumers’ wealth and protection needs in mind namely - convenience, transparency and simplicity. We are constantly looking to improve customer journeys by removing clutter. We do this by delivering on cutting-edge solutions not found in traditional insurers and wealth companies.”