A policy of effectiveness
Great American Insurance Company Singapore Branch (GAICSB), a member of the Great American Insurance Group, offers a comprehensive portfolio of specialty and general insurance solutions to diverse industries.
Insuring a digital foothold
As a new entrant into the Singapore insurance industry, GAICSB was looking for a bank with a wide network and a comprehensive suite of end-to-end cash management and custody solutions. In particular, it was keen to embrace a digital agenda to both improve operational efficiency and to enhance its cost-to-income ratio. Another key priority for GAICSB was to address the growing segment of its policyholders who are increasingly digitally savvy. Working with a leader in digital solutioning was thus a key consideration for the company when it embarked on its search for a cash management bank.
The company also needed a partner with whom to maintain regulatory capital, and to be the appointed custodian bank for the safekeeping of assets.
A better pay-off for all
First and foremost for GAICSB was to meet the diverse needs of its clients while at the same time differentiate itself from the competition. After speaking to top tier transaction banking providers including local, regional and foreign banks, GAICSB found that the omni-channel solution proposed by DBS enabled it to provide the most comprehensive and convenient collection options for their policyholders. This gave GAICSB a strategic advantage and an important foothold into the Singapore market.
Through the implementation of DBS IDEAL, the bank’s online banking solution, GAICSB was able to digitise their claims payments processing, resulting in time saved and the confidence that errors could be avoided. The solution led to significant improvements - in both their
1) cash conversion cycle and
2) speed-to-payment for their clients.
Essentially, the delivery of the omni-channel integrated cash management solution boosted the convenience factor in their premium payments; GAICSB was able to delight their policyholders with prompt claim settlements done digitally.
Additional value added services like electronic Direct Debit Authorisation (DDA) and point of sale-based DDA, combined with GIRO collections made available to a wide network of Singapore’s retail customer base, offered added flexibility to their clients.
At the same time, GAICSB took advantage of DBS’ strong credit ratings and utilised the bank’s automated custodial solutions to ensure the safekeeping of their clients’ funds and investments.
Building on a strong foundation
From a strategic standpoint, the adoption of digital settlement solutions as it was entering the Singapore market led to substantial improvements in GAICSB’s operational efficiency, which in turn afforded the company more time to grow their business.
Leveraging on a banking partner with substantial experience working with the insurance industry, GAICSB was able to scale up its business much faster. This combination of strong operational efficiency, convenience for their policyholders and a forward-looking digital agenda has helped GAICSB establish firm foundations in Singapore and enabled it to position itself to grow to the next level.
“We are very pleased with the entire DBS team’s professionalism and expertise, and their capability in delivering a customised cash management value proposition that fully catered to our business needs.”
Vanessa Teo, Chief Financial & Operating Officer, Great American Insurance Company, Singapore Branch
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