DBS wins Singapore’s best financial institutions deal for its partnership with Manulife, delivering an innovative cross-currency premium collection solution that transformed the insurer’s US dollar premium collection process, significantly improving customer experience and operational efficiency.
Manulife faced challenges collecting US dollar insurance premiums through traditional methods such as cheques and telegraphic transfers, which were slow, costly and vulnerable to missed payments, creating risks of policy lapsation and increased administrative burden from manual follow-ups.
The solution transformed the insurer’s US dollar premium collection process, significantly improving customer experience and operational efficiency
DBS’s solution introduced automated recurring premium collections, allowing policyholders to pay US dollar-denominated premiums through a familiar SGD collection process.
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