Making insurance claims is paperless and convenient for policy holders of the insurance arm of a well-known 24/7 convenience store franchise.
In what is claimed to be a market first in Hong Kong, an insurance firm has shortened the claims process to an unprecedented level.
FWD Hong Kong, the first and only insurance partner of 7-Eleven since 2016, has launched an innovative instant claims service through its eServices mobile application (“eServices app”). The solution allows customers to receive claims payments within seconds after official approval, via the Faster Payment System (“FPS”) and at 7-Eleven convenience stores.
The new and paperless claims journey shortens the claim pay-out process from a few working days to just seconds. Claim applications submitted via the eServices app are processed instantly by an AI assessment engine, and customers can receive claims approvals and get paid through their selected means instantly via FPS, at any 7-Eleven convenience store at MTR stations, or conventionally by direct transfer to their bank accounts.
The instant claims service is currently applicable to life insurance personal accident claims of up to HK$3,000 covering treatment expenses such as Chinese bone-setting treatments, acupuncture, chiropractic treatment, physiotherapy, registered-doctor visits, occupational therapy and dental treatment. The firm will support hospital-income and hospital claims later this year.
According to the firm’s Managing Director (Greater China) and CEO (Hong Kong) Ken Lau: “Elevating the customer experience
is always our top priority, and every claim is a ‘moment of truth’. We’ve been continuously developing customer-led innovations and working closely with our partners to make claims more straightforward and effortless.”
FWD notes that it has maintained a high claims rate of more than 95% for its key life insurance products including personal accidents, hospital income and hospitalization (as of 30 November 2020, per number of claim applications).