Global general insurer Chubb
and major Singaporean bank DBS have signed a 15-year insurance distribution partnership across several Asian markets.
The bancassurance agreement, which took effect on January 01, covers Singapore, Hong Kong, mainland China and Taiwan, with Indonesia following at a later date, pending regulatory approval.
As part of the deal, DBS will distribute Chubb’s general insurance products on an exclusive or preferred basis. Among the products involved are home and contents insurance, accident and health insurance, and various insurance products for small and medium enterprises (SMEs).
DBS, which has around six million customers in the retail, wealth, and SME segments, will gain access to Chubb’s wide selection of insurance products through the bank’s network of over 200 branches, as well as through its digital banking platform.
Meanwhile, Chubb will benefit from DBS’s branch and online channels as it seeks to expand in several key Asian markets.
“At our core, both companies share a commitment to digital innovation and service excellence,” commented Adam Clifford
, president of Chubb Singapore. “This strategic partnership provides significant growth opportunity in bancassurance for Chubb and DBS.”
Sim S. Lim, DBS Singapore country head, added: “Insurance is an important part of our overall customer value proposition and we are delighted to partner with Chubb, a leading global insurer. In Singapore, over the last few years, we have both expanded and further integrated our physical and digital channels to enable customers to transact seamlessly across multiple touchpoints.”
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