Chubb, DBS announce 15-year regional deal
Global normal insurer Chubb and main Singaporean financial institution DBS have signed a 15-year insurance coverage distribution partnership throughout a number of Asian markets.
The bancassurance settlement, which took impact on January 01, covers Singapore, Hong Kong, mainland China and Taiwan, with Indonesia following at a later date, pending regulatory approval.
As a part of the deal, DBS will distribute Chubb’s normal insurance coverage merchandise on an unique or most well-liked foundation. Among the merchandise concerned are residence and contents insurance coverage, accident and medical insurance, and numerous insurance coverage merchandise for small and medium enterprises (SMEs).
DBS, which has round six million prospects within the retail, wealth, and SME segments, will achieve entry to Chubb’s broad collection of insurance coverage merchandise by way of the financial institution’s community of over 200 branches, in addition to by way of its digital banking platform.
Meanwhile, Chubb will profit from DBS’s department and on-line channels because it seeks to broaden in a number of 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 nation 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.”