DBS Bank Ltd and Chubb are pleased to announce the launch of their 15-year regional general insurance distribution partnership agreement in Singapore, Hong Kong, China and Taiwan. As part of the agreement, effective 1 January 2018, DBS will distribute, on an exclusive or preferred basis, Chubb’s coverage for home, contents and selected personal accident and supplemental health (A&H) insurance products as well as general insurance products for SMEs. The launch of the co-operation agreement in Indonesia will commence at a later date, subject to regulatory approval.
Through this regional general insurance partnership, DBS’ six million retail, wealth and SME customers will gain access to Chubb’s suite of market leading products, across the bank’s extensive network of over 200 branches as well as via its digital banking platforms. DBS’ digital commitment will provide a robust platform to expand Chubb’s distribution across these key Asian markets.
With the official launch of the partnership, DBS customers can look forward to a broad range of quality insurance solutions that meet the varied needs of individuals and businesses. This is backed by Chubb’s highly experienced local underwriting teams and claims professionals.
Pearlyn Phau, Deputy Group Head of Consumer Banking & Wealth Management, DBS Bank, said: “This partnership represents the coming together of two leading organisations, combining DBS’ superior Asian banking franchise with Chubb, the world’s largest publicly traded property and casualty (P&C) insurance company and a global leader in general insurance and reinsurance. Chubb’s track record in delivering digital innovation, collaborating with partners and offering a suite of market leading products across multiple customer segments makes them an ideal partner for DBS.”
Paul McNamee, Chubb’s Regional President for Asia Pacific, said: “We are honoured to work with DBS, a well-established and trusted bank in Asia. We share similar digital ambitions and the partnership provides a good strategic fit with Chubb’s growth plans in the region. We are excited by the opportunities to collaborate on innovation to enhance the customer experience within DBS’ ecosystem. Together, we aim to forge a true partnership to maximise value for customers and stakeholders in the region.”
Sim S. Lim, DBS Singapore Country Head, said: “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. With this partnership, we are looking forward to providing even more solutions and services to meet our customers’ financial needs at every stage of their lives.”
Adam Clifford, Country President for Chubb in Singapore, said: “We are delighted to be in this partnership with an esteemed company whose values and visions are aligned with ours. At our core, both companies share a commitment to digital innovation and service excellence. This strategic partnership provides significant growth opportunity in bancassurance for Chubb and DBS. With our extensive product and digital capabilities, as well as best-in-class service standards, we hope to deliver the Chubb brand promise of excellence to all of DBS’ customers in Singapore.”
re-disseminated by The Asian Banker