Tuesday, 21 May 2024

Hang Seng and Chubb sign exclusive 15-year distribution agreement

5 min read

Hang Seng Bank (Hang Seng) and Chubb have entered into an exclusive 15-year distribution agreement under which Chubb will provide Hang Seng banking customers with a comprehensive range of personal and commercial general insurance products and solutions in Hong Kong.

The new partnership, which will be launched in July 2023 will leverage Hang Seng’s digital capabilities and seamless omni-channel distribution network and reflects its ongoing commitment to provide customers with tailored insurance services that integrate and support their various day-to-day life needs. Hang Seng customers will also benefit from Chubb’s global insurance expertise, local market presence, deep product offering, digital distribution capabilities and reputation for excellent claims service.

Rannie Lee, head of wealth and personal banking at Hang Seng said, “We are delighted to team up with Chubb to provide general insurance services that meet our customers’ diverse and growing demand for protection needs. With our unrivalled strength in digital distribution, customers will enjoy convenient access to a wide range of general insurance solutions”.

Donald Lam, head of commercial banking at Hang Seng said, “Hang Seng and Chubb’s partnership will provide best-in-class general insurance products that create value and protection for our customers. Building on our leading market position, Hang Seng will further expand its insurance business locally and explore growth opportunities in the Greater Bay Area”.

Scott Simpson, president of general insurance business in Hong Kong SAR and Macau SAR at Chubb said, “This partnership with Hang Seng Bank - the leading domestic bank in Hong Kong - creates an excellent opportunity to meet the protection needs of consumers and businesses in this dynamic market. We look forward to working with Hang Seng Bank to co-create innovative and customised insurance solutions that will deliver value for customers and deepen their relationships with the bank”.

Details of the general insurance products and solutions to be offered to customers will be announced closer to the time when the new partnership arrangement comes into effect in July 2023.

Re-disseminated by The Asian Banker

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