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Singapore’s DBS Bank and insurer Chubb have signed a bancassurance agreement to distribute home, contents and selected personal accident and supplemental health (A&H) insurance products as well as general insurance products for SMEs.
Effective 1 January 2018, the insurance distribution partnership will be valid for a period of 15 years and will cover Singapore, Hong Kong, China and Taiwan.
The bancassurance partnership in Indonesia will be launched at a later date, subject to regulatory approval.
Under the terms of the agreement, the lender will distribute Chubb insurance products to its six million retail, wealth and SME customers through a network of more than 200 branches as well as via its digital banking platforms.
DBS Bank deputy group head of consumer banking and wealth management Pearlyn Phau 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.”
Chubb country president in Singapore Adam Clifford said: “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.”