BankBazaar Singapore – January 2, 2018
SINGAPORE: Chubb and DBS Bank Ltd. today formally launched a 15-year regional general insurance distribution partnership in Southeast Asia covering Taiwan, China, Hong Kong and Singapore. According to this partnership, which has commenced from 1 January 2018, DBS will exclusively sell Chubb’s coverage for supplemental health and personal accident (A&H) insurance products, contents, home, along with general insurance products for Small and Medium Enterprises. In Indonesia, this partnership will be launched at a later date after getting all the necessary regulatory approvals.
With this partnership, the six million SME, wealth and retail customers will be able to access Chubb’s wide collection of products, across the bank’s comprehensive network of over 200 branches and through its digital banking platforms. Chubb will be able to expand their distribution network across key South Asian market with the help of DBS’ digital commitment.
With this partnership, customers of DBS will get an extensive range of high-quality insurance products that will fulfil the diverse needs of businesses and individuals. This will be supported by Chubb’s extremely skilled claims professionals and local underwriting teams.
According to DBS Bank’s Deputy Group Head of Consumer Banking & Wealth Management Pearlyn Phau, the partnership between DBS and Chubb signifies the coming together of two top companies – one a leading insurance company and a front-runner in general insurance and reinsurance, the other being a big Asian banking franchise. With a stellar track record of working together with different partners, delivering digital innovation and offering a wide range of products across numerous segments, Chubb is a perfect partner for DBS, she said.
Chubb’s Regional President for Asia Pacific Paul McNamee said he is thrilled to work with DBS. According to Paul, both organisations share similar digital goals and the partnership will be a good fit with Chubb’s plans of getting a foothold in the South Asian region. The two companies are happy to join forces to augment customer experience within DBS’s ecosystem.
According to the Singapore Country Head of DBS Sim S Lim, the bank is aiming to provide more services and solutions to fulfil their customers’ financial needs. Chubb’s Country President, Adam Clifford feels this partnership will offer substantial growth opportunities in bancassurance for DBS and Chubb.