DBS Indonesia and Generali Indonesia Launches Bancassurance Product, iDare
Indonesia’s First Unit-Linked Product with Auto Balancing System
Jakarta, August 5, 2010 – PT Bank DBS Indonesia and PT Asuransi Jiwa Generali Indonesia today announced the formation of a strategic bancassurance partnership to launch iDare - the first unit-linked product in Indonesia to use an auto balancing system. This product is Generali Indonesia’s first individual life insurance product that offers great flexibility for Indonesian customers to determine their personal trading limit, as well as their re-entry to the stock bourse while benefiting from the auto balancing facility. This system allows customers to constantly monitor and maintain their investment volatility based on their own daily plans.
Under this partnership, DBS Indonesia will become the first bank to sell this unit-linked product to its strong network of priority customers via the bank’s 40 branches nationwide.
“DBS Indonesia is very proud, not only to be trusted as the first bank to sell, but to introduce the first auto balancing investment feature to our Treasures customers in Indonesia,” said Head of Consumer Banking Group DBS Indonesia Steffano Ridwan. “This product is aligned with the DBS Asian innovation spirit, which applies an innovative approach to provide the best service for every customer’s needs,” added Steffano.
iDare is an innovative product that allows customers to manage investment risk based on their profile. “We believe this product will become an attractive instrument that responds perfectly to the needs of our priority customers in line with the bullish capital market. We are confident that with Generali’s world-class expertise in insurance development, coupled with the DBS brand distribution network, this product will be a winning combination for each of our customers,” added Steffano.
DBS started its consumer business in Indonesia in 2005 and has recorded very strong growth to date. The total number of Treasures customers has grown by 86.7 percent in the past five years while total deposits have grown by 80.4 percent within the same period. This significant growth is supported by the aggressive expansion from 10 branches in 2005 to 40 branches in 2010.
Consumer banking is one of DBS Indonesia’s pillars for growth, which is supported by the strong growth in the bancassurance business, wealth management, unsecured loans as well as deposits.
“IDare is a product offered by Generali Indonesia. It allows our client to take ultimate control of their investment risk, while to fully benefit from the upside of the markets. Without extra costs and execution hassles, our clients can setup their individual investment trading plan, automatically balance their portfolios between equity, fixed income and money markets, and perform the market exit and re-entry to offset high market volatility. These innovative and flexible product features are backed by the sophisticated technology developed by the Generali Indonesia team. We believe iDare will be well-received by DBS Indonesia’s customers,” said Edy Tuhirman, President Director of Generali Indonesia.
“We are proud to establish a long-term partnership with DBS Indonesia, part of one of the largest and most reputable financial services groups in Asia. This partnership will provide access for DBS Indonesia’s customers to our distinctive life insurance products and will further signify our long-term commitment to Indonesia,” added Tuhirman.
The launch of iDare will be marked by customer events and market education programs that are expected to begin in August 2010.
About PT Bank DBS Indonesia
Since its establishment in 1997, PT Bank DBS Indonesia ("DBSI") has grown its branch network from three in 2004 to 40 branches and sub-branches in 11 cities in Indonesia (Jakarta, Surabaya, Medan, Bandung, Semarang, Yogyakarta, Pekanbaru, Palembang, Makassar, Pontianak, Samarinda). The launch of five consumer finance centres known as "Rumah DBS" has further expanded DBSI' customer franchise.
With over 1,100 dedicated and experienced staff and a network spanning across four major islands in Indonesia, DBSI is also actively involved with local communities through its cultivation of young talent to become managers across its businesses. DBSI also organises voluntary charitable programmes to help needy children in Indonesia.
Named "Best Trade Finance Bank" from 2006 to 2008, and recipient of “Best Foreign Trade Bank”, “Best Structured Trade Solutions” and "Rising Star Cash Management Bank" Awards in 2010, DBSI provides a comprehensive range of banking services including corporate lending, trade financing, consumer financing, treasury, and wealth management for its corporate or individual clients in Indonesia.
About PT Asuransi Jiwa Generali Indonesia
PT. Asuransi Jiwa Generali Indonesia is a subsidiary of Generali Group, one of the top players in the global insurance and financial markets. Indonesia represents the latest addition to Generali network of companies in Asia after China, India, Thailand, Philippines, Hong Kong and Japan in line with Generali Group’s long term strategy to achieve a prominent position in high-growth markets.
Generali Indonesia inspires to become the most respected and socially responsible life insurance company in Indonesia, providing clients with awarding experience of innovative products and quality services, and offering long-term attractive benefits to its stakeholders. Generali Indonesia’s services include total life insurance, medical protection and investment needs to its group clients and individual customers though multi-channels distribution. For more information, please visit www.generali.co.id.
DBS - Living, Breathing Asia
DBS is the largest bank in Singapore, a leading bank in Hong Kong and is one of the largest financial services groups in Asia. Headquartered in Singapore, DBS has operations in 16 markets and is a well-capitalised bank with "AA-" and "Aa1" credit ratings, one of the highest in the Asia Pacific region.
As a bank that specialises in Asia, DBS leverages its insights, deep understanding of the region and appreciation of local cultures to serve and build lasting relationships with its clients. DBS provides a full range of services in corporate, SME, consumer and wholesale banking activities across Asia and the Middle East. DBS will leverage its growing presence in China, Hong Kong and Taiwan to intermediate the increasing trade and investment flows in the Greater China region. The bank is also focused on extending its footprint and facilitating capital flows in fast-growing Indonesia and India.
DBS acknowledges the passion, commitment and can-do spirit in each of its 14,000 staff, representing over 30 nationalities. For more information, please visit www.dbs.com.
About The Generali Group
The Generali Group is a leading player in the global insurance and financial markets. Established in Trieste, Italy in 1831, today the Group is one of Europe’s largest insurance providers and the European biggest Life insurer. It is also one of the world’s top asset managers with assets under management totaling more than € 400 billion. With an employed sales force of more than 100,000 people serving 70 million clients in 68 countries, the Group occupies a leadership position in Western Europe and an increasingly important place in Eastern Europe and Asia. In 2009, the gross written premium of the Generali Group achieved € 70.5 billion.
Generali Group is rated AA- by Standard & Poors for financial strength and in 2009 ranked number 19 in the Fortune Global 500 list of all industries by revenue.
The Group strategy aims to consolidate Generali’s pre-eminence on its core markets and achieve a premier position on markets with high growth potential, establishing its leadership in profitability. For more information please visit www.generali.com.
For more information, contact:
Deffy Lisa Hardjono
Head of Corporate Affairs & Marketing Communication
Consumer Banking Group
PT. Bank DBS Indonesia
Email : firstname.lastname@example.org
Tel : 62-21- 30028689
HP : 62-81-1818560
Fax : 62-21- 3927445
Corporate Communications Manager
PT. Asuransi Jiwa Generali Indonesia
Email : email@example.com
Tel : +62-21-2996 3700
HP : +62-81-61938853
Fax : +62-21-2902 1616