The partnership further strengthens DBS’ regional life insurance distribution capabilities, and significantly expands Manulife’s existing successful relationship with DBS. Prior to this, Manulife was already DBS’ main provider of insurance solutions in Hong Kong and Indonesia, and their second largest provider in Asia overall.
With the official launch of the partnership, DBS and Manulife have agreed to co-fund up to SGD100 million over the next 15 years to be invested in digital technology and innovation enhancements.
Tan Su Shan, 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 the insurance and wealth management expertise of Manulife, a global leader with a long-term commitment to Asia. With the establishment of the joint fund, we will be able to focus on the development of innovative solutions to serve Asia’s fast-growing consumer base, and help them to fulfill their retirement and insurance needs.”
Through this regional life bancassurance partnership, DBS’ six million retail, wealth and SME customers will gain access to Manulife’s best-in-class suite of life and health insurance solutions, across the bank’s extensive network of over 200 branches and its sales force of over 2,000 professionals, as well as via its internet and mobile banking platforms.
Roy Gori, President and Chief Executive Officer, Manulife Asia, said: “As a result of this agreement, customers will benefit from DBS’ multi-channel approach, and take advantage of Manulife’s full range of innovative products which are tailored to suit all their financial needs. We look forward to working closely with DBS to secure a safer, better future for customers.”
DBS Bank (Hong Kong) Limited CEO Sebastian Paredes said: “Our partnership with Manulife draws on the distinct strengths of both companies and represents a significant opportunity for DBS to build on and further expand our leadership position among affluent customers and SMEs in this very important market. We’re excited to focus our combined synergies on serving a broader range of customers with leading financial solutions to help them live an enjoyable life with greater peace of mind.”
Manulife has been a major bancassurance partner of DBS in Hong Kong since 2009. Michael Huddart, Manulife’s Executive Vice President and General Manager for Greater China, said: “This 15-year agreement with DBS in Hong Kong allows us to gain further access to DBS’ retail, affluent and SME customers in the territory. Through our strong product design capabilities, coupled with DBS’ extensive customer reach, we are able to fulfill their protection and retirement needs and further strengthen our position as the pre-eminent retirement expert in Hong Kong.”
To help better identify potential opportunities in Asia’s bancassurance market, DBS and Manulife recently commissioned Nielsen to conduct the inaugural DBS-Manulife Retirement Wellness Study (“Study”) about people’s preparedness for a successful retirement.
For Hong Kong, the Study’s findings pointed to an overall retirement wellness reading of 39 points out of 100, based on wealth, health and social-related attributes. This can be attributed to Hong Kong people perceiving themselves as relatively less prepared financially.
In terms of health attributes, the Study found that less than one in three respondents are confident that they can afford to pay for their healthcare and medical expenses during retirement. For social attributes, the Study found declining mental alertness or memory loss during retirement to be the top concern among the respondents.
“As part of our holistic approach to financial solutions, we are also addressing Hongkongers’ concern over rising healthcare and medical expenses during their retirement,” Mr Huddart continued. “With the combined strength of DBS and Manulife, we will help the bank’s customers protect and build their wealth.”
Since 1 January 2016, a comprehensive range of Manulife’s solutions has been available via DBS’ relationship managers and bancassurance specialists. For further details, please visit www.dbs.com.hk/dbsmanulife.
