DBS Bank Ltd and Chubb are pleased to announce the launch of their 15-year insurance distribution and referral business partnership agreement in Indonesia, following a simillar launch earlier this year in Singapore, Hong Kong, China and Taiwan.
As part of the agreement, effective 1 February, PT Bank DBS Indonesia (“DBS Indonesia”) will distribute, on a preferred basis, PT Chubb General Insurance Indonesia’s (Chubb) coverage for three types of general insurance products to its consumer segments. DBS Indonesia also holds referral business model for Chubb’s motor vehicle and property insurance for its corporate clients.
Through this regional general insurance partnership, DBS Group’ six million retail, wealth and SME customers will gain access to Chubb’s suite of market leading products, across the bank’s extensive network of over 200 branches. DBS Group’ digital commitment will provide a robust platform to expand Chubb’s distribution across these key Asian markets.
With the official launch of the partnership, DBS Group’s customers can look forward to a range of quality insurance solutions that meet the needs of individuals and businesses. This is backed by Chubb’s highly experienced local underwriting teams and claims professionals.
Pearlyn Phau, Deputy Group Head of Consumer Banking & Wealth Management, DBS Bank, said: “This partnership represents the coming together of two leading organizations, combining DBS Group’ 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 Group.”
Paul McNamee, Chubb’s Regional President for Asia Pacific, said: “We are honored to work with DBS Group, a well-established and trusted bank in Asia. We share similar digital ambitions and the partnership provides a good strategic fit with Chubb’s growth plans in the region. We are excited by the opportunities to collaborate on innovation to enhance the customer experience within DBS Group’ ecosystem. Together, we aim to forge a true partnership to maximize value for customers and stakeholders in the region.”
Paulus Sutisna, DBS Indonesia Country Head, said: “As part of our efforts to enable our stakeholders to Live More, Bank Less we are delighted with the partnership. Insurance is an important part of our overall customer value proposition and we are delighted to partner with Chubb, a leading insurer. In Indonesia, over the last few years, we have both expanded and further integrated our physical and digital channels to enable customers to transact seamlessly across multiple touch points. With this partnership, we are looking forward to providing even more solutions and services to meet our customers’ financial needs at every stage of their lives.”
Tai-Kuan Ly, Chubb’s President Director for Indonesia added, “This cooperation validates Chubb’s ability to execute and deliver results to our financial institution partners, providing superior customer experience. DBS Indonesia is a valued strategic partner for the distribution of Chubb’s individual and commercial insurance products. We are optimistic that expertise of the two companies’ combined will serve the needs of the emerging middle class and growing SME customers base.”