DBS and Chubb form 15-year regional general insurance distribution partnership
SINGAPORE,HONG KONG,CHINA,INDONESIA,TAIWAN,28 September 2017 -
DBS Bank Ltd and Chubb Limited are pleased to announce that they have entered into a 15-year regional distribution partnership agreement covering five markets, namely Singapore, Hong Kong, Taiwan, Indonesia and China. DBS will distribute, on an exclusive or preferred basis, Chubb’s coverage for home, contents and selected personal accident and supplemental health (A&H) insurance products as well as general insurance products for SMEs.
This partnership will combine DBS’ superior Asian banking franchise with the world class general insurance capability of Chubb. Listed on the NYSE and a component of the S&P 500 index, Chubb is the world’s largest publicly traded property and casualty (P&C) insurance company and a global leader in general insurance and reinsurance. It serves clients in more than 190 countries around the world, with USD 35.9 billion in gross premiums written in 2016 – including USD 4.6 billion in Asia.
Tan Su Shan, Group Head of Consumer Banking & Wealth Management at DBS, said: “Insurance is an important part of our overall customer value proposition and we are delighted to partner with Chubb, a leading global insurer. 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. 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.”
Pearlyn Phau, Deputy Group Head of Consumer Banking & Wealth Management at DBS, added: “We see many opportunities for DBS and Chubb to join hands to provide general insurance coverage to our customers across the region. We believe that the combined strengths of DBS and Chubb will offer customers unrivalled experience and convenience in purchasing general insurance.”
The agreement will take effect in early 2018 and roll-out is expected progressively through 2018. More information will be made available closer to the launch of the partnership.
DBS is a leading financial services group in Asia, with over 280 branches across 18 markets. Headquartered and listed in Singapore, DBS has a growing presence in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings, is among the highest in the world.
DBS is at the forefront of leveraging digital technology to shape the future of banking, and has been named “World’s Best Digital Bank
” by Euromoney. The bank has also been recognised for its leadership in the region, having been named “Asia’s Best Bank” by several publications including The Banker, Global Finance, IFR Asia and Euromoney since 2012. In addition, the bank has been named “Safest Bank in Asia
” by Global Finance for nine consecutive years from 2009 to 2017.
DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. DBS is committed to building lasting relationships with customers, and positively impacting communities through supporting social enterprises, as it banks the Asian way. It has also established a SGD 50 million foundation to strengthen its corporate social responsibility efforts in Singapore and across Asia.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. The bank acknowledges the passion, commitment and can-do spirit in all of its 22,000 staff, representing over 40 nationalities. For more information, please visit www.dbs.com