Global insurer
Chubb and DBS Bank have entered a 15-year distribution agreement, which will have the Singapore-based bank distribute general insurance products in five markets across Asia – Singapore, Hong Kong, Taiwan, Indonesia, and China.
Chubb’s consumer and commercial property and casualty (P&C) insurance products will be distributed exclusively or on a preferred basis through the bank’s branch network and direct marketing channels.
DBS is one of the largest banks in Southeast Asia, offering banking and wealth management services for small and medium enterprises. It serves around 7 million customers in six countries, with over 3 million clients over the internet and 2 million via mobile banking.
“Access to DBS's large customer base broadens and deepens Chubb's already significant presence in the region, and provides multiple new channels for our individual and small commercial P&C insurance products,” said Evan G. Greenberg, chairman and chief executive officer of Chubb.
“DBS's commitment to technology will also provide a strong platform to expand our digital distribution across these important Asian markets.”
Piyush Gupta, group chief executive officer of DBS, said: “At DBS, we were looking for a general insurance partner with a strong, long-standing presence in Asia, a broad product portfolio across P&C and A&H, extensive digital capabilities, and a proven track record of bancassurance sales. Chubb fit our criteria in every respect.”
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