Singapore-headquartered bank DBS Bank is expanding its bancassurance partnerships by partnering with two more insurers, bringing its total number of insurance partnerships to three.
DBS Bank has partnered with Tata
AIG Life and Birla Sun Life, in addition to its earlier deal with Aviva India Life. This makes the bank the first bank in India to have three life insurers on the same platform. This could give clients freedom to choose the insurance products then need with an analytics driven, intelligent and interactive process.
“There will be no preferred partnerships or exclusive tie-ups. It's an open architecture that has gone live,” a spokesperson of DBS Bank India said. “As long as a product exists from these three insurance companies for a customer need, it will be offered for him (customer) to make a choice.”
In 2015, the Insurance Regulatory and Development Authority of India (IRDAI) amended a regulation, allowing corporate agents, including banks, to associate with up to three insurers for each insurance segment of life, general, and health. Before the change, a bank could link up with only a single insurer in each segment.
“While the insurance regulator in 2015 increased the cap, many banks in India are still hesitant to opt for this. DBS Bank sees this as opportunity and hence this move to expand our strategic partnerships,” said the spokesperson.
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