MSIG Insurance has signed a 15-year bancassurance deal with multinational bank HSBC to distribute the insurer’s commercial and personal suite of insurance solutions to the bank’s customers in Singapore.
The deal will see the insurer leveraging the bank’s commercial channels, in addition to its personal banking network and platforms comprising retail branches plus its digital and mobile banking applications.
In a news release, MSIG Singapore CEO Mack Eng said that this deal marks a significant milestone for the insurer as it grows its bancassurance portfolio in the country.
“This partnership has brought together two strong financial services brands, with a common aspiration to extend general insurance offerings and accessibility through product innovation and digital collaboration. MSIG and HSBC will jointly expand and broaden the bancassurance portfolio, with a focus on addressing the evolving insurance needs for the bank's fast-growing customer segments,” Eng said.
Singapore’s rival in the field of insurance, Hong Kong, has also made significant moves in the bancassurance space. Recently, Chubb Hong Kong and Hang Seng Bank inked a 15-year exclusive deal to distribute the insurer’s range of personal and commercial general insurance products to the bank’s clients in the special region.
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