DBS Bank and Chubb announced a 15-year regional distribution partnership agreement covering five markets.
In 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 Small and Medium Enterprises.
This partnership will combine DBS’ Asian banking franchise with the 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. The agreement will take effect early next year and roll-out is expected progressively through 2018 the bank said in a statement.
Second Distribution Deal
«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,» said Tan Su Shan, group head of Consumer Banking & Wealth Management at DBS.
finews.asia reported earlier this year that the Singaporean bank was on the lookout for a general insurance partner. In 2016 DBS signed a 15-year regional distribution agreement with Manulife Financial Asia to sell life insurance in four mutually significant markets, namely Singapore, Hong Kong, China and Indonesia.
