DBS, Chubb in 15-year regional insurance tie-up

DBS Bank and Chubb have entered into a 15-year regional general insurance distribution partnership agreement in Singapore, Hong Kong, China and Taiwan.

The agreement was effective from Monday.

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 and enterprises (SMEs).

The launch of a co-operation agreement in Indonesia will commence at a later date, subject to regulatory approval, said the partners.

Through this regional general insurance tie-up, DBS's six-million retail, wealth and SME customers will gain access to Chubb's suite of products, across the bank's network of over 200 branches as well as via its digital banking platforms.

In exchange, DBS's digital platforms will help Chubb expand its distribution across key Asian markets.

Pearlyn Phau, DBS Bank's deputy group head of consumer banking and wealth management, said: "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."

Paul McNamee, Chubb's regional president for Asia Pacific, said: "We share (with DBS) similar digital ambitions and the partnership provides a good strategic fit with Chubb's growth plans in the region."