OCBC not outsourcing bancassurance; it's core part of business: CEO

Singapore

OCBC Bank, Singapore's second largest lender, said on Monday that bancassurance remains a core part of its business, when asked if the bank would consider outsourcing it to another partner as its local peers have done.

Speaking to about 1,500 shareholders at the bank's annual general meeting, chief executive Samuel Tsien replied that the insurance business remains "part and parcel" of the bank's offering in various markets.

He said: "We also put a lot of emphasis into using data analytics to anticipate the insurance needs of our customers, someth…