Chubb Announces Distribution Agreement with Singapore's DBS Bank

Chubb to distribute consumer and commercial P&C insurance products through bancassurance channels in five markets in Asia

Chubb Limited announced today that it has entered into a 15-year distribution agreement with DBS Bank, the largest banking group in Southeast Asia. 

Under the terms of the agreement, Chubb will distribute general insurance products on an exclusive or preferred basis through multiple DBS banking channels, including in-branch and various direct marketing channels.  

The partnership covers five markets in Asia – Singapore, Hong Kong, Taiwan, Indonesia and China. Property and casualty (P&C) insurance products for small to mid-sized enterprises, as well as coverages for home, contents and selected personal accident and supplemental health (A&H) insurance products, will be distributed on an exclusive basis. 

Based in Singapore, DBS is a leading financial services group in Asia that offers consumer banking, wealth management, and commercial banking for small and medium-sized enterprises (SMEs).  The bank has nearly 7 million customers in six countries, including over 3 million internet and 2 million mobile banking customers. 

"For Chubb, our agreement with DBS represents a meaningful long-term

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DBS and Manulife form 15-year regional life bancassurance partnership

SINGAPORE and TORONTO, April 8, 2015 /CNW/ - DBS Bank Ltd and Manulife Financial Asia Limited are pleased to announce that they have entered into a 15-year regional distribution agreement covering four mutually significant markets, namely Singapore, Hong Kong, China and Indonesia. The agreement signed today will take effect on 1 January 2016.

This new exclusive life bancassurance partnership will combine DBS' superior Asian banking franchise with the insurance and wealth management expertise of Manulife, a global leader with a long-term commitment to Asia. In the four markets, DBS' large and growing six million retail, wealth and SME customer base will gain access to Manulife's best-in-class suite of life and health insurance solutions, through the bank's extensive network of over 200 branches and its sales force of over 2,000 professionals, as well as via its internet and mobile banking platforms.

Leading to the agreement with Manulife, DBS conducted a thorough insurance partner selection process, which attracted strong interest from a number of leading regional and multinational insurers. The process considered a number of factors, including customer focus, expertise, execution track record and potential for long term value creation.

Manulife is a leading provider of insurance and wealth management solutions. It is the sixth largest¹ life insurer in the world, with a 118-year track record in Asia, and more than six million customers across 12 markets in the region. Manulife first established a presence in Singapore in 1898 and is the leading life insurance provider of retirement and wealth solutions in Hong Kong², where it established operations in 1897.

The partnership is expected to bring significant benefits to both parties: 

• DBS will further strengthen its regional life insurance distribution capabilities, including its position as a leading bancassurer in Singapore, while providing its customers with a full suite of innovative and customised insurance solutions.
• Manulife will gain exclusive access to DBS customers in four highly attractive insurance markets, which remain significantly under-insured with a sizeable insurance protection gap and underfunded retirement needs.

DBS CEO Piyush Gupta said: "Bancassurance is a key focus for DBS and an important part of our overall customer value proposition. Manulife's strong customer focus and deep commitment to Asia are aligned with our own vision. We are already working with Manulife in Singapore, Hong Kong and Indonesia, and will soon be their flagship regional bancassurance partner and their largest bancassurance partner globally. Together, we look forward to building upon the momentum we have achieved in bancassurance."