DBS, Chubb launch 15-year pact

DBS Bank Ltd and Chubb have announced the launch of their 15-year regional general insurance distribution partnership agreement in Hong Kong, Singapore, China and Taiwan. As part of the agreement, 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 SMEs. The official launch of the co-operation agreement in Indonesia will commence at a later date, subject to regulatory approval.

Through this regional general insurance partnership, DBS’ six million retail, wealth and SME customers will gain access to Chubb’s suite of market leading products, across the bank’s extensive network of over 200 branches as well as via its digital banking platforms. DBS’ digital commitment will provide a robust platform to expand Chubb’s distribution across these key Asian markets.

Paul McNamee, Chubb’s regional president for Asia Pacific, said: “We are honoured to work with DBS, a well-established and trusted bank in Asia. We share similar digital ambitions and the partnership provides a good strategic fit with Chubb’s growth plans in the region. We are excited by the opportunities to collaborate on innovation to enhance the customer experience within DBS’ ecosystem. Together, we aim to forge a true partnership to maximise value for customers and stakeholders in the region.”