DBS Bank Ltd and Chubb are pleased to announce the launch of their 15-year regional general insurance distribution partnership agreement in Singapore, Hong Kong SAR, China and Taiwan. As part of the agreement, effective 1 January 2018, 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 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.
With the official launch of the partnership, DBS customers can look forward to a broad range of quality insurance solutions that meet the varied needs of individuals and businesses. This is backed by Chubb’s highly experienced local underwriting teams and claims professionals.
Pearlyn Phau, Deputy Group Head of Consumer Banking & Wealth Management, DBS Bank, said: “This partnership represents the coming together of two leading organisations, combining DBS’ superior Asian banking franchise with Chubb, the world’s largest publicly traded property and casualty (P&C) insurance company and a global leader in general insurance and reinsurance. 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 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.”
Sim S. Lim, DBS Singapore Country Head, said: “Insurance is an important part of our overall customer value proposition and we are delighted to partner with Chubb, a leading global insurer. In Singapore, over the last few years, we have both expanded and further integrated our physical and digital channels to enable customers to transact seamlessly across multiple touchpoints. With this partnership, we are looking forward to providing even more solutions and services to meet our customers’ financial needs at every stage of their lives.”
Adam Clifford, Country President for Chubb in Singapore, said: “We are delighted to be in this partnership with an esteemed company whose values and visions are aligned with ours. At our core, both companies share a commitment to digital innovation and service excellence. This strategic partnership provides significant growth opportunity in Bancassurance for Chubb and DBS. With our extensive product and digital capabilities, as well as best-in-class service standards, we hope to deliver the Chubb brand promise of excellence to all of DBS’ customers in Singapore.”
About DBS
DBS is a leading financial services group in Asia, with over 280 branches across 18 markets. Headquartered and listed in Singapore, DBS has a growing presence in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings, is among the highest in the world.
DBS is at the forefront of leveraging digital technology to shape the future of banking, and has been named “World’s Best Digital Bank” by Euromoney. The bank has also been recognised for its leadership in the region, having been named “Asia’s Best Bank” by several publications including The Banker, Global Finance, IFR Asia and Euromoney since 2012. In addition, the bank has been named “Safest Bank in Asia” by Global Finance for nine consecutive years from 2009 to 2017.
DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. DBS is committed to building lasting relationships with customers, and positively impacting communities through supporting social enterprises, as it banks the Asian way. It has also established a SGD 50 million foundation to strengthen its corporate social responsibility efforts in Singapore and across Asia.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. The bank acknowledges the passion, commitment and can-do spirit in all of its 23,000 staff, representing over 40 nationalities. For more information, please visit www.dbs.com.
About Chubb in Singapore
Chubb is the world's largest publicly traded property and casualty insurance company. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London and other locations, and employs approximately 31,000 people worldwide. Additional information can be found at: news.chubb.com.
Chubb Insurance Singapore Limited, via acquisitions by its predecessor companies, has been present in Singapore since 1948. Chubb in Singapore provides risk management and underwriting expertise for all major classes of general insurance, including Property & Casualty, Marine, Liability, Financial Lines and Group Personal Accident insurance. As one of the leading providers of Accident & Health insurance through direct marketing, the company partners with financial institutions and other companies to tailor individual policies for their clients and employees. In addition, it offers a suite of customised Personal & Specialty insurance solutions to meet the needs of consumers.
Over the years, Chubb in Singapore has established strong client relationships by offering responsive service, developing innovative products and providing market leadership built on financial strength. The company has been assigned a financial strength rating of AA-/Stable and the highest ASEAN credit rating of axAAA by Standard & Poor’s. It has also been awarded the Singapore Quality Class STAR (SQC STAR) and Singapore Service Class (S-Class) certification for achieving all-round business excellence and high levels of service respectively by SPRING Singapore, the national standards and accreditation body.
More information can be found at www.chubb.com/sg.
For more information, please contact:
Edna Koh
Group Strategic Marketing & Communications
DBS Bank
Email: ednakoh@dbs.com
Tel: (65) 6878 8134
Mobile: (65) 9753 0117
Roy Chew
Group Strategic Marketing & Communications
DBS Bank
Email: roychew@dbs.com
Tel: (65) 6878 5544
Mobile: (65) 9727 9278