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, Mainland 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 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.
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.”
Kevin Bogardus, Country President for Chubb in China, said: “We are excited to be able to partner with DBS in China, giving us access to DBS’ unique customer base. As a leading financial services group, DBS’ deep understanding of the local market and lasting relationships with customers, in addition to its digital capabilities, are a good match with Chubb’s focus to grow our individual and small commercial property and casualty product offering. We expect the partnership to pave an innovative way to bring a new customer experience to China, an already leading digital market.”
Neil Ge, DBS China CEO, said: “This strategic partnership represents the coming together of two leading organisations, combining DBS’ superior Asian banking franchise with Chubb, a global leader in general insurance and reinsurance. Insurance is an important part of our overall customer value proposition and this partnership will help to address the increasingly sophisticated needs of our customers in China and other key markets.”
Koh Kar Siong, Managing Director and Head of Consumer Banking Group, DBS China, added: “We are delighted to partner with Chubb, a leading global insurer. Through this partnership, we can further leverage digital platforms and channels to meet our customers’ increasing needs for life and wealth protection.”
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 China
Chubb is the world’s largest publicly traded property and casualty insurer. With operations in 54 countries, 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.
Chubb China provides risk management and underwriting expertise for all major classes of general insurance, including Property, Casualty, Marine and Financial Lines. It also offers a range of group and personal Accident and Health insurance products for corporate clients and individuals. Chubb China leverages global expertise and local acumen to tailor solutions for the diverse risk management needs of its clients.
Chubb’s participation in China’s insurance market dates back to 1897, when the Insurance Company of North America, now a subsidiary of Chubb, was appointed an agent in Shanghai. It was the first U.S. insurance company to conduct business in China. In 1994, Chubb set up its first representative office in China. A branch company was subsequently established in 2000 in Shanghai, which was converted to a wholly owned subsidiary upon the approval of China Insurance Regulatory Commission. The company currently has four operations in Shanghai, Beijing, Jiangsu and Guangdong provinces, with plans to commence operations in other regions in the near future.
Chubb’s core operating insurance companies maintain financial strength ratings of AA from Standard & Poor’s and A++ from A.M. Best. Chubb in China maintains financial strength rating of A+ from Standard & Poor’s.
More information can be found at www.chubb.com.cn.
For more information, please contact:
Group Strategic Marketing & Communications
Tel: +86 2138525785
Mobile: +86 13601306613
Group Strategic Marketing & Communications
Tel: +86 2138968630
Mobile: +86 18616732238