Chubb strikes distribution agreement with DBS in Singapore
Global insurer Chubb has entered into an arrangement with Singapore-based bank DBS that will see its general insurance products distributed on an exclusive or preferred basis through DBS’s various banking channels.
The 15-year agreement will cover five Asian countries – Singapore, Taiwan, Indonesia, Hong Kong and China – and include Chubb’s property and casualty (P&C) insurance products for small and medium enterprises.
The deal brings together two of the largest players in their respective fields, with Chubb generally regarded as the largest P&C insurer in the world and DBS similarly seen as the largest banking group in Southeast Asia, with more than seven million customers in six countries.
“For Chubb, our agreement with DBS represents a meaningful long-term opportunity to partner with one of the largest and most respected banking franchises in Asia,” said Evan Greenberg, chairman and chief executive officer of Chubb.
“Access to DBS’s large customer base broadens and deepens Chubb’s already significant presence in the region, and provides multiple new channels for our individual and small commercial P&C insurance products. DBS’s commitment to technology will also provide a strong platform to expand our digital distribution across these important Asian markets.”
Piyush Gupta, group chief executive officer of DBS added that DBS was looking for “a general insurance partner with a strong, longstanding presence in Asia, a broad product portfolio across P&C and A&H, extensive digital capabilities, and a proven track record of bancassurance sales.”
The agreement will take effect in early 2018 and rollout is expected progressively through 2018.