Asia: DBS Partners with Chubb Insurance

Singapore’s top lender by assets, DBS, has recently announced its partnership with Chubb insurance. According to this agreement, DBS will exclusively distribute Chubb’s insurance products in Singapore, Hong Kong, China, and Taiwan to meet the protection needs of consumers and SMEs. The partnership, commencing on the 1st January will be valid for 15 years.

Chubb, a US-based insurance provider, operates globally in 54 markets. The company provides commercial as well as personal insurance solutions including cover for the property, accident, and life insurance. Through this partnership, DBS will be able to provide additional products for its existing wealth management and SME customers while Chubb will be able to expand its reach across key markets in Asia. Both companies also share similar ambitions in expanding digitally and DBS’ extensive digital capabilities will enable Chubb to reach customers across diverse markets in Asia.

According to RFi Group data, there has been an increased demand for business insurance among SMEs in Singapore. One in four SMEs held business insurance products (25%) in H2 2017, compared with 19% six months ago in H1 2017. DBS’ partnership with Chubb will be able to address the growing need for business insurance among SMEs in Singapore.

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