DBS Bank and insurer Chubb have signed a 15-year partnership deal, under which DBS will distribute Chubb's general insurance products to small and medium-sized enterprise (SME) clients in Singapore, Hong Kong, China and Taiwan.
As part of the agreement, effective on Jan 1, DBS will distribute, on an exclusive or preferred basis, Chubb's coverage for home, contents and selected personal accident and supplemental health insurance products as well as general insurance products for SMEs.
The agreement will be extended to Indonesia at a later date, subject to regulatory approval.
Ms Pearlyn Phau, DBS' deputy group head of consumer banking and wealth management, 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 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."
Mr Paul McNamee, Chubb's regional president for the Asia-Pacific, said the two companies share similar digital ambitions and the partnership provides a good strategic fit with Chubb's growth plans in the region.
Mr Sim S. Lim, DBS Singapore country head, noted that the bank has expanded and further integrated its physical and digital channels to enable customers to transact seamlessly across multiple touch points in Singapore over the past few years.
"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," he said.
Mr Adam Clifford, country president for Chubb in Singapore, said: "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."