Chubb inked a new multiyear distribution deal with DBS Bank, a financial giant that will give it even deeper market penetration in Asia.
The agreement calls for Chubb to distribute general insurance products either on an exclusive or preferred basis through multiple DBS banking channels, as well as in-branch and other marketing avenues.
Five Asia markets are covered by the agreement: Singapore, Hong Kong, Taiwan, Indonesia and China. As well, P/C insurance products for small to midsize businesses, plus insurance for home, contents, and selected personal accident and supplemental health insurance products will be distributed on an exclusive basis.
Chubb is touting the deal as a big one because DBS has nearly seven million customers in six countries—a figure that includes more than three million internet and two million mobile banking customers. DBS is considered a major financial services group in Asia that offers consumer banking, wealth management and commercial banking for small and medium-sized enterprises.
Evan Greenberg, Chubb’s chairman and CEO, said the deal “helps broaden and deepen the insurer’s already significant presence in the region.”
DBS CEO Piyush Gupta, in turn, said his company wanted a general insurance partner “with a strong, longstanding presence in Asia” that offered diverse products and services, and that Chubb fit the bill.