· DBS Bank to offer general insurance policies to its customers across India
DBS Bank
India, a part of Asia’s foremost financial services group has joined hands with
Royal Sundaram Alliance Insurance Company Limited, India’s
first private general insurance company, for distributing
general insurance policies to the customers of the bank. A Memorandum of
Understanding was signed where DBS would introduce the products of Royal
Sundaram in all its branches.
Speaking on
this occasion Mr. Rahul Johri, Managing
Director & Head of Consumer Banking, DBS India Pvt. Ltd said, “This partnership
with Royal Sundaram Alliance Insurance Company Ltd. is an important milestone
for us, as bancassurance is a significant part of our growth strategy. We are constantly
exploring opportunities to offer superior products to our customers across our
12 branches. We take pride in offering quality products to our customers and
creating a positive difference in their lives.”
Mr. Ajay Bimbhet, Managing Director,
Royal Sundaram Alliance Insurance Company Limited said, “We at Royal Sundaram have always believed
in expanding our horizons by forging into strategic partnerships. About 13-15%
of Royal Sundaram’s total business comes through bancassurance channel. We
expect to leverage customer mix constituted by the high-net worth customers and
corporate clients of DBS Bank to grow this channel further. We are happy to
establish this tie up as our customer centric approach is in line with the DBS
Bank’s customer philosophy.”
The alliance marks the reaffirmation of commitment to the potential
customers. Through this partnership Royal Sundaram will offer
customised suite of high-end retail products and exhaustive commercial products
and risk management knowledge to its commercial clients of DBS Bank.
Bancassurance is a significant distribution channel in General
Insurance Industry in India contributing to about 15 % of the total General
Insurance business. The total Gross
Written Premium (GWP) for the Indian general insurance industry stands at
around Rs. 70000 crore with annual growth of around 20 per cent. Large variety
of banks and their extensive branch networks are increasingly being utilised to
serve the insurance needs of over 400 million bank customers.
In early 2013, the new guidelines issued by Insurance Regulatory
and Development Authority (IRDA) allowed banks to tie-up as corporate agents
with one standalone health insurer apart from one life insurer and one non-life
insurer. The aim behind this change was to increase penetration. The tie-up
between DBS Bank and Royal Sundaram Alliance Insurance Company will make non-life
insurance products more accessible to DBS’ customers.
About DBS
DBS - Living, Breathing Asia
DBS is a leading financial services group in Asia,
with over 250 branches across 17 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 capital position, as
well as "AA-" and "Aa1" credit ratings, is among the
highest in Asia-Pacific. DBS has been recognised for its leadership in the
region, having been named “Asia’s Best Bank” by The Banker, a member of the
Financial Times group, and “Best Bank in Asia-Pacific” by Global Finance. The
bank has also been named “Safest Bank in Asia” by Global Finance for five
consecutive years from 2009 to 2013.
DBS provides a full range of services in consumer, SME
and corporate banking activities across Asia. As a bank born and bred in Asia,
DBS understands the intricacies of doing business in the region’s most dynamic
markets. These market insights and regional connectivity have helped to drive
the bank’s growth as it sets out to be the Asian bank of choice. 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 our 19,000 staff, representing over 30 nationalities. For more
information, please visit www.dbs.com.
About
Royal Sundaram Alliance Insurance
Royal Sundaram Alliance Insurance Company Limited is a
joint venture between Sundaram Finance and Royal & Sun Alliance Insurance
plc, UK, (RSA) where the former holds 74% and the latter holds 26% of the
equity. Royal Sundaram is the first private non-life Insurance Company licensed
to operate in India.
Royal Sundaram offers a range of innovative general
Insurance products which includes Motor, Health, Personal Accident, Home and
Travel Insurance for individual customers. The Company’s Accident & Health claims
process received ISO 9001-2008 certification for effective customer service
delivery.
For Commercial clients, Royal
Sundaram offers a wide range of specialised insurance covers in Fire, Marine,
Engineering, Liability and Business Interruption risks. Royal Sundaram also
offers specially designed products to the Small and Medium enterprises and
Rural customers. Royal Sundaram
currently has over 5 million customers, 1700 employees and its products are
distributed in over 180 cities across India, through Agents, Distribution
Partners, Affinity Partners and Brokers.
Royal Sundaram is a pioneer in bancassurace in India,
having long-standing tie-ups with reputed banks and NBFCs such as American
Express, Citibank, Standard Chartered Bank, RBS, REPCO Bank, SBI-GE, Sundaram
Finance, etc.
Daniel
Blue Lotus PR
Chennai
9500055980
|
No comments:
Post a Comment