04 August, 2014
> DBS Bank to offer general insurance policies to its customers across India
Mumbai, 6th August, 2014: 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.
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.
For further information contact:
Royal Sundaram Alliance Insurance Company Ltd.