Royal Sundaram enters into bancassurance tie up with DBS Bank

The alliance marks the reaffirmation of commitment to the potential customers

August 08, 2014 12:58 IST | India Infoline News Service
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  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.”

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.

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