Sunday, July 23, 2017

DBS India inks two bancassurance deals

DBS Bank India forged partnerships with two other insurers Tata AIA Life and Birla Sun Life, following its bancassurance agreement with Aviva India Life.

The development means that DBS Bank, which is based in Singapore, is the first lender in India to adopt a model with three life firms on a single platform.

Explaining the new model, a DBS spokesperson said single platform approach means the firm will not differentiate across channels or customer segments.

In other words, there will be no preferred deals or exclusive tie-ups, just an open architecture.

Such arrangement has been allowed in India since 2015 when the country’s insurance regulator gave the green light for corporate agents, including banks, to partner with up to three insurers in each of the following segments: life, general, and health insurance.

 

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