DBS Bank enters into bancassurance tie up with Royal Sundaram Alliance Insurance Company

DBS Bank India has joined hands with Royal Sundaram Alliance Insurance Company Limited, for distributing general insurance policies to the customers of the bank. DBS would introduce the products of Royal Sundaram in all its branches.

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.

Bancassurance in India Read More

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