DBS Bank and Manulife Financial Asia have launched a 15-year regional distribution agreement covering Singapore, Hong Kong, China and Indonesia. As part of the new venture, the duo have launched a new campaign starting with a two-page print ad on The Straits Times.
As part of the agreement, effective 1 January 2016, Manulife will be the key provider of bancassurance solutions to DBS customers in these four markets. The partnership aims to further strengthen DBS’ regional life insurance distribution capabilities, and significantly expands Manulife’s existing relationship with DBS.
Prior to this, Manulife was already DBS’ main provider of insurance solutions in Hong Kong and Indonesia, and their second largest provider in Asia overall.
With the official launch of the partnership, DBS and Manulife will co-fund up to SG$100 million over the next 15 years to be invested in digital technology and innovation enhancements.
Through this regional life bancassurance partnership, DBS’ six million retail, wealth and SME customers will gain access to Manulife’s suite of life and health solutions, across the bank’s extensive network of over 200 branches and its sales force of over 2,000 professionals, as well as via its internet and mobile banking platforms.
Marketing has reached out to DBS and Manulife on their marketing plan for the joint venture.
Tan Su Shan, group head of consumer banking and wealth management, DBS Bank, said: “With the establishment of the joint fund, we will be able to focus on the development of innovative solutions to serve Asia’s fast-growing consumer base, and help them to fulfil their retirement and insurance needs.”
Roy Gori, president and chief executive officer, Manulife Asia, said: “As a result of this agreement, customers will benefit from DBS’s multi-channel approach, and take advantage of Manulife’s full range of innovative products which are tailored to suit all their financial needs.”
Richard Vargo, regional head of bancassurance, DBS Bank, said, “Retirement in Asia is a hot issue; populations are aging, workforces are shrinking, and many are underestimating the amount they need to lead the retirement lifestyle that they want.”