Royal Sundaram Alliance Insurance said on Wednesday that it has joined hands with DBS Bank India for distributing general insurance policies to customers of the bank.
"About 13-15 per cent of our 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," Royal Sundaram Alliance Insurance Managing Director Ajay Bimbhet said.
A Memorandum of Understanding was signed where DBS would introduce the products of Royal Sundaram in all its branches, the company said in a release. This partnership with Royal Sundaram Alliance Insurance Company 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," DBS India Managing Director and Head of Consumer Banking Rahul Johri said.
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 per cent of the total General Insurance business.
The total Gross Written Premium (GWP) for the Indian general insurance industry stands at around Rs 70,000 crore with annual growth of around 20%. Large variety of banks and their extensive branch networks are increasingly being utilised to serve the insurance needs of over 400 million bank customers.