 "Royal Sundaram enters into bancassurance tie-up with DBS Bank")
DBS Bank India has joined hands with Royal Sundaram Alliance 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.
Rahul Johri, Managing Director & Head of Consumer Banking, DBS India said that they are constantly exploring opportunities to offer superior products to customers across their 12 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.
Ajay Bimbhet, Managing Director, Royal Sundaram Alliance Insurance Company Limited explained that 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," he said.
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%. Large variety of banks and their extensive branch networks are increasingly being utilised to serve the insurance needs of over 400 million bank customers.