DBS Bank India has become the first bank in the country to offer customers multiple life insurance providers via an open architecture model on a single platform.
It has expanded its bancassurance partnerships to include two new partners, Tata AIA Life and Birla Sun Life in addition to Aviva India Life. Customers will be able to choose products offered by these three insurers via an analytics driven, intelligent and interactive process.
Customers can evaluate the right insurance plan for them through an algorithm driven application that endorses their key requirements. The analytical-based process helps customers to access the benefits, yield and choose from the various options available from all three insurance providers in an un-biased and transparent way.
The move follows the guidelines issued by India's insurance regulator IRDAI in 2015, allowing corporate agents including banks to partner with up to three insurers in each of the segment of life, general and health.
In a statement issued by the bank on the launch of the new platform, DBS Bank said that some of the key benefits this platform offers are:
• Help prioritize individual financial needs and long term goals
• Matches the best suited product from each of the three insurers against their needs and milestones
• Review key features and benefits explained in a simple and easy to understand manner
• Empowers them to choose a plan with premium and tenure which best suits their requirements
While insurance offerings for DBS Digibank customers (said to be about one million) will increase with this new platform, the customers will not be able to purchase these products directly via the digital route, said a Hindu Business line report.
The tool will aid them in decision-making, following which advisers at DBS Bank India will still engage with the customers to exercise their choice.