Asia's Bank Partner of the Year - DBS Bank Singapore

| 29 Aug 2017

For its ability to integrate the needs of agents, clients and their partners, combined with an efficient, effective and market-leading digital strategy, DBS Singapore was awarded the Affinity/Bank Partner of the Year at the 2nd Asia Trusted Life Agents & Advisers Awards 2017.

The bank made headlines in 2015 with its 15-year pan-Asia bancassurance deal with Manulife in four markets: Singapore, Hong Kong, China and Indonesia.

With a high degree of cultural fit and shared commitment between DBS and Manulife, the partnership jump-started to a roaring 2016 post-integration without any break in momentum. It achieved record-breaking business performance in all four partnership markets, and delivered on a series of remarkable achievements across business performance, digital transformation and customer engagement approaches.

In its first year of partnership with Manulife, DBS outperformed its own 2015 business results (which were already at a peak) and attained top bancassurance market share in Singapore with over S$400 million (US$288 million) in total weighted premiums. Beyond its home base, the bank also surpassed its past growth rate in life insurance business across the three other markets that tapped on the solution expertise provided by the insurer.

Manulife’s standing as a life insurance player in Singapore also leapfrogged from sixth to second place overall, with its bancassurance channel growing a remarkable 1320% assisted by the strong business brought in through DBS’s distribution network.

The partnership has introduced more than 30 new products optimised to fulfil DBS’ customer needs, ranging from serving mass customers in Singapore to the needs of high-net worth customers in Hong Kong. To achieve such outstanding performance in its infancy year is truly admirable.

More innovation with Manulife in the pipeline
The partnership embedded a structural focus on innovation, supported by a S$100 million technology and innovation fund to deliver better customer experience. Both entities created an end-to-end digital and hassle-free customer journey for bancassurance and launched a market-first digital insurance solution (Manulife IncomeGuard+), without the need for physical forms or underwriting for eligible customers.

DBS and Manulife are currently exploring taking their innovation work further by developing a joint customer acquisition model to leverage DBS’ Digibank rollout and Manulife’s experience with other digital acquisition markets, particularly in China, the Philippines and Indonesia.

Such ground-breaking accomplishments in the first year of partnership is truly remarkable. The alliance has been mutually beneficial from a commercial perspective, and the partners have found their organisations to complement and support one another in their journey in digital transformation.

DBS is a leading financial services group in Asia, with over 280 branches across 18 markets, and has a growing presence in Asia-Pacific. It is headquartered in Singapore, and is the country’s leading retail bank in terms of primary customer relationships, serving 85% of the population.

Find out more about the other Awards winners from seven markets across the region – China, India, Malaysia, Vietnam, Hong Kong, Thailand and Singapore.

The 2nd Asia Trusted Life Agents & Advisers Awards was organised by Asia Insurance Review with LIMRA as co-organiser, AIA as strategic partner, and Sun Life Financial as sponsor.