Aviva, DBS Bank join hands for bancassurance

Aviva Life Insurance-joint venture between Dabur and Aviva and DBS Bank-Singapore headquartered financial services group today announced a bancassurance partnership in India. DBS has branches across 10 cities in India.

With this partnership, DBS Bank will offer customised insurance solutions from Aviva’s comprehensive portfolio to its customers. It will offer Aviva Young Scholar, Aviva Health Plus, Aviva LifeLine, Pension Elite and SaveGuard, to affluent and high net worth customers from all its 10 branches.

TR Ramachandran, chief executive officer and managing director Aviva India said, “With this strategic tie-up Aviva and DBS can address this very need of the customers through our products and services.”  

Sanjiv Bhasin, CEO, DBS India, said, “We are committed to building a universal banking franchise in India. As we step up our initiatives in the retail domain, teaming with Aviva reaffirms our approach of partnering with the best to offer optimal solutions and service excellence.”

The two companies also plan to extend their partnership further by providing bancassurance in China and Taiwan in future.  Aviva and DBS have a successful partnership in Singapore and Hong Kong since 2001.

The insurer had lost its market share after its bacnassurance tie-up with Centurian Bank of Punjab and Canara bank split. The new business premium collection fell by 14.5 per cent to Rs 192 crore during April-July 2009 as against Rs 224.83 crore in the corresponding period last year.