Bangalore: DBS Bank India (DBS), Singapore’s largest bank and a leading bank in Asia, today officially announced the launch of its unique open architecture model on a single platform in the life insurance segment by expanding its strategic partnerships with two new partners in Tata AIA Life and Birla Sun Life in addition to Aviva India Life. This makes DBS the first bank in the country to adopt the new open architecture model with three life insurers on a single platform giving its clients the freedom to choose using an analytic driven, intelligent and interactive process.
The move follows the guidelines issued by the Insurance Regulatory and Development Authority of India (IRDA) in 2015, allowing corporate agents including banks to partner with up to three insurers in each of the segment of life, general and health.
DBS, the world’s best digital bank* has been at the forefront of offering advanced technology solutions to make banking seamless and joyful for customers. Customers can evaluate the right insurance plan for them through an algorithm driven application that endorses their key requirements and empowers them to select the right insurance plans in a simple and convenient manner. 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 entirely un-biased and transparent manner.
Speaking on the occasion, Surojit Shome, CEO, DBS India said: “We are delighted to announce our partnerships with Tata AIA Life, Birla Sun Life and Aviva Life, under the open architecture model to offer greater freedom and choice to our customers. We felt the need to leverage algorithms and analytics approach to help our customers match their financial and milestone needs with the most comprehensive suite of products from three of the reputed insurers in India. What is most exciting is that this differentiated technology platform is simple, easy to use and helps our customers identify the right insurance policy. This is open architecture in its truest spirit and resonates the regulator’s intention.”
He added, “This open architecture initiative is validation of our India commitment and is consistent with our customer-centric approach to deliver on the DBS’ iconic joyful banking experience. Not only will these partnerships help strengthen our bancassurance offering, the single platform approach is a clear industry trendsetter.”
Some of the key benefits this platform offers to DBS Bank customers 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
Naveen Tahilyani, MD and CEO, Tata AIA Life said: “In line with our vision to be a digitally-led customer-centric insurer, we are very happy to partner with DBS in this initiative. Algorithm driven, need-based sales process with customer choosing the right product will help increase customer satisfaction through transparent and unbiased advice. This scientific approach to offering life insurance solutions that match individual needs is a first in the industry and will help us grow collaboratively.”
Pankaj Razdan, MD & CEO, Birla Sun Life Insurance & Dy. CEO – Aditya Birla Financial Services Group said: “At Birla Sun Life Insurance, our endeavor is to constantly provide customers with enhanced solutions using latest technology for effective engagement and seamless experience, as they set out to achieve their financial goals with us. We are delighted as this partnership will supplement our philosophy to offer customized solutions with utmost transparency to the customers.”
Trevor Bull, MD & CEO, Aviva Life Insurance said: “Being a digital first company is central to Aviva’s philosophy, and our strong partnership with India’s pioneering digital bank is a testimony to this. It has been an absolute pleasure partnering with DBS Bank since 2009 and the bank’s efforts to steer its digital transformation have been commendable. The bank’s algorithm driven need-based buying process for the customer has the potential to be a game-changer by enhancing the customer-banker relationship. This is indeed a milestone in our relationship and we look forward to many years of collaborative growth.”
DBS Bank soon plans to augment the health and general insurance propositions to further strengthen its unique platform and offerings.