Chubb HK and Hang Seng sign 15-year bancassurance deal

Hang Seng Bank and Chubb have signed a 15-year exclusive general insurance distribution agreement that sees the insurer providing the Hong Kong bank’s customers with its range of personal and commercial general insurance products.

This new partnership is slated to launch in July 2023, and will leverage the bank’s digital capabilities within bancassurance to give its customers a slate of tailored insurance products seamlessly via its channels. Details on the general insurance products will be announced in the coming months as the new partnership moves closer to taking effect.

Exploring growth opportunities in the GBA

In a press release, Hang Seng head of commercial banking Donald Lam said that this partnership will not only provide its customers with general insurance products, but will also build on the firm’s market position to further expand its bancassurance business locally while exploring growth opportunities within the Greater Bay Area (GBA).

Chubb Hong Kong SAR and Macau SAR general insurance president Scott Simpson also said that this partnership creates an opportunity to meet the protection needs of consumers and businesses of one of Hong Kong’s most notable banks.

“We look forward to working with Hang Seng Bank to co-create innovative and customized insurance solutions that will deliver value for customers and deepen their relationships with the bank,” Simpson said.

Bancassurance has been described as the major growth driver for the Cambodian insurance market, an emerging sector which boasted a 10.6% uptick in 2022.

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