DBS Bank launches open architecture on a single platform for life insurance
The bank has expanded its strategic partnerships with two new partners in Tata AIA Life and Birla Sun Life, in addition to Aviva India Life.
DBS Bank India (DBS) on Thursday 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.
In a press statement, DBS said that this makes it 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 analytics-driven, intelligent and interactive process.
Surojit Shome, CEO of DBS, India said that they felt the need to leverage algorithms and analytics approach to help 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,” he added.
The move follows the guidelines issued by the Insurance Regulatory and Development Authority of India (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.
Naveen Tahilyani, MD and CEO of Tata AIA Life, said that algorithm driven, need-based sales process with customer choosing the right product will help increase customer satisfaction through transparent and unbiased advice.DBS Bank soon plans to augment the health and general insurance propositions to further strengthen its unique platform and offerings.