DBS Bank India (DBS) today officially announced the launch of its open architecture model on a single platform in the life insurance segment by expanding its strategic partnerships with two new partners — 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 leading 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, claimed a press release issued by the bank here.
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.”
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.”
DBS Bank soon plans to augment the health and general insurance propositions to further strengthen its unique platform and offerings.