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DBS Bank launches single platform for 3 insures

DBS Bank India has launched a unique 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 Insurance Regulatory and Development Authority of India (IRDA) had in 2015 allowed corporate agents including banks to partner with up to three insurers in each of the segment of life, general and health. Now using the platform, 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. Surojit Shome, CEO, DBS India, said the bank felt the need to leverage algorithms and analytics approach to help its 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 bank now plans to augment the health and general insurance propositions to further strengthen its unique platform and offerings.

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