12 December 2016
DBS and Manulife Launch First-in-Market Income Protection Solutions under Joint Innovation Fund
Manulife IncomeGuard+ simplifies the insurance buying process for eligible customers with three simple clicks, without the need for physical forms or underwriting
SINGAPORE – 12 December, 2016 – DBS Bank and Manulife today announced the launch of their first co-developed life insurance product, Manulife IncomeGuard+. Available for purchase to eligible customers exclusively via DBS’ online and mobile banking platforms, this unique income protection product marks the first time an eligible customer can purchase a life insurance product in Singapore with just three simple clicks, without the need to fill in any physical forms or underwriting.
This solution is the first to be launched under the SGD100 million joint innovation fund announced at the start of DBS and Manulife’s 15-year regional bancassurance partnership in January 2016. As part of the DBS and Manulife Make-A-Thon conducted early this year, where participants were invited to conceptualise new insurance ideas, Manulife IncomeGuard+ was selected as the winning idea for launch to the market.
Manulife IncomeGuard+ is an affordable insurance solution which will provide monthly income for customers for loss of income arising from death, critical illness, total permanent disability or retrenchment. This simple benefit structure has a monthly premium of less than 1% of a customer’s monthly salary and is pre-approved for DBS’ existing salary crediting customer base without the need for underwriting. The product will be offered to eligible customers in phases and is designed to fit into the customers’ lifestyle.
"Manulife is committed to meeting the insurance protection needs of Singaporeans. We strongly believe introducing simple, affordable and easy to access solutions will help greatly in our efforts to help more Singaporeans get adequate insurance protection. In line with the Monetary Authority of Singapore’s push toward fostering a culture of innovation within the financial services industry and making Singapore a Smart Financial Centre, we are proud to bring this innovative solution to life in partnership with forward-thinking partners like DBS," said Naveed Irshad, President and Chief Executive Officer, Manulife Singapore.
Jeremy Soo, Head of Consumer Banking Group Singapore, DBS Bank, said, "At DBS, we are committed to placing our customers at the heart of the banking experience. To do so, we continually embrace a culture of innovation to make banking simpler and faster for them. Through this partnership with Manulife, we are delighted to launch this solution to directly meet our customers’ insurance needs. We remain committed to providing solutions and services to meet our customers’ financial needs at every stage of their lives."
About DBS Bank
DBS - Living, Breathing Asia
DBS is a leading financial services group in Asia, with over 280 branches across 18 markets. Headquartered and listed in Singapore, DBS has a growing presence in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's capital position, as well as "AA-" and "Aa1" credit ratings, is among the highest in Asia-Pacific.
DBS is at the forefront of leveraging digital technology to shape the future of banking, and has been named “World’s Best Digital Bank” by Euromoney. The bank has also been recognised for its leadership in the region, having been conferred “Asia’s Best Bank” by The Banker and Euromoney, and “Asian Bank of the Year” by IFR Asia. The bank has also been named “Safest Bank in Asia” by Global Finance for eight consecutive years from 2009 to 2016.
DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. DBS is committed to building lasting relationships with customers, and positively impacting communities through supporting social enterprises, as it banks the Asian way. It has also established a SGD 50 million foundation to strengthen its corporate social responsibility efforts in Singapore and across Asia.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. The bank acknowledges the passion, commitment and can-do spirit in all of our 22,000 staff, representing over 40 nationalities. For more information, please visit www.dbs.com.
About Manulife
Manulife Financial Corporation is a leading international financial services group that helps people achieve their dreams and aspirations by putting customers' needs first and providing the right advice and solutions. We operate as John Hancock in the United States and Manulife elsewhere. We provide financial advice, insurance, as well as wealth and asset management solutions for individuals, groups and institutions. At the end of 2016, we had approximately 35,000 employees, 70,000 agents, and thousands of distribution partners, serving more than 22 million customers. As of March 31, 2017, we had $1 trillion (US$754 billion) in assets under management and administration, and in the previous 12 months we made almost $26.3 billion in payments to our customers. Our principal operations are in Asia, Canada and the United States where we have served customers for more than 100 years. With our global headquarters in Toronto, Canada, we trade as 'MFC' on the Toronto, New York, and the Philippine stock exchanges and under '945' in Hong Kong.Follow Manulife on Twitter @ManulifeNews or visit manulife.com or johnhancock.com.
