Overseas Assurance
Corporation
Overview
Founded in 1920, Overseas Assurance Corporation (OAC) is the oldest
composite insurer in Singapore handling both life and general
insurance. Since December 2000 when it became a fully-owned subsidiary
of Great Eastern Holdings, its focus has been on strengthening
its bancassurance business, with its products distributed through
OCBC Bank’s banking network throughout Singapore. It also
provides general insurance in Singapore and Malaysia.
The Leader in Bancassurance
Great Eastern was the first insurer – in 1992 – to
establish a bancassurance network in Singapore in an exclusive
partnership with OCBC Bank. This business was transferred completely
to OAC in December 2000. The aggressive strategy to grow this
business together with a successful revamp of OAC’s life
operations resulted in OAC commanding the lion share of Singapore’s
total bancassurance business since 2001. OAC became the first
bancassurer in Singapore to cross the $1 billion mark in new bancassurance
sales in 2002.
OAC will continue to focus on providing solid customer value
and experience by offering needs-based solutions to customers.
It will continue to develop new growth opportunities in the bancassurance
market, with a focus on delivering the best value and convenience
to OCBC Bank customers by offering quality products and customer
service.
The Growth in General Insurance Business
OAC distributes a wide range of commercial and personalised general
insurance products through brokers, agents, bancassurance and
direct channels.
OAC will continue to enhance its level of service standards to
achieve maximum customer satisfaction through the effective use
of information technology. On 2 February 2005, OAC launched a
web-based e-Cargo system to facilitate the electronic submission
of marine cargo insurance proposals and the instant on-line issuance
of policy contracts. User-friendly and accessible round the clock,
this system resulted in greater convenience and ease for our intermediaries
and clients.
