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OAC the Leader in General Insurance

[source: OAC website]

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.

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