British multinational banking giant Standard Chartered has announced a 15-year bancassurance deal with insurance heavyweight Allianz.
We originally reported that the bank was looking for an insurance partner back in June (see
article) and now an agreement has been reached that will see Allianz general insurance products, including travel, personal accident, fire, and motor, distributed to Standard Chartered retail banking customers in five markets across Asia.
The partnership will be used in Hong Kong, Singapore, Malaysia, Indonesia and China and will be effective over the course of 2017, the businesses confirmed.
With the continent’s demand for non-life insurance expected to grow by 10.8% over the next four years, according to Allianz Economic Research, the deal will place Allianz products in Standard Chartered branches for customers using the bank’s personal and business banking facilities.
The deal will also see the launch of a digital bancassurance platform.
“Bancassurance is a key focus for Standard Chartered, as we continue to innovate and expand our offerings that meet the evolving needs of our clients in branches and online,” Karen Fawcett, CEO, retail banking, Standard Chartered Bank said.
George Sartorel, regional CEO, Asia Pacific at Allianz, said that the deal will help Allianz reach its growth aims across Asia as the continent continues to seek insurance coverage.
“This partnership also builds on our shared commitment towards the growth and development of the Asia region, which is in line with Allianz’s ambitions to expand our presence regionally, and to drive greater value for our customers and employees,” Sartorel said.
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