Standard Chartered Bank, Allianz form general insurance partnership in Asia
Standard Chartered Bank has entered into a 15-year bancassurance agreement with Allianz for the distribution of the latter’s general insurance products, such as travel, personal accident, fire and motor insurance products, to the former’s Retail Banking clients in five key markets in Asia.
The new partnership arrangements in Hong Kong, Singapore, Malaysia, Indonesia and China will be implemented during the course of 2017.
This partnership combines Standard Chartered's strong Asian banking franchise with Allianz's deep insurance expertise to provide for the protection needs of the Bank's Personal, Priority and Business Banking customers in the region.
In addition to Standard Chartered's extensive branch network, Allianz products will also be available for distribution via a proprietary digital bancassurance platform for an integrated, data-driven and highly tailored customer proposition.
Standard Chartered Bank Retail Banking CEO Karen Fawcett said: "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.
"Through this partnership, we combine the expertise of one of the world's leading insurance companies with our extensive distribution network, including our leading digital banking channels, to offer our Retail Banking clients convenient access to quality solutions for their protection needs."
Allianz Asia Pacific Regional CEO George Sartorel said: "As the world's largest general insurer, we are excited at the opportunity to bring our best-in-class insurance solutions and leading digital technology to serve the needs of Standard Chartered's customers in Asia.
“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.”
Asia's demand for non-life insurance is expected to grow at 10.8% per annum over the next four years to reach a total market size of approximately US$280bn by 2020, driven by emerging markets growth and Asia's rising insurance penetration rates.
Source: Company Press Release