Standard Chartered Bank and Allianz have formed a 15-year bancassurance partnership for the distribution of Allianz’s general insurance products, including travel, personal accident, fire and motor insurance products, to Standard Chartered’s retail banking clients in five key markets across Asia.
The new partnership arrangements in Hong Kong, Singapore, Malaysia, Indonesia and China will be implemented during the course of 2017.
“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,” said Allianz in a statement.
“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,” said Karen Fawcett, CEO, Retail Banking, Standard Chartered Bank.
“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,” said Fawcett.
“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,” said George Sartorel, regional CEO, Asia Pacific, Allianz.
“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 added.
Asia’s demand for non-life insurance is expected to grow at 10.8 percent per annum over the next four years, according to Allianz Economic Research. By 2020, the market is expected to reach a total market size of approximately US$280 billion, driven by emerging markets’ growth and Asia’s rising insurance penetration rates.
Source: Allianz and Standard Chartered Bank
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