Standard Chartered Bank and Allianz have announced a 15-year bancassurance agreement 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.
This partnership combines Standard Chartered’s Asian banking franchise with Allianz’s 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.
“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 Ms Karen Fawcett, CEO, Retail Banking, Standard Chartered Bank.
“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,” said Mr George Sartorel, Regional CEO, Asia Pacific, Allianz.
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$280 billion by 2020, driven by emerging markets’ growth and Asia’s rising insurance penetration rates.