Standard Chartered, Allianz to tap Asian market via bancassurance agreement

KUALA LUMPUR: Standard Chartered Bank and Allianz have signed a 15-year bancassurance agreement.

It covers the distribution of Allianz’s general insurance p r o duc t s to St a nd a r d Chartered’s retail banking clients in five key markets across Asia.

The new pa r t ne r sh ip arrangement in Malaysia, Hong Kong, Singapore, Indonesia and China will be implemented during the course of 2017, the companies said in a joint statement here today.

Standard Chartered Bank Retail Banking Chief Executive Officer (CEO) Karen Fawcett said:” The partnership combines the expertise of one of the world’s leading insurance companies with our extensive distribution network.

“It includes leading digital banking channels, to offer retail banking clients convenient access to quality solutions for their protection needs.

“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.” Allianz products will also be available for distribution via a proprietary digital bancassurance platform for an integrated, data- driven and highly tailored customer proposition.

Meanwhi le, Al l ianz Asia Pacific Regional CEO George Sartorel said the partnership was built based on the shared commitment towards the growth and development of the Asian region.

“This is in line with Allianz’s ambit ions to expand our presence regionally, and drive greater value for customers and employees,” he added.

Malaysia’s demand for nonlife insurance is expected to grow at 6.6 per cent per annum over the next four years.

Meanwhile, Asia’s non- life market is projected to be worth about US$ 280 billion by 2020, driven by emerging markets growth and rising insurance penetration rates. — Bernama