Driven by emerging markets growth and Asia’s rising insurance penetration rates bancassurance has become a key focus with several banks in Asia. Allianz and a deeply rooted Asian bank have news of a new deal.
Standard Chartered Bank and Allianz have today 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, the bank said in a press release.
Asia’s demand for non-life insurance is expected to grow at over 10 percent per annum over the next four years to reach a total market size of approximately $280 billion by 2020.
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.
Banks and Insurers
In January 2016 DBS Bank and Manulife Financial Asia announced the launch of their 15-year regional distribution agreement covering Singapore, Hong Kong, China and Indonesia. That agreement made Manulife the key provider of bancassurance solutions to DBS customers in these four markets.
“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, (pictured above) CEO, Retail Banking, Standard Chartered Bank.
