Standard Chartered Bank and Allianz in 15-year partnership in Asia
The agreement is 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 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.
Asia’s demand for non-life insurance is expected to grow at 10.8%1 per annum over the next four years to reach a total market size of approximately $280 billion by 2020, driven by emerging markets growth and Asia’s rising insurance penetration rates. ■