Asia: Allianz & Stanchart Bank in 15-year bancassurance pact

24 Jan 2017

Global insurer Allianz and Standard Chartered Bank yesterday 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 Malaysia, Hong Kong, Singapore, Indonesia and China will be implemented this year.

The financial terms of the deal were not disclosed.

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 customers. 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.

Mr George Sartorel, Regional CEO, Asia Pacific, Allianz, said: "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."

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.

Allianz has been present in Asia since 1910. Today, Allianz is active in 14 markets in the region. With its more than 32,000 staff, Allianz serves the needs of over 18 million customers in the region across multiple distribution channels and platforms.