Allianz and Standard Chartered Bank agree Asian insurance partnership

Bancassurance has become a key focus with several banks in Asia, fuelled by growth in the emerging markets and Asia’s rising insurance penetration rates. Standard Chartered Bank and Allianz have revealed a 15-year bancassurance partnership allowing 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 key markets across Asia. The agreement is applicable in Hong Kong, Singapore, Malaysia, Indonesia and China and will be phased in over 2017. Asia’s desire for non-life insurance is anticipated to grow at over 10% per annum over the next four years reaching a total of nearly $280 billion by 2020. As well as through 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.