The new partnership will cover Hong Kong, Singapore, Malaysia, Indonesia and China and will be implemented during 2017.
In addition to Standard Chartered’s local branch network, Allianz products will also be distributed via the bank’s proprietary digital bancassurance platform.
“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, chief executive of retail banking at Standard Chartered Bank.
“Through this partnership, we combine the expertise of one of the world’s leading insurance companies with our extensive distribution network, including our leading digital banking channels,” she said.
Asia’s demand for non-life insurance is expected to grow at 10.8% a year over the next four years to reach a total market size of approximately $280bn (£227bn, €262bn) by 2020, driven by emerging markets growth and Asia’s rising insurance penetration rates.
“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,” said George Sartorel, regional chief executive, Asia Pacific, at Allianz.
“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,” he added.
