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Standard Chartered Bank today announced that it has entered into a strategic bancassurance partnership with ICICI Prudential Life Insurance Company Ltd (ICICI Prudential Life).
This is part of a larger agreement between Standard Chartered Plc and Prudential Plc to expand the term and geographic scope of their pan-Asian bancassurance partnership.
The new 15-year agreement covers India and 10 other markets and commenced on July 1. It deepens a relationship that was first established in 1998.
Under the terms of the agreement, Standard Chartered Bank will distribute an array of ICICI Prudential Life comprehensive life insurance products through its network of 99 branches across 42 cities.
The alliance between ICICI Prudential Life, one of the largest private life insurers in India, and Standard Chartered Bank, will make use of technological innovations and online channels to provide a convenient and hassle-free experience to customers.
Sunil Kaushal, Regional Chief Executive, India & South Asia at Standard Chartered Bank said, “Our endeavour has always been to enhance our product and service offerings for our customers to ensure that we cater to their changing needs in a dynamic environment. The alliance with ICICI Prudential Life is a reaffirmation of our commitment to our customers and it enables us to offer them the best life insurance products for their needs. We are confident about leveraging the inherent synergies of this association and believe it will represent better value-added services to our customers.”
Sandeep Bakhshi, Managing Director & CEO, ICICI Prudential Life said, “We are happy to partner with Standard Chartered Bank. They are globally considered as the largest emerging markets bank and have a strong presence in India. Their customer centric approach is very much in sync with our company’s customer first philosophy. Going forward we aim to continue offering superior quality products and services by leveraging the best of both partners.”
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