BackStanChart, ICICI Prudential Life ink bancassurance partnership
Under the pact, StanChart will distribute ICICI Prudential's life insurance products through its network of 99 branches
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Mumbai: Private insurer ICICI Prudential Life Insurance on Wednesday said it has entered into a strategic bancassurance partnership with Standard Chartered Bank. 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, ICICI Prudential Life Insurance said in a release issued here.
The new 15-year agreement, commenced on 1 July 2014, covers India and 10 other markets and deepens a relationship that was first established in 1998.
“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," ICICI Prudential Life managing director and CEO Sandeep Bakhshi said.
Under the terms of this agreement, Standard Chartered Bank will distribute a wide array of ICICI Prudential Life’s comprehensive life insurance products through its network of 99 branches across 42 cities.
“Our endeavour has always been to enhance our product and service offerings to our customers to ensure that we cater to their changing needs in a dynamic environment. The alliance enables us to offer them best-in-class life insurance products for their various needs." “We are confident about leveraging the inherent synergies of this association and firmly believe that it will represent better value-added services to our customers," Standard Chartered Bank regional chief executive, India and South Asia, Sunil Kaushal said.
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