Stanchart, Prudential extends bancassurance agreement to Ghana

Standard Chartered

Insurance giant, Prudential Plc and Standard Chartered have extended their exclusive long-term bancassurance partnership to Ghana.

The bancassurance agreement will see Prudential as the fast-growing demand for life insurance products and services.

The exclusive strategic bancassurance partnership between the two organisations was first established in 1998 and was renewed for another 15 years in 2014 to reinforce the distribution capabilities across Asian markets. This relationship is widely acknowledged to be the most successful and enduring pan-regional bancassurance partnership in Asia.

To further deepen this relationship, Prudential and Standard Chartered have agreed to extend the geographic scope of their exclusive partnership under the 2014 agreement to Ghana. Under this partnership, a range of Prudential Ghana’s life insurance products will be made available to clients through Standard Chartered’s extensive branch network. This collaboration will focus on value propositions which are customised to client needs. This partnership will be supported by a leading digital platform that will provide a top quality customer experience. Furthermore, both organisations are looking at exploring opportunities to extend this collaboration to other African markets such as Kenya and Uganda, however this will be subject to all the necessary approvals.

Gautam Duggal, Regional Head of Wealth Management, Africa and Middle East and Europe, Standard Chartered Bank said: “We are pleased to work together with Prudential to provide tailored life insurance products and services that suit the savings and protection needs of Ghanaians today. Our ability to adapt to change and harness new technologies will be a key driver in reaching the uninsured across the country. This partnership underpins our commitment to the country and reinforces our market-leading position.”

Matt Lilley, Chief Executive of Prudential Africa, said: “Prudential has an established track record of successfully operating a multi-channel approach by combining a highly effective agency force with long-term bank partnerships. Our partnership with Standard Chartered across Asia has delivered substantial benefits to customers for 20 years and we are delighted to bring this capability to meet the strong demand from customers in Ghana for protection and long-term saving products.”

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