Calcutta, July 2: Standard Chartered Bank has tied up with ICICI Prudential Life to sell life insurance policies in the country.
The tie-up is a part of an agreement between the two British firms — Standard Chartered Plc and Prudential Plc — to expand the scope of their bancassurance partnership.
“The new 15-year agreement covers India and 10 other markets and has commenced on July 1, 2014. It deepens a relationship that was first established in 1998,” Standard Chartered said in a statement.
Standard Chartered will distribute various insurance products of ICICI Prudential Life through its 99 branches in 42 cities.
“The alliance with ICICI Prudential Life is a reaffirmation of our commitment to our customers and it 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,” Sunil Kaushal, regional chief executive (India and South Asia), Standard Chartered, said.
Vishal Kapoor, regional head (wealth management, South Asia), said the bank was expecting to register a strong growth in business through the bancassurance channel this year.
He added that the eastern market, comprising Bengal, the Northeast, Odisha and Bihar, contributes a significant portion to the business.