Stanchart partners Prudential Life in a Bancassurance deal

Standard Chartered Bank has partnered with Prudential Life Insurance Company in a deal that allows the bank to sell life insurance products to customers of both institutions in the country.

The bancassurance partnership is an extension of a similar one among the parent companies of both firms that was first established in Asia in 1998 but later renewed in 2014 for the next 15 years.

This replaces an earlier one that Standard Chartered Bank Ghana Limited had with Enterprise Life. That pact rode on the back of a global partnership between the bank and Sanlam Insurance, then a shareholder of Enterprise.

Regional Head of Wealth Management, Africa and Middle East and Europe, Standard Chartered Bank, Mr Gautam Duggal, said the bank was keen to bring the excellent experience from the partnership in Asia to Ghana.

According to him, the bank was pleased to work with Prudential Life to help extend their excellence service and products to customers in Ghana.

“We are pleased to work together with Prudential Life 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.”

Chief Executive Officer, Prudential Life Insurance, Mr Mokobe Aryee, said the partnership with Standard Chartered across Asia had delivered substantial benefits to customers for 20 year. He indicated that, Prudential Life was ready to replicate the successes chalked in Asia in the Ghanaian market and was delighted to bring the capability to meet the strong demand from customers in Ghana for protection and long-term saving products.

The announcement of the partnership also herald the introduction of three products into the market; Legacy Life, Future Life Plan and Life Secured Plan, meant to provide comfortable life plans for customers of the institutions.