StanChart, Prudential Life sign bancassurance pact

BY: Maxwell Akalaare Adombila
Mr Gautam Duggal (2nd left), Regional Head of Wealth Management in-charge of Africa, Middle East and Europe at Standard Chartered, Mr Mokobe Aryee (2nd right), Prudential Life, and other executives of the two institutions at the media briefing in Accra.
Mr Gautam Duggal (2nd left), Regional Head of Wealth Management in-charge of Africa, Middle East and Europe at Standard Chartered, Mr Mokobe Aryee (2nd right), Prudential Life, and other executives of the two institutions at the media briefing in Accra.

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.

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.

The Ghana deal 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.

At a media briefing to announce the deal last Thursday, the Regional Head of Wealth Management in charge of Africa, Middle East and Europe at Standard Chartered Bank, Mr Gautam Duggal, said the truncation of the bancassurance deal with Enterprise Life does not affect policies held by customers.


He said such customers can continue to make contributions and enjoy all the privileges assured them under those policies.

Loyal customers

Mr Duggal said the bank was pleased to work with Prudential Life to help extend their excellence service and products to customers in Ghana.

He said the decision to extend the deal to Ghana was to ensure that customers of StanChart also benefited from the arrangement similar to those in Asia.

“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.”

New products

The Chief Executive Officer of Prudential Life Insurance, Mr Mokobe Aryee, praised the partnership with Standard Chartered Bank as a success one that had already delivered solid results in over the last 20 years.

As a result, he was optimistic that the extension to Ghana will help both firms to replicate the successes chaled up in Asia to the domestic market.

The announcement of the partnership also herald the introduction of three products into the market.

The products, Legacy Life, Future Life Plan and Life Secured Plan, are meant to provide comfortable life plans for customers of the institutions.

Each of the products is an enhancement of what already exists in the market and is meant to help open up the market and provide enhanced benefits to customers. — GB