Standard Chartered and Prudential have announced plans to extend their bancassurance partnership to Taiwan.
The arrangement, which follows a successful nine-year relationship between both organizations in Asia, will enable Standard Chartered to promote and distribute Prudential’s protection and savings products through its island-wide branch network in Taiwan.
Standard Chartered and Prudential’s bancassurance platform will feature in-branch and direct marketing sales channels. The partners plan to hire, train and deploy a dedicated sales force of 200 financial planning advisors throughout the bank’s branch network to provide strategic financial planning services and tailored product solutions.
This is in addition to Standard Chartered’s customer relationship managers in Taiwan that already sell select PCA Life products on a preferred partner basis.
Since 1998, Standard Chartered and Prudential have partnered on similar bancassurance arrangements across the region, including in Hong Kong, Singapore, Malaysia, Japan, Thailand, Korea and recently in Mainland China as well.
Commenting on the partnership, Tony Wilkey, COO of Prudential Asia, said: We have had a very successful partnership with Standard Chartered for many years and are therefore happy to be deepening our relationship with Standard Chartered, partnering with them in their growth strategies and providing the people of Taiwan more opportunities to benefit from our products and services.
James Tan, global head of bancassurance for Standard Chartered, added: Bancassurance is now an integral part of our retail banking offering and it is essential that we provide our customers in Taiwan with a full range of quality protection and medium to long-term savings products. Given the long and successful association with Prudential in Asia, it was a natural extension for us to work with them again in delivering these services and solutions to our customers throughout Taiwan.