The Standard Chartered Group has tied up with Allianz Bajaj Life Insurance Company to market and distribute the latter's insurance products in the country.
Standard Chartered had earlier tied up with Royal Sundaram Alliance for marketing and distributing the latter's non-life insurance products.
Standard Chartered Bank, along with Standard Chartered Grindlays, has a customer base of 2.4 million in retail banking, which includes a credit card base of 1.2 million. The new partnership is expected to leverage the group's 60 branches across the country to market and cross sell life insurance products.
Allianz Bajaj life insurance products will be launched initially in the metros. It will also be distributed by Standard Chartered Finance. The bank will become a corporate agent of Allianz Bajaj, subject to the approval of the Reserve Bank of India (RBI) and the Insurance Regulatory Development Authority (Irda).
"The distribution of insurance products is in line with our wealth management strategy to offer a complete and comprehensive range of products to fulfill the gamut of customer needs. With this alliance we have a complete portfolio of insurance (life/non-life) and capital market products," Vishu Ramachandran, head of consumer banking, Standard Chartered Group, India, said.
The Standard Chartered Group has been increasingly focusing on retail products and has launched a slew of products in the past one year.
Insurance companies have been tying up with banks for marketing and distributing their products. They get a wider reach across the country with these tie-ups. Banks benefit from these alliances as they help in increasing their fee-based income by way of commissions.
