Prudential Plc and Standard Chartered Bank (SCB) have extended their exclusive long-term bancassurance partnership to Ghana to jointly serve the fast-growing demand for life insurance products and services.
The exclusive strategic bancassurance partnership between the two organisations was first established in 1998 and was renewed for another 15 years in 2014 to reinforce the distribution capabilities across Asian markets.
A statement, jointly issued by the two partner banks and copied to the Ghana News Agency in Accra on Wednesday said Prudential and Standard Chartered had agreed to extend the geographic scope of their exclusive partnership under the 2014 agreement to Ghana.
Under this partnership, a range of Prudential Ghana’s Life Insurance products will be made available to clients through Standard Chartered extensive branch network.
This collaboration is expected to focus on value propositions, which are customised to client needs, expected to be supported by a leading digital platform that will provide top quality customer experience.
The statement further said, both organisations are looking at exploring opportunities to extend this collaboration to other African markets such as Kenya and Uganda, however this will be subject to all the necessary approvals.
Prudential plc and its affiliated companies constitute one of the world’s leading financial services groups, serving over 26 million customers with a 669 billion Euros of assets under management (as at 31 December 2017).
Prudential plc is incorporated in England and Wales and is listed on the stock exchanges in London, Hong Kong, Singapore and New York.
Prudential has insurance operations in five countries in Africa namely Ghana, Kenya, Uganda, Zambia and Nigeria. Prudential Africa works with over 2,500 agents and four banks, with access to over 500 branches, to bring value-added insurance solutions to its customers.
Prudential Life Insurance Ghana is one of the top ten life insurance companies in Ghana and it employs almost 100 staff and more than 1,000 agents. It is a wholly owned subsidiary of Prudential plc.
“The SCB is a leading international banking group, with more than a 150-year history in some of the world’s most dynamic markets with a purpose to drive commerce and prosperity through unique diversity, and heritage as well as values expressed in brand promise, thus “Here for good”.
The SCB is present in 63 countries and territories, with over 1,000 branches and more than 3,000 Automated Teller Machines (ATMs). Standard Chartered PLC is listed on the London and Hong Kong Stock Exchanges as well as the Bombay and National Stock Exchanges in India.
The SCB Ghana Limited is Ghana’s premier bank, established in 1896 with more than 1,000 employees and also listed on the Ghana Stock Exchange.
GNA