Standard Chartered Bank and Eagle Insurance announced the launch of their bancassurance partnership today. With this strategic tie-up, Standard Chartered Bank will be able to cater to all the financial needs of their customers under one roof.
- Launches an innovative product proposition
Standard Chartered Bank and Eagle Insurance announced the launch of their bancassurance partnership today. With this strategic tie-up, Standard Chartered Bank will be able to cater to all the financial needs of their customers under one roof. They also announced the introduction of innovative products like InvestPlus and LifeLong for the bank customers. These products provide greater financial flexibility and control with the security of insurance. The products are underwritten by Eagle Insurance, an Aviva company, and one of the leading insurance providers in the country.
The products are designed to allow customers flexibility to select their fund options – Secure, Growth, Balanced, and Protected depending on their individual risk appetite. The product features include life cover, accident cover, and critical illness cover and provides the ideal blend of security and long-term savings. This particular product range from Eagle Insurance is currently available exclusively for Standard Chartered Bank customers in Sri Lanka.
Clive Haswell, CEO, Standard Chartered Bank, Sri Lanka, stated: “In keeping with our brand promise of being the Right Partner we are delighted to join hands with Eagle Insurance to bring yet another innovative dimension to the local financial market. This partnership combines the best of insurance and financial expertise to give greater flexibility, security and investment options to our customers.”
Managing Director, Eagle Insurance, Deepal Sooriyaarachchi commented: “Since Eagle became a member of the Aviva group we pioneered bancassurance in Sri Lanka. This is our second bancassurance partnership. This reflects our commitment to providing a wider option to customers in choosing how to obtain insurance solutions. This relationship gives us the opportunity to offer our products to a new group of customers. We will continue to add value to our partner and to the customers through Aviva’s global expertise in bancassurance”.
Explaining the thinking behind this product, Tooran Asif, head of consumer banking for Standard Chartered Bank, Sri Lanka, said: “Today, customers demand greater financial control and this product allows the customer to determine the risk based on their individual need. The customers will also have the flexibility to switch between different fund option for higher returns or life cover. But most importantly it has underlying protection in the event of an illness or death. It is a unique combination of conventional banking and insurance to provide security for the future.”
Also present in Sri Lanka for the launch, was Ranjit Khanna, regional head of wealth management for Standard Chartered Bank, and Anil Sahgal, director, bancassurance and business partnerships for Aviva India.
Standard Chartered Bank is known in Sri Lanka for introducing innovative products. They are also credited with leveraging on strong partnerships to create true value additions customized to meet the needs and life styles of their customers. In 2005 Standard Chartered Bank partnered Skywards, the award-winning frequent flyer programme of SriLankan Airlines and Emirates, to introduce for the first time in Sri Lanka a co-branded credit card which provided skyward points for customer loyalty and opened new horizons in the field of business, leisure and travel.
Eagle is a composite insurer, focusing on life, general and asset management business. Eagle’s life business presently enjoys a 20% share in the Sri Lankan life insurance market. Life business accounts for 70% of Eagle’s premium income, coming predominantly via direct sales. The general insurance business has scale in its market and is in line with Aviva’s personal and small commercial lines strategy and accounts for 30% of premium income.
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Notes to editors:
Standard Chartered – leading the way in Asia, Africa and the Middle East
Standard Chartered PLC is listed on both the London Stock Exchange and the Stock Exchange of Hong Kong and is consistently ranked in the top 25 among FTSE-100 companies by market capitalisation.
Standard Chartered has a history of over 150 years in banking and is in many of the world’s fastest-growing markets with an extensive global network of over 1,200 branches (including subsidiaries, associates and joint ventures) in over 50 countries in the Asia Pacific Region, South Asia, the Middle East, Africa, the United Kingdom and the Americas.
As one of the world’s most international banks, Standard Chartered employs almost 50,000 people, representing over 90 nationalities, worldwide. This diversity lies at the heart of the Bank’s values and supports the Bank’s growth as the world increasingly becomes one market.
With strong organic growth supported by strategic alliances and acquisitions and driven by its strengths in the balance and diversity of its business, products, geography and people, Standard Chartered is well positioned in the emerging trade corridors of Asia, Africa and the Middle East.
Standard Chartered uniquely derives over 90 per cent of profits from Asia, Africa and the Middle East. Serving both Consumer and Wholesale Banking customers worldwide, the Bank combines deep local knowledge with global capability to offer a wide range of innovative products and services as well as award-winning solutions.
Trusted across its network for its standard of governance and corporate responsibility, Standard Chartered takes a long term view of the consequences of its actions to ensure that the Bank builds a sustainable business through social inclusion, environmental protection and good governance.
Standard Chartered is also committed to all its stakeholders by living its values in its approach towards managing its people, exceeding expectations of its customers, making a difference in communities and working with regulators.
For further information please contact:
Romany Parakrama, head of corporate affairs
tel 00 94 2480079 Fax 00 94 2480085
e-mail: parakrama.romany@lk.standardchartered.com
Eagle Insurance Co Ltd – An Aviva company
Eagle is part of the global insurance giant, Aviva plc. Aviva is the world’s oldest insurance group, with a history dating back 300 years to 1696. Today it is the world's fifth-largest insurance group and the biggest in the UK. The group has 58,000 employees serving 35 million customers worldwide with more than Sterling Pounds 322 billion assets under management.
Eagle was adjudged Best Annual Report in the Insurance sector for 12 consecutive years and overall runners up in Corporate Governance and Corporate Social Responsibility (“CSR”). The Company is also one of the 10 Best Corporate Citizens for two successive years and is ranked the 10th most valuable brand in Sri Lanka. Eagle was also ranked Asia’s number 1 for CSR in the industry by Asian Insurance Review.
For further information please contact:
Amal Perera, head of marketing & planning
tel 00 94 2310025 Fax 00 94 2310029
e-mail: amal.perera@eagle.com.lk