Standard Chartered join hands with IGI Life and EFU Life for Bancassurance

Standard Chartered Bank (SCBPL) signed a memorandum of understanding with EFU Life Assurance Limited and IGI Life Insurance Limited whereby these partner companies will deploy dedicated sales staff at Standard Chartered branches for cross selling of insurance solutions to the Bank's client base. This alliance is a response to the ever-evolving needs of the clients and is expected help support the Bank’s goal towards providing a full suite of wealth management services.

The signing ceremony was attended by Standard Chartered Pakistan’s CEO - Rehan Shaikh, Head CPBB - Saadya Riaz, and Head Wealth Management - Kailash Kumar, along with Taher Sachak, CEO EFU Life Assurance Limited, Mohammed Ali Ahmed, Deputy Managing Director EFU Life, and Ali Nadim Deputy CEO IGI Life Insurance Limited with their respective teams.

Rehan M. Shaikh, CEO Standard Chartered Pakistan commented, “Through the deepening of this relationship between the Bank and insurance providers, we aim to improve product awareness, especially among the financially marginalised segments of society. We believe in creating value and convenience for our clients and continue to provide cutting-edge financial solutions. We at the Bank expect synergistic enhancements to result from this deepened partnership and are optimistic that it will help drive the Bank’s insurance business into a new era.”

The CEOs of both insurance companies also emphasised the benefits of this partnership with Standard Chartered, and the potential opportunity available to all three organisations with the launch of this new sales model, and the learnings that have been possible for them through Standard Chartered’s global network.

Mr. Taher G. Sachak, CEO EFU Life Assurance Limited said, “Standard Chartered Bank was our first Bancassurance partner and we are delighted to have the Standard Chartered partnership take a new direction. EFU Life and SCBPL share the same vision of creating value and convenience for the Bank’s affluent customer base through customised offerings, targeted to the need of this segment. We admire the success of our existing Bancassurance relationship, and I am confident that this new initiative will further enhance the association and position Standard Chartered as a key player in Bancassurance”.

Ali Nadim, Deputy CEO IGI Life Insurance added, “We are gratified with our partnership with SCBPL in our mission to offer tailor made savings and protection solutions to our customers, and encourage a healthier lifestyle through our Vitality benefits. Vitality is a personalised program that helps our clients achieve their wellness goals by rewarding them for making better choices with a premium range of health, lifestyle and leisure benefits. With our new partnership with SCBPL, we look forward to enhancing the suite of wealth management opportunities available for our customers.”

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