Mumbai, March 15: The Standard Chartered Group (India) has tied up with Royal Sundaram Alliance Insurance Company Ltd for the distribution and marketing of general insurance products. The strategic bancassurance partnership includes distribution of personal line and commercial covers across StanChart's various branches. StanChart will focus on the direct marketing of insurance products to its customers, including its credit card customers. The StanChart group intends to become a corporate agent of Royal Sundaram, subject to approvals by the Reserve Bank of India (RBI) and the Insurance Regulatory Development Authority of India (Irda).The distribution of insurance products fits in well with StanChart's wealth management strategy to offer a complete range of products to fulfil the entire gamut of customer needs. StanChart claimed that it is determined to be to be one of the largest players in the insurance distribution business.
Royal Sundaram's managing director Micky Brigg explained, "The undisputed reputation of trust enjoyed by StanChart makes the bank one of our preferred partners." StanChart's general manager and chief executive officer, Harpal Dugal, added that the bank's reputation of trust and assurance will provide consumers with the best possible solution for their financial needs and and will be a critical discriminator for insurance sales.
Copyright © 2001 Indian Express Newspapers (Bombay) Ltd.
