Prudential Life Assurance Kenya, a subsidiary of Prudential plc, has signed a long-term bancassurance partnership with Standard Chartered Bank Kenya.
The partnership will enable Standard Chartered and Prudential to collaborate in developing and distributing best-in-class insurance solutions to customers through the bank’s 38 branches in Kenya.
Matt Lilley, CEO Africa, Prudential plc, said: ”This agreement further deepens a partnership between our two organisations that was first established in 1998 and is the most successful regional bancassurance partnership in Asia. The expansion of this relationship to Africa begins today in Kenya, and we are confident that our two teams will work well together to deliver value to our customers. With a vibrant and dynamic financial services sector as well as a sophisticated customer base, Kenya is the ideal market to inaugurate our partnership in Africa.”
David Idoru, Head of Retail Clients, Standard Chartered Bank Kenya, said: “Kenya’s growing middle class and its projected steady economic growth will see insurance penetration double over the next five years. Insurance is now one of the top five items that middle class Kenyans spend their money on. The partnership will enable us to provide a wider range of insurance options for our clients through our extensive branch network.”