South African insurance firm renews deal with StanChart [Nation (Kenya)]
(Nation (Kenya) Via Acquire Media NewsEdge) South African insurance company Sanlam has renewed its five-year partnership with the Standard Chartered Bank in a move that will see the company sell more products in the Kenyan market.
Sanlam Ltd, which holds stake in Pan African Insurance through Sanlam Emerging Markets (SEM), said Wednesday the agreement with StanChart, initially reached in 2009, will go on for a further five years.
"We remain confident that due to our collective years of experience and solid research, we have the competitive products to meet client needs in these markets," Said SEM executive director for Africa operations, Margaret Dawes.
The renewed agreement, commencing in 2014, will enable SEM to continue marketing and selling its life insurance products through Standard Chartered Bank's extensive banking network in Kenya and across Africa.
The bank has presence in Ghana, Botswana, Zambia, Tanzania, Kenya and now Uganda, following its addition to the list of benefiting countries, according to a statement to media houses. The partnership brings the range of insurance services to six out of the bank's 16 regional markets.
The products include life, funeral, retrenchment and education covers. "We remain positive about the future potential of this business, and intend at doubling our client numbers over the next five years," said Kariuki Ngari, the bank's regional head of Consumer Banking for Africa.
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