Pru life insurance looking at bancassurance

Mon, 04 Jun 2007

Pru Life UK, the UK life insurance arm of the financial services entity Prudential Plc. may now expand their operations by partnering with a bank to deliver life insurance and protection products using bancassurance. The bank in question is yet to be named by the insurance giant.

Bancassurance is a popular way of selling insurance, and uses the established distribution channel provided by a bank to sell policies. The incoming president of the firm, Nishit Majmudar, reportedly commented: "We’ll announce it in the next two months. What I can say now is, we are on detailed discussion on how our product will be offered by our partner bank."

The bancassurance route will be used for selling protection into the Philippines, with one flexible product at the heart of the campaign. Majmadur said that the people of the islands are under-insured, and a flexible insurance product will make all the difference in making the region more economically strong.
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