HSBC Bank Australia and insurer Allianz Australia have entered into an agreement to offer general insurance products together with personal loan, mortgage protection and simple term life insurance in Australia under the HSBC brand.
The agreement was announced today and represents a shift away from HSBC’s previous arrangements, which saw it offering insurance through a combination of insurance providers.
HSBC said the new arrangement would complement other insurance relationships the company had for the provision of complex life risk and credit card insurance.
The arrangement follows HSBC deciding to review and consolidate its local insurance providers.
Commenting on the deal, HSBC Bank Australia chief executive Stuart Davis said Allianz and HSBC had worked together successfully in numerous markets around the world since HSBC’s Preferred Strategic Partners program began.
