HSBC cuts deal with Allianz
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.
AUTHOR
Mike Taylor
Recommended for you
The director of Ascent Investment and Coaching, Michael Dunjey, has been charged with 33 criminal offences.
Adviser Ratings’ latest financial landscape report finds there is a demographic of advice practices achieving an average revenue of $5 million, with only 3 per cent of practices overall seeing a revenue decline.
The FAAA is calling for regulators to take a partnership approach with financial advisers regarding incoming legislation, rather than treating the industry as “guinea pigs”.
There have been strong numbers of returning advisers this year so far, according to Wealth Data, already surpassing the same period for 2024.
