Prudential Partners with Bank Syariah Indonesia in Southeast Asia.

September 27, 2024 06:16 PM AEST | By Team Kalkine Media

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Prudential Partners with Bank Syariah Indonesia in Southeast Asia. — Image source: shutterstock

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Highlights:

Prudential partners with Bank Syariah Indonesia: Exclusive Sharia life insurance provider starting in early 2025.

Taps into a significant Islamic financial market: Partnership targets 84% of Indonesia’s 280 million population.

Strengthens position in Southeast Asia: Expands product offerings and diversifies channels in Indonesia.

BSI, Indonesia’s largest Sharia bank by assets and the country’s sixth-largest overall, serves over 20 million customers through its extensive network of 1,000 branches nationwide. The collaboration will enable Prudential to tap into a broader customer base while diversifying its operations beyond traditional agency channels in Indonesia.

Prudential highlighted Indonesia as a significant market for Sharia financial services, given that around 84% of the nation’s 280 million population follows the Islamic faith. The company sees the partnership as a strategic opportunity to strengthen its position and expand product offerings tailored to the local market.

Chief Executive Anil Wadhwani emphasized Prudential’s aim to leverage its bancassurance experience to deepen its footprint in the Indonesian market. “This partnership will allow us to deploy our operational expertise and product capabilities, supporting our transformation strategy in Indonesia,” Wadhwani stated. He added that the collaboration aligns with Prudential’s broader focus on creating long-term value for customers, partners, and stakeholders.

The move is part of Prudential’s continued efforts to expand its influence across Southeast Asia, a region with high growth potential for financial services. The company plans to use its experience and product development capabilities to build a robust platform for Sharia-compliant offerings through BSI, enhancing its competitive position in the Indonesian market.

Prudential’s entry into the Sharia life insurance segment through a bancassurance partnership with BSI marks a significant step in its strategy to diversify operations and tap into new growth areas in the region. With the new partnership, the company aims to broaden its reach and deepen its engagement in a market poised for continued growth.

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