AMP Financial Services has broadened its distribution footprint following a strategic alliance with Bendigo Bank.
Last week, the financial services giant signed a deal with the regional banking group for the distribution of its insurance product, AMP Flexible Lifetime Protection.
Under the terms of the agreement, the product will be rolled out this month to the banking group's 460 branches and 1.35 million clients.
"We are generally excited by the opportunity to further diversify the distribution footprint that AMP has in the market and it goes a long way to help with our growth aspirations, which we have been talking to the market about for the last couple of years," AMP director product manufacturing Paul Sainsbury said.
Sainsbury said the agreement came after Bendigo called for industry tenders in a bid to close an insurance gap.
"When they realised they had insurance needs that were not being met, they effectively sent out a request for a proposal to a number of providers and of course we were very interested at the same time. One thing led to another and we were the successful party chosen," he said.
The product rollout began last week, with the rollout of the capability to be completed at the end of November, he said.
Sainsbury said at this stage the partnership with Bendigo Bank only involves AMP's insurance product, however he would not rule out other opportunities.
"The proposal that stands today is about insurance and our insurance offer, but we would always be interested in expanding those propositions if the opportunity arose," he said.
As part of the deal, AMP will provide training and support to relevant Bendigo staff.
"We'll be providing field-based support in terms of training and effectively ongoing development/marketing support for their business," Sainsbury said.
