CIMB and Sompo aim for regional growth in bancassurance

CIMB

CIMB Group and Sompo Holdings (Asia) recently launched their bancassurance partnership in Malaysia, whereby CIMB will distribute SOMPO’s non-life insurance solutions through its distribution network. This Malaysia partnership forms part of the CIMB-SOMPO regional strategic partnership arrangement which also includes Singapore, Indonesia and Thailand.

In Malaysia, CIMB Bank will market and distribute nonlife insurance solutions underwritten by SOMPO’s local operating entity, Berjaya Sompo Insurance Berhad, to the Bank’s retail and commercial customers through its call centres, online platforms and 264 branches in Malaysia.


Tengku Dato’ Sri Zafrul Aziz, Group CEO, CIMB Group said, “As a leading ASEAN universal bank, CIMB’s choice of strong partners across all our business pillars will underpin our regional growth story. We are, therefore, delighted to launch the Malaysia partnership with Japan’s number one bancassurance insurer, SOMPO, after the successful execution of the partnership in Singapore and Indonesia in the past two years. Bancassurance continues to be an important segment for CIMB’s Consumer and Commercial Banking and this synergistic CIMB-SOMPO collaboration, coupled with both parties’ strong digital capabilities, is a step forward to further enrich CIMB’s value proposition to our 13 million customers across ASEAN.”

Yuji Kawauchi, President and Managing Director of SOMPO said, “Today marks another important milestone in SOMPO’s regional partnership with CIMB Group. The strategic partnership allows SOMPO to leverage CIMB’s strong brand presence and wide distribution network in the ASEAN region, enabling SOMPO to extend its expertise as the leading insurer in Japan to the 640-million strong ASEAN market.”

To commemorate the official launch of the partnership in Malaysia, CIMB and SOMPO introduced an app-enabled Travel Care Insurance, available via CIMB Bank’s award-winning chat-banking app, Enhanced Virtual Assistant (EVA). This is the first time travel insurance could be purchased by Malaysian retail customers via a chat-banking app, and this process  is now easier as EVA was recently enhanced with Natural Language Processing. Customers could purchase their travel insurance via EVA in the second half of 2018. Currently, travel insurance coverage could be purchased online at www.cimbbank.com.my/travelcare.

For the Malaysian market, CIMB Bank will distribute SOMPO’s non-life insurance protection for home, motor, personal belongings and travel to the retail segment. For the commercial segment, protection is offered under categories like Group Benefits, Liability, Engineering, Property as well as Marine Credit.