CIMB, Sompo Japan in bancassurance partnership

PETALING JAYA: CIMB Group Holdings Bhd and Sompo Japan Nipponkoa Holdings Inc have entered into a strategic non-life bancassurance partnership for Southeast Asia that will strengthen the group’s non-life bancassurance offerings to customers across Asean through product and digital innovation.
In a filing with Bursa Malaysia last Friday, CIMB Group said it will distribute Sompo’s non-life insurance products through its extensive distribution network consisting of the group’s branches, call centres and online channels in selected countries within the region.
CIMB Group chief executive Tengku Datuk Seri Zafrul Aziz Tengku Abdul Aziz said this partnership will reap benefits not only from the group’s core strength in distribution of bancassurance products, but also from Sompo’s capabilities in digital technology to drive growth in its bancassurance segment.
Tengku Zafrul said bancassurance is one of the key components of the group’s consumer and commercial propositions, in line with its direction to grow these segments to achieve the goals of its T18 mid-term strategy to recalibrate and strengthen its core businesses.
He added the group is pleased to partner with Sompo, who is the largest bancassurance insurer in Japan with total assets of US$89.7 billion and net written premiums of US$22.5 billion.