CIMB partners Sompo for bancassurance

KUALA LUMPUR: CIMB Group Holdings Bhd and Sompo Holdings (Asia) Pte Ltd have launched their bancassurance partnership in Malaysia, whereby CIMB will distribute Sompo’s non-life insurance solutions through its distribution network.
This Malaysian partnership forms part of the CIMB-Sompo regional partnership arrangement, which also includes Singapore, Indonesia and Thailand.
In Malaysia, CIMB Bank Bhd will market and distribute non-life insurance solutions underwritten by Sompo’s local operating entity Berjaya Sompo Insurance Bhd (BSIB) to the bank’s retail and commercial customers through its call centres, online platforms and 264 branches in Malaysia.
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.
“This synergistic CIMB-Sompo collaboration, coupled with both parties’ digital capabilities, is a step forward to further enrich CIMB’s value proposition to our 13 million customers across Asean,” said CIMB group CEO Tengku Datuk Seri Zafrul Aziz in a statement.
Sompo president and managing director Yuji Kawauchi said the partnership allows Sompo to leverage CIMB’s brand presence and distribution network in the Asean region.
CIMB and Sompo also introduced an app-enabled Travel Care Insurance, available via CIMB Bank’s 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. Customers can buy their travel insurance via EVA in the second half of 2018. Travel insurance coverage can be purchased online at www.cimbbank.com.my/travelcare.