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CIMB Group Holdings Berhad and Sompo Holdings (Asia) Pte Ltd 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.
“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,” said CIMB Group chief executive officer, Tengku Datuk Seri Zafrul Aziz.
In Malaysia, CIMB Bank Berhad will market and distribute nonlife insurance solutions underwritten by Sompo’s local operating entity, Berjaya Sompo Insurance Berhad (BSIB), to the Bank’s retail and commercial customers through its call centres, online platforms and 264 branches in Malaysia.
“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,” said Sompo president and managing director Yuji Kawauchi.
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.
