CIMB Teams Up With Japan’s SOMPO To Launch Bancassurance Partnership in Malaysia

Published by Samentha James @ 06/04/2018

CIMB Group Holdings Berhad (CIMB Group) has collaborated with SOMPO Holdings (Asia) Pte Ltd to launch their bancassurance partnership in the country, as announced earlier this week. This partnership is part of the CIMB-SOMPO regional strategic partnership arrangement involving Singapore, Indonesia and Thailand. Through this, CIMB will be distributing SOMPO’s non-life insurance solutions through its distribution network.

In Malaysia, CIMB Bank Berhad will be marketing and distributing non-life 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 within the country.

CIMB Group CEO Tengku Dato’ Sri Zafrul Aziz said, “We are 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 forwards to further enrich CIMB’s value proposition to our 13 million customers across ASEAN,” added the CIMB Group CEO.

Meanwhile, SOMPO President and Managing Director Yuji Kawauchi expressed that this has marked 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,” he said.

Following the collaboration, 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 such as Group Benefits, Liability, Engineering, Property as well as Marine Credit.