CIMB & SOMPO Launces Bancassurance Partnership in Malaysia

BIMB Group Holdings Bhd and Sompo Holdings (Asia) Pte Ltd goes into a bancassurance partnership in Malaysia, allowing CIMB to distribute SOMPO’s non-life insurance solutions through its distribution network. This partnership is part of the CIMB-SOMPO regional strategic partnership arrangement, which also includes Singapore, Indonesia and Thailand.

To commemorate the partnership, CIMB and SOMPO introduced an app-enabled Travel Care Insurance, which will be available via CIMB’s award-winning chat-banking app, Enhanced Virtual Assistant (EVA) in the second half of 2018. This marks the first time travel insurance could be purchased by Malaysian retail customers via a chat-banking app.

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 and Marine Credit.

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