CIMB Group Holdings Bhd has launched its Malaysian partnership with Japan’s largest bancassurance firm, Sompo Holdings (Asia) Pte Ltd, after similar collaborations in Singapore and Indonesia.
Under the Malaysian partnership, the group had achieved about RM26mil in gross premiums in the first two months of this year, said CIMB Group CEO for consumer banking Samir Gupta.
The target is to garner some RM200mil in gross premiums for the whole year, he said.
“We started selling Sompo products in the Malaysian market in August last year, and we are targeting to launch this in Thailand by 2020,” he told reporters at the launch of the CIMB-Malaysian Sompo partnership.
In June 2016, CIMB group chief executive Tengku Datuk Seri Zafrul Aziz had said that the bank would achieve a revenue of RM1bil from its 15-year tie-up with Sompo.
The RM1bil figure is from the four markets of Singapore, Indonesia, Malaysia and Thailand.
“This target remains on track,” said Samir. CIMB started selling Sompo’s non-life insurance products in Singapore and Indonesia in June 2016, while for Malaysia, sales started in August 2017, following the expiry of the bank’s agreement with Allianz Malaysia Bhd then.
Under its partnership with Sompo, CIMB Bank will market and distribute non-life insurance solutions to its retail and commercial customers through its call centres, online platforms and 264 branches in Malaysia.
The non-life insurance solutions include home protection, motor, personal belongings and travel for the retail segment.
Tengku Zafrul said yesterday that the partnership with Sompo is part of the CIMB Group’s strategy to enhance its digitalisation, big data and customer experience.
“As a leading Asean universal bank, CIMB’s choice of strong partners across all our business pillars will underpin our regional growth story,” he said.
CIMB and Sompo also introduced yesterday an app-enabled Travel Care Insurance, available via CIMB Bank’s chat-banking app, Enhanced Virtual Assistant.
Samir said the insurance segment Malaysia contributed about RM140mil CIMB Group’s revenue last year.