A logo of Sompo Japan Nipponkoa Insurance Inc is seen at the company's headquarters in Tokyo, Japan, May 19, 2016. REUTERS/Toru Hanai
KUALA LUMPUR: CIMB Group
Holdings Bhd has entered into a strategic non-life bancassurance partnership with Japan’s largest bancassurance insurer Sompo Japan Nipponkoa Holdings Inc for the South-East Asian region.
CIMB Group said in a statement that subject to the execution of in-country agreements, it would distribute Sompo’s non-life insurance products through its extensive distribution network consisting of the group’s branches, call centres and online channels in selected countries within the region.
“The selection of Sompo as a partner was the culmination of an extensive regional selection process where CIMB Group engaged with various potential partners in search of the right mix of organisation stability, growth track record, product proposition, digital capabilities as well as alignment with the group’s objectives on creating long-term value,” it said.
CIMB group chief executive Tengku Datuk Seri Zafrul Aziz said bancassurance was one of the key components of CIMB Group’s consumer and commercial propositions, in line with the group’s direction to grow these segments to achieve the goals of its Target 2018 (T18) strategy.
“This partnership will reap benefits not only from CIMB Group’s core strength in distribution of bancassurance products, but also from Sompo’s capabilities in digital technology to drive growth in our bancassurance segment. Having a strong regional partner also facilitates synergies and operational efficiencies, enabling CIMB Group to deliver better value to our customers across Asean,” he added.
Tokyo-listed Sompo is Japan’s third largest general insurer and is present in 32 countries.
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