CIMB Group Holdings Berhad and Sompo Japan Nipponkoa Holdings, Inc have entered into a strategic non-life bancassurance partnership for Southeast Asia. Subject to the execution of in-country agreements, CIMB Group will 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.
Tengku Dato’ Sri Zafrul Aziz, Group Chief Executive, CIMB Group, said, “Bancassurance is 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 our T18 strategy. CIMB Group is pleased to have entered into this partnership with Sompo, who is the largest bancassurance insurer in Japan with total assets of USD89.7 billion and net written premiums of USD22.5 billion.”
T18 is CIMB Group’s mid-term strategy to recalibrate and strengthen its core businesses, with the aim of improving the Group’s position as the region’s leading ASEAN universal bank.
“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,” added Tengku Zafrul.
Kengo Sakurada, Group Chief Executive Officer, Sompo, said, “This partnership with CIMB Group, being the fifth largest ASEAN bank with presence across key markets of Southeast Asia with approximately 1,000 branches, will further enhance Sompo’s distribution network and broaden its customer base. CIMB Group is a dynamic and growing bank in ASEAN and this resonates well with our ambitions in the region.”
The partnership underscores both parties’ common commitment to Southeast Asia, providing a solid platform for both CIMB Group and Sompo to deliver better value to their existing and potential customers by continuously innovating and providing cost-efficient non-life insurance products and services.