CIMB Thai Bank Public Company Limited ("CIMB Thai" or "the Bank"), the Thai banking franchise of CIMB Group Holdings Berhad ("CIMB Group"), is pleased to announce it has entered a strategic bancassurance partnership with Prudential Life Assurance (Thailand) Public Company Limited ("Prudential Thailand"), a subsidiary of Prudential plc and one of the leading life insurance service providers in Thailand. Under this arrangement, CIMB Thai will distribute Prudential Thailand's life insurance products to the Bank's customers through its distribution network across Thailand over a period of 10 years.
Through this bancassurance partnership, CIMB Thai's consumer banking customers will gain access to Prudential Thailand's best-in-class suite of life insurance solutions, across the Bank's network of 54 branches as well as its digital and mobile banking platforms.
Tan Keat Jin, Head of Consumer Banking, CIMB Thai, said: "The establishment of this partnership will allow us to focus on the development of innovative solutions to fulfill the protection and retirement needs of Thailand's growing affluent segment, while supporting them at every stage of their lives. Both CIMB Thai and Prudential Thailand also share a common ambition to deliver the best-in-class digital bancassurance experience to customers, and remain committed to the continued enhancements of our digital platforms and capabilities in providing a comprehensive and competitive offering."
Paul Wong Chee Kin, President and Chief Executive Officer of CIMB Thai, said, "The bancassurance business will continue to be one of the strategic drivers of the Bank's growth over the long term. This partnership combines CIMB Thai's leading wealth management franchise with the insurance and asset management expertise of Prudential Thailand, an established and prominent global brand."
"We look forward to collaborating with Prudential Thailand and I am confident that through our distinctive strengths, we can deliver sustainable long-term value to our customers, shareholders, employees, and other key stakeholders," he added.
Bundit (Kenny) Jiamanukoonkit, CEO of Prudential Thailand, said, "It is a great pleasure that, today, we have partnered with another strong bancassurance partner in Thailand, CIMB Thai of CIMB Group, which is well-known as a leading bank in the ASEAN region. Prudential has more than 175 years of business experience covering the life insurance and asset management businesses. With the extensive know-how, expertise, and strong financial position of both companies, I believe this partnership will help CIMB Thai's individual and auto-financing customers access a variety of insurance plans and services easier, with increased service efficiency better customer experience and convenience
"In addition to the inclusive financial & insurance solutions, Prudential Thailand will also provide comprehensive customer service - through various digital platforms, streamlined approval processes, and policy services facilitated by PRUServices@Pulse and PRUConnect. These are offerings that will be extended to CIMB Thai's customers to connect to Prudential's services anywhere, anytime," said Bundit (Kenny) Jiamanukoonkit.
CIMB Thai will collaborate closely with Prudential Thailand to provide a full suite of life bancassurance, wealth and retirement products to serve the savings and protection needs of Thai customers. These products will be distributed through the Bank's branches and sales force nationwide, supported by the latest digital tools and processes.
Source: CIMB Thai Bank