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Sompo and CIMB pen Singapore agreement to distribute non-life insurance products

  • Publish Date: Posted over 7 years ago

CIMB Bank Singapore and Sompo Insurance Singapore confirmed they agreed a deal for the lender to sell the insurer's non-life products including travel and motor insurance. The cooperation was agreed after the long-term regional non-life bancassurance distribution deal between the two in June. Under the deal, CIMB Bank will market and distribute Sompo's non-life insurance solutions to its 300,000 customer base from the lender's retail banking, commercial banking, credit cards, private banking and preferred banking businesses in Singapore. The products will be sold through the bank's two Singapore branches and online. The bank said it anticipates over 70% growth in its bancassurance (life and non-life) sector over the next three years, while Sompo said it predicts the premiums generated from the bancassurance partnership to increase fourfold by 2020. Showing confidence in the Singapore partnership, CIMB Bank Singapore and Sompo have unveiled two new products, PrivateCar and HomeBliss. In July, Sompo launched its flagship product, TravelJoy.