CIMB Bank Singapore and Sompo Insurance Singapore on Monday said they have tied up in a deal for the lender to distribute the insurer's non-life products including travel and motor insurance.
The Singapore partnership was inked following the June 2016 long-term regional non-life bancassurance distribution agreement between CIMB Group and Sompo Group.
Under this tie-up, CIMB Bank will market and distribute Sompo's non-life insurance products to its "300,000 and growing customers" from the lender's credit cards, retail banking, preferred banking, private banking and commercial banking businesses in Singapore. The products will be distributed through the bank's two branches here and also online.
The bank said it expects over 70 per cent growth in its bancassurance (life and non-life) segment over the next three years, while Sompo said it expects the premiums generated from the bancassurance partnership to quadruple by 2020.
To kickstart the Singapore partnership, CIMB Bank Singapore and Sompo have launched two new products - PrivateCar and HomeBliss. In July, Sompo launched its flagship product, TravelJoy.