Life insurer Pru Life UK has teamed up with CIMB Bank Philippines to make digital financial products and service more accessible to Filipinos through technology.
Subject to regulatory approval, Pru Life UK said the insurer would be the first bancassurance partner for the local unit of CIMB, one of the fastest growing financial institutions that offers digital banking products.
Under the partnership, CIMB products will be made available on Pulse by Prudential, an all-in-one app powered by artificial intelligence that offers health and wealth management solutions to its members.
In turn, Pru Life UK will then provide CIMB’s customers with access to life insurance products through the bank’s app and health and wealth offerings on its Pulse app.
Wilf Blackburn, Regional CEO of Insurance Growth Markets at Prudential said the partnership with CIMB Bank reflects their commitment to fulfill the evolving savings and protection needs of consumers.
Blackburn said the partnership with CIMB Bank will strengthen Prudential’s distribution network and help reach out to more people in the country through technology.
“We believe there is significant opportunity for Prudential to grow in the Philippines and we look forward to working closely with CIMB to develop more innovative solutions for the digitally-savvy population in the Philippines and to accelerate financial inclusion,” he added.
Today, the Philippines has one of the highest protection gaps in the region, with insurance penetration at 1.18 percent.
This, according to CIMB Chief Executive Officer Vijay Manoharan, makes the partnership a welcome addition to CIMB PH’s innovative embedded banking strategy as a platform bank.
“With this partnership, we are now enabling both of our solutions, savings and credit, to be seamlessly available on the Pulse app – where customers can sign up in a matter of minutes,”Manoharan said.
Eng Teng Wong, Pru Life UK President and Chief Executive Officer said, “By leveraging technology to reach out to the digitally-savvy population, we can make healthcare and financial security more accessible to more people in the country.”
“We believe our partnership with CIMB will create greater value for our customers and reinforce our leading position in the Philippines,” he added.