PRU LIFE UK on Tuesday launched a distribution agreement with CIMB Bank Philippines, Inc. for the insurance company’s first digital bank insurance partnership in the country.
Through its app Pulse, Pru Life will extend its health management solutions to CIMB customers, while Pulse app users can access CIMB’s deposit, savings and credit products.
The partnership offers savings, credit and insurance services to the combined customer base of more than six million, Pru Life UK President and Chief Executive Officer Eng Teng Wong told a news briefing on Tuesday.
Vijay Manoharan, chief executive officer at CIMB Bank Philippines, said the partnership allows for easy access to its services.
“We feel that giving access, tremendous value and by making it all digital, we’ll be able to sort of disrupt this whole space around financial inclusion,” he said.
He added that he expects the CIMB customer base to exponentially grow with the partnership, though he was not setting a target.
“At least from a CIMB standpoint, we’ve been here for three years, we have 5 million customers. We want to double that,” he said.
Mr. Manoharan earlier said more consumers could return to the credit market by next year for their nonessential needs such as travel, shopping and home renovation activities that have been suppressed in the past two years amid a coronavirus pandemic.
The bank has said it plans to expand its offerings to include insurance and investment products. — Jenina P. Ibañez