Pru Life UK partners with CIMB Bank to make financial solutions more accessible to Filipinos
Life insurer Pru Life UK is teaming up with CIMB Bank Philippines (CIMB PH) to make digital financial products and service more accessible to Filipinos through technology. CIMB PH is a leader and one of the fastest growing banks offering digital banking products. Pru Life UK will be the first bancassurance partner for CIMB in the Philippines. This partnership is subject to regulatory approval.
Under this partnership, CIMB products will be made available on Pulse by Prudential, an all-in-one app powered by artificial intelligence (AI) that offers holistic health and wealth management solutions to its members. These products include CIMB Savings and its newly-launched REVI Credit – a unique, on-demand, digital credit line which will also function as a Buy Now Pay Later product.
In turn, Pru Life UK will provide CIMB’s customers with easy access to life insurance products through the Bank’s app and health and wealth offerings on its Pulse app. These include features such as an AI powered symptom checker and health assessment tool.
Mr. Wilf Blackburn, Regional CEO of Insurance Growth Markets at Prudential said the partnership with CIMB Bank reflects Prudential’s commitment to fulfilling the evolving savings and protection needs of consumers.
“The partnership with CIMB Bank will strengthen Prudential’s distribution network and help us reach out to more people in the country through technology. It provides CIMB’s growing customer base with easy access to Prudential’s market-leading products. At the same time, our Pulse users will benefit from having access to an expanded suite of wealth solutions.”
“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,” said Mr. Blackburn.
Today, the Philippines has one of the highest protection gaps in the region, with insurance penetration at 1.18 per cent.
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.
“Since 2018, we have enabled millions of Filipinos to have access to our high-yielding savings and low interest rate credit solutions. 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. We are thrilled to bring our unique digital banking experience closer to more Filipinos and empower them by having easy access to savings, credit, and protection for themselves and their families. With our partners in Pru Life UK, we are able to help more Filipinos have access to affordable and comprehensive life insurance. This is very much in line with our strategy of going beyond banking and expanding our offerings to bring more value to more Filipinos.”
Mr. Eng Teng Wong, Pru Life UK President and Chief Executive Officer said, “Technology is an enabler to accelerate financial inclusion and economic development. 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.”