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Sun Life And CIMB Niaga Launch Preferred Bancassurance Partnership

PT Sun Life Financial Indonesia and PT Bank CIMB Niaga Tbk have launched a bancassurance partnership that will last until 2039. This initiative responds to the growing awareness of the importance of accessible insurance protection and aims to provide a comprehensive financial solution. The event featured the launch of the campaign "Pasti Jadi Lebih," designed to empower individuals in managing their health and wealth.

This collaboration aligns with changing trends in Indonesia, where the preference for integrated financial solutions has increased the popularity of bancassurance. Data from the Indonesian Life Insurance Association shows that bancassurance accounted for 41.7% of total premium income in the first half of 2024 and remains a dominant distribution channel through the third quarter of 2024, with premiums reaching Rp57.70 trillion year-to-date as of September 2024, marking a 2.9% annual increase. This growth is further driven by the public's heightened focus on health and financial well-being, especially following the COVID-19 pandemic, leading to a greater demand for comprehensive protection solutions.

Teck Seng Ho, President Director of Sun Life Indonesia, recognizes Indonesia's significant potential as a bancassurance market, with increasing awareness of the need for adequate insurance protection. "Indonesia is a key market for Sun Life, and we see great opportunities to leverage our partnership with CIMB Niaga, the second-largest private bank in Indonesia, to offer innovative financial solutions. We are not just extending our partnership; we are deepening our commitment to Indonesian families, helping them navigate financial planning, protect their health, and build a more secure future."

“Pasti Jadi Lebih” reflects our shared vision to empower the Indonesian community to achieve lifelong financial goals and lead healthier, more prosperous lives.

The bancassurance partnership between Sun Life and CIMB Niaga began in 2016 with the launch of the traditional life insurance product, Asuransi X-Tra Jaga, and the integration of PT CIMB Sun Life into Sun Life. This collaboration has now been extended until 2039. "This strong alliance started in 2022 with a 15-year agreement that will commence in January 2025. This long-term commitment highlights the success of our partnership, which is now recognized as the bancassurance collaboration expected to experience the highest growth in Indonesia," said Kevin Strain, President and CEO of Sun Life.

Until 2039, the focus of this collaboration will be on providing more comprehensive solutions through a complete range of products for every life stage, enhancing customer service according to individual needs, improving digital service capabilities, and advancing financial literacy programs to achieve future financial goals.

By leveraging CIMB Niaga's extensive distribution network, which includes 404 branches across 102 cities in Indonesia, and combining it with Sun Life's international standards, this partnership aims to add value by offering innovative solutions and setting new standards for customer-centric financial services.

The integration of systems between Sun Life and CIMB Niaga, with strong and comprehensive digital capabilities, will provide added value and convenience for customers. Particularly in after-sales service through the OCTO Mobile and OCTO Clicks applications, customers can access various policy information, such as benefit details, claim history, beneficiary information, and other important updates. This service will continue to evolve and improve to enhance customer capabilities.

Tag: Bancassurance CIMB Niaga Sun Life