Sun Life Indonesia and CIMB Niaga strengthen their bancassurance partnership

Sun Life Financial Indonesia, a subsidiary of Sun Life Financial,  and PT Bank CIMB NiagaTbk today announced that they will be deepening their existing partnership. Indonesia.

Sun Life Indonesia currently offers insurance services to CIMB Niaga clients through digital and out of-branch channels. Sun Life Indonesia has been made the sole provider of insurance solutions for CIMB Niaga customers via all channels, starting in 2015. January 2025. It also extends the existing relationship’s term by six (6) more years, to 2039.

This partnership combines Sun Life Indonesia’s comprehensive range of insurance solutions and expert Client care across all life stages with CIMB Niaga’s extensive distribution network of 427 branches serving seven (7) million customers across Indonesia. CIMB Niaga was established in 1955 and is the second-largest bank by assets. Indonesia as of December 31, 2021. Sun Life is the exclusive bancassurance partner of CIMB Group. Malaysia.

The largest economy in Indonesia is Indonesia’s market Southeast Asia and offers significant growth potential, reflecting a young, emerging middle class with low insurance penetration rates. This deepening partnership will accelerate Sun Life’s long-term strategy to grow its distribution capacity, supported by bancassurance. It will increase the value proposition for CIMB Niaga clients and provide them with a broad range of protection options and long-term savings solutions that address their changing needs.

“We are delighted to deepen our regional partnership with CIMB to help millions more Clients in Indonesia achieve lifetime financial security and live healthier lives,”  Ingrid JohnsonPresident of Sun Life Asia. “It will also extend Sun Life’s reach in a market with tremendous potential for further growth with a partner that shares our focus on building a brighter, more sustainable future for Clients, employees and communities.”

“We are pleased to deepen our partnership with Sun Life Indonesia. This partnership marks another step in CIMB Niaga’s continued efforts to be the bank of choice for Indonesian consumers and businesses. Sun Life Indonesia and CIMB Niaga share strong complementary strengths. They both have a shared focus to provide an exceptional experience for customers. Together, we foresee that this partnership will help us create significant lasting value for our customers and key stakeholders,” said CIMB Niaga President Director Lani Darmawan.

“As one of Indonesia’s leading banks, our customers rely on us to deliver best-in-class products and services. By deepening our partnership with Sun Life Indonesia, we are reaffirming our commitment to provide high-quality solutions across wealth and insurance products to serve customers’ needs today and in the future,” Noviady Wahyudi Chief of Consumer Banking CIMB Niaga

“It is a great honour to strengthen the partnership between Sun Life Indonesia and CIMB Niaga. CIMB Niaga, a bank of quality with a strong brand, has been a trusted partner for Sun Life Indonesia since 2009. During that time, we have developed a lasting partnership as we worked together to build a comprehensive range of protection and financial solutions for Indonesians at every life stage,” ” Elin WatySun Life Indonesia President Director.

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