Pru Life UK has entered into a partnership with CIMB Bank Philippines (CIMB PH) to help make digital financial products and services further accessible using technology in the country. The life insurer becomes the first bancassurance partner for CIMB in the Philippines (team-up is subject to approval by regulators).
The partnership will make select CIMB products available on the Pulse app by Prudential, an all-in-one mobile app powered by artificial intelligence, and offering holistic health and wealth management solutions to its members. Such products include CIMB Savings and the newly-launched REVI Credit—a unique, on-demand, digital credit line that also functions as a Buy-Now-Pay-Later product.
For its part, Pru Life UK has agreed to provide CIMB customers with easy access to life insurance products through the bank’s app as well as the health and wealth offerings on the Pulse app. The features involved include the AI-powered symptom checker and the health assessment tool.
“The partnership with CIMB Bank will strengthen Prudential’s distribution network and help us reach out to more people in the country through technology,” said Prudential Regional CEO of Insurance Growth Markets Wilf Blackburn. “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 a 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,” Blackburn added.
CIMB CEO Vijay Manoharan asserts that this partnership is a welcome addition to CIMB PH’s innovative embedded banking strategy “as a platform bank.” The Philippines is among the countries with the highest protection gaps in Southeast Asia with its insurance penetration at 1.18%.
“Since 2018, we have enabled millions of Filipinos to have access to our high-yielding savings and low-interest-rate credit solutions,” said Manoharan. “With this partnership, we are now enabling both 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,” Manoharan.
Pru Life UK President and CEO Eng Teng Wong believes the partnership will create greater value for customers and reinforce the insurer’s leading position in the country.
“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,” he said.
Download the Pulse by Prudential app and the CIMB Bank Philippines app for free on Google Play or App Store.