CIMB Bank Berhad today launched EasyLife Solutions, a range of easy-to-understand insurance plans underwritten by CIMB Aviva Assurance Berhad. Financial advisors will be on hand at CIMB Bank branches to advise customers on the best EasyLife Solutions plan to meet their savings, investment and protection needs.
CIMB Bank Berhad today launched EasyLife Solutions, a range of easy-to-understand insurance plans underwritten by CIMB Aviva Assurance Berhad. Financial advisors will be on hand at CIMB Bank branches to advise customers on the best EasyLife Solutions plan to meet their savings, investment and protection needs.
"Insurance is often seen as something complicated and difficult to understand. What we offer our customers through EasyLife Solutions is full advice-based services at our branches for free. This way, we collect, analyse and prioritise information from our customers before recommending a plan that best fits their needs," said Peter England, head of retail banking, CIMB Bank.
The EasyLife Solutions range initially comprises four investment-linked products-the EasyLife Kids', EasyLife Men and Women and EasyLife Retirement plans as well as the EasyLife Money Back plan, which offers a full refund of the premium paid on maturity, in the event no claims are made during the cover period.
"These tailored solutions are simple, transparent, affordable and easy to understand. They also aim to meet customers' changing insurance needs at different stages of their life. For example, a young married couple can first opt for the EasyLife Men and Women plans and then add on the EasyLife Kids when they have children later on. And they can do this easily from any CIMB Bank branch," said Kevin Jones, chief operating officer, CIMB Aviva.
EasyLife Solutions comprises some of Aviva's best bancassurance offerings in the Asia-Pacific region, which have been localised and made available to Malaysians. The products leverage on Aviva's proven regional product and customer service infrastructure.
"Both CIMB Bank and the Aviva group are committed to product innovation and delivering simple, efficient and cost-effective solutions to our customers to help them manage their wealth and plan their finances," said Mr England.
The CIMB Aviva Consumer Trends Report 2008 showed a strong preference among consumers for savings products, with 94% of Malaysians owning a savings account compared to other financial products.
"Most Malaysians prefer savings products and they have a relatively higher level of confidence in banks. We address our customers' preferences by offering insurance products which contain elements of savings, and distributing them via CIMB Bank's 367 branches nationwide. There are plans to expand the product range over the next 12 months, specifically to provide Takaful-related products in line with our efforts to offer a balance of conventional and Islamic unit-linked savings, protection and investment products," said Mr Jones.
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If you have further queries or require more information, please contact:
Effendy Shahul Hamid
Head, Group Corporate Communications
CIMB Group
Telephone: 03 - 2087 3030
Fax: 03 - 2093 1008
E-mail: effendy.hamid@cimb.com
Tricia Loh
Head of Brand & PR
CIMB Aviva Assurance Berhad
Telephone: 03-2614 3599
E-mail: tricia@cimbaviva.com
Notes to editors:
About CIMB Bank
CIMB Bank is the commercial banking arm of CIMB Group while CIMB Islamic is the Group's global Islamic banking and finance franchise. Both CIMB Bank and CIMB Islamic offer their retail banking services to over 4.7 million customers on a dual banking platform in 367 branches nationwide.
CIMB Group is Malaysia's second largest financial services provider and one of Southeast Asia's leading universal banking groups. Headquartered in Kuala Lumpur, its key regional offices are located in Singapore, Indonesia and Thailand. CIMB Group is owned by Bumiputra-Commerce Holdings Bhd, which is listed on Bursa Malaysia with a market capitalisation of over US$10 billion. The group has over 24,000 employees located in 9 countries.
About CIMB Aviva
CIMB Aviva is a joint venture between CIMB Group and Aviva plc. CIMB Group is Malaysia's second largest financial services provider and one of Southeast Asia's leading universal banking groups, and Aviva is the world's fifth largest insurance group* and the largest insurance services provider in UK.
CIMB Aviva offers a comprehensive range of life insurance and Takaful products and services available at CIMB Bank and CIMB Islamic which operate on a dual banking platform in 367 branches in Malaysia.
CIMB Aviva also rides on the global expertise of Aviva, which services 45 million customers in 27 countries around the world. Aviva recorded total sales of £49.2 billion (RM337.5 billion) at 31 December 2007 and funds under management of £359 billion (RM2.28 trillion) at 30 June 2008.
* based on gross worldwide premiums
Average exchange rate 1£ = RM6.86 (2007), RM6.34 (6-month 2008)