Life insurer Pru Life UK takes CIMB Bank Philippines as a partner in making digital financial services more accessible to Filipinos. Subject to regulatory approval, the partnership will make CIMB PH products available on Pru Life UK’s AI-powered health app Pulse.
Among the products that will be featured on the app 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.
“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 Wilf Blackburn, Regional CEO of Insurance Growth Markets at Prudential. “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.”
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According to Pru Life, the Philippines has one of the highest protection gaps in the region, with insurance penetration at 1.18% today.
“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,” said Eng Teng Wong, president and CEO, Pru Life UK. “We believe our partnership with CIMB will create greater value for our customers and reinforce our leading position in the Philippines.”
“Since 2018, we have enabled millions of Filipinos to have access to our high-yielding savings and low-interest rate credit solutions,” said Vijay Manoharan, CEO, CIMB. “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.”