CIMB Bank, Malaysia’s second-largest, has entered the insurance market via a partnership agreement signed yesterday with Cambodia Life Insurance Company (CLIC).
In Meatra, director general of CLIC, said that under the partnership, CIMB had received full access to offer their insurance products to customers.
“CIMB will be our sale agent because they have wide business coverage and they can help us more,” he said.
CIMB will offer two separate insurance products on behalf of CLIC – one covering individuals loan repayments and the other to relieve financial burden in case of unforeseen circumstances such as loss of income due to illness, according to a joint statement.
It is the second banking firm CLIC has partnered with after signing a similar agreement with Foreign Trade Bank earlier this year.
Meatra said the Foreign Trade Bank agreement had assisted in bringing the insurance provider’s customer base to more than 600.