07 Dec 2021
Pru Life UK partners with CIMB Bank to make financial solutions more accessible to Filipinos
Taguig City, 07 December 2021 - Life insurer Pru Life UK is teaming up with CIMB Bank Philippines (CIMB PH) to make digital financial products and service more accessible to Filipinos through technology. CIMB PH is a leader and one of the fastest growing banks offering digital banking products. Pru Life UK will be the first bancassurance partner for CIMB in the Philippines. This partnership is subject to regulatory approval.
Under this partnership, CIMB products will be made available on Pulse by Prudential, an all-in-one app powered by artificial intelligence (AI) that offers holistic health and wealth management solutions to its members. These products 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.
Mr. Wilf Blackburn, Regional CEO of Insurance Growth Markets at Prudential said the partnership with CIMB Bank reflects Prudential’s commitment to fulfilling the evolving savings and protection needs of consumers.
“The partnership with CIMB Bank will strengthen Prudential’s distribution network and help us reach out to more people in the country through technology. 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 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,” said Mr. Blackburn.
Today, the Philippines has one of the highest protection gaps in the region, with insurance penetration at 1.18 per cent.
This, according to CIMB Chief Executive Officer Vijay Manoharan, makes the partnership a welcome addition to CIMB PH’s innovative embedded banking strategy as a platform bank.
“Since 2018, we have enabled millions of Filipinos to have access to our high-yielding savings and low interest rate credit solutions. With this partnership, we are now enabling both of 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.”
Mr. Eng Teng Wong, Pru Life UK President and Chief Executive Officer said, “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. We believe our partnership with CIMB will create greater value for our customers and reinforce our leading position in the Philippines.”
Pulse by Prudential is free to download from Google Play and App Store. Visit prulifeuk.com.ph to learn more.
To learn more about CIMB Bank Philippines, download the CIMB Bank Philippines app for free from Google Play and App Store and visit cimbbank.com.ph.
About Pru Life UK
Established in 1996, Pru Life UK is the pioneer of insuravest, or investment-linked life insurance products, in the Philippines and is one of the first life insurance companies approved to distribute US dollar-denominated investment-linked life insurance policies in the country. Since its establishment, Pru Life UK has expanded its reach to over 190 branches in the Philippines, with the biggest life agency force of about 35,000 licensed agents.
The company ranked first (1st) among the country’s life insurers based on the Insurance Commission’s Full Year 2020 rankings in terms of new business annual premium equivalent. Pru Life UK is headquartered in Uptown Bonifacio, Taguig City.
Pru Life UK and Prudential plc are not affiliated with Prudential Financial, Inc. (a company whose principal place of business is in the United States of America), Prudential Assurance Company (a subsidiary of M&G plc, a company incorporated in the United Kingdom), Philippine Prudential Life Insurance Company, Prudentialife Plans, Inc. or Prudential Guarantee and Assurance, Inc. (all Philippine-registered companies). Pru Life UK is a life insurance company and is not engaged in the business of selling pre-need plans.
For more information: www.prulifeuk.com.ph
About CIMB Bank Philippines
CIMB Bank Philippines is a commercial bank providing innovative mobile-first digital banking solutions and services. Since its establishment in 2018, it has garnered 53 prestigious international awards, is currently serving over 5 million Filipinos and over 1 million lending customers, and is a leader in digital banking in the Philippines. CIMB Bank Philippines is also part of the CIMB Group, one of ASEAN's leading banks present in over 16 global markets. Read more about the bank’s products and promos on www.cimbbank.com.ph, as well as on its Facebook and Instagram pages.
CIMB Bank Philippines Inc. is regulated by the Bangko Sentral ng Pilipinas. You may contact the BSP Financial Consumer Protection Department at (+632)8708-7087 or consumeraffairs@bsp.gov.ph.
About Pulse
Pulse is an all-in-one digital health app and the first of its kind in the region to offer holistic health management to consumers. Using AI-powered self-help tools and real-time information, the app serves as a 24/7 health and wellness partner to users, helping them prevent, postpone, and protect against the onset of diseases. Pulse is part of Prudential’s region-wide strategy to provide affordable and accessible healthcare to everyone across Asia by leveraging digital technologies and best-in-class partnerships.
Following the regional launch of Pulse in Malaysia in August 2019, Pulse is now available in a total of 11 markets in Asia and eight in Africa, and includes a growing suite of value-add services, such as a symptom checker and health assessment, personal wellness services, and video consultations with certified doctors and specialists.
Since its launch, Pulse has been downloaded more than 30 million times (as of Aug 2021) in Asia and Africa. Pulse is currently available on the Apple/Google Play stores in Cambodia, Hong Kong, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Taiwan, Thailand, Vietnam in Asia, and Cameroon, Cote d’Ivoire, Ghana, Kenya, Nigeria, Togo, Uganda and Zambia in Africa.
For more information, and to download Pulse, log onto www.wedopulse.com