First Bank-Insurer Partnership in Malaysia to Launch an End-to-End Digital Channel that Offers Citi Customers a Seamless Online Insurance Purchasing Experience
Kuala Lumpur, 9 April 2019 – AIA Bhd. today took its partnership with Citi Malaysia to a new level by launching an end-to-end digital channel that offers Citi credit cardholders a secure and seamless online experience to purchase its suite of insurance products and solutions. This initiative leverages on both AIA and Citi’s digital capabilities using Citi’s application programming interface (API) connectivity which discerning customers can benefit from.
Commenting on AIA-Citi’s latest collaboration, AIA Bhd.’s Chief Executive Officer, Anusha Thavarajah said: “We are delighted to achieve another key milestone in our bancassurance partnership with Citi, leveraging our joint digital and analytics capabilities to ensure that we continue to offer customer solutions that are personalised and relevant to their needs. We believe that together with Citi, we too share an ambition of becoming a partner in our customers’ life journey not only at times of need but also in helping them live healthier, longer and better lives.”
Citi Malaysia Chief Executive Officer, Lee Lung Nien added: “A digital first, this online offering is the way forward for the entire bank as we see digital as the natural evolution for our business. Citi Malaysia’s insurance business is poised for growth in the Digital segment as our research has shown that customers are now keen to purchase protection products and we are providing them solutions that are easy to access on their preferred online devices.
“Powered by Citi’s API connectivity, our customers can now purchase insurance online anytime, anywhere, and enjoy a seamless and speedy purchasing process through our online straight-through platform. This means that a transaction can be completed in a few minutes with just a few clicks, thereby providing greater convenience for the customer to get covered within the day,” he said.
The first insurance product to be offered under this initiative is AIA’s comprehensive critical illness (CI) plan, CI Care Plus. With a monthly premium from as low as RM38 and coverage of up to RM200,000, CI Care Plus protects Citi customers against 39 types of critical illnesses and complications arising from diabetes up to 80 years old.
They will also enjoy additional benefits such as receiving 100% of the coverage amount when the policy matures, and a lump sum payment to their family members if they pass away. The plan also covers advance payment for angioplasty and other invasive treatments for coronary artery disease.
“It is evident that more Malaysians are suffering from non-communicable diseases and are finding it hard to cope with the long-term cost of treating critical illnesses. Findings from the latest AIA Healthy Living Index survey revealed that 57% of Malaysian respondents expressed concerns about the potential costs of treating critical illnesses. This offering is therefore timely and aptly developed to help address these concerns,” added Anusha.
CI Care Plus is offered to Citi’s credit cardholders who are Malaysian citizens or permanent residents between 18 and 55 years old. They can choose from four different types of plan according to their needs and are immediately covered after completing four easy enrolment steps online, without having to complete any medical questionnaires or undergo medical check-ups.
Since 2014, AIA and Citi have forged a strategic and long-term bancassurance partnership across 11 markets including Australia, China, Hong Kong, India, Indonesia, Korea, Singapore, Thailand, the Philippines and Vietnam. The partnership involves all retail distribution channels, including branches, telemarketing and online channels. AIA Bhd. offers a suite of insurance solutions which covers both term life and personal accidental insurance products to all Citi customers in Malaysia.
For more information on CI Care Plus, please contact AIA’s Customer Care Line at 1800 38 3464 or visit www.citibank.com.my
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