AIA and Citi Reinforce Bancassurance Partnership with Latest Digital Insurance Solution
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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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About AIA Bhd.
AIA Bhd. is a leading insurer in Malaysia, where we have been privileged to do business since 1948. We offer a suite of financial solutions including Protection, Health, Personal Accident, Employee Benefits, Mortgage, and Retirement products to meet our customers’ protection and financial security needs at every life stage. Through our wide and diverse distribution footprint which comprises a 14,000 strong Life Planner force, our exclusive bank partner’s branches nationwide as well as corporate sales teams and brokers, we give our customers the choice of deciding how, when and where they connect with us.
Part of the AIA Group, the largest independent publicly listed pan-Asian life insurance group, AIA Bhd. has the financial strength, experience, service centre network and a well-trained team of more than 2,000 staff to serve our 3.5 million customers nationwide. As at 30 June 2018, AIA Bhd.’s total asset worth was RM51 billion, with a paid-up capital of RM1,451 million.
About AIA
AIA Group Limited and its subsidiaries (collectively “AIA” or the “Group”) comprise the largest independent publicly listed pan-Asian life insurance group. It has a presence in 18 markets in Asia-Pacific – wholly-owned branches and subsidiaries in Hong Kong, Thailand, Singapore, Malaysia, China, Korea, the Philippines, Australia, Indonesia, Taiwan, Vietnam, New Zealand, Macau, Brunei, Cambodia, a 97 per cent subsidiary in Sri Lanka, a 49 per cent joint venture in India and a representative office in Myanmar.
The business that is now AIA was first established in Shanghai a century ago in 1919. It is a market leader in the Asia-Pacific region (ex-Japan) based on life insurance premiums and holds leading positions across the majority of its markets. It had total assets of US$230 billion as of 31 December 2018.
AIA meets the long-term savings and protection needs of individuals by offering a range of products and services including life insurance, accident and health insurance and savings plans. The Group also provides employee benefits, credit life and pension services to corporate clients. Through an extensive network of agents, partners and employees across Asia-Pacific, AIA serves the holders of more than 33 million individual policies and over 16 million participating members of group insurance schemes.
AIA Group Limited is listed on the Main Board of The Stock Exchange of Hong Kong Limited under the stock code “1299” with American Depositary Receipts (Level 1) traded on the over-the-counter market (ticker symbol: “AAGIY”).
About Citi
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi
