In Malaysia, Citi and AIA have collaborated to launch an end-to-end digital channel that allows Citi customers to purchase AIA’s suite of insurance products and solutions online. This is a major step towards digital bancassurance since 2014 when they first forged a long-term strategic bancassurance partnership. In Malaysia, AIA offers a suite of insurance solutions which covers both term life and personal accidental insurance products to all Citi customers in Malaysia.
The partnership leverages both AIA and Citi’s digital capabilities using Citi’s application programming interface (API) connectivity, enabling a seamless and secure online experience for customers. The first product on offer is CI Care Plus which is a comprehensive critical illness plan – the cover protects Citi customers against 39 types of critical illnesses and complications arising from diabetes up to 80 years old.
The policy is offered to Citi’s credit cardholders who are Malaysian citizens or permanent residents between 18 and 55 years old. Depending on their needs, they can choose from four different types of plan and are immediately covered following the completion of four easy enrolment steps online. The customers do not have to complete any medical questionnaires or undergo medical check-ups.
Lee Lung Nien, Chief Executive Officer Citi Malaysia said, “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.”