Sun Life Indonesia expands bancassurance relationship with CIMB Niaga

The partnership has been extended for a term of 15 years

Sun Life Indonesia expands bancassurance relationship with CIMB Niaga

Insurance News

By Mika Pangilinan

Sun Life Indonesia and CIMB Niaga have signed a new agreement expanding their current bancassurance partnership for an additional term of 15 years, starting January 2025.

The new agreement will also enable Sun Life to provide insurance solutions through all channels, combining Sun Life’s comprehensive range of policies with CIMB Niaga’s extensive distribution network of 427 branches across Indonesia. At present, Sun Life’s policies are offered through digital and out-of-branch channels.

This partnership will see Sun Life able to accelerate its long-term strategy for distribution growth through bancassurance. CIMB Niaga, meanwhile, will be able to enhance its value position by providing insurance solutions and addressing customer needs.

“It is a great honour to strengthen the partnership between Sun Life Indonesia and CIMB Niaga,” said Elin Waty, president director of Sun Life Indonesia. “CIMB Niaga is a quality bank with a well-known brand and has been a trusted partner to Sun Life Indonesia since 2009. During that time, we have developed a lasting partnership as we worked together to build a comprehensive range of protection and financial solutions for Indonesians at every life stage.”

“We are pleased to deepen our partnership with Sun Life Indonesia,” said Lani Darmawan, CIMB Niaga president director. “This partnership marks another step in CIMB Niaga's continued efforts to be the bank of choice for Indonesian consumers and businesses. CIMB Niaga and Sun Life Indonesia have highly complementary strengths and a shared focus on providing an extraordinary experience for our customers. Together, we foresee that this partnership will help us create significant lasting value for our customers and key stakeholders.”

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