Posted on Aug 13, 2010 by Sergio Ulloa
Indonesia-based joint venture life insurance company, CIMB Sun Life, has been honored as "Best New Company of the Year" by the International Business Awards, also known as the Stevie Awards.
CIMB Group, a universal bank in Southeast Asia headquartered in Malaysia, and Sun Life Financial created the Indonesian-based joint venture CIMB Sun Life which started operations in July 2009. The joint venture life insurance company used their platform as a major provider of accident insurance, life insurance and health insurance to Bank CIMB Niaga, to grow dramatically, leading to the unveiling of three new products in mid-2010.
Bank CIMB Niaga is one of the top 5 banks in Indonesia, with more than 2.5 million customers in the country and a retail branch network covering 655 locations. As Bancassurance channels in Indonesia are the fastest growing sales channel and make up 50 percent of market volume, the tie up between Bank CIMB Niaga and CIMB Sun Life should see CIMB Sun Life garnering a significant market share in years to come.
CIMB Sun Life unveiled Asuransi Cahaya Investa (Cahaya Investa), a regular premium unit linked product providing both life insurance and investment benefits, on the 24th
June 2010, due to strong demand in Indonesia for life insurance investment linked products. CIMB Sun Life released two more products on 7th
June 2010 in response to strong customer demand, launching Asuransi X-Tra Choice (X-Tra Choice), a similar product to Asuransi Cahaya Investa with more flexible investment management options, and Asuransi X-Tra Cerdas (X-Tra Cerdas) which is an education endowment product that provides for children's educations as well as life insurance protection for the parents.
Their hard work and extraordinary growth in current economic conditions has earned them the attention of the International Business Awards or the Stevie Awards, whose judges have named CIMB Sun Life as the "Best New Company of the Year". The Stevie Awards will be presented this year at The Ritz-Carlton Hotel in Istanbul, Turkey on the 27th
Chris Lossin, the Country Manager for Indonesia at Sun Life Financial, said "This award is a tribute to the hard work and dedication of staff at CIMB Sun Life, we should all be very proud of this shared achievement, as it marks another major milestone for this young company within a remarkable timeline."
While Vivien Kusumowardhani, the President Director of CIMB Sun Life added that "Our early success amidst a challenging economic environment is a testament to our shareholders' strong vision, values and commitment to the Company, and to Indonesia's life insurance market, with our strong brand positioning, CIMB Sun Life is on track to achieve further growth in Indonesia."
CIMB Group offers a full range of financial products and services, from consumer banking, to Islamic banking in 11 markets throughout Southeast Asia. Headquartered in Kuala Lumpur, Malaysia, it has been listed on the main board of Malaysia's stock exchange, Bursa Malaysia, since 1987.
CIMB Sun Life
CIMB Sun Life is an Indonesia-based joint venture life insurance company offering accident insurance, life insurance and health insurance products. Launched in July 2009, it was set up by an agreement between CIMB Group, its subsidiary CIMB Niaga and Sun Life Financial.
Sun Life Financial
Sun Life Financial is an international financial services organization providing a range of protection and wealth accumulation products and services to individuals and corporate customers.
The International Business Awards
The Stevie Awards were initiated to recognize and honor the positive contributions and achievements of organizations worldwide. The Stevie Awards started with the American Business Awards in 2002, instituted the International Business Awards in 2003, and now also include The Stevie Awards for Women in Business and The Stevie Awards for Sales & Customer Service.