KUALA LUMPUR (Aug 19): CIMB Bank Bhd has collaborated with Berjaya Sompo Insurance Bhd to introduce an online all-risk protection insurance plan called Secure Home.

In a joint statement, the bank and insurer said the new plan covers both household goods and personal belongings in your home against loss and damage on a first loss basis. The plan, alongside selected SOMPO Motor and other general insurance products distributed by CIMB, can be purchased through the bank’s website.

Risks covered under Secure Home include fire or lightning, floods, thefts and accidents, with an insured sum of up to RM60,000, depending on the plan chosen. It even covers theft by visitors.

No upfront declaration of full value is required and it pays up to the sum insured with no penalty for underinsurance.

CIMB Group Consumer Banking Chief Executive Officer Samir Gupta said the group is delighted to offer the first-of-its-kind all risks home insurance plan.

“Its easy accessibility for online purchase is timely, given customers’ increasing reliance on secure and seamless processes that are integrated into today’s digital lifestyles. The launch of Secure Home and the introduction of an end-to-end digital process to purchase or renew insurance represent two main pivots of CIMB’s Forward23 strategy, namely Customer Centricity and Technology and Data. Besides offering the right financial products and services for our customers, we are also committed to continuously enhancing customer experience,” said Samir.

Berjaya Sompo Insurance CEO Tan Sek Kee, meanwhile, said Secure Home's launch is aimed at providing customers with a hassle-free way to purchase or renew their insurance digitally.

“Recognising the current economic condition, we will continue to look for avenues to offer our customers greater protection at an affordable rate,” he said.

The plan, distributed by CIMB and underwritten by Berjaya Sompo, is available at all CIMB Bank branches and digital channels from Aug 3, 2020.

CIMB Group Holdings Bhd shares settled 1.14% or four sen lower at RM3.46 today, giving it a market capitalisation of RM34.33 billion. It saw 9.92 million shares transacted.