Citibank aims to grow its credit card insurance business on the back of a newly signed agreement with AIA Australia.
This latest five year agreement is part of Citibank's plans to provide customers with highly competitive credit card insurance with more compelling benefits. This agreement is in addition to the current agreement with MetLife Australia.
With around 10 percent market share in credit cards, Citibank's decision to roll out a new credit card insurance provider from July 1 is part of a strategy to better service its growing credit portfolio.
Jessica Power, Citibank Director of Insurance and Telesales said Citibank aims to strengthen its insurance business through an improved offer.
"Citibank has aggressive growth plans to grow its share of credit cards over the next five years so it makes strategic sense to boost our insurance business by providing customers with more competitive credit card insurance products with enhanced benefits," Mrs Power said.
"We have worked with our partners, including AIA to develop market leading credit card insurance that will significantly increase our insurance penetration and to provide our customers with choice and deliver much greater value."
Citibank's new suite of credit card insurance products will progressively launch from mid-July both online and through telephone banking.
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