CIB, Generali Enter Bank Insurance Cooperation in Hungary

Recognizing the growing interest and market potential of their Hungarian subsidiaries, CIB Bank and Generali Biztosító, have created a local partnership that adds value based on CIB Bank's business network and in-depth knowledge of banking customer needs, as well as Generali Biztosító's extensive experience in developing and offering insurance products.

In this way, a service model will be introduced in the Hungarian market based on a unified team of international and local experts, in order to provide customers with the most appropriate banking insurance solutions and to enable continuous improvement in the quality of the services offered. 

The partnership will be implemented in the coming months in the form of new and redesigned insurance products, which will be available first in CIB Bank's branch network and later on digital channels.

"By combining the expertise of CIB Bank and Generali Biztosító, and drawing on the considerable international experience of our parent companies, we are able to add value for our customers in Hungary and offer them outstanding financial solutions and user experience. This agreement represents another step in our existing partnership to provide a more personalized customer experience in financial preparation for the unexpected," said Ákos Tamás, head of CIB Bank's retail business unit and member of the CIB Bank's management board.

"Our strategic goal is to become a lifelong partner to our clients, and through this partnership, we are proud to strengthen our relationship with CIB Bank, which offers its clients flexible solutions to further protect Hungarian individuals, families, and businesses. Insurance is too often seen as a cost by both businesses and individuals and as a result, it is their first choice to cut when they need to reduce their expenses. Unfortunately, this can be a mistake, especially in uncertain times like these. It may be worth assessing what you actually need to protect," explained Róbert Márta, member of the board of directors of Generali Biztosító, responsible for the sales area. 

"We have also designed our product portfolio in conjunction with the bank to ensure that the bank's customers find the right protection for their circumstances and that our value proposition fits in with the bank's services.  Someone may decide not to take out insurance for minor risks because they can always cope with these on their own; but if they develop a serious health problem or their home burns down - which they used a lifetime's savings to build - well, these are events that can be very difficult to deal with unless you have the right insurance cover," he added.

In order to strengthen the bank's insurance business, CIB Bank and Generali Biztosító have jointly created a communication framework called "Be Protected", which reinforces the message of what the concept of insurance protection is all about and puts out the value, i.e. the protection that these products can provide to the bank's customers.