AIA Australia will provide credit card insurance for Citibank’s credit card customers based upon a new five-year agreement recently signed.

The new relationship with AIA Australia is part of Citibank’s ongoing efforts to provide their credit card customers with the highest quality benefits, including credit card insurance. It also provides Citibank’s credit card customers with multiple options for credit card insurance, as it will run concurrently with Citibank’s existing relationship with MetLife Australia.

Citibank, the retail arm of financial giant Citigroup, holds roughly 10% of Australia’s credit card market with the stated intention of earning a larger share. This new relationship with AIA Australia, effective July 1, is part of that strategy of attracting new customers through improved benefits and service.

“Citibank has aggressive growth plans to grow its share of credit cards over the next five years,” said Jessica Power, Director of Insurance and Telesales for Citibank. “So it makes strategic sense to boost our insurance business by providing customers with more competitive credit card insurance products with enhanced benefits.

“We have worked with our partners, including AIA, to develop market-leading credit card insurance that will significantly increase our insurance penetration and provide our customers with choice and deliver much greater value.”

The new credit card insurance through AIA will be available on a rolling schedule for customers beginning mid-July. Customers may access these new products through the Citibank website or via telephone.

Source: http://www.citibank.com.au/