CIBC partners with Kanetix to become the first bank to offer the only online comparison shopping service for critical illness insurance in Canada.
Toronto, ON, March 19, 2003 - Canadian consumers can now comparison-shop for critical illness insurance online, through a new CIBC service that provides multiple quotes from competing insurance providers. In extending its online insurance services, CIBC is the first Canadian bank to offer its customers direct access to an independent online insurance shopping tool at www.cibc.com.
Powered by Kanetix®, Canada's Insurance Marketplace, the shopping service provides CIBC clients with direct access to critical illness insurance quotes from up to six of Canada's leading insurance providers. After receiving quotes in minutes through the two-step online process, users can choose to purchase a policy over the phone or apply for coverage online.
In addition to critical illness quotes, the comparison tool also provides policy highlights and a list of covered conditions for each company's product. The service allows consumers to make an informed insurance purchase for one of the fastest growing insurance products in Canada - all in a fraction of the time it would take to call numerous insurance providers by phone.
"People know that the costs of recovery from a serious illness can have a dramatic impact on their family's financial security and lifestyle." said Rick Lancaster, Senior Vice President, CIBC Insurance. "Critical illness insurance is designed to ensure they have the financial resources they need to focus on getting better without the worry of depleting their savings or getting into debt."
"Insurance is something that customers are already coming to our website for everyday," said Lancaster. "By providing online access to our innovative critical illness insurance quote comparison tool, we make it easier for Canadians to make an informed decision about this increasingly requested insurance product."
A life insurance quote comparison tool, also powered by Kanetix, was launched with the critical illness shopping service. CIBC customers are now able to compare whole life, 10 and 20-year term life insurance quotes through the insurance channel on the CIBC website.
About Critical Illness Insurance
Critical illness insurance provides a lump sum benefit to policyholders who contract a critical illness and survive. Critical illnesses can include cancer, heart attack and strokes. Different from life insurance, critical illness coverage provides benefits to the living policyholder. The lump sum payment can be used for anything and can include funding alternative treatments, converting the home for easier care, or replacing lost income.
CIBC is a leading North American financial institution with almost nine million personal banking and business customers. CIBC offers a full range of products and services through its comprehensive electronic banking network, branches and offices across Canada, the United States and around the world. CIBC Insurance provides a wide range of creditor insurance on mortgages, personal loans, lines of credit, credit cards and small business and farm loans. Supplemental insurance is also available including travel insurance, accidental death, hospital accident insurance and Utility Bill Protector. You can find other news releases and information about CIBC in our Media Centre on the Internet at www.cibc.com.
Launched in October 1999, Kanetix (www.kanetix.ca) is Canada's only national, online insurance marketplace. The Kanetix insurance information and shopping service brings consumers and insurance companies together in a one-stop shopping environment. Each day, thousands of consumers visit the Kanetix website to compare auto, motorcycle, life, critical illness, property and travel insurance quotes from a variety of Canadian insurance companies. Users can select the insurance policy of their choice and complete the application for coverage online.
In addition to the insurance marketplace, Kanetix is the leading provider of online insurance quotation technology and develops online quotation systems and websites for some of Canada's leading insurance providers.
Co-founder Kanetix (416) 599-9779 ext. 202
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