Freeman Cebu Business

Insurance firm readies ‘protection trinity’

Ehda M. Dagooc - The Freeman

CEBU, Philippines — Insurance firm, AIA Philam Life is readying its platform to the implications and challenges of the pandemic, as awareness in protection rises.

“When we talk about protection, the most important concerns that we have to prepare for are medical, critical illness and life/ personal accident, what we call the protection trinity,” said Leonardo Tan Jr, AIA Philam Life Chief Marketing Officer in a recent online (roundtable) discussion with the media.

“With the launch of AIA Med-Assist two months ago, we have completed the trinity, complementing the previously launched AIA Critical Protect 100 for critical illness and AIA All-in-One for life and personal accident,” he added.

As the country slowly prepares for its return to normal operations after the enhanced community quarantine, AIA Philam Life is also getting ready to face the implications and challenges of the pandemic: heightened awareness for protection, the prevalence of digital, and displacement of workforce due to social distancing restrictions.

According to Ang, AIA Philam Life is ready to meet the surge in demand for protection, with a full suite of products designed to address the basic protection needs of every individual.

AIA Philam Life had an excellent year in 2019 with value of new business (VONB) seeing strong double-digit growth supported by its product mix shift towards traditional protection products.

“Our financial stability also remains strong with our excess capital five times the amount set by the Insurance Commission and our net worth at P77.12 billion and assets at P247.03 billion,” reported AIA Philam Life Chief Financial Officer Gary Ogilvie.

“Despite the global pandemic and possible downturn in economic performance we remain financially strong to weather the storm and support our customers,” noted Ogilvie.

This will be complemented with a fully digitally enabled agency force and back end support, to provide seamless customer experience even with social distancing measures in place.           

In the wake of the ECQ’s displacement of the workforce, AIA Philam Life seeks to provide a solution that will also contribute to driving the economic recovery of the country, by creating career and earning opportunities in its recruitment efforts.

“We aim to further strengthen our agency force with a target of recruiting 10,000 new financial advisors and Bancassurance Sales Executives in our fold within the next 12 months. With the expected upsurge in interest for protection products, we will need more people to serve this demand. Our brand promise of helping Filipinos live Healthier, Longer and Better Lives takes on a deeper meaning, as we focus on our purpose, not just on business results. With the growth of our agency force, we will be able to reach and protect more customers, at the same time bigger earning potential for new recruits who can work from the comfort and safety of their own homes, digitally enabled with our various platforms, as they keep the wheels of the economy turning,” Ang added.

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