The country’s life insurance industry is investing heavily on new technologies while nurturing partnerships to stay in the game.
That in a nutshell was the messages sent by Sun Life Grepa Financial Inc. (Sun Life Grepa) and key partners, such as Sun Life Philippines, at the celebration of the former’s 70th anniversary at the YSpace at Yuchengco Museum in Makati City last March 8.
Tackling trends and issues currently shaping the life insurance industry, the celebration called “A Journey to Brighter Futures” looked at how Sun Life Grepa serves Filipinos, and how its commitment to change and innovate can build a path to a lifetime of milestones.
Sun Life Grepa board director Riza Mantaring said that insurance penetration in the Philippines remains below two percent due to the industry growing slower than the gross domestic product (GDP). Filipinos’ lack of appreciation around the value of life insurance also hampers the market penetration of life insurance policies.
“Filipinos don’t go out looking for insurance. They are more about being approached and convinced that life insurance is good for them,” she said.
Hence, changing client behaviors, legislation of law and enforcement of government institutions will shape and potentially accelerate industry growth.
In terms of innovations in the insurance industry, Sun Life Philippines CEO and Country Head Benedict Sison said “only the clients will determine which disruptions will be successful.”
Sun Life Grepa president Richard S. Lim highlighted how the joint venture company on its 70th year milestone looks forward to 2024 and beyond.
“We are continuing the dream of our founder Ambassador Alfonso Yuchengco to have life insurance for every Filipino family,” said Lim. “We want clients to have more access to Insurance; we want clients to make better choices for their protection needs; and we want them to be empowered to sustain their journey towards financial security and living healthier lives. This is our goal as their partner beyond a lifetime.”
He also shared more about Sun Life Grepa’s market-responsive products catering to very specific needs of different markets in areas that include health and wealth building. “We also seek to make it easier for people to access affordable life and health insurance coverage through strategic partnerships. In this way, we are providing value to employees and clients of our partners.”
Lim also talked about moving forward into the next 70 years with a strong focus on nurturing client relationships by leveraging new technologies including data analytics to provide clients with a great experience throughout their financial journey with the company.
“People need life insurance more than ever and we are ready to be part of that solution now and in the future, as part of building a healthier and more financially secure nation,” he added.
Incidentally, Lim is the incumbent president of the Philippine Life Insurance Association (PLIA), the trade organization of the country’s life insurance industry recognized by the Insurance Commission.
