United Coconut Planters Bank has secured an approval from the Bangko Sentral ng Pilipinas (BSP) to engage in bancassurance or the cross-selling of insurance products through its branches nationwide.
The bancassurance license granted by the BSP recently allows UCPB to offer life and non-life insurance products of its initial insurance partners – the United Coconut Planters Life Assurance Corp. (Cocolife) and the UCPB General Insurance Company, Inc. (UCPB GEN).
“We welcome this good news from the BSP which allows us to expand and complete our product offering, consistent with our promise to deliver distinct personal and proactive service to our clients. Our clients will now have more options to protect their funds and secure a good future through the various insurance products of our partners.” UCPB president Higinio Macadaeg Jr. said in a press statement on Wednesday.
The new offering is also seen to diversify the revenue stream of UCPB, which has seen its bottomline grow by 45 percent in the January-September period of 2016 compared to the previous year.
“We’re confident that the bancassurance license will mean even further growth for the Bank. We will offer competitive products from our insurance partners and work to expand our insurance partners in the near future,” Macadaeg added.
Cocolife, a leading local stock life insurance company, offers a complete array of life insuranceproducts and wealth management products and services. These are marketed through Cocolife’s 68 fully computerized branches nationwide.
On the other hand, UCPB GEN, one of the top 10 non-life insurance companies in the country, offers innovative non-life insurance solutions for fire, motor, marine, liability and casualty, and personal accident insurance.