In its continuous effort to push for greater financial inclusion in the country, Sun Life of Canada (Philippines), Inc. on Friday signed a partnership with Universal Storefront Services Corporation (USSC), the company which runs one of the biggest networks of one-stop service shops.
Such partnership would allow Sun Life to introduce life insurance products and services to the mass market, said Riza Mantaring, president and CEO of Sun Life Philippines.
“We want to bring [life] insurance to more Filipinos. Many of them know that they need it, because their worries are there: ‘If I retire, will I have enough savings? Or if something happens to me, will my family be financially secure?’ But they don’t understand that there are products available,” she added.
Pending approval from the Insurance Commission, Mantaring said she expects Sun Life’s “affordable insurance” products to be rolled out any time soon, including the details on premium rates. Based on other insurance services such as accident, dengue, and OFW loss of income insurance coverage, USSC president and CEO Jose Xavier Gonzales said price points would most likely range from P50-P150.
“Our target market are the domestic helpers, tricycle drivers, jeepney drivers, and OFW families,” said USSC vice president Fernando Jose Roa.
“It’s basic protection products, renewable yearly, very bite-size,” said Mantaring. “But we’re also looking into expanding into installment-type products.”
“It’s really about getting people into developing the right financial habits, and then eventually transitioning them to an investment mind-set,” added Gonzales.
Tapping USSC’s wide distribution reach—with 780 outlets and over 700 key sub-agent locations nationwide—Mantaring said Sun Life’s goal was to serve five million Filipinos by 2020, as part of its “Rise PH” campaign on greater financial inclusion.
“It’s our first time to partner with [a company] with such wide distribution, and that’s a big help when it comes to bringing insurance to more people,” said Mantaring.
On USSC’s part, the deal with Sun Life was a welcome addition to its comprehensive roster of financial services, the bulk of which is anchored on remittances through Western Union.
“I want us to be known as a financial supermarket,” said Gonzales.