On becoming a champion of protection
“Try not to become a man of success, but rather try to become a man of value.” — Albert Einstein
When I was 14 years old, my dad suddenly collapsed and was immediately rushed to the hospital. We found out he was in the final stages of colon cancer. He was gone the next day.
He was a humble businessman and we were a typical middle-class family who got by on his daily income. My parents weren’t financially prepared nor did they have insurance. I did not know much about insurance then but it made me wonder why my dad did not have one. When my dad passed, my mom, a housewife, had to look for a job to fend for me and my four younger siblings. I saw her struggle financially and we had to borrow money from our friends and relatives to make ends meet.
Years after when I entered the work force, without really meaning to, I found myself working in the life insurance industry. I would go with agents every time they delivered checks to their clients and I thought, maybe God brought me here to learn the importance of insurance. In these visits, my passion for protection was born.
When I joined AIA Philam Life last year, I was introduced to the dismal insurance penetration data at less than 2%, and the protection gap figure at PHP2.7 trillion. With the company ensconced in the wellness space and still in the initial stages of shifting to protection, I saw it as a clear indication that we need to be completely focused on protection, starting with a refreshed company mission. Today, there’s a sense of urgency in our mission as we race against risk to protect every Filipino family and empower them to live Healthier, Longer and Better Lives.
As I made my rounds in the field, I saw how our agents slowly embraced this mission. To them, there was a shift from the target number of sales, to the number of lives they save, giving birth to our Save Lives target: 100,000 lives saved, each covered with PHP1 million, for a total of PHP110 billion in total sum assured. With this new target in place, protection brought the focus out of the business and gave us a sense of purpose, as it became about the customer, on the importance of protection as a tangible way to express love and responsibility for the family.
Six months into our Save Lives target, we’ve achieved 40% of our lives saved target. This was made possible by the hard work, commitment, and understanding of our mission to protect more people. When it comes to the basic sum assured, we’ve already increased this by 18% versus 2019 for life coverage, and 33% for critical illness coverage. While we have not reached the ideal numbers, we have made progress in our efforts despite the current challenges in the economic climate.
The Philippines is still in community quarantine, reeling from the impact of Covid-19 on day to day lives, with everyone trying to adjust to the ‘new normal’. Our movements continue to be limited and health protocols are still in place, but this will not stop us from responding to our customers’ need for protection. Now, more than ever, we are determined to work faster and harder to make sure that Filipino families are protected from life’s many uncertainties, that no matter what happens life, and love, continues.
Follow AIA Philam Life CEO Kelvin Ang on Instagram @keepingupwithkelvin.
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