Insurer registers 30% growth in client base | Inquirer Business

Insurer registers 30% growth in client base

/ 03:58 AM April 05, 2021

The coronavirus pandemic has heightened demand for life insurance among consumers, especially the young.

Despite the challenges faced by the insurance industry during the pandemic, Sun Life Grepa Financial Inc. reported a 30-percent growth in its client base for bancassurance.


Bancassurance refers to the cross-selling of insurance products in bank branches. Sun Life Grepa is the bancassurance partnership between Sun Life of Canada and Rizal Commercial Banking Corp.

“More Filipinos, especially the younger generation, are realizing the importance of financial planning, including life insurance,” said Richard S. Lim, president of Sun Life Grepa. “Hopefully, the importance of building a financial cushion—whether that is an emergency fund or life protection—will resonate with consumers well even beyond this period of uncertainty.”


The volume growth was primarily driven by the increased consumers’ interest in and heightened need for life insurance, the company said.

Based on a recent Sun Life Grepa study that was conducted jointly with Sun Life Asia, Sun Life Philippines, and RCBC, the need for health and protection had been highlighted as top two priority needs. Interest in these areas have greatly increased in the last few months, the study showed.

Sun Life Grepa also launched digitally-assisted means to make it easier for clients to avail themselves of insurance coverage. These include a simplified application process, remote online medical examination and a 24/7 contact center. INQ

Read Next
Don't miss out on the latest news and information.

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: Business, Insurance
For feedback, complaints, or inquiries, contact us.

Curated business news

By providing an email address. I agree to the Terms of Use and
acknowledge that I have read the Privacy Policy.

© Copyright 1997-2021 | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.