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