Makati, Philippines, 3 October 2016
BPI-Philam Life Assurance Corp., the largest bancassurance company in the Philippines, kicked off Bancassurance Month this October during the unveiling of the new BPI-Philam Life Makati Building (formerly Ayala-Life FGU).
The month-long celebration led by BPI-Philam Life Assurance Corp. (BPLAC) CEO Surenda Menon aims to educate Filipinos on the existence of bancassurance and importance of life insurance to help people with their long-term protection needs and to assist and support them throughout different stages of life’s journey.
Mr. Menon said: “Insurance penetration is still very low at around 2% based from the latest report of the Insurance Commission.1 We want to ensure that all Filipinos have access to the right protection solutions to provide adequate insurance coverage for their lifestyle requirements. We want to be able to provide insurance that is accessible and affordable to every market segment.”
“BPI-Philam continues to see strong potential for bancassurance given the continued rise of the middle-class, the continued economic growth brought by the high productivity in the country, and the increasing savings rate. These factors also present an opportunity to educate Filipinos on the importance of financial planning as a way to help them win during life’s key moments from marriage to parenthood, or from business management to retirement.
BPI-Philam’s trained Bancassurance Sales Executives (“BSEs”) are located at every one of BPI’s 800 branches to ensure that customers receive appropriate advice for every life stage.
BPI-Philam will also hold the Bancassurance Walk on October 5 where 200 employees will create awareness about bancassurance while walking along Ayala Avenue, Makati.
BPI-Philam is also launching iCare, the first policy owner after-sales servicing application in the Philippines. Policy owners can request changes to their policies be made electronically on a tablet device for unrivalled convenience. This follows the introduction of AIA’s highly successful interactive point of sale (iPoS) proprietary technology that improved the customer experience and promoted increased efficiency during the sales process.
Customers can find out more about Bancassurance Month through www.bpi-philam.com.
BPI-Philam Life Assurance (BPLAC) Corporation is a strategic alliance between two leading companies in the country – The Philippine American Life and General Insurance Company (Philam Life) and Bank of the Philippine Islands (BPI). Philam Life is the premier life insurance company in the Philippines and the market leader for over 60 years. BPI is a leading commercial bank in the country with over 160 years of experience in the local banking industry and an extensive branch network of more than 800 branches and 1,500 ATMs. BPI-Philam’s professional and expertly trained Bancassurance Sales Executives are assigned in BPI branches nationwide to render financial advisory services that address customer’s financial and protection needs. With the combined expertise and resources of these two trusted companies, BPI-Philam policyholders are assured that their insurance is backed by financial strength and stability. About AIA AIA Group Limited and its subsidiaries (collectively “AIA” or the “Group”) comprise the largest independent publicly listed pan-Asian life insurance group. It has a presence in 18 markets in Asia-Pacific – wholly-owned branches and subsidiaries in Hong Kong, Thailand, Singapore, Malaysia, China, Korea, the Philippines, Australia, Indonesia, Taiwan, Vietnam, New Zealand, Macau, Brunei, a 97 per cent subsidiary in Sri Lanka, a 49 per cent joint venture in India and representative offices in Myanmar and Cambodia. The business that is now AIA was first established in Shanghai almost a century ago. It is a market leader in the Asia-Pacific region (ex-Japan) based on life insurance premiums and holds leading positions across the majority of its markets. It had total assets of US$181 billion as of 31 May 2016. AIA meets the long-term savings and protection needs of individuals by offering a range of products and services including life insurance, accident and health insurance and savings plans. The Group also provides employee benefits, credit life and pension services to corporate clients. Through an extensive network of agents, partners and employees across Asia-Pacific, AIA serves the holders of more than 29 million individual policies and over 16 million participating members of group insurance schemes. AIA Group Limited is listed on the Main Board of The Stock Exchange of Hong Kong Limited under the stock code “1299” with American Depositary Receipts (Level 1) traded on the over-the-counter market (ticker symbol: “AAGIY”).