1CISP AMONG TOP 10 FASTEST GROWING COOP INSURERS IN THE WORLD

The 1Cooperative Insurance System of the Philippines (1CISP), the largest cooperative insurance organization in the country, is one of the 10 fastest-growing insurance cooperatives in the world, based on the prestigious International Cooperative and Mutual Insurance Federation’s (ICMIF) 2018 rankings.

1CISP President and CEO Roy S. Miclat revealed this achievement during a press briefing held at the Romulo Cafe in Makati City last December 4.

Published last November 20, ICMIF’s Key Statistics Report surveyed its largest and fastest-growing members across product and regional lines, with 1CISP among the top performers, placing 8th for fastest-growing life insurers, and 17th overall for emerging markets, at a 23.8% premium growth from 2016-2017.

Out of ICMIF’s network comprised of 197 members worldwide, 1CISP is among only a handful of Asia-based members with growth stacking up against the international rankings.

“ICMIF is one of the industry benchmarks we hold ourselves to, as the only global representative body of the cooperative and mutual insurance sector,” Miclat shared. “And their 2018 report validates the sustained momentum 1CISP has achieved,” he added.

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Miclat also announced that 1CISP breached the 2-billion-peso mark in terms of total assets in the third quarter of the year. The insurance cooperative registered total assets of Php2.04 billion as of end-September 2018, a huge 50% growth from the Php1.36-billion asset level in the same period last year.
With this asset surge, 1CISP has outpaced the 18-20% overall growth of the local insurance industry, according to Miclat.

“1CISP, in comparison to corporate insurance counterparts, is growing at a remarkable rate, and believe it or not, this is not an isolated phenomenon in the country. It is a lot more common across the world than previously thought, with a precedent since 2007,” said Miclat, citing the ICMIF outline of industry trends.

Based on ICMIF analysis over a ten-year period (2007-2017), ICMIF members not only experienced exponential growth, but also outperformed the overall insurance industry average, including non-cooperative insurers. The Key Statistics Report outlines, “ICMIF members have grown at a significantly faster aggregate rate than the global insurance market as a whole. During this 10-year period, ICMIF members increased their collective premium volume by 39.3%, considerably greater than the total market average, which grew by a total of 16.8%.”

“These numbers speak for themselves and support 1CISP’s mission—a prosperous Philippines is a cooperative Philippines,” Miclat stressed. “While we take pride in reaching greater heights together with our peers in cooperative insurance, we are even happier that cooperatives are getting the credit they deserve,” he added. Miclat also gave an overview of 1CISP’s 2019 business forecast, projecting an upward trajectory in the wake of their 2-billion asset milestone. “Cooperatives have been succeeding away from the limelight all this time, but our time to shine is now. We want to show everyone that Philippine cooperatives are making their mark both here and on the world stage, as globally-competitive organizations,” he concluded.

This comes as 1CISP is injecting new vigor into the local cooperative movement through initiatives such as the 1Koop Leaders Academy, an upskilling training program for future cooperative leaders; and the Coop Kicks, a contest for young innovators and aspiring entrepreneurs to pitch their ideas on cooperative ventures. Launched at the 14th National Cooperative Summit in Davao City last October 3-5, these programs were officially kicked off, with 1CISP set to host in 2019 a tri-city HR Summit to modernize the cooperative enterprise, and a youth pitch fest, respectively.

1CISP is also sending a delegation to the biennial ICMIF Asia and Oceania Association (AOS) Seminar 2018 on December 6-7, in Hong Kong. Slated to speak and interact with the youth, Miclat, with other cooperative insurance heads, will lead the Morning Meeting by CEOs and Young Attendees.

Tackling the theme “Impact of Digital Innovation,” the AOS is a forum for exchanging invaluable insights, with 1CISP representing the Philippines as the champion for tech-adoption among coops and engaging the youth.

Pru Life UK introduces new yearly renewable term product

British life insurer Pru Life UK, a subsidiary of international financial services group Prudential plc and the country’s pioneer of investment-linked life insurance, today launched another innovative solution, PRUlife your term, an affordable yearly renewable term insurance which is customizable to fit the protection and investment needs of customers.

“We are pleased to introduce PRUlife your term to the Filipino market. Pru Life UK aims to help address the widening protection gap in the Philippines through making life insurance affordable and more accessible to Filipinos,” said Pru Life UK President and Chief Executive Officer Antonio De Rosas. “With PRUlife your term’s flexibility, millennials and young professionals who are yet to have any insurance coverage can now also enjoy the benefits of a life insurance plan and at the same time choose to expand its scope with additional protection and investment benefits to meet their life’s goals.”

PRUlife your term is Pru Life UK’s most affordable product – for as low as PhP 8,000 per year, customers may enjoy a basic coverage of up to PhP 3 million.

Customers can make their PRUlife your term coverage more comprehensive through various supplementary benefits, including protection against the debilitating financial blow of an accidental death or disability, hospitalization and critical illness.

Moreover, as the only term product in the industry that can be upgraded with an investment rider, PRUlife your term has the potential to help customers expand their wealth and help them reach their financial goals. From the second policy year onwards, customers may also further upgrade their plans by converting to any of Pru Life UK’s wide array of insuravest or investment-linked life insurance, which combines lifetime protection with investment.

“With the 170-year legacy and reliability of our parent company Prudential plc as well as Pru Life UK’s expertise in securing the financial well-being of Filipinos, millennials and young professionals can be assured they can start their journey to financial freedom with us,” De Rosas emphasized.

To know about PRUlife your term and Pru Life UK’s suite of products and services, please visit www.prulifeuk.com.ph.

FWD Life Philippines launches Set for Tomorrow, financial protection for those you leave behind

FWD Life Philippines, one of the country’s fastest-growing life insurers, has introduced a series of new protection plans that can be tailored to meet individual customer needs.

“FWD’s Set for Tomorrow will provide protection for the people we love and care about. The coverage amount and period can be customized to any personal situation and budget. Our aim is to make real and substantial protection accessible to everyone,” said FWD Life Philippines President and Chief Executive Officer Peter Grimes.

Dubbed Set for Tomorrow, the insurance product has three variants that address the different needs to take care of those left behind should the unexpected happen—Short Term Cover, Income Protector, and Estate Protector.

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“Set for Tomorrow caters to Filipinos from 18 to 70 years of age, from young urban professionals to retirees,” Peter added. “With very basic social security, many professionals have an enormous protection gap.”

Taking responsibility to protect those you love

In today’s uncertain world, FWD’s latest insurance product is there to protect the ones you love. Three common reasons that lead to financial problems for those left behind include:
 People have loans and accountabilities that are transferred to their family if they are no longer around.

 Raising a family requires time and money. Also, if the breadwinner falls away, the family will still need money to continue living a life with dignity.

 People who build up wealth worry about what they leave behind and especially how to best avoid a family crisis in settling estate taxes and dividing assets. As part of any estate planning solution, long-term insurance coverage is essential to evenly share the assets and ensure those left behind feel equally treated.

Solutions that provide guaranteed protection and give you peace of mind

FWD’s Set for Tomorrow has three variants that meet the needs of the modern Filipino. Short Term Cover is an affordable term life plan that provides guaranteed life insurance coverage for five or 10 years.
Income Protector ensures that your family can continue their life even if you are no longer around. Lastly, Estate Protector is a whole-life plan that provides guaranteed life insurance coverage until 120 years of age.

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FWD wants to guide people in fitting the right variant, protection amount, coverage period, and payment terms to the customer’s preferences and abilities. With this in mind, FWD launched online calculator “Cali”. By answering just a few questions, Cali allows you to determine the best solution for you and your budget. To find out the Set for Tomorrow plan that’s perfect for your budget and insurance needs, simply visit cali.ph/SetForTomorrow.

FWD’s Set for Tomorrow plans are now available through FWD Life’s Financial Wealth Planners. Interested customers may call the 24/7 FWD Customer Connect Hotline at (02) 888-8388 or chat with a Customer Connect Executive via FWD’s 24/7 Live Chat (www.fwd.com.ph) to set an appointment. The plans will also soon be available at all branches of Security Bank, FWD’s bancassurance partner.

About FWD Philippines

FWD Life Insurance Corporation (“FWD Life”) is the first life insurance company licensed by the Insurance Commission of the Philippines under the new Insurance Code. FWD launched its commercial operations in September 2014. By March 2017, FWD Life is the highest-capitalized life insurer in the Philippines with PhP 2.3 billion in paid-up capitalization.1 Based on premium income data published by the Insurance Commission2, FWD Life now ranks 10th in the insurance industry in terms of weighted new business premiums.

FWD Group spans Hong Kong & Macau, Thailand, Indonesia, the Philippines, Singapore, Vietnam, and Japan, offering life and medical insurance, general insurance, and employee benefits across a number of its markets. Established in Asia in 2013, FWD is the insurance business arm of investment group, Pacific Century Group. In the Philippines, FWD has nine business hubs located in key cities nationwide with its headquarters in Bonifacio Global City in Taguig.

FWD is focused on creating fresh customer experiences, with easy-to-understand products, supported by digital technology. Through this customer-led approach, FWD aims to become a leading pan-Asian insurer that changes the way people feel about insurance.

For more information please visit fwd.com.ph.
1 www.insurance.gov.ph > Statistics > 2017 > Based on Paid-Up Capital
2 www.insurance.gov.ph > Statistics > 2017 > Based on Premium Income
3 Weighted New Business Premium Income: 100% of first-year premium on regular-pay plans + 10% of single-pay premiums

AXA launches new insurance product for today’s ambitious market

Today’s young professionals are ambitious and often on-the-go. They work hard and at the same time want to pursue their own passions. As they focus on their careers, they want to maintain a work-life balance, and ensure that they are also preparing for their ultimate ambitions. Some would want to travel around the world, have their own business, or pursue a pricey hobby like golf or scuba diving.
Recognizing the need for investment and protection of today’s discerning consumers, AXA has launched MyAmbition, an affordable investment and life insurance plan that you can avail of online. Designed with your busy lifestyle in mind, the convenience of availing of an investment product with just a few clicks gives you an attractive option to help fulfill your ambitions in life.

MyAmbition can be availed of with a one-time investment that starts at only P50,000, a great opportunity to put that 13th month bonus or extra savings to better use. You can also invest up to a maximum of P125,000. The funds are professionally-managed by the AXA group to give you security and peace of mind.

MyAmbition gives you a range of options to suit your risk profile and financial goals. There’s an investment fund for conservative investors, a balanced fund for those who have a moderate appetite for risk, and an aggressive growth fund for those who want to maximize the potential of their investments.
Application is easy. Just visit www.axa.com.ph, and click on MyAmbition. You can assess your investment profile, pick an investment portfolio, and pay for the policy with your credit card. Debit card and other online payment options are also available.

“Our innovative digital solutions address the unique demands of digital natives. You can avail of MyAmbition through our e-commerce site. You can also download MyAXA, the mobile app that allows our clients to access policy information anytime, anywhere.” says Rahul Hora, President and CEO of AXA Philippines.

On top of these benefits and conveniences, MyAmbition gives you life insurance coverage of 125% of the single premium or the Account Value, whichever is higher. Should you choose to keep your funds longer, you can receive a Loyalty Bonus of 5% of the average account value to be paid on the 10th and 20th year.

“We understand the needs of today’s professionals. MyAmbition takes their lifestyle needs into consideration – it is affordable, available online, easy to purchase, can meet various investment considerations, and is payable via a credit card. MyAmbition’s combined offering of affordability, convenience, and flexibility will definitely help young and mature Filipino professionals achieve their financial goals and fulfill their ambitions,” adds AXA Philippines Chief Customer Officer Amor Balagtas.

BPI-Philam Life Assurance Corp. launches Bancassurance Month Ayala Life FGU becomes BPI-Philam Life Makati

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.

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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.

Cebuana Lhuillier Insures One Million Filipinos for National Pilipino Protektado Day

 One million Filipinos officially joined the country’s rally to be a fully-insured nation as Cebuana Lhuillier—the Philippines’ leading microfinancial company—provides free microinsurance through its National Pilipino Protektado Day campaign.

Helping Filipinos be more disaster-resilient and prepared against various calamities, Cebuana Lhuillier has declared July 21 as the National Pilipino Protektado Day as part of the company’s advocacy to build disaster-resilient communities and help the Insurance Commission achieve its vision of protecting 80% of the Filipinos with microinsurance by 2020.

“For the past years, we’ve been constantly just introducing new and innovative products and services to the public to be able to help them be financially included. This time, with our National Pilipino Protektado Day campaign, we decided to take a bolder step and took the initiative to really touch ground with those who are most vulnerable to calamities and directly offer them free microinsurance as a new way for them to be secured,” Cebuana Lhuillier President and CEO Jean Henri Lhuillier said.

In partnership with Pioneer Insurance and with the help of various public and private organizations, free microinsurance were given out across the Philippines, prioritizing the most vulnerable communities, families and individuals from the marginalized sector.

Cebuana Lhuillier Insurance Solutions General Manager Jonathan Batangan reiterates that National Pilipino Protektado Day is only one of the company’s many endeavors in its push for disaster resilience. “National Pilipino Protektado Day is a great milestone in our disaster preparedness campaign. But after insuring one million Filipinos, we are on to more initiatives that will help us promote microinsurance and foster disaster resiliency. We are introducing an app, a microinsurance organization, and later on, a website–all designed to ultimately promote the welfare of Filipinos,” he said.

Cebuana Alerto App Reinforcing its disaster resilience advocacy further, Cebuana Lhuillier has also officially launched Cebuana Alerto during the culminating event. An android app that harnesses the digital mobile platform, Cebuana Alerto is designed to provide real-time vital information about disasters within the Philippines.

Equipped with an interactive technology that allows users to share updates in areas affected by any disaster, the Cebuana Alerto app features an alert system that sends notifications to the user in the event of disasters such as typhoon, earthquake, fire, and flood. It has live newsfeeds that show the latest updates from third-party government agencies including the Philippine Atmospheric Geophysical and Astronomical Services Administration (PAGASA) and National Disaster Risk Reduction Management Council (NDDRMC) for weather updates, the Department of Education (DEPED) and the Commission on Higher Education (CHED) for school suspension announcements, and the Metropolitan Manila Development Authority (MMDA) and the Department of Public Works and Highways (DPWH) for information on traffic and road conditions. It also informs the users about Cebuana Lhuillier’s various insurance products and services which they can also purchase immediately online through the app.

Furthermore, the app also includes a “Safe Button” special feature that will automatically notify and send an “I AM SAFE” SMS message to the intended recipient about the user’s current state during a disaster.

MIAAPI

Simultaneously, Cebuana Lhuillier also led the formation of the Microinsurance Agents Association of the Philippines, Incorporated (MIAAPI)—an organization founded to promote the interests and welfare of microinsurance agents nationwide.

MIAAPI interim Board Members include ASEAN Insurance Council Head Michael Rellosa, Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) RFPA Asia Senior Adviser Dante Portula, Pioneer Insurance VP Geric Laude, Rural Bankers Association of the Philippines Past President Enrique Abellana, Philippine Insurers Club Treasurer Edgardo David, RBAP Coordinator Gay Mapano, Eternal Plans SAVP Jumer Lecetivo, Cebuana Lhuillier Foundation Executive Trustee Atty. Cesar Vidal, and CLIS General Manager Jonathan Batangan.

Moreover, Cebuana Lhuillier is also set to launch an online platform for insurance donations called OurHelp later this year. Connecting donees in the Philippines and donors from all over the world through a dedicated website, this crowdfunding website further aims to provide quality insurance protection awarded to the most vulnerable sectors in the form of premium donation from socially aware enterprises.

Prior to the culmination of the National Pilipino Protektado Day, Cebuana Lhuillier kicked off its disaster resilience advocacy by mounting and leading the highly-commended “2016 READY: The Role of Microinsurance in Building Disaster Resilient Communities” forum last January. A series of roadshows in key cities such as Baguio, Cebu, and Davao immediately followed to cascade the Forum’s learnings. Simultaneously, Cebuana Lhuillier launched during the road shows the Alagang Cebuana Plus Gold or ACP Gold—an improved version of the company’s premiere microinsurance product that already includes a microlife component underwritten by PhilamLife. ACP to date has covered more than six million Filipinos.

FWD Life encourages Filipinos to stay healthy and fit one move at a time

Can you really be healthy and fit by investing just four minutes of your day in exercise?

Apparently, it is possible and FWD Life is showing Filipinos how they can be healthier and fitter pursue their passions and live the life they dream of.

To encourage more Filipinos to start living a healthy lifestyle, FWD Life recently launched a health and wellness movement aptly called Live to Move—premised on the idea that attaining better health is key in living life to the fullest.

At the heart of the campaign is the FWD Motion, a specially designed four-minute metabolic fitness (MetaFit) workout which has a health benefit equivalent of up to one-hour exercise. Its four primary steps – jump, squat, push up, and lunge – will encourage Filipinos to get into their exercise gear and start moving. Short, simple, and effective, the four primary steps easily encourage people to work out regardless if they are novice, intermediate or advanced fitness enthusiasts.

FWD Motion is a simple regimen. Its four primary steps can be integrated into daily activities and can be done anywhere, reducing the need to go to the gym or attend a workout class. Having been developed by celebrity fitness coaches Jim and Toni Saret (“The Biggest Loser Pinoy Edition Season 2,” “Fit Filipino Movement”), who are also the campaign collaborators, it is scientifically-proven to make an individual lose as much as 600 calories, depending on the intensity of execution and number of repetitions.

“FWD encourages Filipinos to be healthier through the Live To Move movement and it matches perfectly with our advocacy. Through Live To Move and the FWD Motion, we are able to motivate people to start moving in as short as four minutes only, so they can live better and healthier lives,” said Coach Jim Saret.

Coaches Jim and Toni Saret are also healthy lifestyle ambassadors of the Philippine Heart Association (PHA), the official advocacy partner of Live To Move. FWD Life supports PHA’s 52100 advocacy, a simple guide to remind people of the essentials of good health, with each number representing a daily target: five (5) servings of fruits and vegetables, two (2) hours maximum recreational screen time, one (1) hour of moderate activity, zero (0) sugared drinks, and zero (0) smoking/secondhand smoke.
“This partnership enables PHA to further promote public awareness on the importance of maintaining a healthy lifestyle. We are also grateful that through Live To Move, FWD is able to support our 52100 advocacy which encourages Filipinos to adopt simple heart-friendly daily habits,” said Dr. Alex Junia, Philippine Heart Association President.

The campaign started with the FWD Motion online video challenge wherein participants post their workout videos featuring their passions and their variations to the four primary steps. It continues with the Live To Move Tour, a series of health and wellness-themed pocket events around Metro Manila which includes group activities called Move to the Beat (Hip Hop), Move to the Groove (Zumba), Move to Fight (boxing and cardio), and Move to the FWD Motion (MetaFit). It will culminate on October 24 with the Live To Move Grand Festival where participants will enjoy exciting activities and rewards in surrounding booths for free medical consultation, cooking sessions, group workouts, and a free-for-all wellness concert.

Campaign participants are entitled to raffle entries which give them the chance to win exciting lifestyle gadgets during the tour and the grand festival.

“We have established Live To Move as a platform and the FWD Motion as a key workout routine to encourage Filipinos to start living a healthy lifestyle so they can pursue their passions. We are committed to lead the cause for Filipinos’ health and wellness in the life insurance industry, since we strongly believe in the benefits of living a healthy and more active life,” said FWD Life President and Chief Executive Officer Peter Grimes.

For more information about Live To Move campaign, visit FWD Life Philippines on Facebook. You can also visit its microsite, www.livetomove.ph to upload your FWD Motion videos until October 23. You can also catch upcoming Live To Move tour stops in Bonifacio Global City on October 10 and Alabang Town Center on October 17.

About FWD Life Insurance Corporation Philippines

Arriving in the Philippines in early 2014, FWD is the insurance arm of Pacific Century Group, an investment group established in 1993 with interests in financial services, telecommunications, real estate, and other investments in Asia. FWD is the first in nearly a decade to be granted a life insurance license by the Insurance Commission of the Philippines. FWD launched its commercial operations in September 2014.

FWD Group spans Hong Kong & Macau, Thailand, Indonesia and the Philippines, offering life and medical insurance, employee benefits, and general insurance across a number of its markets.

FWD is focused on creating fresh customer experiences, with easy-to-understand products, supported by leading digital technologies. Through this customer-led approach, FWD will achieve its vision to become the leading pan-Asian insurer that changes the way people feel about insurance.

For more information, please visit WWW.FWD.COM.PH.