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.