Despite the challenges faced by the insurance industry in the COVID-19 pandemic, Sun Life Grepa Financial, Inc. (Sun Life Grepa), one of the Philippines’ major life insurance companies, was able to book a 30% growth in its client base for bancassurance. This growth was mostly generated by a younger generation.
The volume growth was primarily driven by the increased consumers’ interest and heightened need for life insurance.
According to a recent study of Sun Life Grepa made with Sun Life Asia, Sun Life Philippines, and RCBC, the need for health and protection has been highlighted as top two priority needs, showing an increased interest in these areas in the last few months.
“More and 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.”
Furthermore, Sun Life Grepa also introduced digitally-assisted means to make it easier for clients to avail a policy. This includes a simplified application process, Remote Online Medical Exam and a 24/7 contact center.
These achievements come at the heels of the company marking its 67th year. “As we move forward together from this crisis, rest assured that our commitment to help Filipinos achieve lifetime financial security and live healthier lives remain steadfast. We will keep on intensifying our efforts as you continue your journey towards financial freedom,” Lim added.