The insurance industry today has assets growing by 20.56% at Php 1.29 trillion during the first half of 2016. There has also a noticeable growth observed during the past six years with the life insurance sector’s assets growing by 128% from Php 419.5 billion to Php 955.2 billion, according to the Insurance Commission.
In spite of the impressive growth, the penetration and insurance ownership rates is still considered on the low side. While the country’s insurance penetration rate of 1.75% may have been grown by 71.57% during the past six years, it remains the lowest among ASEAN. It is improving, but there is still inadequate financial literacy and lack of insurance awareness among Filipinos.
“With the right products and the right people, we have a lot of opportunities to penetrate the market,” said Philam Life CEO Ariel ‘Aibee’ Cantos. “Today is the right time to talk about life insurance because it has continued to evolve. From primarily protecting the income of the breadwinner, life insurance has expanded to many uses like helping a child get the best education, to helping the sick get well, and to ensuring a comfortable retirement. Now in addition to being there when something bad happens, Philam Life is an active partner for life to help people live longer, healthier and better lives,” explained Cantos.
Insurance has been connected to ‘death’ for so long. They say that you only get insurance when you are old and dying. But Philam Life wants to change the connotation of insurance. To help the awareness on financial literacy, they are beefing up its recruitment campaign to find and develop more champions of life insurance who can enlighten the customers to financial solutions. The more financial advisers, the more people may change their mind about getting an insurance.
“Filipinos can best appreciate life insurance through our financial advisers who have been well trained and properly equipped to listen and to help address the customer’s financial protection needs,” Cantos said. “The career of a financial adviser has become an atrractive career option because it allows the person to do good while doing well. Work-life balance is not just about time, but also have a meaningful balance between achieving one’s ambition and at the same time making a positive difference to other people’s lives,” he added.
To make the career of their financial advisers more appealing, they recreated the environment to add more excitement. They also tried to be competitively attractive by maximizing the use of technology like going paperless and having an Interactive Mobile Office (IMO). They also offer a very strong training and development program and very competitive compensation. They also added other incentives like travelling. They want to encourage everyone to become a Philam Life financial advisers. Even undergraduates are welcome as long as you are passionate about the job.
Another innovation to encourage the financial advisers is the IPoS which is the interactive point of sale system. They also recently launched GENESIS, a modern facility for financial advisers that offer an end-to-end training and development program.
“We are able to accomplish all these because we have the capacity and the resources to make our plans a reality. This superior financial strength has allowed us to make significant investments into expanding our distribution channels, growing our roster of financial advisers, and setting new industry standards and will make it possible for us to continue to create more positive changes in the years to come,” Cantos said.
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