Insular Life sees premium growth

Total premiums of Insular Life as of August reached P3.4 billion, growing by eight percent over the comparable period last year, it was disclosed by Insular Life chairman and president Vicente R. Ayllon. He said the company expects to breach the P5 billion mark and end the year with total premiums of P5.4 billion or an 11 percent growth.

"Traditionally, our sales are higher in the second half of the year," Ayllon said. "Our sales drives and other incentive programs are concluded in the second half, and our agents really make a big push for production at this time."

Ayllon also attributes the growth to the introduction of several new products and the repackaging of traditional insurance products towards the needs and preferences of the market.

He said the market has shown strong preference for plans with limited payment periods and guaranteed anticipated benefits. The company has thus concentrated their product development on these areas.

He said his company was among the very first to offer whole life protection plans with a five-year payment period only, and they have also been offering whole life policies with single premium payments.

The market favors anticipated benefits for such requirements as children’s college education and pension or retirement funds.

Ayllon said the company has also gone beyond the traditional agency channel in distributing their products.

In the late 70’s it pioneered in the direct marketing of life insurance through newspaper ads and direct mailers. Today the company also uses offsite and worksite marketing and tie-ups with their affiliate banks and professional organizations to expand their market reach.