Generali to step up RP expansion this year

MANILA, Philippines - Generali Pilipinas, one of the fastestgrowing insurance companies in the country, is poised to sustain its growth momentum this year as it steps up efforts to further expand its life and non-life insurance operations.

In a statement, Generali Pilipinas said it would modify the scope of the non-life operations under Generali Pilipinas Insurance Co. Inc. so it can focus on large local and multinational global segments.

For life, the company through Generali Pilipinas Life Assurance Co. (GPLAC), will zero in on expanding the current bancassurance sales force to cover the growing branch network of Banco de Oro (BDO) more extensively.

BDO’s wide branch network gives Generali Pilipinas a stronger footing in the bancassurance business since it allows greater cross-selling of Generali’s products to BDO clients.

GPLAC, however, will continue to distribute products through its career agent channel and will continue to grow it more deliberately as a high quality, professional sales outfit capable of delivering tailored solutions to its clientele.

“With a more defined strategy moving forward, GPLAC will proceed full steam ahead to widen its reach, offer more innovative products and build on the strength of its excellent relationship with its bank partners, sales force and all its business intermediaries,” said Renato Vergel De Dios, president of Generali Pilipinas.

The Generali Group is a key player in Continental Europe, with a significant presence in all the principal countries.

Generali Pilipinas and BDO’s bancassurance partnership was borne out of the strategic alliance between two big names in the financial industry. Generali Pilipinas, a partnership among three financial giants — Assicurazioni Generali of Italy, one of the world’s largest insurance company, Jerneh Asia Berhad of Malaysia, a specialist insurer in the marine, industrial, and engineering fields, and BDO, the country’s largest bank.

Generali Pilipinas offers individual life insurance, group life and medical, auto and home insurance, small and medium business protection, as well as commercial property insurance. It has offices in Metro Manila, Bacolod, Baguio, Cebu, Davao and other major cities throughout the country.