MANILA, Philippines - The bancassurance program of Grepalife Group of Companies posted a 46- percent increase in gross written premium in 2009, from the GWP attained in 2008. Gross written premium includes first-year policy payments, as well as renewal payments for regular businesses. The number of individual policies sold, also increased by 51 percent.
The program, branded as B-Secure, capitalizes on the strength of its partnership with Rizal Commercial Banking Corp. (RCBC), the country’s fifth largest private commercial bank. Since its inception in 2007, B-Secure has emerged as one of Grepalife’s major distribution channels along with the company’s agency and group/worksite operations.
B-Secure rewards its valued RCBC supporters with numerous recognition and incentive programs, the biggest of which for the year are the annual awards night and an all expense-paid trip to Europe.
In return for deriving business through referrals from RCBC personnel, the B-Secure sales officers market the various products offered by the bank. This relationship has contributed an increase in cross-selling of RCBC products by 321 percent in 2009, paving the way for both companies to provide greater value proposition to its clients.
Ranked among the Philippines’ top 10 life insurance companies, Grepalife attained P1.8 billion in net premiums and total asset value of P7.5 billion in 2008, while RCBC has total consolidated assets of about P290 billion as of end December 2009. Both companies are members of the Yuchengco Group of Companies (YGC), one of Southeast Asia’s largest and most diversified conglomerates.