Sun Life expands inter-branch sales office network

MANILA, Philippines - Sun Life Financial Philippines has extended its nationwide reach by opening 28 inter-branch sales offices (ISO) to complement its network of 35 fully- operational branches.

An ISO is a compact version of its main sales offices in Metro Manila, designed primarily to penetrate the provincial markets.

Sun Life Financial Philippines head for business development Deo Orpilla said four more ISOs would be opened before the end of the year.

 “Three more distribution offices in Northern Luzon and one more in Southern Luzon will be opened this year,” Orpilla said.

The Sun Life official explained that the ISOs will also be accessible to all Sun Life advisors who belong to any of the 35 branches.

Orpilla noted that each of the ISOs established in each of the identified provincial areas have the same amenities as the main offices in Manila including advisors stations, managers’ stations, payment centers, and recruitment and training centers, among others. 

 “Each ISO is considered as a complete and fully functioning unit,” he added.

Sun Life Financial has a five-year program to ensure its aggressive move into the provinces and other areas outside Metro Manila.

Orpilla said the sales offices reported a 76-percent growth in 2010, and an 85-percent expansion in sales in seven months this year.

In fact, the ISOs accounted for 23 percent of total premiums last year.

 “We were given a mission to increase revenues while managing expense, and we delivered in both,” the Sun Life executive added.

Aside from organic growth, Sun Life Financial has likewise taken a stronger route when it invested in the Yuchengco Group, resulting in a joint venture bancassurance with Rizal Commercial Banking Corp. (RCBC) last February. Thus Sun Life Financial can sell its life insurance policies within the bank’s branch network aside from the bank’s clientele base.

In the first semester, Sun Life Financial opened its 14-story Sun Life Centre at the Bonifacio Global City.

The green building a five-level basement parking with 25,000 square meter of gross floor area; 1,800 square meters typical gross floor plate; double-glazed glass window system; vehicle drop – off facility 100-percent back-up power; automated security system and a building management system.

Sun Life will occupy the first seven floors and the remaining offices will be rented out.

In the first three months of 2011, Sun Life Financial Philippines reported a 34-percent expansion in first year premiums equivalent to P3 billion. In the same period, consolidated assets reached P140 billion.