Sun Life Philippines tapping into Gen Z, millennial market

MANILA, Philippines — Sun Life Philippines Inc. is tapping the expanding market of millennials and Gen Zs to further boost growth and cement its position as the top insurance firm in the country.

On the sidelines of Financial Independence Month briefing Monday, Sun Life Philippines CEO and country head Benedict Sison said the younger generation is a growing market for the insurance firm.

“The big thing about Gen Zs and millennials is that they are more digitally savvy and they have more access to the internet so they know more about financial literacy than the older generation,” Sison told reporters.

“It has definitely increased and it is a market that we should be pursuing more,” he said.

Sison maintained that the younger generation would eventually get a huge chunk of the population with insurance protection.

As such, the demographic would also help in increasing the overall insurance penetration in the country.

While insurance coverage in the country has improved due to the pandemic, this remains low when compared to other neighboring economies. As of now, insurance penetration remains at around two percent of gross domestic product.

“As more (younger ones) enter the workforce, that gives us more opportunity. That’s why we have to tailor our products and solutions to the younger generations, even the way we communicate has to be much better,” Sison said.

Further, Sison is choosing to be more optimistic on the impact of the current economic landscape here and abroad to the insurance sector.

Sison said that Sun Life is expected to remain on top of its game, as it did in the last 12 years.

“We have no reason to believe that we will not be able to sustain it,” Sison said.

Data showed that Sun Life remained the top insurance firm in the country last year, leading in terms of assets at P278 billion, premium income at P52.61 billion, net income at P11.73 billion, and new business annual premium equivalent at P9.72 billion.