SBC, PhilamLife joint venture exceeds targets

Security-Philam Financial Solutions Inc., a subsidiary of Security Bank Corp. (SBC) and PhilamLife-AIG, has enhanced its one-stop shop concept for acquiring financial products through personalized financial planning and advisory.

Security-Philam Financial Solutions president and general manager Oslec Lopez said its exponential growth can be attributed to Security Bank’s strong customer relationships built over the years.

"A referral system was set up between Security Bank and Security-Philam that allows our financial planning consultants (FPCs) to have in-depth financial advisory sessions with clients, resulting to the delivery of tailor-fit financial products," Lopez said.

Lopez said that Security-Philam’s FPCs are trained to assess the client’s investment or personal risk management needs before recommending any financial products. "The key here is product availability and the client’s participation in the needs analysis session," he added.

Security Bank’s stability and extensive on-line branch network, and PhilamLife-AIG’s undisputed leadership and global reach, give Security-Philam immediate brand recognition and equity. This also allows Security-Philam to provide its clients with the widest array of investment and personal risk management products.

"Security Bank’s client referrals to us are top notched allowing us to almost triple our closing ratio to 25 percent, much higher than the 10-percent success ratio of similar businesses in the region. This is what PhilamLife-AIG wants to achieve for their alternative distribution channels in Asia," he said.

Security-Philam’s sales of P80 million in combined dollar and peso gross premiums last year have more than doubled to P167 million in the first half of 2004, a clear indication of the company’s growth momentum.

Financial products being offered by Security-Philam Solutions include: the Elite Dollar, a single premium dollar-denominated insurance and investment combination; the Versa Dollar, a versatile dollar-denominated life insurance; the International Scholar, a dollar-denominated life insurance and educational pre-need plan in one; the Dollar Pension Builder, a dollar-denominated insurance and pension combination; the Versalife, a versatile peso-denominated life insurance; the ExceLife Secure, a peso-denominated combination of insurance and healthcare; the Scholar Gold, the Peso equivalent of International Scholar; the AIG Wealth, a peso-denominated insurance and investment combination; the Quantum, a short-term payment whole life insurance; and the Quick Cash Builder, an insurance and short-term savings combination.