MANILA, Philippines — FWD Insurance has partnered with Cebuana Lhuillier to bridge the financial and protection gap covering a wider socioeconomic segment of the Philippine market.
In an agreement signed in April 2021, affordable FWD insurance plans and digital solutions will be made accessible to Cebuana Lhuillier’s close to 30M Filipino customers spread across 2,500 branches nationwide.
Combining their strengths in product innovation and market reach, both organizations aim to change the landscape of insurance protection in the country. The expanded market share plus the diverse array of financial and insurance solutions are projected to stimulate revenue growth and financial health for both organizations.
The plan will be implemented through pawn assurance, digital channels and solutions, a fully digitized team of advisors, and a brand-new sachet insurance concept that will cater to specific needs of more Filipino households.
“We’re always searching for innovative channels so we can reach more untapped customer segments. This partnership with the country’s leading micro-financial services institution strengthens our thrust toward financial and protection inclusion on a national scale. Cebuana Lhuillier can help us provide the right protection that fits the specific needs and budget of more Filipinos and empowers them to celebrate living,” says Li Hao Zhuang, president and chief executive officer of FWD Insurance.
“In our venture to bring our business to digital space, building a strategic partnership with one of the fastest-growing insurers in the Philippines supports our commitment to make every Filipino financially included anytime, anywhere. The strength of both our organizations allows us to seamlessly deliver quality products and services to our markets,” adds Jean Henri Lhuillier, president and chief executive officer of PJ Lhuillier, Inc.
Affordable life insurance-focused products and packaged solutions involving health, life and investment products will be introduced to give more Filipinos from all walks of life the chance to get covered according to their protection needs and budget.
They will also be given optimum buying options for their convenience using either technology-aided platforms for remote interaction or through face-to-face engagement with a highly trained sales team.
Both FWD Insurance and Cebuana Lhuillier will be sharing best practices in the implementation of plans under the partnership. Aside from training employees and salespeople for additional knowledge and skills in financial planning, team collaboration and reward system for top performers will also be enforced.