CEBU, Philippines - Philam Life has strengthened its position in last year’s Insurance Commission Tentative Industry Rankings based on the 2013 Submitted Annual Statements.
According to the report released May 2014 by the Insurance Commission, Philam grew 31% with total premium income of P20 Billion.
Single premium and unit-linked products drive the life insurance industry.
“The revenue increase is a good sign that the market is now seeing the value and benefits of securing life insurance products,” said Philam Life President and CEO Rex Ma. A. Mendoza. “This goes right in line with our mission of empowering Filipinos to achieve financial security and prosperity.”
Philam Life, the country’s premier life insurance company, delivered significant revenue growth last year through an enhanced agency network, strengthened bancassurance channel (BPI-Philam), a complete portfolio of unit-linked products, and upgraded facilities for best-in-class customer service.
In 2013, Philam Life introduced technology-based sales tools such as the iPoS, which allows customers to apply for life insurance in one sitting with their trusted financial advisor. To make financial planning easy, fast, and convenient for its customers, Philam Life also rolled out enhancements in several customer touch points. Customer service centres were transformed in Baguio, Binondo, Dasmariñas, Santiago, Iloilo, Caloocan, and Manila Bay, featuring a VIP lounge, modern interiors, and personalized, one-stop policy servicing.
With the shift to unit-linked products, Philam Life introduced new products – Family Provider, a life protection plan that does not require a lifetime to pay for, and MoneyWorks, a savings and life insurance plan that invests savings in expertly managed funds that give higher returns than bank deposits over time. Philam Life has also launched Health Invest, a health and life insurance plan that provides financial protection from serious sickness, accidents or loss of life. It also lets you build a fund for your future health care needs, and it can be payable in as short as 3, 5, 7, or 10 years.
Philam Life continues to keep promises to customers from generation to generation, as it has released over P100 Billion worth of benefits from 1950 to 2013, and over P7.5 Billion in education benefits paid out from 2004 to 2013. The company is also the only financial institution in Asia to receive 10 Platinum Trusted Brand Awards from Reader’s Digest. The awards were based on consumer surveys measuring trustworthiness, credible image, quality, value, understanding of customer needs and innovation.
The company is a proud member of the AIA Group Limited (AIA), the largest independent publicly listed pan-Asian life insurance group with presence in 17 geographical areas across Asia Pacific, with 27 million customers, and over 90 years of history in the region. As part of the AIA Group, Philam Life bested 16 other markets where AIA operates when it won the AIA Premier League Gold Cup and the AIA Champions League Gold Cup in 2013. The achievement validates its success in 2013 in terms of achieving growth targets, especially in new business and annualized premiums. The awards also recognize Philam Life’s focus on continually improving the quality of the company’s business.
Philam Life is also committed to become The Real Life Company that is genuinely engaged in real people’s lives through meaningful dialogue, and empowers them to achieve financial security and prosperity by providing solutions and plans that turn their real-life struggles into success. (FREEMAN)