AS part of its agenda to help in changing the perception of insurance, Etiqa Life and General Assurance Philippines Inc. plans to make insurance easier to distribute among the less-privileged Filipinos.
We’re looking into that, according to Etiqa Group CEO and Etiqa Philippines Chairman Kamaludin Bin Ahmad.
Kamaludin said he sees potential in the fact that almost “even the not so wealthy have access to some form of Internet or a smartphone.” He said Etiqa Philippines, formerly AsianLife and General Assurance (AlGA) Corp., hopes to tap into this potential in order to develop an easy and cheap microinsurance that anyone can have.
Through this, the Philippines subsidiary of Etiqa, can do their part in nation-building while, at the same time, establish their brand within the country.
After changing its corporate name from AlGA to Etiqa Philippines on June 19, the company began a rebranding campaign. It changed its logo and identity to Etiqa Philippines, aligning with its parent company’s main logo of Etiqa in Malaysia, Singapore and Indonesia. Etiqa is the insurance and takaful—cooperative system of reimbursement or repayment in case of loss—business of the Malaysian Banking group (Maybank).
Promise of quality
HEADQUARTED in Kuala Lumpur, Malaysia, Etiqa has a regional presence in Indonesia, Philippines, Cambodia and Singapore.
It is one of the fastest-growing insurance companies in the Association of Southeast Asian Nations. Etiqa said its rebranding exercise is expected to strengthen the Group of Maybank’s brand equity in the Philippines.
According to Kamaludin, Etiqa isn’t just committed to delivering quality service, it is also committed to change people’s perception of insurance and to spread a culture of sincere, humanizing service across the world.
Kamaludin said there’s a misconception that getting insurance is only as one nears the end of his or her life.
“When Filipinos think of insurance, the things that come to their minds are ambulances, aging, turning 70 years old, like that.”
This is because most people tend to think that nothing bad could ever happen to them, he added.
“This leaves individuals unprepared when an accident or an unexpected tragedy occurs.”
With insurance, the people affected will not have as big of a financial blow in the event of a tragedy, Kamaludin said.
Another mindset that Kamaludin noticed was that most people want to do other things first with their money, such as a phone or car upgrade, rather than invest in insurance.
He, however, believes the more someone sees all the potential threats that could happen to them, the more they are to see the value of insurance.
More than selling
Kamaludin said Etiqa also plans to change the way insurance agents relate with customers.
Customers often walk into insurance companies being made to feel like the company is not concerned with their well-being, he said. For them, the company only wants to sell them something, which leads to them becoming reluctant to get insurance, Kamaludin added.
Etiqa’s approach to this is to change the way they talk to customers. They want customers to know that they are concerned about their well-being and offer honest deals. Through this, Etiqa “makes the world a better place” for both their policyholders and those affected by the unforeseen events.
Along with a genuine concern for their clients, Etiqa also goes above and beyond for them, Kamaludin said. In cases where a spouse buys a policy without telling their family, Etiqa would actually inform them of the policy when something bad happens. In that way, the family is able to reap the benefits of insurance.
Stephanie Joy Ching