Microfinancial services provider Cebuana Lhuillier Services Corp. recently announced the transformation of its insurance arm into a “future-ready” Cebuana Lhuillier Insurance Brokers Inc. (Clib) that the company said will give more Filipinos access to affordable insurance products.
At the same time, Cebuana Lhuillier announced it will offer an array of life and nonlife insurance products made possible by partnerships with a number of insurance providers and accessible through the company’s digital platforms.
Cebuana Lhuillier President and CEO Jean Henri D. Lhuillier is hoping the move would enable them to grow their client base to 25 million within three years to five years from the current 11 million, especially as they roll out more insurance products.
“Today marks a new and exciting chapter in the history of Cebuana Lhuillier as we continue to champion financial inclusion—no longer just an agent but a broker—providing Filipinos, regardless of their socioeconomic class, access to insurance products that fit their needs, financial capabilities and at the comforts of their own home,” Lhuillier said.
Data from the Insurance Commission showed 40 million or only 37 percent of the 105 million total population of the country is covered by insurance.
For his part, Insurance Commission Microinsurance Division Manager Juan Paolo P. Roxas expressed confidence that the industry would be able to hit its target of growing the number of Filipinos covered by insurance to 50 million by 2022.
“I am optimistic and quite confident that by the year 2022, things are steady just the way they are [and] we can hit the target definitely,” Roxas, a lawyer, told reporters in an interview.
Cebuana Lhuillier also unveiled its newest portfolio of personal, health, property, group, loan, and business and liability insurance products through CLIB.
These include the following: CL Personal Accident Basic; CL Travel Prime; CL Pamilya Max; CL Health Dengue and Leptospirosis; CL Fire, Typhoon, Flood EQ Care; CL Drive Lite; CL Tourista Protect; CL Hotel Guest Care; CL Passenger Care; CL Employee Care Plus; CL MicroBiz Protek; CL Agricare; and, Cyber Insurance.
A statement from the company said CLIB also aims to bring prospective insurance providers and buyers together through different “touch points,” including the eCebuana mobile application and a digital one-stop insurance shop allowing clients to compare the lowest prices of insurance offerings and monitor their insurance policies and claims in real-time.
The insurance broker will also bring its partner products, along with Cebuana Lhuillier’s flagship “Protect Max,” to some of the country’s online stores.
Aside from this, these insurance products will also be offered by CLIB in more than 2,500 Cebuana Lhuillier branches nationwide as well as through their 6,500 domestic partner outlets, giving their insurance partners a unique advantage of establishing their presence in most urban and rural communities, which is still considered a largely untapped insurance market.