Insurer undeterred by pandemic, to keep saving lives

TRUE to its mission to protect and empower every Filipino family to enjoy healthier and longer lives, the Philam Group (AIA Philam Life and BPI-Philam combined) reported that it achieved 67 percent of its target of lives saved and 61 percent in terms of basic sum assured coverage amid the Covid-19 pandemic.

This could be mainly attributed to its strengthened digital capabilities, initially with the Facebook chatbot, the enhanced digital selling, and fully operational Coffee Closing that allows complete digital selling within 20 minutes only.

“We remain committed to fulfilling our Save Lives targets and will work towards its completion by the end of the year,” AIA Philam Life Chief Executive Officer Kelvin Ang told reporters during their recent online media briefing.

The year has shown continued customer patronage for AIA Philam Life’s protection products, with best-selling offerings AIA Critical Protect 100, AIA All-in-One, and AIA Med-Assist.

According to AIA Philam Life Chief Marketing Officer Leonardo Tan Jr., their focus on these kinds of products, which account for almost half of the mix, has enabled the firm to achieve a more balanced portfolio.

“Customers who now have ample coverage for medical emergencies, critical illness and untimely passing, would want to look for solutions for their long-term savings needs, which is why we are now launching new funds that will address this new demand.”

Elite Funds

Called the “Elite Funds,” which include Adventurous Fund, Balanced Fund, and Conservative Fund, this latest offering was introduced in the webinar by AIA Philam Life with the support of its affiliate AIA Investment Management Pte. Ltd. They are all sub-managed by leading global investment managers Baillie Gifford, Wellington Management, and Blackrock.

“We invest alongside our customers using the same best in class fund managers and apply consistent standards of professional oversight, providing our customers with the reassurance and consistency they expect from AIA,” said Mark Konyn, chief investment officer (CIO) of AIA Group.

“By giving them more investment options, we are empowering them to achieve their long-term savings objective, thus bringing to life our brand purpose of helping Filipinos live Healthier, Longer and Better Lives,” AIA Philam Life CIO Arleen Guevara added.

The Philam Group comprises of the biggest life insurance company in the Philippines. Its affiliate AIA Philam Life has remained financially strong and stable despite the local economic challenges. In fact, its annualized new premiums continued to improve in the third quarter of 2020, with a strong “double-digit” growth as compared to the second quarter of this year. 

“We remain confident of the opportunities ahead, with the low insurance penetration rate, and our strategy coupled with an increased awareness of health risks and the value of protection following the pandemic,” AIA Philam Life Chief Financial Officer Gary Ogilvie said.

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