Yuchengco-led insurance firms innovated their products and accelerated digital transformation to adapt to the changing needs of the clients amid the country’s economic and health crises.
Sun Life Grepa Financial Inc. (Sun Life Grepa)—a joint venture between Sun Life Philippines and Yuchengco Group of Cos. (YGC)—and YGC-led Malayan Insurance Co. Inc. (Mico) understand that accessing insurance products should be made safer and easier through digitalization.
“[The] speed to adapt to the new normal, speed of transformation to digital and speed to market new general insurance solutions for new needs and opportunities are key to resilience,” Mico President and CEO Paolo Y. Abaya was quoted in a statement the insurer issued last Monday.
Mico has digital initiatives including use of portals, application programming interface, infrastructure modernization and information security. In addition, it has been issuing electronic policies and electronic certificates of insurance since 2010.
Abaya shared that the policy holders can now reach out to the firm for their insurance claims remotely through the website. They can do so by filling up a digital form, providing necessary information details of their policy and uploading digital copies of other requirements.
“Digitization can fundamentally change the way we operate, help our agents and partners produce, serve our customers, engage our employees and adapt in the new normal,” Abaya said.
For the part of Sun Life Grepa, it agreed that clients should be able to have digital access.
The insurance company is offering the first remote online medical examination service. This service reduces the need for the clients to undergo face-to-face medical exams.
Sun Life Grepa also enabled digitally assisted means of payment.
“We want to improve the lives of people not only with more life protection solutions today, but also with wealth building options so they can keep their financial journey on track beyond the pandemic,” Sun Life Grepa President Richard S. Lim was quoted in the same statement as saying.
Lim said that among the products that the insurance company focused on in the past months were income protection, health and medical coverage and business and employee protection.
He added that Sun Life Grepa will “continue to look for more solutions to help people cope with their changing needs now and in the future.”