Allianz PNB Life, Inc. reported recently that it achieved growth in the number of clients and net premiums despite the scarring of the economy by the pandemic.
Gino Riola, chief marketing officer of Allianz PNB Life, told the BusinessMirror that the life insurance firm posted double-digit growth in the last two years both in registering new customers and annualized net premiums.
Riola said that the firm registered last year a “remarkable” 47-percent increase in annualized net premiums ending with P 30 billion in gross written premiums.
This comes after the Insurance Commission cited Allianz PNB Life as the country’s eighth-largest insurer in terms of New Business Annual Premium Equivalent in 2020 with P2.24 billion.
“We are proud of our market-leading growth performance because it translates to the successful achievement of our purpose to secure the future of Filipino households,” he added.
After strict quarantine restrictions were enforced by the government, Riola said Allianz PNB Life immediately prioritized customers and their personnel focusing on their insurance needs and the safety of their work environment respectively. He also said the company was among the first life insurers to have its online sales process approved by the Insurance Commission resulting in beefing up its digital tools.
The executive added the life insurance arm of the Philippine National Bank launched a program to reduce employee stress and improve engagement and performance.
Riola said they “introduce continuous enhancements to our ways of working to ensure that we are proactively adjusting to ever-changing standards and expectations.”
According to a research report commissioned last year by Allianz PNB Life, the pandemic has led to an increase in insurance awareness among Filipinos. Riola said this is a positive development given that the Philippines’s insurance penetration rate of around 2 percent remains among the lowest in Asia.
To be able to capture a bigger size of the market, Riola said the company has launched new solutions and enhanced its digital tools. Further, he said Allianz PNB Life had invested further in new training programs to increase the expertise of their agents and financial advisors in addressing the protection and health needs of the customers.
Riola said the company has utilized a tool “to gather and respond to customer feedback.” He added this enabled the company to introduce processes and campaigns to sustain their loyalty leadership position and enhance the effectiveness of its digital tools.
“We also utilized market research and segmentation to develop new products and funds which provided our customers with additional solutions to choose from,” Riola said.