Sun Life of Canada (Philippines), Inc. gets into full swing as it continues to aim to help improve the lives of more Filipinos. The biggest and oldest-standing life insurer in the country sets an ambitious goal to significantly increase the number of its policy holders from the current 1.5 million clients to 5 million clients by the year 2020.
The company kicked off its observance of “Financial Independence Month” with two major and landmark announcements—highlighting its commitment to more aggressively reach out to more Filipinos starting this month (June).
First, it formally signed a cooperation deal with 8990 Holdings for a series of joint financial literacy initiatives. Second, Sun Life officially launched its Money for Life program that consists of comprehensive and customizable financial planning activities.
“Despite the bright prospects that the country’s economy has, prosperity still hasn’t trickled down to the more disadvantaged sectors of society. We have to address this,” Sun Life President and CEO Riza Mantaring said.
Thus, the company sets its five-year target high. “At Sun Life, we always dare to dream big—more so if the stakes are high,” Mantaring added. “Setting high targets will push us to do more, and will allow us to make a greater contribution to our country’s future.”
To reach its goals, Sun Life will roll out a number of initiatives under a special growth plan dubbed as “RI5E PH.” In a statement, Sun Life said RI5E PH is designed to champion financial inclusion as only a small percentage of the country’s population taps financial products like insurance and investments.
The programs under the plan are set to reach out to a wider market and further boost financial literacy advocacy. Mantaring said the company would expand its reach nationwide through different and innovative activities. She declared, “Our time has come. It’s time to RI5E PH!”
Partnership with 8990 Holdings
For the first time, a life insurance player is collaborating with a real estate developer in a landmark cooperation deal aimed at bolstering financial literacy among Filipinos.
Sun Life and mass housing development firm 8990 Holdings have signed a Memorandum of Cooperation to have both companies jointly invest in more efforts to help raise financial awareness in the country. Under the agreement, the partnership will create educational tools, formats and templates, and products and services to address financial, housing, and insurance requirements of the middle and lower-middle income working class.
The companies also agree to jointly facilitate conferences and seminars about empowerment, financial security, payment responsibility, family budgeting, savings, and investments.
“We’re delighted to partner with 8990 Holdings, which has been blazing new trails in the real estate industry with its unique approach to mass housing,” Mantaring said.
For his part, 8990 Holdings President and Chief Executive JJ Atencio said, “We’re thrilled to work with a company that shares our mission of helping Filipinos have a more secure future.” He expressed his confidence that the collaboration will allow the real estate firm to boost its service and create more significant impact to its clients’ lives.
Money for Life program
Based on a survey commissioned by Sun Life and conducted by the Social Weather Stations (SWS), nine out of 10 Filipinos experienced financial shortage in the past 12 months. In the same survey, 54% of respondents said they ‘save money’ to improve their financial situation, while 19% said they ‘make their businesses grow’ and 18% admitted that they ‘do nothing.’
“Thus, we launched Money for Life to bring Filipinos closer to financial independence,” said Mylene Lopa, chief marketing officer of Sun Life. “Money for Life campaign aims to empower our fellowmen to choose the right financial products, take action, and create a brighter Philippines.”
Sun Life has formally launched its special, customized vehicle it calls ‘Bus to the Future.’ The bus is equipped with several visual reality (VR) headsets, which facilitate instant viewing of a minute-long 360-degree VR video that was created to encourage the public to start planning for their future through the company’s life insurance and investment products.
Bus to the Future will make its way to various malls and campuses nationwide. Its first stop will be at the Bonifacio Global City High Street in Taguig City on June 11. It will be parked in Eastwood in Quezon City on June 19, SM City Cebu on June 25, and Solenad in Nuvali, Sta. Rosa, Laguna on July 2.
The bus will also target the youth as it is scheduled to park in several campuses: Mapua Institute of Technology on June 2, the Ateneo Graduate School of Business on June 12, De La Salle University on June 16, University of the Philippines Diliman on June 17, San Sebastian College on June 20, University of San Carlos (Cebu) on June 24, Lyceum of the Philippines University Manila on June 29, and University of the Philippines Los Baños on June 30.
New online portal
Those who may not be able to check out the Bus to the Future could instead log in to Money for Life e-Planner, a new online portal to be found at moneyforlife.com.ph.
The new site is designed to instantly launch a financial planner for every visitor after undergoing a guided self-assessment. The online portal will be up 24/7 and would reflect each visitor’s financial goals and recommended options (including mutual funds).
The e-Planner is expected to significantly reach more Filipinos, anywhere they could be, anytime. “We aspire to have more Filipinos secure their future,” said Sun Life Asset Management President Valerie Pama.
Soon, the e-Planner would also be integrated into the online access of all Sun Life policy holders. A mobile app is also not a remote possibility.