The top insurance firm in the Philippines, Sun Life of Canada (Philippines), Inc., is continuously reaching out to more Filipinos across the country. In an effort to further introduce affordable life insurance products to the mass market, the company has entered into a partnership with Universal Storefront Services Corporation (USSC).
“We feel that financial inclusion is critical for our country to continue to progress as a nation. We are very glad that there are others who share the same vision about financial inclusion and about building a much bigger community of Filipinos who have secured future,” said Sun Life President and CEO Riza Mantaring during the launch of the partnership.
In-line with goals
Mantaring added that this alliance is in line with the giant insurer’s ongoing RI5E PH campaign, which sets an aggressive five-year goal to insure a total of 5 million Filipinos by 2020. “This partnership presents another opportunity to address life insurance needs of more consumers, especially those who are not yet used to investing in insurance and other financial products,” she said.
Under this team-up, special life insurance products would soon be available in USSC’s cumulative network of 1,500 locations, consisting of about 780 outlets and more than 700 key-sub agents nationwide. USSC–formerly known as Radio Communications of the Philippines (RCPI), which was the largest telegraph services provider locally–is presently operating the largest chain of one-stop service shops in the country.
Among the services it offers are money transfer, payment collection, transport ticketing, mobile phone reloading, and non-life insurance transactions. Currently, it handles more than half of all Western Union transactions in the country.
Serving customers’ needs
USSC President and CEO Jose Xavier Gonzales highlighted the importance to the brand of this partnership. “With Sun Life, we are confident that we can fulfill our commitment to serve and help in addressing the needs of our loyal customers by providing them with relevant and affordable services,” he said.
The main target of the Sun Life-USSC partnership will be the latter’s remittance recipients. About two-thirds of USSC’s recipients are women aged 30 to 45 years old; 55% of which are in urban centers and 45% are in rural communities. Around a quarter of the company’s regular customers are families of overseas Filipino workers (OFWs). Up to 45% of the remittances it serves come from North America, 25% from the Middle East, 20% from across Asia, and 10% from European countries.
Affordable basic protection and life insurance products from Sun Life would be available through USSC in January 2017 or as soon as the Insurance Commission hands down its approval. Tech and Lifestyle Journal will bring you more details about such affordable products soon.