AIA Philam Life is aiming to provide coverage to 110,000 people this year, which will translate to P110 billion in sum assured, as the company also said it is ready to face the implications and challenges of the coronavirus disease 2019 (COVID-19) pandemic.
Kelvin Ang, AIA Philam Life chief executive officer, told reporters in a virtual briefing yesterday the company has a target of P1 million coverage each for these 110,000 individuals.
“Despite the challenges in the first quarter brought about by a natural disaster and a global pandemic, we at AIA Philam Life have remained steadfast in fulfilling our mission to protect more Filipinos,” Ang said.
To date, AIA Philam Life said it has achieved 30 percent in its targets for both lives saved and basic sum assured.
“AIA Philam Life had an excellent year in 2019 with our value of new business seeing strong double-digit growth supported by our product mix shift towards traditional protection products. Our financial stability also remains strong with our excess capital five times the amount set by the Insurance Commission,” Gary Ogilvie, AIA Philam Life chief financial officer, said.
“Despite the global pandemic and possible downturn in economic performance we remain financially strong to weather the storm and support our customers,” he added.
Ogilvie said during the briefing the company has had a small number of claims in relation to the COVID-19, at a little over than 10.
“Overall, our claims rates are still within our expectations, and our best estimates. And so, we’re not seeing any issues in terms of absorbing COVID-19 claims,” Ogilvie said.
The company said it is ready to meet the surge in demand for protection, with a full suite of products designed to address the basic protection needs of every individual.
In the wake of the displacement of some workers amid the enhanced community quarantine, AIA Philam Life said it seeks to provide a solution that will also contribute to driving the economic recovery of the country, by creating career and earning opportunities in its recruitment efforts.
“We aim to further strengthen our agency force with a target of recruiting 10,000 new financial advisors and bancassurance sales executives in our fold within the next 12 months,” Ang said.
“With the expected upsurge in interest for protection products, we will need more people to serve this demand. With the growth of our agency force, we will be able to reach and protect more customers, at the same time bigger earning potential for new recruits who can work from the comfort and safety of their own homes, digitally enabled with our various platforms, as they keep the wheels of the economy turning,” he added.
Meanwhile, Ogilvie said while there are some short-term economic issues amid the pandemic, he pointed out the country’s fundamentals remain strong.
“Economically, I think the long-term growth potential for Philippines remains strong, and as part of that, long-term growth opportunities for insurance also remain very strong,” he said.