“In the coming years, we see innovation in solutions to come more from enhancements, not only in the insurance policies and funds in their traditional sense, but in complete client experiences”
The ongoing health crisis has changed consumer behavior and their attitude towards insurance products, as the need to take care of one’s health and finances has never been as relevant as it is today.
Insurance companies are thus developing new products that cater to the updated needs of their clients.
Manulife Philippines in its Asia Care 2020 Survey found that the new coronavirus disease 2019 (COVID-19) fueled Filipinos’ appetite for insurance. However, many had concerns about financial security and the long-term economic impacts of the pandemic.
“In response, we redesigned and reintroduced our term insurance plans (Yearly Renewable Term and React5) so we can make our products more accessible to more Filipinos,” Manulife said.
“Through another study, `Understanding Filipino Sentiments Toward Health and Critical Illness,’ we learned that many Filipinos still face barriers to embracing better financial and lifestyle habits. Fueled by insights gained from this study, we introduced HealthFlex, a flexible and customizable health insurance plan, which lets you choose and pay only for the health coverage you need,” the company said.
For this year, Manulife is exploring more innovative ways to contribute to the country’s economic recovery and help support more Filipino families.
“With our customer at the heart of everything we do, we will continue to offer timely and relevant products that address their rapidly changing needs, priorities and behaviors, so we can be better positioned to serve them and make their everyday better,” Manulife said.
AIA Philippines also continued to develop protection products during the pandemic, and launched products for long-term savings, in response to its customers’ needs.
“In parallel to the development of these products, we’ve further enhanced our offerings with the launch of My AIA, the platform that will allow our customers to gain access to Total Health Solution, the ecosystem that will help them live better, protect better and get better in just a few taps on their mobile,” said Kelvin Ang, AIA Philippines chief executive officer.
“Through My AIA, we are with our customers every step of the way, mentoring them in their wellness journey so they can continue to enjoy a healthier, longer, better life,” Ang added.
Sun Life Philippines highlighted that it is the first at allowing clients to avail life insurance through online shopping platform Lazada.
“We will continue to introduce simple insurance and wealth solutions that clients can avail online and through our digital partners,” said Benedict Sison, Sun Life Philippines president and chief executive officer.
“Sun Life aims to capture the opportunities that 2022 will present, while staying grounded against potential headwinds. We are expanding services, enabling more self-service channels, and deepening ties with clients. In addition, we plan to launch new solutions while closely watching developments in various client segments for inspiration on future innovations,” Sison added.
Under health, Sun Life launched Sun ICU Protect, which offers Filipinos financial protection from life-threatening conditions, with several value-adding features along the patient’s journey through prevention, diagnosis, treatment and rehabilitation.
Under wealth, the company launched during the pandemic the Peso Global Funds, MyFuture Funds and Global Opportunity Payout Fund, “all of which were well-received by clients who would like to secure their family’s future and are looking to diversify their funds,” Sison said.
“In the coming years, we see innovation in solutions to come more from enhancements, not only in the insurance policies and funds in their traditional sense, but in complete client experiences,” Sison said.
“This ambition pushes us to explore features that are not core to a life insurance and asset management company, and we look forward to exploring partnerships that will allow us to integrate these puzzle features into meaningful experiences and help our clients address real life concerns,” he added.
