I was invited last Thursday to a special sit-down at the GreenSun Hotel with the new CEO of PhilAm Life Mr. Aibee Cantos together with Mr. Stephen Segismundo, the VP and Head of PhilAm Life’s Agency Strategy.
The two talked about the company’s plan of beefing up their recruitment program as a response to the growing opportunities here in the country. In total, PhilAm Life has around 7000 financial advisers and Mr. Cantos said that the plan is to double this figure within the year.
To help them with this target, the company also launched its #PhilAmStrong recruitment campaign at the GreenSun Hotel Ballroom recognizing all the top financial advisers and company achievers while presenting their vision on how to make the company stronger in terms of manpower.
According to Mr. Cantos, the insurance industry is up in a buoyant mood, with assets growing by 20.56% at 1.29 trillion pesos during the first half of 2016. But in spite of the impressive industry showing, penetration and insurance ownership rates are still on the low side. While the country’s insurance penetration rate of 1.75% may have grown by 71.57% during the past six years (2009-2015), it remains among the lowest in ASEAN, which has an average of 3.4%. Although improving, there is still inadequate financial literacy and lack of insurance awareness among Filipinos.
“With the right products and the right people, we have a lot of opportunities to penetrate the market,” said Mr. Cantos. “Today is the right time to talk about life insurance because it has continued to evolve. From primarily protecting the income of the breadwinner, life insurance has expanded to many uses like helping a child get the best education, to helping the sick get well, and to ensuring a comfortable retirement. Now, in addition to being there when something bad happens, Philamlife is an active partner for life to help people live longer, healthier, and better lives.” he added.
While awareness and understanding on the importance of getting an insurance policy is improving, the low penetration rate might be attributed to a more deeper reason that is linked to continuous education, accessibility and the affordability of products.
“Marunong nga mag drive, kaso ayaw naman mag drive.. nothing will happen,” Mr. Cantos explained. “The need is there and good products are readily available, what we need right now is an honest-to-goodness, clear and powerful recruitment program for financial advisers. These well-trained people will be the company’s greatest assets to educate and guide Filipinos to realizing the importance of being covered.”
To complement its awareness efforts on financial literacy, Philam Life’s recruitment campaign was launched to help the company find and develop more champions of life insurance who will bring financial solutions closer to its customers.
Philam Life takes on a different approach to recruitment by doubly ensuring its new advisors will be provided with the right tools via targeted development programs.
“Our financial advisers enters a support and mentoring program that is tailor-fitted for them,” Mr. Segismundo added. “Our minimum standards are their hopes and dreams, we don’t tell them our expectations from them, we ask them their hopes and dreams – that is their quota.”
Philam Life is acknowledged as one of the enduring pillars of the Philippine life insurance industry. For nearly seven decades, Philam Life has earned the trust of customers for its financial strength, strong brand name, and its ability to deliver on its promises.
Philam Life has 236.4 billion pesos in total assets as of December 31, 2015 and has delivered timely payouts of over 10 billion pesos in education benefits (2004-2015) and over 131 billion pesos in insurance benefits (1950-2015), while serving close to 600,000 individual policy holders and over 2 million insured group members.
Recently, it launched several innovative programs that is a representation of its commitment to set new industry standards and create more positive changes in the years to come.
- SPARK, a one-stop-shop office that offers full digital personalized services to give the best service experience to customers of Philam Life, BPI-Philam and PAMI.
- Its online Customer Portal called ePlan is also now up to provide customers a facility to access policy details and make transactions anytime, anywhere.
- Philam Vitality, the first of its kind in the Philippines and the only full-scale wellness program that is all about getting healthy and being rewarded for making healthy choices.
- Future Scholar, the first in the market hybrid education plan that gives guaranteed benefits at the same time offers long-term growth potential to help parents maximize their savings for their children’s college education.
- Adept in innovation, Philam Life’s financial advisors and agency leaders also work from the comforts of their own Interactive Mobile Office or IMO – an app which they can use to plan their business, recruit, monitor and manage sales activity.
- Another innovation, IPoS, is the interactive point of sale system, first iPad-based paperless application that aids financial advisors do financial needs analysis, present product options, receive applications and pay in one sitting.
- Recently launched is GENESIS by Philam Life, a modern facility for financial advisors that offers an end-to-end training and development program that fast tracks the journey of Philam Life financial advisors to becoming premier agency leaders and elite members of the global Million Dollar Round Table club.
To sum up, I guess the message clearly stated by both Mr. Cantos and Mr. Segismundo is that an attractive package for PhilAm Life Financial Advisers would eventually result to an attractive future for would-be PhilAm Life policy holders.
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