Philam Life encourages young people to become financial advisers, planners

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Monday, August 6, 2012


INSURANCE company Philam Life hopes to recruit more young professionals to join their pool of financial advisers and planners to expand the market in the Philippines.

Philam Life president and chief executive officer Rex Mendoza said in a press conference on Friday that they are aggressive in their recruitment campaign to tap the younger market to get into the career of becoming financial advisers and planners.

“We want the younger people to know more about this career. Not all students in college know what an insurer is until they understand that this is a rewarding career,” Mendoza said.

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Philam Life recently launched its Premier Agency Recruitment Advertising campaign that aims to appeal to the younger market by communicating that the financial advisor career “helps other people achieve their dreams, while achieving theirs.”

Perception

Philam Life currently has 300 financial advisers and planners.

Mendoza said the campaign is meant to attract more Filipinos to avail themselves of insurance.

“For many Filipinos, life insurance is not perceived to positively impact achievements of one’s dreams, unlike savings and investments. Some, if not most Filipinos even believe in betting in the lotto more than getting an insurance,” said Mendoza.

Philam Life senior vice president and head of marketing Jessica Abaya said that perception has roots in our culture. She said Filipinos put their money in banks because they can withdraw it anytime for unplanned expenses unlike insurance which is designed for long term-protection.

“Filipinos are not into this mindset yet,” she said.

“We lack financial education specifically about insurance. In college nobody taught us about handling money and if we were taught in college those were not our own money. No one dealt with the management on personal finances,” Mendoza added.

Philam Life top executives were in Cebu last week to celebrate the company’s 65th year in the business.

Mendoza said Cebu is their priority market given the rapid growth of its middle class as shown in the various developments of condos and office spaces.

He said Cebu is lagging behind Manila in terms of insurance exposure with Cebu accounting for 10 percent of the total Philam Life operations. Mendoza said it is not an economic or wealth issue.

“It is about making sure Cebuanos make the right decisions. There’s nothing wrong with buying luxury items but are these not hedging your future stability?” said Mendoza.

“Cebuanos are responsible (buyers) but it’s not clear if they have the access to right information in terms of choosing right investments.”

On top of growing their financial advisers to help Filipinos understand the necessity of insurance, Philam Life also introduced series of Unit-Linked Products (ULP) -- a combination of insurance and investment products.

Mendoza said they already launched Bright Future Invest, which focuses on education of children and at the same time a “real” protection product.

Education fund

Bright Future Invest is a product that gives policyholders the opportunity to build an education fund that allows them to send their children to their dream universities despite the increasing cost of education, with high growth by investing in Philam Life’s professionally-managed range funds while protecting their loved ones with life insurance coverage.

Another ULP that is set to be launched is Family Secure, “a life insurance plan for breadwinners that provides protection for his family during his working years, which can be converted into a retirement fund as the policy holder grows older.”

Philam Life is part of the AIA Group Limited, the largest independent publicly listed pan-Asian life insurance group in the world.

This year, Mendoza also announced, all Ayala-FGU buildings will be renamed BPI-Philam.

Published in the Sun.Star Cebu newspaper on August 07, 2012.

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