Pawnshop chain works with Federal to offer CTPL insurance coverage
-A A +AThursday, January 31, 2013
VEHICLE owners can now obtain and renew their compulsory third-party liability (CTPL) insurance from any branch of Cebuana Lhuillier, after the pawnshop chain forged a partnership with Federal Phoenix Assurance Company (FPAC) Inc.
Jonathan Batangan, general manager of Cebuana Lhuillier Insurance Solutions (CLIS), yesterday said the joint endeavor is meant “to finally end the woes of motorists in obtaining CTPL policies and difficulty in claims processing.”
He anchored this optimism on the pawnshop’s network of 1,500 branches nationwide.
Vehicle owners can drop by Cebuana Lhuillier pawnshop and bring a copy of the Land Transportation Office (LTO) certificate of registration together with the official receipt when obtaining or renewing their CTPL insurance coverage.
Insurance claimants with Cebuana CTPL can also file their claims at any pawnshop branch by submitting valid and complete claims documents.
Non-traditional
Batangan said the creation of this alternative channel is also meant to heighten awareness of motorists that CTPL can also be coursed through pawnshops other than traditional outlets.
In Cebu, Batangan said, Cebuanos can visit any of the 300 Cebuana Lhuillier branches.
CLIS is the microinsurance arm of the PJ Lhuillier Group of Companies, which operates Cebuana Lhuillier. CLIS has covered more than five million Filipinos and settled more than P50 million in claims since its establishment in 1999.
FPAC, which is a member of The Zuellig Group, whose core business is providing insurance risk solutions to the Filipinos, has established connectivity with the LTO and other agencies to decentralize CTPL policy insurance.
It developed a web-based technology that makes filing claims easy and seamless. It also complements Cebuana’s connectivity with its claim management system integrated in its entire branch network.
Both firms target to reach five percent of the country’s 6.5 million vehicle owners.
According to FPAC vice-president for marketing operations Johnny Magbanua, while this initiative is meant to offer an alternative channel to motorists, at the same time it keeps them away from fly-by-night insurance operators.
The firm said the fake CTPLs issued by fly-by-night insurance companies have caused the government to lose millions in premium taxes.
Published in the Sun.Star Cebu newspaper on January 31, 2013.
Business
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