MILLENNIALS are the next target clients or financial advisors of insurance firm, Philam Life.
Philam Life chief executive offer Ariel Cantos said they have been courting millennials to boost the country’s insurance penetration, which still remains low amid the aggressive campaign of the insurance industry.
“A big number of Filipinos is still not aware of financial planning. There is still a lot to do in making them understand the value of getting protected,” said Cantos, who was in Cebu last Tuesday for the launching of Philam Life’s new office in Cebu Business Park.
He said that for every 100 Filipinos, only two live comfortably after retirement while a big number either depend on their children or charity to get by.
Cantos reiterated that the earlier the young market learns about financial literacy and financial freedom, the more they will enjoy the things they want without having to worry about future finances.
“The problem with millennials is that they are heavy consumers. They spend a lot,” said Cantos. “We need to constantly remind them to practice the habit of saving.” The Philam official said they have invested in the digital space to make insurance an attractive investment tool and career growth for young professionals.
“The bulk of our financial advisors are in the 40s, but we are seeing a rising growth in the millennial segment. We intend to invite more young professionals to join the industry,” he said.
Having a meaningful job, independence or the idea of owning one’s own time and a balanced work lifestyle are what attract the younger market to join the industry.
Cantos said the firm has invested in transforming its offices into a workplace that exudes vibrance and fun. They have also improved their incentive packages to appeal to younger agents. (KOC)