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Wednesday, January 16, 2019

‘A promising market for insurance’

FINANCIAL services company Allianz PNB Life is aiming to plug in more Cebuano families into the insurance ecosystem to help future-proof their financial progress.

The firm launched yesterday its agent distribution channel and its first bancassurance life track solutions in Central Visayas.

Efren Caringal, chief financial officer at Allianz PNB Life, noted that the country’s growth should be supported by investments in adequate financial protection.

“Allianz wants to be there to provide financial security solutions as Cebu continues to progress. Where there is progress, Allianz is there to offer financial solutions, both at the personal and corporate level. We will give Cebuanos the opportunity to sustain and protect their financial advancement,” said Caringal.

The bancassurance life track station aims to provide PNB and PNB Savings Bank customers with “a comprehensive financial wellness experience.” Gae Martinez, chief marketing officer, said it provides a private space for bank clients and prospective investors to seek advice from financial advisors and discuss how their financial products could help address varying needs.

Allianz unveiled its first bancassurance life track station in East Visayas at the PNB MC Briones branch.

Martinez pointed out they are trying to capture families, high net worth individuals, millennials, and overseas Filipino workers (OFW).

“We are in the process of completing our product slate to offer to these market segments,” she said.

She added that aside from understanding the demographics, they will dig deeper and understand the cultural and behavioral aspects so they can create relevant propositions for their clients.

Caringal said Cebu’s economy is a promising market for insurance, citing its population, income and the huge pool of OFWs.

Allianz targets to set up a hundred life track stations this year, 30 of which have already been installed.

Last year, it launched 25 life track stations.

Caringal also announced that they will be mounting a business opportunity meeting for the Allianz Life Changer program on Feb. 1 at the Radisson Blu Hotel.

The program is part of the company’s financial literacy campaign to help the country close the protection gap.

Allianz said that in the Philippines, this protection gap is estimated to be at P24 trillion or $480 billion, or P1.17 million per household.

Allianz entered into a long-term partnership with the Philippine National Bank (PNB) in 2015 and acquired majority of PNB Life Insurance Inc.’s stake.

The joint venture provides Allianz access to more than 660 PNB branches nationwide and four million customers. (KOC)
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