DAVAO CITY — Insular Life Assurance Co., Ltd. (InLife) is looking at tripling its first-year premiums in Mindanao by the end of this year to P1 billion from about P333 million in 2018.
“To help us reach our target, we are increasing our effort to recruit more financial advisors and agency leaders, coupled with intensified training for new and existing members of the sales force,” the company said in a statement sent to BusinessWorld, noting the economic growth in the country’s southern islands.
Last year, Mindanao recorded an overall gross regional domestic product growth of 7.1%, according to the National Economic and Development Authority.
To attract more clients, InLife said it is also improving its “product solutions by giving more options for the public to choose the best plan that would suit their personal protection needs as well as improve their financial security.”
The company has also “improved the customer’s experience by using the digital platform.”
“We have made purchasing life insurance as seamless as possible, with the use of our pioneering Automated Underwriting System which can process more than a thousand insurance applications in a day,” it said
It has installed automated systems “to give the customers, through online access, the power to retrieve information regarding their policy/ies, perform certain changes, and avail of services, 24/7, anywhere they may be. “
Aside from technological innovations, the company has also maintained physical presence in the cities of Davao, General Santos, Cotabato, Cagayan de Oro, and Ozamis.
“These buildings are proof of InLife’s commitment to Mindanao and its people,” it added.
The company currently has about 30,000 policyholders in Mindanao, representing 13% of its nationwide customer base. — Carmelito Q. Francisco