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FWD Life Philippines (FWD), the fastest growing life insurance company in the Philippines today, will open its new business hub and Customer Connect Center in the City of Pines by the second quarter of 2016 in Session Road.
FWD, the first life insurer to have been granted a license to operate in the Philippines under the new Insurance Code, says the increasing competitiveness of Baguio and the Cordillera region in general, is a welcome development for FWD. The region ranks third in terms of the highest per capita income in Gross Regional Domestic Product (GRDP).
“We are very bullish on the growth prospects for our business here in Northern Luzon. It is a strategically important geography for FWD Philippines and forms an essential part of our presence in the country,” says FWD Life Philippines President and CEO, Peter Grimes.
“The widening awareness for health and wealth protection and medium to long term savings has been evident among the locals of Baguio and the Cordilleras, and by the increasing number of Filipinos supported by FWD products,” he said.
The commitment to integrate technology as a pillar of progress is one of the things that FWD proudly shares in common with Baguio. “Innovative technology has been one of Baguio City’s main development pillars, such as the current use of electric vehicles to curb traffic and clean the city’s air,” Grimes adds.
In 2015, the Northern Luzon region has contributed more than 10% of the company’s new business annualized premium income (APE) from the Bancassurance sales channel. Baguio, meanwhile, accounted for almost 20% of Agency sales’ new business APE. Furthermore, FWD now has approximately 200 Financial Wealth Planners (FWPs) in North Luzon, with some 130 based in the mountain city, as well as FWD Financial Solutions Consultants (FSCs) located in Security Bank branches locally and across the Philippines.
While a lot of attention has been focused on addressing the needs of the great unbanked sector, the truth is, the number of under-insured or uninsured Filipinos has increased over the years with the protection gap growing ever wider.
Insurance penetration in the Philippines, at present, stands at around 1.8% while the ASEAN markets averages a little less than double that. Within this group of uninsured Filipinos are individuals with a millennial mindset who use technology extensively to make better financial decisions and manage their financial resources.
Today’s Filipino consumers are highly experiential and place increasing importance on products, services and convenience that let them enjoy their individuality and pursue their passions worry free. Tech-savvy, driven, and motivated savers, they use technology platforms and data sources to live their lives efficiently and make better financial choices.
Armed with the latest devices and with unprecedented access to information, knowledge, and data brings them financial security.
News Source: Amianan Balita Ngayon