Manila, Philippines, 10 March 2015 – FWD Life Insurance Corporation (FWD Life), the life insurance arm of Asia-based Pacific Century Group, and Security Bank Corporation (SBC), the eighth largest private universal bank in the country, officially launched their bancassurance partnership, bringing a new experience to insurance services to the Philippine market.
The launch marks the rollout of selected FWD Life products in all Security Bank branches in Metro Manila. Customers will initially have access to two FWD Life insurance savings plans with attractive optional benefits. A number of additional products are also in the pipeline.
Security Bank will make these insurance products easily accessible with dedicated FWD Life Financial Solutions Consultants (FSCs) present in each branch to provide professional advice on customers’ individual insurance needs.
Security Bank President and Chief Executive Officer Albert Villarosa underscores how bancassurance aligns with the bank’s thrust towards BetterBanking. “We are happy that through this partnership, we are able to further strengthen our financial services portfolio. Offering insurance services to our bank’s customers is an integral and strategic aspiration for the bank. The partnership with FWD Life complements our goal to provide financial planning solutions and helps us offer attractive insurance propositions to our customers.”
Villarosa adds, “Our extensive nationwide branch network makes financial services more accessible to customers. Given the dynamic economic landscape that our country has now, the insurance needs of Filipinos are also evolving and these needs are what we aim to fulfill.”
FWD Group Chief Executive Officer Huynh Thanh Phong expresses his confidence in the partnership and how it will help enable both parties to achieve their respective growth aspirations. “We have found the right partner in Security Bank since they share FWD’s vision of changing the way people feel about insurance.”
“Security Bank’s strong retail network and established local presence will allow us to reach more Filipinos, while our customer-led technologies and propositions will support the Bank in delivering attractive and appropriate financial products and services. Together, we will provide an engaging and enjoyable experience for customers when purchasing insurance,” Phong added.
Security Bank and FWD Life aim to complete the nationwide rollout to offer more insurance services by the end of 2015.
In October 2014, FWD Life and Security Bank announced the exclusive, long-term partnership to cross-sell the regional insurer’s products in the bank’s extensive local network. The Bangko Sentral ng Pilipinas granted approval for Security Bank to engage in bancassurance in January 2015. The partnership was formally launched in February during a kick-off party at the Blue Leaf Events Pavilion in McKinley Hill, Taguig City.
A kick-off party at the Blue Leaf Events Pavilion in McKinley Hill, Taguig City marked the beginning of the partnership and official roll-out of FWD Life products in all Security Bank branches in Metro Manila. Shown in photo are (from left): Peter Grimes, FWD Philippines President and Chief Executive Officer; Leslie Cham, Security Bank Corp. SVP-Branch Banking Group Head; Chona Ventura, FWD Philippines Chief Financial Officer; Ma. Cristina Tingson, Security Bank Corp. EVP-Retail Banking Segment Head, Security Bank; Huynh Thanh Phong, FWD Group Chief Executive Officer; Alberto Villarosa, Security Bank Corp. President & Chief Executive Officer; Ma. Concepcion Cruz, Security Bank Corp. SVP-Asset Management Group Head; Rafael Algarra, Jr., Security Bank Corp EVP-Financial Markets Segment Head; Cecile Cajulis, FWD Philippines Regional Sales Director; and Delbert Ang-It, Security Bank Corp. VP-Bancassurance Head.
About FWD Life Insurance Corporation: Arriving in the Philippines in early 2014, FWD is the insurance arm of Pacific Century Group, an Asia-based private investment group established in 1993 with interests in property, financial services, telecommunications and other investments in the Asia Pacific region. FWD is the first in nearly a decade to be granted a life insurance license by the Insurance Commission of the Philippines. FWD launched its commercial operations in September 2014. FWD’s business spans the Philippines, Hong Kong & Macau, and Thailand, with a brand presence in Indonesia, offering life insurance services that enable the continuity of our customer’s lifestyles. FWD’s focus is to leverage technology to enhance customer experience, deliver innovative products, and invest in talent to create a leading pan-Asian life insurer that changes the way people feel about insurance. For more information please visit www.fwd.com.ph.
About Security Bank: Security Bank is the 8th largest private domestic universal bank in the country with total assets of Php 385 billion, 7th largest in loans with loan portfolio of Php 173 billion, and 8th largest in total capital at Php 45 billion as of June 30, 2014. Security Bank has been a recipient of numerous awards, among which, in 2013, Security Bank was Best Managed Bank in the Philippines by The Asian Banker of Singapore, and in 2012, Security Bank was Bank of the Year in the Philippines by The Banker of London, and the Strongest Bank in the Philippines by The Asian Banker. The Bank has been operating for 63 years since it was established in 1951. More information is available on www.securitybank.com.
- Product features of FWD Working HolidayCare Insurance include:
1. Innovative “Loss of Income”: If the insured is hospitalised in the working holiday visa-issuing country due to an accidental injury and is unable to return to work for 7 days or more, or his/her employer is bankrupt or winds up the business, the insured will be provided a cash allowance of up to HK$3,000 (HK$1,000 each week).
1.2. Comprehensive protection with worldwide coverage (except for items related to employment(s)), such as Medical Expenses, Worldwide Emergency Assistance Services, Personal Accident, Major Burns, Personal Liability, Cancellation and Curtailment of Trip and Loss of Travel Document
1.3. Worldwide Emergency Assistance Services is provided by International SOS.
1.4. Coverage up to 365 days and no excess for all benefits.
- From now on until 24 September 2015, 6:00 p.m., the public can obtain promotional flyers at the out-of-home bus shelter interactive device located at the Hennessy Road bus station (near Sogo Department Store), Causeway Bay. Receivers can scan the QR code on the flyer, login to the registration page and complete registration, and be entitled to a free FWD Working HolidayCare Insurance. This offer is eligible to participants who can submit proof of working holiday scheme. Other participants are eligible to enjoy a 30% discount on FWD TravelCare Insurance. For details of the terms and conditions, please visit https://fwdworkingholiday.com.
The above information is for reference only and is indicative of the key features of Working HolidayCare Insurance. For details of the product including its coverage and exclusions, please visit https://i.fwd.com.hk/en/home and refer to the Product Brochure and Policy Provisions.