CEBUANA LHUILLIER and FWD Life Insurance Corp. (FWD Insurance) have teamed up to offer sachet insurance products for Filipino households.
Through the partnership, the insurance products will be sold through Cebuana’s branches to be offered to its about 30 million customers nationwide.
“The plan will be implemented through pawnassurance, digital channels and solutions, fully digitized team of advisors, and a brand new sachet insurance concept that will cater to specific needs of more Filipino households,” they said in a joint statement.
The offerings will include health, life, and investment-linked insurance products. Customers can buy through digital platforms or through face-to-face transactions.
“We’re always searching for innovative channels so we can reach more untapped customer segments. Cebuana Lhuillier can help us provide the right protection that fits the specific needs and budget of more Filipinos and empowers them to celebrate living,” FWD Insurance President and Chief Executive Officer Li Hao Zhuang was quoted as saying.
“In our venture to bring our business to digital space, building a strategic partnership with one of the fastest-growing insurers in the Philippines supports our commitment to make every Filipino financially included anytime, anywhere. The strength of both our organizations allows us to seamlessly deliver quality products and services to our markets,” said Jean Henri Lhuillier, President and CEO of PJ Lhuillier, Inc., the parent firm of Cebuana Lhuillier.
The deal between the two firms was signed in April. Through the partnership, the firms will train their employees and salespersons to equip them with additional knowledge and skills in financial planning and team collaboration.
FWD Insurance’s net premiums reached P13.64 billion last year, placing eighth among life insurers, based on data from the Insurance Commission. — LWTN