SUN LIFE of Canada (Philippines), Inc. is targeting to attract more Generation Z customers to boost its growth, its top official said.

“It’s really a growing market. Just start with their number of advisors. Majority of our advisors used to be the baby boomers, but it has gone down to the millennials. Now we’re having Gen Zs as financial advisors,” Sun Life Philippines Chief Executive Officer and Country Head Benedict C. Sison told reporters on the sidelines of an event on Monday.

Mr. Sison said Sun Life Philippines is looking to craft products that address the needs of Gen Zs.

“This is a good way to connect with Gen Zs. We want to be relevant,” he said.

He added that members of the younger generation are more digitally savvy and financially literate, making them more aware of the benefits of getting insurance policies. Getting more Gen Z customers could also help in increasing awareness about their products among the older generation, he said.

“They’re more educated compared to their parents. I know of some parents that would really rely on their millennial [or] Gen Z children for education,” he said.

Mr. Sison expects Gen Z to make up for a significant portion of insurance purchases, especially as the coronavirus pandemic increased awareness about the need for insurance protection.

This will continue even after the pandemic due to the low insurance penetration rate in the country, he said.

The insurance penetration rate was at 1.72% of gross domestic product in 2022, Insurance Commission data showed.

Sun Life Philippines was the top life insurer in terms of premium income in 2022 with P52.61 billion. It posted a net income of P11.73 billion last year. — AMCS

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