By Karl Angelo N. Vidal, Reporter
ALLIANZ PNB Life Insurance, Inc. is gearing up to attract more young Filipinos to get protected as it launched an insurance product designed for millennials.
In an event in Makati City on Wednesday, Allianz PNB Chief Finance Officer Efren C. Caringal said the insurer is keen on crafting products and services that are catered towards the needs of younger generations.
“We’re making sure we have exciting propositions for millennials so it is attuned to their needs,” Mr. Caringal told BusinessWorld yesterday.
“When we design our products, we really talk to them. We do focus group discussions. We make sure that we’re developing products that are suitable for their needs.”
To address the needs of the so-called “Filennials” or Filipino millennials, Allianz PNB launched AZpire Growth, a regular pay unit-linked insurance product that acts both as protection and an investment vehicle.
“What we’ve done in this variant of unit-linked [insurance] is we made the premium charges really low so that you can accumulate funds faster,” Mr. Caringal said.
Coverage can be as low as P30,000 a year as clients can choose to pay premiums annually, semi-annually, quarterly and monthly.
As premiums go higher, charges and fees will be reduced for clients to get more of their investment. Loyalty bonuses will be given at the end of 10 and 20 years.
Mr. Caringal said the insurance product was mainly designed for millennials as they are becoming increasingly inclined to save and invest for the future.
According to the 2018 Allianz Life Generations Ahead Study conducted online in May 2017 among American adults, 41% of the millennials who responded said they set aside money each month for saving, compared with 36% for Gen X-ers.
Some 58% of the respondent millennials also see saving for retirement as a basic necessity like food and housing.
“We’re positioning it for millennials because we’ve learned that they actually have the desire to save and invest,” Mr. Caringal said. “We’re giving them the platform to do it.”
Aside from this, Mr. Caringal added that Allianz PNB is making its customer experience better for millennials.
“We’re making sure that they get the best customer experience because we know millennials are a bit impatient. They demand only the best,” he said.
According to latest Insurance Commission data, Allianz PNB was the twelfth-largest life insurer in terms of premium income with P5.3 billion as of end-2017.