THE INSURANCE ARM of Cebuana Lhuillier targets to increase its customer base by 127% in the next three to five years and capture almost half of insured population following its transformation
On the sidelines of a company event on Thursday, Cebuana Lhuillier President and CEO Jean Henri Lhuillier said they have 11 million policyholders so far and they are targeting to increase this to 25 million in the next three to five years as they expand their reach through establishments as well as through the technology channel.
Cebuana Lhuillier announced yesterday its transformation to become a new insurance brokerage firm from a microfinancial services provider or as Cebuana Lhuillier Insurance Brokers, Inc. (CLIB).
It said CLIB will widen its reach not just in the microinsurance sector which already makes up 80% of its existing client pool, but to other markets as well as it plans to partner with more life and nonlife firms this year.
Currently, Cebuana Lhuillier has 2,500 branches and 6,500 domestic partner outlets nationwide.
Mr. Lhuillier said on Thursday that they are expecting to increase the number of their outlets to 2,600 by next year and expand their agent base to 10,000 by 2021.
“It’s also about access for clients to process the claims, that has been a stumbling block, an issue for a lot of insurance companies. Fortunately for us, we have our 2,500 outlets (to process claims) quickly and efficiently,” he said.
Meanwhile, Cebuana Lhuillier Insurance Solutions Jonathan D. Batangan said they are also aiming to become a “claims aggregator” as they will open and offer their outlets to their life and non-life insurer partners to process payouts.
Mr. Lhuillier also said the company is also looking to explore the blockchain technology this year.
Cebuana Lhuillier provides pawning, remittance, microinsurance and microloans services to the public nationwide.
Juan Paolo P. Roxas, Insurance Commission’s division manager on microinsurance, said the whole industry is aiming to increase the number of insured Filipinos to 50 million by 2022 from the current 40 million as of end-September 2019. — Beatrice M. Laforga