ROBINSONS BANK Corp. and Pru Life UK have renewed their bancassurance partnership amid an increase in demand for insurance products due to the coronavirus pandemic.
The bancassurance product called IPONsurance has been available to clients of the lender since the two firms inked their partnership in 2018.
“I don’t have the exact number but total balance in the product, it’s already at P500 million. That’s the take-up,” Robinsons Bank President and Chief Executive Officer Elfren Antonio S. Sarte said during the virtual signing ceremony on Thursday.
“For another three years, this alliance will benefit Robinson Bank’s customers by providing them with easy access to Pru Life UK’s solutions that meet their growing protection needs,” Pru Life UK President and CEO Antonio G. de Rosas said.
Pru Life and Robinsons Bank have been working on digitizing their operations during the pandemic and are looking forward to continuing these efforts this year amid the new normal.
“Now we’re planning on strategies to further increase this (take-up of IPONsurance) and push it through our digital channels,” Mr. Sarte said.
Ramon C. Garcia, Vice-President for Bancassurance and Business Development at Pru Life UK, said they have adjusted their operations amid restriction measures.
“It actually gave us the opportunity to fully utilize the digital resources that we have and also provide comfort to our clients who are hesitant to visit the branches. It’s been working to our advantage,” Mr. Garcia said.
Pru Life UK was the second-biggest life insurer in the country in 2019 based on premium income which hit P26.965 billion. — L.W.T. Noble