In promoting the value of financial services among Filipinos, it should be ensured that such services are accessible to everyone. This is what financial inclusion aims.
World Bank defines financial inclusion as a state in which “individuals and businesses have access to useful and affordable products and services that meet their needs — transactions, payments, savings, credit, and insurance — delivered in a responsible and sustainable way.”
Having access to these services gives people the ability to save and manage their finances, generate income, as well as prepare and recover from difficulties. Hence, as the World Bank considers, financial inclusion can be “a key enabler to reduce extreme poverty and boost shared prosperity.”
Financial institutions have a fundamental part in making financial inclusion happen. As the largest Filipino-owned stock life insurance firm with a commitment to believing in every Filipino’s capacities and dreams, Cocolife does its part in achieving financial inclusion through accessibility and affordability and extending the reach of its financial services as well as advocating for equity and equality as an organization.
Cocolife offers a range of financial services — from insurance, investments, to loans — to support Filipinos’ respective financial needs and goals.
When it comes to life and health insurance, Cocolife designed its products with flexibility to cover every Filipino’s unique needs, while also ensuring its affordability to their financial capacities. This is because the company believes that every Filipino should be able to access insurance and healthcare.
“Cocolife aims to bring insurance to the household of every Filipino family. Given the benefits of a sound insurance cover for individuals and families, our countrymen should be able to maximize its benefits to have a more financially secure and stable life,” Cocolife’s SVP-Head of Operations Jose Alfonso Aquino said.
“Cocolife’s plans are affordable and flexible since they can be customized according to one’s budget and need. You can have a plan adjusted according to a preferred life coverage and attach more benefits such as riders,” he added, ensuring also that the insurance company can give plans for every Filipino of various income levels.
The company also makes investing accessible for Filipinos through some of its insurance offerings. Its affordable investment-linked life insurance plan LifeVest allows them to financially protect their families while also growing their investments. It also has Flexi-Investment that lets clients design their investment and insurance plan to match their needs.
While also ensuring that its products are diverse and can meet the needs of Filipinos, Cocolife also seeks to expand the reach of its service throughout the Philippines.
Among Cocolife’s efforts to broaden its reach is to have a presence in key areas near to rural areas. The company also utilizes a digital platform to enhance the accessibility of its services. It recently launched its new customer portal Cocolife MyPolicy, which its clients can access over the Internet and allow them to make transactions.
So far, Cocolife has 41 branches across the country, covering locations such as Butuan, General Santos, Palawan, Tacloban, and Tarlac.
Cocolife also ensured the accessibility of its services to persons with disabilities (PWDs). “Our head office, all branches nationwide, bancassurance partners, and online marketing and sales channels are readily available to service them,” Mr. Aquino assured.
The company also made partnerships with other sectors to give assistance to Filipinos with disabilities. Last March, Cocolife worked with the Mobile Hope Program headed by Councilor Arthur L. Allad-iw and the local government unit of Baguio City to donate wheelchairs, crutches, and canes.
Fairness and equality are promoted as well in Cocolife’s entire operations, as it believes everyone deserves to have the best service. The company assures that its services and products know no race, religion, preference, and title.
It also actively takes part in information advocacies to uphold awareness for the lesbian, gay, bisexual, transgender, queer, questioning, intersex, asexual (LGBTQIA+) community.
“Cocolife ensures equality in accommodating and processing applications regardless of gender. The company adheres to strict compliance to policies and procedures to ensure that every policyholder is treated equally with the highest standard of service and respect,” Mr. Aquino said.
And as it promotes financial inclusion through its service, Cocolife also applies this to the people within the organization, particularly through education. The company holds financial literacy programs for its people to gain a more profound understanding of finance and investment and how to apply these principles to their everyday lives.
Opportunities are also presented to the people at Cocolife, such as participation in local and international conventions and taking postgraduate programs. It also values a culture of work-life integration in the organization.
Cocolife is one of the employers recognized in HR Asia The Best Company to Work For in 2022 and 2023.
Learn more about Cocolife’s new and comprehensive life insurance products by visiting www.cocolife.com.
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