BPI-Philam turns challenges into opportunities

Long before the threat of a pandemic, businesses had embraced modern ways of selling by bringing their products to where the customers are: The Internet. Through powerful e-commerce platforms, brands have learned to widen their reach, target their desired market, and maintain their relevance in ways that weren’t as quick and easy when done through traditional means.

Now that it’s been over a year since COVID-19 shifted our gears, it seems like going digital is the only way a business would not only survive, but thrive.

Getting protection from the comfort of your home
It was tricky at first for the insurance industry to adapt to digital selling, especially since insurance is traditionally a product built on personal relationships between customers and their agents. Insurance companies trained agents to meet with clients and some even dedicated office spaces for sales meetings.

However, months into a continuous lockdown, the Insurance Commission (IC) reviewed some of their existing regulations to better serve the public. Eventually, the IC eased restrictions and allowed insurance companies to fully sell insurance products digitally.

Last November 2020, Commissioner Dennis Funa ruled that “life and non-life insurance companies are hereby allowed to utilize remote selling initiatives in the sale of their products, regardless of amount of premium payable on the policy sold.”

Embracing digital transformation early on
BPI-Philam was quick to adapt to the IC’s new regulations even during pre-pandemic as they were already equipped to digitalize the customer experience.

Customers can review their coverage details, monitor policy values, and even pay their premiums through BPI-Philam’s very own online Customer Portal called ePlan. Bancassurance Sales Executives (BSEs) stationed at BPI and BPI Family Savings Bank branches are provided iPads, equipped with the ability to help customers discover their needs and find an insurance product that best suits them. BPI-Philam also piloted an electronic Know-Your-Customer (eKYC) technology which lets BSEs understand a customer better so they can recommend the right insurance product — no face-to-face meetings required.

These initiatives carried BPI-Philam to the forefront of digital insurance through the years and helped maintain the company’s standing as the country’s number one in bancassurance since 2014.

There’s no end to learning
When things took a sharp turn in 2020, the enhanced community quarantine (ECQ) posed new challenges for BPI-Philam to protect more Filipinos.

“Due to the pandemic, we’ve seen an increased sense of need for life and health insurance among the public in the past few months, and BPI-Philam understands that the implementation of the ECQ makes it inaccessible to them,” said BPI-Philam’s Chief Executive Officer Surendra Menon in a press release.
Despite the challenges, BPI-Philam used this time to further improve the way they fulfill their mission of making insurance easy to get and easy to have for every Filipino, no matter what class they belong to.

With the November ruling of the IC on digital selling, BPI-Philam together with AIA Philam Life introduced Coffee Closing, a digital journey where customers can be insured as fast as twenty minutes, or before a cup of coffee gets cold. BPI-Philam’s Bessie the virtual chatbot assistant was launched on Facebook Messenger and Viber to help customers with their basic policy inquiries and concerns. BPI-Philam also shifted to ePolicy, a legally-binding digital copy of a policy contract which clients can safekeep online without the risk of losing or damaging their contracts. BPI-Philam also made it easier to file a claim by simplifying the claims process.

Flourishing at an extraordinary time like this requires flexibility and a renewed mindset towards change. It’s about thinking ahead of the customer and anticipating their needs. More importantly, it’s also the perfect time for an insurance company to let financial technology transform their business so they can continue to be a dependable partner for their customers.
“As we move forward, BPI-Philam will always be innovating and adapting accordingly,” said Mr. Menon.