Troo introduces new VUL product to market

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TROO, the life insurance joint venture of EastWest Banking Corp. and Ageas, recently launched a new variable unit-linked (VUL) product.

This as EastWest Bank and Ageas celebrated the fourth anniversary of their joint venture, which offers life insurance to its bank customers and the Filinvest Group.

“To mark the anniversary, we’re launching Troo BuildWealth Limited Pay. Other exciting products are also in the making,” Dominik Smeets, Troo chief strategy and business development officer, said in a statement.

BuildWealth Limited Pay is described as the first real limited pay VUL in the Philippines. Customers are allowed to choose their payment period, whether three, five, seven or ten years.

BuildWealth Limited Pay is the third option in the VUL suite of solutions, “Grow your wealth, your way.” Similar to the first two options, it also combines life insurance with investment options.

Company officials expect the new insurance product will further boost growth for Troo to become a top 10 life insurance player in the next few years.

“From the start, Troo has been embracing the latest technology and digital solutions as a core of its daily business… We are the first insurance company in the world to put in place its end-to-end integrated IT platform in the cloud. This enables us to offer our customers a seamless experience and optimize our operations,” Hans Loozekoot, president and CEO of Troo, said.

Troo is also set to introduce the GoTroo customer engagement platform for mobile.

“GoTroo is integrated with our back-end systems. And it will give customers access to real-time information on their Troo policy. Additional innovative functionalities of the platform such as voice recognition for login and chat features are underway,” Mr. Loozekoot said.

For EastWest Bank Vice-Chairman and CEO, Antonio C. Moncupa, Jr., bancassurance is a key part of the bank’s growth strategy.

“We now offer a complete menu of financial services to every Filipino — whatever their needs may be,” he said.