The World Finance Global Insurance Awards celebrates the industry’s most innovative players and top insurers that help drive the sector forward. BPI-Philam has proven its resilience towards challenges and practices its progressive mentality by expanding reach to various areas across the Philippines in its aim to close the protection gap in the country.
“BPI-Philam is proud and grateful to receive the award for the third consecutive year. We are racing against risk to protect as many lives as we can, especially as the country is highly vulnerable to different disasters. Several recent events rocked both the nation and the world and have once again urged the pressing need for insurance. Our goal is to touch base with the most vulnerable sectors and we are continuously working hard to do that,” said BPI-Philam CEO Surendra Menon.
BPI-Philam supports these efforts with consumer education programs that drive the importance of insurance home. Bancassurance sales executives (BSEs) are also stationed in BPI branches nationwide to address any insurance-related concerns.
However, according to data from the Bangko Sentral ng Pilipinas, 526 cities and municipalities remain unbanked as of the second quarter of 2019. Of this number, 458 have other access points, which BPI-Philam has begun to tap through strategic partnerships with other notable service providers like Tambunting Pawnshop. By offering microinsurance plans customized specifically to cater to low-income families, BPI-Philam has been working towards meeting the demands of this huge segment.
Apart from this, BPI-Philam has adopted and developed new tools to expand its reach and make things easier for both its customers and BSEs. To help BSEs guide clients through the process of acquiring a policy, the industry leader developed its internal Bancassurance Portal. Through the portal, BSEs can access Interactive Point of Sale (iPoS), an application that expedites the process of application submission, and Interactive Customer Assistance and Requirements eSubmission (iCARE), which makes after-sales servicing quicker and more convenient.
BSEs are continuously supported at BPI-Philam through regular trainings, effective communication, and a nurturing company culture. The bancassurance company acknowledges that they are its agents of change and play a big role in the success of its business.
World Finance noted that alongside the ongoing transformation come the consumers’ expectations for on-demand, personalized services. With its customers in mind, BPI-Philam adopted digital habits that would make purchasing and managing an insurance policy more convenient and hassle-free. It has developed ePlan, a 24/7 online portal where clients can easily access a digital copy of their policy, anytime and anywhere. ePlan allows consumers to view policy values and payment history, update contact information, and perform policy transactions in just a few taps.
“At BPI-Philam, we have a passion for innovation and embrace technology because it means we can greatly improve our customer experience. Excellent service shows our customers that we are here to help secure their finances and protect what—or who—matters most to them. Our company has a purpose-led promise to help our clients live healthier, longer, and better lives,” Menon said. “We accept this award with great gratitude and pride. Filipino families deserve to have financial and life security even when the unfortunate happens, and that is what we at BPI-Philam is committed to do.”
BPI-Philam Life Assurance Corp. is a strategic alliance between two leading companies in the country – The Philippine American Life and General Insurance Company (Philam Life) and Bank of the Philippine Islands (BPI). It has recently celebrated its 10th successful year in the industry.
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