Digitalization, reopening of economy lift insurance sector

Digitalization, reopening of economy lift insurance sector

The pandemic has boosted demand for protection products after more people saw the necessity to have personal insurance to help their families during these difficult times.

While there were massive job losses, some Filipinos generated extra savings because of the work-from-home arrangements.

With the domestic economy continuing to recover, people are also regaining their income sources and this is a plus for the insurance industry, according to executives of life insurance firms.

BPI-AIA chief executive officer Surendra Menon said workers in the tourism sector are slowly getting their jobs back and this will “in itself, create a multiplier effect across the economy.”

Michaes Dumlao, a registered financial consultant and an agent of Pru Life UK, said additional time saved from daily commutes, as well as utilization of online facilities, also boosted sales of the insurance sector.

From an average of meeting two clients daily pre-pandemic, Dumlao said he can now have up to five virtual client meetings daily.

Dumlao said safeguards are in place. A copy of the insurance coverage proposal is sent to the prospective clients so that the latter can review it even before the virtual meeting.

He said most of his new clients are breadwinners who want to secure the future of their families for any eventualities.

Dumlao said there are some clients who get additional policies to increase their coverage or to have higher investments, which they can withdraw in the future without affecting their insurance. (PNA)


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