Allow us to clarify the points raised in the commentary by Mr. Charlie Manalo regarding Security Bank Corp. and FPG Insurance, which was published on Oct. 5.
Security Bank’s pre-condition on choice of car insurance firm
We would like to make it clear that Security Bank does not impose a pre-condition on the approval of the auto loan of the borrower.
Kindly note that the lock-in condition mentioned in the article is part of a promo requirement, and promo availment is voluntary on the part of the borrower. Security Bank does not, and never will, require our customers to sign up for a promotion.
When the client opted to avail of the Free 1st Year Insurance Offer of the bank, there were three available insurance providers he could choose from—one of which is FPG.
Having chosen FPG, it follows that his auto insurance for the remaining years of his loan will be under FPG as well. The client is fully aware of this, as evidenced by a Memorandum of Agreement executed by the borrower and the bank.
In addition, should a borrower choose to apply for a regular auto loan with no promotion or special offers, the client is free to provide their own insurance coverage from their preferred insurance company as long as the insurance firm is accredited with the bank.
FPG being Security Bank’s ‘chosen one’
The bank did not partner exclusively with FPG. Security Bank partnered with three (3) insurance providers for the Free 1st Year Insurance Promo.
SBC conducts periodic review of its accredited insurance providers’ claims performance. As of August 2019, SBC and FPG have mutually agreed to terminate the insurance partnership, with the latter agreeing to service and honor claims arising out of existing insurance coverages.
Pending insurance claim
We refer to Mr. Allan Richard Martillo as the unnamed claimant in the article. Upon learning about Mr. Manalo’s commentary, SBC immediately asked FPG for a review of the incident’s history. After careful evaluation, FPG took full responsibility for the delay in the issuance of the claimant’s Letter of Authority.
SBC was advised by FPG that the latter has released the LOA to the client on Oct. 8. This should settle the client’s complaint regarding FPG’s breach in customer service delivery.
We sincerely appreciate the chance to provide clarification on an issue for transparency, prior to the publishing of an article or commentary. This will help us prevent negative brand perception and allow us to clear SBC’s name. We value integrity and are available to provide any clarifications on our products and services to prevent false allegations.
We are confident that Mr. Manalo values transparency as much as we do and, through his column, will provide a much-needed clarification on the matter. We trust that this clears up our stand on the issue and we look forward to your favorable response.
NICOLE “SUYIN” J. LIU
Vice President
Corporate Communications Head
Security Bank Corporation
