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Tuesday, April 23, 2024

Ensuring lifelong protection to help Filipinos live healthier, longer, and better with BPI AIA 

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If there’s one lesson we all learned during the pandemic, it is the importance of having insurance, whether it’s life, medical insurance, or HMO. And yet, most Filipinos remain uninsured, primarily because of budgetary constraints. According to a survey conducted by Statista, the Philippines still ranks in the bottom 30 (among 144 countries) when it comes to financial literacy and insurance penetration remains less than 2%.

There’s a lot of catching up to be done to get more Filipinos protected from life’s many risks, which includes sickness, accidents, and death.

As one of the leading life insurance companies in the Philippines, AIA Philippines is doing its share to address this concern. Alongside its subsidiaries BPI AIA, MediCard Philippines, and AIA Investment Management and Trust Corporation Philippines (AIAIM Philippines), this group of companies seek to provide Filipinos a full suite of solutions that will take care of their protection, long-term savings, and healthcare needs. 

Lifelong Protection for Every Filipino

BPI AIA is the bancassurance arm of AIA Philippines, the result of the strategic alliance between Bank of the Philippine Islands (BPI) and AIA Philippines—two financial services industry powerhouses in the Philippines. BPI AIA makes these protection and long-term savings products accessible to the clients of BPI, offering innovative solutions that are appropriate for various life stages.

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“In every BPI branch is a BPI AIA representative, our Bancassurance Sales Executive (BSE),” says Karen Custodia, CEO of BPI AIA. “We’re there in every BPI branch to make sure that BPI clients are able to access a protection plan, as well as to make sure that they are serviced well even after they purchase.” The BSEs get to know the BPI clients’ needs with a thorough financial wellness and needs assessment so they can propose the best life insurance protection for them. Should the clients need assistance after they avail of an insurance plan, BSEs can also be found in BPI branches nationwide, extending to them the bank’s larger, nationwide reach.

Depending on one’s need, bank customers can avail of individual plans that focus on protection, long-term savings, or even healthcare. And for those who are on the lookout for a basic life insurance product that can provide substantial coverage at the lowest possible cost, BPI AIA offers PamilyaProtect, an affordable starter insurance plan that provides PHP1 million coverage for one year starting at only PHP500* per month, which can be purchased via Facebook Messenger.  

Insurance as a Lifetime Commitment

“BPI AIA understands the varying needs of the Filipino customer,” says Custodia. “We understand that in every life stage they may have different needs, and we would like to be there to journey with them throughout their entire lifetime,” she adds. That’s why it’s very important to take that first step as soon as one can and find that appropriate insurance plan that will fit the customer’s need based on their unique circumstances.

Young professionals might not have insurance as the first thing on their mind for example, but that’s actually an ideal time to lay a solid foundation for their future. And then there’s the stage of building a family, where the importance of insurance goes from merely establishing a personal safety net to also safeguarding their loved ones’ future.

From there, insurance eventually takes on a more significant role. Beyond protection for oneself and their loved ones, insurance can also become a strategic tool for financial and retirement planning—which is essential as health-related expenses expectedly rise along with age.

Whatever life stage one is in, a well-structured plan will be integral in financially securing their future. This should be thought of as a long-term commitment to oneself and loved ones. 

Healthier, Longer, Better Lives for More Filipinos

Insurance is far from a mere expense, but a lifelong investment in security and protection that’s customized to one’s requirements. “When they discuss their needs, our BSE will be able to help them assess what particular plan is best suited for their need,” states Custodia. “By making our products available to BPI clients, we are able to reach more Filipinos easily, doing our part in bringing to life AIA’s Purpose of helping Filipinos live Healthier, Longer, Better Lives.”

*The computation of monthly premium may vary depending on the age of the main insured, number of dependents, and age of dependents.

Source:

Aurallo K. (2023), Philippines insurance penetration remains below 2%. Insurancebusinessmag.com 

Statista Research Department (2023), Number of newly insured people Philippines 2016-2021. Statista.com

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