AIA Philam Life, one of the biggest insurance firms in the country, plans to hire 10,000 new employees in the next 12 months in a bid to strengthen its workforce with the expected rise in interest for protection products in the aftermath of the COVID-19 pandemic, a high-ranking official said Friday.
Chief executive Kelvin Ang said in an online briefing AIA Philam Life was seeking to provide a solution that would also contribute to driving the economic recovery of the country by creating career and earning opportunities in its recruitment efforts. The country’s workforce has been displaced due to the implementation of lockdowns to contain the spread of the disease,
“... We aim to further strengthen our agency force with a target of recruiting 10,000 new financial advisors and bancassurance sales executives in our fold within the next 12 months,” Ang said.
“With the expected upsurge in interest for protection products, we will need more people to serve this demand,” he said.
Ang said with the growth of its agency force, “we will be able to reach and protect more customers, at the same time bigger earning potential for new recruits who can work from the comfort and safety of their own homes, digitally enabled with our various platforms, as they keep the wheels of the economy turning,” he said.
As the country slowly prepares for the return to normal operations after the enhanced community quarantine, AIA Philam Life is getting ready to face the implications and challenges of the pandemic: heightened awareness for protection, the prevalence of digital and displacement of workforce due to social distancing restrictions.
The company this year created a new metric to measure efforts in the achievement of its mission, by tracking the number of saved lives, with the target of P1 million coverage for 110,000 people, which translates into P110 billion in sum assured.
AIA Philam Life to date achieved 30 percent of its targets for both lives saved and basic sum assured.
“Despite the challenges in the first quarter brought about by a natural disaster and a global pandemic, we at AIA Philam Life have remained steadfast in fulfilling our mission to protect more Filipinos,” said Ang.
He also said AIA Philam Life had an excellent year in 2019 with its value of new business seeing strong double-digit growth supported by its product mix shift towards traditional protection products.
“Our financial stability also remains strong with our excess capital five times the amount set by the Insurance Commission and our net worth at P77.12 billion and assets at P247.03 billion,” said AIA Philam Life chief financial officer Gary Ogilvie.
“Despite the global pandemic and possible downturn in economic performance we remain financially strong to weather the storm and support our customers,” Ogilvie said.