Malayan Insurance Company Inc. has launched a program that aims to increase Filipino women's access to risk mitigation and financial protection.
The banner insurance market program, We Women, was done in partnership with IFC, a member of the World Bank Group.
“Everywhere we go, we women make a difference, open perspectives, widen contexts, bring opportunities for transformation and success,” said Helen Yuchengco Dee, chairperson of Malayan Insurance, during the launching of the program early this month.
“Through a combination of innovative non-life insurance products and solutions, Malayan Insurance and its industry partners in this venture work (together) to make a difference in the lives of Filipina women today,” she added.
Malayan Insurance and IFC partnered in 2018 with support from the Women Entrepreneurs Finance Initiative (We-Fi), which invests in programs and projects that help unlock financing to address barriers facing women entrepreneurs.
“As the Philippines’ leading non-life insurance company, Malayan believes that non-life insurance protection should present itself as solutions to the many challenges that women face, as entrepreneurs, as professionals, as heads of families,” said Yvonne Yuchengco, vice chairperson of Malayan.
“Under our banner program We Women, we want to ensure that Filipinas nationwide have access to the assistance they need no matter the situation they may face, and in this way, achieve financial stability and growth. To start with, we are offering the 'Stela' line of non-life insurance and lifestyle solutions for the Filipina, with specific women differentiator coverages, a first in the Philippines’ non-life insurance market,” Yuchengco said.
The idea behind Stela (Simply The Easiest Live Assistant) is to address the needs of today’s Filipina for protection of her family, gains, assets, and overall well-being.
“We are focused on becoming the non-life insurance partner of every woman in the country. This is our way of contributing to the government’s efforts toward financial inclusion for all,” said Eden Tesoro, Malayan Insurance’s Chief Underwriter.
There are seven Stela solutions: Stela Wheels is for the woman who values her safety and convenience on the road; Stela Shield and Stela Family are for the woman who wants top security for themselves and her spouse, children and other loved ones; Stela Home is for the woman who wants to ensure protection for her home and household; and Stela Biz Silver, Gold, and Red (Red being the most comprehensive Stela business insurance) are business insurance solutions for the woman entrepreneur who wants to see her business grow while protecting her employees, her family, and herself.
“More and more Filipina women professionals and entrepreneurs are gaining the capacity to acquire hard-earned assets, which need to be protected. We are pleased to support Malayan Insurance in developing a program that will further empower women, educate them on asset protection and provide solutions tailored to their needs and challenges.” Yuan Xu, IFC Country Manager for the Philippines, said.
“Women are the main caretakers of children and elderly in most cultures. Hence, improved access to insurance can shield women and their family against shocks in life, which results in better future for their children and the country as a whole.”
“Starting and growing a business is one of the most powerful tools for women to build a better future for themselves and their communities. Yet we know that women are particularly sensitive to business risks that have the potential to spill over to their personal lives. We are delighted that by supporting this program We-Fi can help break down this key barrier and enable more women to thrive as entrepreneurs,” said Wendy Teleki, head of the We-Fi Secretariat.
For inquiries about We Women and Stela Solutions, visit www.wewomen-malayan.com or call 628-8628. Effective October 6, 2019, call 8628-8628.