Allianz PNB Life President and CEO Alexander Grenz underlined the importance of expanding insurance companies’ reach and the digitization of data and the delivery of services in addressing the protection gap in the Philippines.
“Protection does not only mean financial services, but healthcare as well,” Grenz pointed out during the Media and Bloggers Conference announcing the partnership of Allianz PNB Life and award-winning social enterprise reach52.
The two organizations are working together to promote inclusivity in insurance and address the protection gap in the country.
Insurance penetration in the Philippines is currently at 1.69%, and the protection gap is in the trillions of pesos. Fifty-three percent of Filipinos’ total health expenditures still come from their own out-of-pocket expenses instead of from protective insurance.
“Universal Healthcare is coming, but there is still a gap in protection. There is a willingness to buy, however, so we need to create a space for that,” reach52 Founder and CEO Edward Booty said.
Most Filipinos still rely on their savings and insurance to pay for their health services, and COVID-related insurance claims have so far reached P326.95 million
He added that the deep sector knowledge of Allianz PNB and the innovative digital mindset of reach52 can help more people in the rural areas understand the value of insurance.
The social enterprise is working toward bringing next generation healthcare systems for the 52% of the world’s population who still don’t have access to health services. They train and employ members of rural communities in providing healthcare, put up health systems, provide mobile apps and tech platforms, and establish partnerships with both the public and private sectors.
“Allianz PNB Life is partnering with reach52 to support unserved, underserved, vulnerable people in low-income populations in rural communities across the Philippines. They are a data-driven group that will give us access to the communities,” Grenz said.
Allianz PNB Life and reach52’s partnership also signals the start of Allianz Kaagapay. For this project, a member of reach52 will receive P25,000 worth of life insurance with COVID-19 coverage for a year for every purchase of Allianz Well! Its first beneficiaries will be from Pototan and Cuartero, Iloilo, two of the communities that reach52 first worked with in the Philippines.
With an annual plan limit of P100 million, Allianz Well! offers one of the highest annual plan limits in the country. It offers a second layer of protection to support other health coverages, and covers Covid-19 as well.
The company has also embarked on a digitization of its services, with its insurance products now available via its virtual selling process.
Grenz said that it is their goal to be able to issue a policy within minutes. They are ready to offer further protection to Filipino families during this crisis. This is exactly why Allianz PNB Life developed the comprehensive coverage of Allianz Well! to meet the need of quality healthcare.
Allianz’ presence in the Philippines is backed by its strong bancassurance partnership with the Philippine National Bank (PNB) and a regional partnership with the Hongkong and Shanghai Banking Corporation (HSBC) Limited Philippines. It also has 15 agency offices across the country.
COMMENT DISCLAIMER: Reader comments posted on this Web site are not in any way endorsed by Manila Standard. Comments are views by manilastandard.net readers who exercise their right to free expression and they do not necessarily represent or reflect the position or viewpoint of manilastandard.net. While reserving this publication’s right to delete comments that are deemed offensive, indecent or inconsistent with Manila Standard editorial standards, Manila Standard may not be held liable for any false information posted by readers in this comments section.