LIFE INSURER Generali Life Assurance Philippines, Inc. (General Philippines) is seeking to expand its presence in the Philippines as it intends to take advantage of the rising need for insurance among Filipinos. Life assurance products.
“This year, we intend to significantly outpace this by growing our gross written premiums by at least 40%,” Generali Philippines President and Chief Executive Officer Reynaldo C. Centeno said in a statement given to reporters during its press conference in Taguig.
To achieve this, the local unit of the Italian insurer will be expanding the scope of its products, services and distribution in the country.
Mr. Centeno said the insurer will focus on making its group insurance product — specifically its group medical product — more comprehensive as it plans to expand its healthcare provider network.
“We have expanded our product offering. We have introduced a comprehensive medical coverage, backed by a nationwide network of medical providers… We intend to expand on that as we grow the business,” he said.
Currently, Generali Philippines said it has a healthcare provider network of 1,600 accredited medical facilities and 22,000 medical specialists.
The insurer provides employee benefits to corporate multinationals, mid-market and small and medium enterprises. It offers group medical insurance, group life insurance and credit life insurance.
Whole life policy
Aside from this, the insurer is also looking at adding a group savings product “that will be helpful to young people so that they can save easily.”
To expand Generali Philippines’ distribution network, Mr. Centeno also noted that it is eyeing to “move into the provinces,” particularly in the Visayas and Mindanao regions.
“Geographically, we would like to move into the provinces. We’re looking at specific sites in Visayas and Mindanao like Bacolod, Davao, and so on to expand,” he said, which will entail its expansion of healthcare provider network as well.
Mr. Centeno said Generali Philippines has a strong presence in Mega Manila as well as in Cebu.
Sector-wise, Mr. Centeno added that the insurer is focusing its distribution efforts to reach business process outsourcing (BPO) firms to maximize the sector’s growth.
“We have focused on BPOs because of the significant growth in that industry, and because of the real need for healthcare and life insurance protection for people working in the BPO business,” Mr. Centeno said.
In addition, the insurer also developed four digital services, enabling policyholders to track their enrolment and termination, access their benefit plans and summary of claims, and consult with medical specialists over the phone, among others.
“All of these — complete product service, a digital service platform, and strengthening our distribution channel — will help us move forward and really harvest the opportunities in the Philippine market,” Mr. Centeno said.
Generali Philippines also expressed its optimism on the Philippine market. John R. Spence, Generali’s Asia regional head, said there has been a significant growth in the insurance industry across Asia, including the Philippines.
“Right across Asia, we’re seeing significant growth as economic situation of citizens improved. They [already] recognized the need for insurance,” Mr. Spence said.
Mr. Spence added that they are seeing significant growth in the Philippines, with the life insurance market continuing to grow 2-3% above the gross domestic product growth, while the non-life insurance market is growing at the same pace as the domestic economy.
Latest data from the Insurance Commission shows that Generali Philippines is the 26th biggest life insurer company in the country in terms of total premiums with P147.88 billion at end-2016.
Life of insurance
Meanwhile, it posted a capital of P1.44 billion in 2016, the second-biggest among life insurers. — Karl Angelo N. Vidal