EastWest Insurance Brokerage Inc. (EWIB), the newly formed, wholly owned insurance brokerage subsidiary of EastWest Bank (EastWest), recently received from the Insurance Commission its insurance broker’s license for life and nonlife insurance products.
This completes the regulatory approvals needed for EastWest to start its insurance brokerage undertaking.
The creation of its wholly owned insurance brokerage unit was approved by the bank during its annual stockholders’ meeting held in April. Subsequently, the bank secured Bangko Sentral ng Pilipinas’s nod for its P500-million initial equity investment in EWIB in June, followed by Security and Exchange Commission’s issuance of EWIB’s incorporation certificate in July.
EWIB President Peter Roy R. Locsin, a seasoned insurance executive with over three decades of experience in the industry, was tasked to set up and make EWIB a strategic business unit of the bank.
Locsin said EWIB would make insurance protection readily accessible and claims processing less complicated for both the bank’s corporate and retail clients.
“Unlike third-party insurance brokers, EWIB can assure its customers of dedicated service that will translate to affordable premiums, better coverage and convenience for them.
In turn, the insurance brokerage undertaking will create more synergies with the bank’s clients and suppliers and enhance the bank’s fee based income,” he said.
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