Philippine-American Life & General Insurance Co. (Philam Life) expects its health portfolio to continue expanding on increased demand seen over the last two years since it was introduced, a top official of the insurer said yesterday.
Philam Life Chief Marketing Officer Jaime Jose M. Javier Jr., said its health products currently account for “more than a third” of all its new sales. “Our health products have gathered a lot of momentum in the last two years. In 2013, when it was launched, it was among the bottom but now, it is one of the bestsellers,” Mr. Javier said in a briefing on Tuesday.
“One-third of our new business is coming from health and the trend will continue despite the growing base. As of last count, it’s around 30%, even,” he added.
Mr. Javier noted that being healthy is among the top concerns of Filipinos, boosting demand for health-related products. “The relevance of health insurance makes it easier for consumers to relate to it,” he said.
In a bid to further expand its health-related offerings and help address growing health concerns, Philam Life launched Philam Vitality, a wellness program meant to promote a healthy lifestyle.
“We want to offer total wellness package and make insurance more than just a risk cover. It’s a one-of-a-kind product where members are rewarded for being healthy... ,” Kats P. Cajucom, Philam Life Deputy Head of Vitality said in the same briefing.
Mr. Javier said Philam Life is seeking “a few thousand” members for the first year of Philam Vitality, targeted for current policyholders.
BETTER YEAR
Moving forward, he said Philam Life may end the year with better premium income compared to 2014.
“This year can really be a good year given good investment environment and good channels. I hope [we could match last year’s] but if the stock market improves, we’ll even do better,” Mr. Javier said.
Last July, he said Philam Life is on track to surpassing its premium income last year on the back of better performance of both its agency sales and its bancassurance business.
Philam Life reported an Php18.312 billion in premium income in 2014, the third largest in the industry, although down from the previous year’s Php19.966 billion, based on its submitted annual statements to the Insurance Commission.
Philam Life’s total assets stood at P226.8 billion, net income was at Php5 billion and net worth of Php85.2 billion. It has close to 6,000 policyholders and more than 1.7 million insured group members.
-- Business World
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