Manufacturers Life Insurance Co. (Phils.) Inc. (Manulife Philippines) now makes it possible for everyone to buy products whenever and wherever they need them.
Manulife Philippines President and CEO Rahul Hora said the online store the company recently launched is a digital platform that allows Filipinos to buy affordable insurance products “at will” online.
Hora said the store offers “an intuitive, convenient, and frictionless customer experience for today’s hyper-digital Filipinos, in line with our aspiration to be the most digital, customer-centric global company in our industry.”
He added that the company launched the online store “to address the needs of Filipinos who want access to simple and affordable insurance coverage options, with the convenience of digitally driven customer experiences where they can transact seamlessly.”
The online store offers annually renewable insurance products, according to Hora. Customers can choose their coverage based on their budget, with life insurance coverage of up to P1 million, subject to the terms of their insurance policy, the executive said.
A recent study titled “The Modern Filipino Family: Exploring family dynamics and digitalization in the new normal” found that many Filipinos buy insurance products online. The study showed that 90 percent of Filipinos surveyed use e-commerce apps and 82 percent use financial apps for cashless payments or insurance. Among respondents, 25 percent of Filipino Gen X and 33 percent of Filipino Millennials said they had purchased insurance products online in the past 12 months.
The study also showed that 41 percent of Gen Z are considering buying insurance products online in the next 12 months. Respondents cited convenience (45 percent), a sense of security (22 percent) and protection (17 percent) as reasons for buying insurance products online.
Consumers can buy three insurance products directly without an agent from Manulife Philippines online store. One is Accidental Life Insurance, which covers accidental death, dismemberment, total permanent disability, dual compensation and family support for P199 ($3.46 at current exchange rates) per year.
Another is a term life insurance plan that offers coverage of P249 ($4.33) per year. The third product is a combination term life and casualty insurance that offers both life and casualty coverage for P448 ($7.79) per year.
According to Hora, insurance technology company Democrance DMCC, based in Dubai, United Arab Emirates, developed the platform for the insurer.