While a growing number of Filipinos now see the value of insurance products as a means of preparing for every life stage, a big majority has yet to achieve financial security, said top insurer Sun Life of Canada (Philippines), Inc.
Citing a study conducted by the company in collaboration with the research institute Social Weather Stations (SWS), Sun Life chief marketing officer Mylene Lopa said 9 out of 10 Filipinos admitted experiencing financial shortage in the past 12 months from when the survey was done.
The company also found out that only 15 percent of households can manage the loss of a breadwinner, only 22 percent can shell out money in the next two years for car or house purchases, and only 43 percent can confidently say they can pay for their kids’ education all the way up to college.
“There is still so much work to be done when it comes to boosting the financial literacy of Filipinos. The challenge is to make them understand the intimidating and challenging topic that is insurance,” Lopa added.
Sun Life has set a high target of insuring 5 million Filipinos in the next 5 years, said Lopa, citing that only 4 million are currently covered by insurance. Of this figure, 1.7 million are Sun Life customers.
Deo Orpilla, Sun Life business development head, said part of the company’s campaign to widen its reach in Cebu includes putting up more sales offices in the metro and even farther areas in the island, having world-renowned Cebuano designer Kenneth Cobonpue as one of its brand ambassadors, and holding a series of financial literacy activities.
After opening two new sales offices in Cebu last year, Orpilla said the company was able to achieve a 25 percent growth in sales. Sun Life now has five sales offices in Metro Cebu.
Sun Life has lined up for the coming days a series of talks dubbed #LiveBrighter, a business opportunity forum that will feature Cobonpue and his journey to success through passion and the desire to touch lives.
Sun Life opportunities
Orpilla said Sun Life envisions a brighter life for Filipinos, ensuring they’re able to achieve their life goals and ready for unexpected events.
At the same time, the company offers them a career with opportunity for big earnings, as a Sun Life advisor, that is also a noble endeavor as they are able to help fellow Filipinos secure their financial future, he added.
“Those who aspire to find fulfillment the same way that Kenneth did in his career are invited to join us as financial advisors. It could be their key to a more fruitful and a more rewarding career,” he cited.
Of Sun Life’s 1.7 million customers, most are concentrated in the 35-45 age range, according to Lopa. Many of the company’s new sales though, especially mutual fund products, are coming from those in their 20’s.
The average age range of Sun Life advisors today is also younger at 30, compared to 42 before 2012, the start of the company’s big campaign.