Bancassurance leader BPI-Philam capped off 2020 as the World Finance Best Life Insurance Company in the Philippines for the fourth consecutive year.
The international business and finance publication recognized BPI-Philam’s agility and innovation, which helped it exemplify calm out of chaos amid a climate of uncertainty brought about by the COVID-19 pandemic.
“Uncertainty continues to prevail amid the pandemic, but we’re optimistic that we will recover sooner rather than later. It is important for us at BPI-Philam to represent stability for customers at this time and to guide them throughout. This award from World Finance is a recognition of the concerted effort of all our employees, the management, and customers to push our own limits in the hope of a better future after this crisis,” said BPI-Philam chief executive Surendra Menon.
The World Finance Global Insurance Awards distinguishes organizations that are most able to adapt to the environment and help forge the future of the industry. It acknowledges the role of insurance in alleviating people’s fears and helping the world recover. BPI-Philam’s innovations in product development, onboarding, and customer service, among others, earned it the much-coveted distinction from World Finance.
Observing a greater awareness of the value of insurance among Filipinos from the beginning of the pandemic, BPI-Philam accelerated its digital transformation further in its race against risk to close the protection gap in the Philippines. In 2020, it launched MedLife Protect Plus, an investment-linked life and health insurance that provides policyholders access to medical care and protection.
The year also saw the introduction of Bessie, the new virtual assistant on Facebook Messenger and Viber to help customers with basic life insurance policy inquiries and concerns—anytime, anywhere. The timely launch of both offerings is a testament to how BPI-Philam is attuned to the needs of customers.
In addition, the bancassurance leader strengthened its iPoS (interactive point-of-sale) platform to facilitate online applications, as well as ePlan, the online portal where customers can personally manage their policies. Developed even prior to COVID-19, the iPoS and ePlan both address consumers’ evolving preference for convenient and on-demand service delivery, allowing BPI-Philam to continue securing lives even under lockdown.
World Finance recognizes that the insurance industry is uniquely equipped to cope with a disaster. BPI-Philam might be in the business of preparing for the worst, but it strongly advocates wellness and helping people bring their dreams to life. It offers a Wellness Series, a suite of protection solutions powered by Philam Vitality that reward customers as they pursue their healthy lifestyle journey.
Philam Vitality is a science-backed health and wellness program that extends perks and benefits like premium discounts, additional insurance coverage and add-ons, incentives, and lifestyle rewards from partner establishments. Customers subscribed to insurance policies integrated with Philam Vitality earn corresponding points for the healthy choices they make such as eating right, going to the gym, or going for a health screening. BPI-Philam noted that despite the limited movement allowed during the community quarantine, overall engagement of customers in the program decreased by only around four percent, suggesting that people are still staying active even while stuck at home.
“We’re still a long way away in our race against risk but seeing that Filipinos have increasingly become protective of their long-term future serves as a great push for BPI-Philam. We’ve always worked on helping people help themselves through accessible and affordable solutions that address life’s uncertainties. Heading into 2021, we’ll continue to power through the challenges to maintain the high quality of service that our customers have come to expect,” Menon said.
BPI-Philam is the bancassurance arm of AIA Philam Life in the Philippines. With over 11 years of leadership in the industry, BPI-Philam is dedicated to help Filipinos protect what matters, prepare for the unexpected, and plan the best future.
