Manufacturers Life Insurance Co. is now allowing. (Phil.) Inc. (Manulife Philippines) for anyone to purchase products when they need them and wherever they are.
The company’s recently launched online shop is a digital platform to allow Filipinos to purchase affordable insurance products online “at their convenience,” said Rahul Hora, President and CEO of Manulife Philippines.
Hora said the store provides an “intuitive, convenient and frictionless customer experience for today’s hyper-digital Filipinos, in line with our ambition to be the most digital and customer-centric global company in our industry.”
He added that the company launched the online store “to respond to the needs of Filipinos who want access to easy and affordable insurance protection options, while providing digitally driven customer experiences where they can transact seamlessly.”
The online store, according to Hora, offers insurance products that are annually renewable. The executive said clients can choose their coverage based on their budget, with life protection coverage of up to 1 million pesos, depending on the terms and conditions of the insurance policy purchased.
A recent study titled “The Modern Filipino Family: Exploring Family Dynamics and Digitalization in the New Normal” revealed that many Filipinos purchase insurance products online. The study showed that 90 percent of the Filipinos surveyed use e-commerce applications and 82 percent use finance applications for cashless payments or to purchase insurance. Of those surveyed, 25 percent of Generation X Filipinos 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 Zs are considering purchasing 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 purchasing insurance products online.
Consumers can purchase three insurance products directly, without an agent, from the Manulife Philippines online store. The first is an accident life insurance plan that covers accidental death, dismemberment, total permanent disability, dual compensation, and family assistance for P199 ($3.46 at current exchange rates) annually.
Another is the term life insurance plan that provides coverage for P249 ($4.33) per year. The third product is a combination life and personal accident insurance plan that provides life and accident protection benefits for P448 ($7.79) per annum.
Democrance DMCC, an insurance technology company based in Dubai, UAE, developed the platform for the insurance company, Hora said.