THE Philippine unit of global insurance firm Sun Life of Canada said it aims to triple its client base in the country by 2020 under its latest financial inclusion plan.
In a press briefing on Wednesday, Sun Life said it aims to serve 5 million clients by 2020 under its new growth plan dubbed “Rise PH.”
“We needed to shift our focus. From focusing on success, we need now to focus on significance. We need to push financial inclusion so that more Filipinos can benefit from the bright prospects of our economy,” said Sun Life president and chief executive officer Riza Mantaring.
Mantaring said Sun Life’s client base is growing by an average of 100,000 to 200,000 every year. At present, the insurance firm has 1.5 million clients.
Sun Life said Rise PH champions financial inclusion, noting that in the Philippines, only a small percentage of the population utilizes financial products such as insurance and investments.
“Despite the bright prospects that the country’s economy has, prosperity still hasn’t trickled down to the more disadvantaged sectors of society. We have to address this,” Mantaring said.
“Sun Life would like to see more Filipinos looking forward to a brighter future and the whole country rising to greater heights. We would like to start by targeting five million clients,” she added.
Meanwhile, Sun Life also announced its cooperation with mass housing developer 8990 Holdings Inc. to boost financial literacy in the country.
Through the cooperation agreement, Sun Life and 8990 Holdings will collaborate to create appropriate educational tools, formats and templates as well as products and services that will address the financial, housing and insurance needs of the middle and lower-middle income classes.
Conferences and seminars focusing on empowerment, financial security, payment responsibility, family budgeting, savings, and investment will also be initiated.
The collaboration is the first of its kind both in the life insurance and real estate industries. Over the years, both Sun Life and 8990 Holdings have been investing in efforts to help raise awareness on financial literacy.
“We’re delighted to partner with 8990 Holdings, which has been blazing new trails in the real estate industry with its unique approach to mass housing,” Mantaring said during the signing of the Memorandum of Cooperation.
“Sun Life looks forward to broadening its market and bringing its products to more Filipinos nationwide,” she added.
“We’re thrilled to work with a company that shares our mission of helping Filipinos have a more secure future. Collaborating with Sun Life will allow us to boost the service we offer our clients and have a more significant impact on their lives,” 8990 Holdings president and chief executive JJ Atencio said.