Bancassurance leader BPI-Philam once again emerged as the country’s top bancassurance firm in terms of premium income, retaining the spot for the eighth consecutive year according to the Insurance Commission (IC). In the recently released statement, the IC announced the 2020 rankings, where BPI-Philam gained recognition with a total premium income of ₱16.30 billion. It also ranked first among bancassurance firms in terms of New Business Annual Premium Equivalent (NBAPE) with ₱2.83 billion.
BPI-Philam remains top bancassurance firm in PH
“We are grateful to have yet again gained this milestone, especially considering how tough the past year has been. As one company, our strength lies in our people, empowered by the technology that we incorporate in our business processes, so we attribute this success to our continuous efforts to accelerate digital transformation. It inspires us to further strive to innovate in providing our clients the best guidance they need from us, especially during these difficult circumstances,” said BPI-Philam CEO Surendra Menon.
To ensure that it remains connected and accessible to consumers, BPI-Philam reinforced its already comprehensive digital initiatives to make acquiring and managing insurance policies safe and more convenient. Through this, the company is able to maintain operations with minimal to no interruptions despite the limitations of the quarantine protocols.
Acquiring protection, now simplified
BPI-Philam strengthened its iPad-based iPoS (interactive point-of-sale) platform to accommodate completely digital transactions for consumers applying from home. Together with its parent company AIA Philam Life, the bancassurance firm launched the Coffee Closing project. It is a three-step process that allows customers to get insurance protection for themselves and their families within just 20 minutes—even before their cup of coffee gets cold.
Guaranteeing customers a safe and convenient experience, BPI-Philam upgraded its self-service online platforms to guide policyholders in navigating their plans in a few easy taps. Through the ePlan online customer portal, consumers can now manage their policies anytime and anywhere—this includes checking policy details and investments, tracking payments, signing up for eBilling, filing loan requests, as well as reactivating an inactive policy. It also has the ePolicy Kit, a digital copy of the consumer’s contract valid for all transactions, thereby eliminating the hassle of delayed, undelivered, and lost policies.
Filing for all types of claims is also made faster, easier, and more accessible through BPI-Philam’s website <bpi-philam.com>. Policyholders just have to fill out the form, upload digital versions of required documents, and pick their preferred payout option. They will receive immediate feedback and can track updates on their claim status, assuring peace of mind.
For all other basic concerns on life insurance, BPI-Philam’s virtual assistant Bessie— launched in 2020— is accessible to consumers via messaging platforms Messenger and Viber, anytime and anywhere.
In addition to boosting its digital capabilities, BPI-Philam also implemented several measures that benefit both its workforce and clientele, helping it rise as the number one bancassurance firm during the pandemic. It developed advanced training courses to adapt to the new normal and implemented employee programs such as cash-related assistance for those in need and extension of sales targets coverage, among others. For customers, meanwhile, it has extended the payment grace period and added COVID-19-related reasons to the list of valid claims.
“We pride ourselves with our personalized services offerings, where consumers can freely choose and manage their policies. Our vigilant efforts on digitalization are testaments to BPI-Philam’s commitment to our mission to close the insurance gap in the country while helping Filipinos achieve healthier, longer, and better lives even in the midst of uncertainty. This milestone, together with our clients’ trust, drives us to constantly innovate, directed towards the needs of our customers and always in consideration of the ever-changing market,” Menon said.
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More information about BPI-Philam is available via its official website, virtual assistant Bessie (via Messenger), or its official Facebook Page.
