Why Adding Insurance to Your Cart This Shopping Season is the Ultimate Upgrade

Why Adding Insurance to Your Cart This Shopping Season is the Ultimate Upgrade

Thursday, November 21, 2024

Insurtech Igloo gives tips on how to make holiday shopping worry-free

The holiday season is all about finding that perfect gift, whether for yourself or someone else. With holiday online sales on the horizon, it’s the ideal time to score great deals on high-value items. Electronics like smartphones, tablets, and gaming consoles are in high demand, along with bags, watches, beauty products, and high-quality appliances. While these items bring excitement and joy, they also come with some risks—accidental damage, theft, and unexpected malfunctions can turn a valuable purchase into a stressful situation.

Regional insurtech Igloo understands these concerns and–together with its partners–have provided ways to protect valuable purchases with accessible, comprehensive insurance solutions. By offering instant coverage for everything from tech gadgets to beauty products, Igloo works with leading e-commerce platforms and insurance underwriters to empower holiday shoppers to add a layer of care to each gift, covering accidental damage, theft, and breakdowns so buyers and their recipients can enjoy their gifts with full peace of mind.

Whether you're gifting tech or timeless accessories, adding insurance to these items could be the ultimate extra that makes your gift even more meaningful. Here are some reasons you should consider adding an extra layer of protection to your gifts this season.

Protection Against Everyday Mishaps

Holiday gifts, especially high-value items, are often at risk of accidental damage or loss. New smartphones, laptops, and other electronics are stunning but also delicate. Accidents can happen anytime—a smartphone might slip from someone’s hand, a tablet might suffer water damage, or a high-end appliance might experience an unexpected breakdown.

For instance, Gadget Protection provides comprehensive device coverage, including accidental and liquid damage, with access to professional repairs at authorized centers, available via GInsure and Lazada. Additionally, Cracked Screen Protection offers up to 12 months of coverage for screen damage from accidental impacts for phones and accessories purchased on Shopee, giving recipients peace of mind with their new devices.

Products that fall under these plans and are sold on Lazada and Shopee are available at checkout, making it seamless for shoppers to add insurance coverage to their purchases.

Financial Security for Pricier Gifts

Many premium items come with a high price tag. High-tech electronics, luxury fashion, and specialized gadgets are significant investments, and without insurance, repairs or replacements can be costly.

For non-electronic products, Igloo and Etiqa offer Merchandise Protection, a plan that protects Lazada orders from accidental damage and theft, ensuring peace of mind for a wide range of valuable purchases.

Beyond Standard Warranties

Standard manufacturer warranties typically cover only specific defects or malfunctions and often have significant limitations. They usually do not address the risks associated with adverse reactions to beauty products, which can be particularly concerning. While we want our loved ones to enjoy their gifts, the reality is that there is always a risk that the product may not work for them, and in rare cases, they can have reactions to cosmetics and lotions which can lead to discomfort or even serious health issues.

Product Liability Protection is available for beauty products purchased on Lazada to address these concerns. Underwritten by Liberty Insurance, this coverage protects consumers from chemical burns and severe allergic reactions, including anaphylaxis, resulting from product use. By opting for this insurance, consumers safeguard their well-being and gain access to valuable resources such as teleconsultations, medical reimbursements, and emergency hospitalization, providing peace of mind while indulging in their beauty routines.

As you shop this season, remember that the value of each purchase can be elevated with the added assurance of insurance. By protecting your items, you bring peace of mind and ensure enjoyment without the worry of unexpected mishaps. With accessible and comprehensive insurance solutions from Igloo and its partners, you can make each purchase even more meaningful, safeguarding your investment and enhancing the shopping experience.

This holiday season, invest in the peace of mind that comes with knowing your gifts are protected, allowing everyone to celebrate with joy and confidence.

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Manulife and MCBL Launch Limited-offer Wealth Management Product Wealth Guarantee

Manulife and MCBL Launch Limited-offer Wealth Management Product Wealth Guarantee

Sunday, November 10, 2024

Manulife and Manulife China Bank Life (MCBL) announce the launch of Wealth Guarantee, a new single-payment insurance plan that aims to help customers grow their wealth in seven years through a comprehensive savings plan.

Wealth Guarantee is a medium-term wealth management product that grants policyholders yearly payouts of up to 4.5% over six years with 100% capital return. Wealth Guarantee also provides 125% life protection coverage, ensuring that policyholders are adequately protected during the plan’s seven-year term.

“At Manulife, we are dedicated to continuously providing our customers with products and services that fit their unique financial needs and goals. We recognize the hard work that Filipinos put in to secure their envisioned future, and we aim to be their trusted partner in achieving financial freedom. Our latest offering — Wealth Guarantee — is designed to bring customers one step closer to that dream,” said Rahul Hora, President and Chief Executive Officer, Manulife Philippines.

“Through Wealth Guarantee, we are giving Filipinos an investment plan option that offers competitive guaranteed returns and valuable life insurance protection, enabling them to diversify their portfolio and gain financial security,” Hora added.

Wealth Guarantee is suited for investors interested in a medium-term savings plan, and for those looking to build their legacies for future generations.

Wealth Guarantee will be available for a limited time beginning November 11, 2024, through Manulife financial advisors. It can also be availed through Manulife’s financial sales associates based in China Bank branches nationwide.

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New Manulife Global Retirement Report Sheds Light on the Preparedness and Financial Resilience of People in Asia as Longevity Increases

New Manulife Global Retirement Report Sheds Light on the Preparedness and Financial Resilience of People in Asia as Longevity Increases

Saturday, November 2, 2024

● Report shows that majority of people in Asia fear they will need to postpone their retirement due to family responsibilities.

● With longer lives and potentially more years in retirement, taking concrete actions in financial planning, including use of digital tools and exploring sources of passive income, is critical during working years.

Manulife Investment Management globally released its Financial Resilience and Longevity Report. Findings in Asia, which includes Mainland China, Hong Kong, Japan, Singapore, Malaysia, Indonesia, Philippines, and Vietnam, revealed that consumers across the region continue to face financial challenges, despite some markets and demographics faring better than others.

In the Philippines, 67% of Filipinos expressed confidence in achieving their top financial goals, with many optimistic that their financial situation will improve over the next decade. However, 63% are concerned that insufficient savings may hinder their ability to build financial resilience. Additionally, 61% worry about unexpected medical expenses, and 37% are concerned about reduced income—factors that pose significant challenges to strengthening their financial security.

More than two-thirds of people in Asia are confident they will be able to achieve their top financial goal, which varies across markets and includes having enough saved for emergencies, managing or maintaining their current lifestyle, and enjoying financial freedom or security after retirement, but the older generations are in slightly worse shape, with those in their 50s and 60s less likely to have that confidence than their younger cohorts.

Amid rising life expectancy across Asia, the report explored the need to enhance financial resilience during working years, potentially allowing individuals to save more for retirement. Longevity trends are placing pressure on traditional family support systems, healthcare, and financial stability, especially as changing family structures leave many older adults without the multigenerational support that was once common.

Calvin Chiu, Head of Asia Retirement, Manulife Investment Management said, “With life expectancy rising throughout the region, it’s imperative that consumers begin planning earlier and more comprehensively. The report sheds light on how individuals in different markets can build financial resilience and prepare for a secure future. The retirement industry, along with governments and employers, play a critical role in supporting an aging population and helping consumers save and invest for their extra years of longevity.”

Financial Resilience Varies Across Asia

The report revealed that financial resilience is essential to navigating common obstacles such as debt, healthcare costs, and emergencies. Consumers across Asia recognized the importance of saving for retirement, yet many struggle to balance short-term financial needs with long-term goals.

On average only 39% of people across all age groups feel good about their finances today, but an average of 52% of respondents feel the situation could improve in 10 years’ time. However, top concerns that may affect their ability to build financial resilience include lack of or insufficient savings, unexpected medical expenses, and lack of or reduced income.

Other key findings in the Asia region include:

● Rising healthcare costs, inflation, and economic slowdown are top concerns, with over 70% of consumers in Japan and Singapore concerned with these external factors affecting their ability to build financial resilience.

● Most people in Asia rely on cash savings and bank deposits (63% - 71%), more than other financial products, to achieve their financial goals.

● Nearly two-thirds of consumers in Asia feel children are great investments who will provide for them as they get older. This causes concern for those who do not have family to care for them as they age, especially those closest to retirement.

Retirement Delays and Family Responsibilities

Similar to global trends, consumers in Asia expect to delay their retirement, especially as they continue to support both children and aging parents. Changing family dynamics in Asia, including declining birth rates and fewer multigenerational households, have added pressure to their financial planning.

Across all age groups, an average of 62% of people in Asia are afraid they will need to postpone their retirement because of financial responsibility for their family.

That said though, an average of 57% respondents who don’t plan to marry or have children are concerned about growing old without a spouse or children to look after their financial and well-being needs. To fill the potential financial gap, an average of 75% of people said they will save as much money as possible, and only 28% said they will invest in different financial products.

Digital Engagement and Financial Planning

Consumers in Asia are increasingly interested in digital solutions and financial planning tools to help them manage their finances. Engagement with digital platforms correlates strongly with better financial outcomes, with those who frequently check their retirement plan or engage with financial content online more likely to report being in good financial shape.

“Technology is playing a critical role in helping consumers in Asia better understand and manage their financial futures. For example, in Hong Kong Manulife has piloted a robo-advisory service to Mandatory Provident Fund (MPF) members. This service is designed to help them better understand their retirement investment and risk profiles, and make more informed decisions about their MPF choices,” said Chiu. “By leveraging personalized tools and data-driven insights, we aim to empower individuals to feel more secure about their financial lives, in partnership with plan sponsors, advisors, and third-party administrators.”

Financial Priorities and Passive Income Approaches in Asia

While pension schemes provide some level of financial support in retirement, people need to consider the longevity and inflation factors to assess whether their pensions could last their lifetime. A way to create a better safety net is through investments that could generate a steady stream of income even in retirement. For example, they can consider retaining their pension accounts after reaching retirement age and continue investing in the scheme.

For markets that have pension schemes:

● 35% in Hong Kong expect to rely on the Mandatory Provident Fund (MPF).

● 52% in Singapore expect to rely on the Central Provident Fund (CPF), a mandatory program.

● 36% in Indonesia expect to rely on the Financial Institution Pension Funds (DPLK), a voluntary program.

Some pension scheme providers offer income funds that regularly distribute dividends, allowing investors to receive an income every month while remaining invested in dividend-paying funds. There are also retail funds offering monthly distributions, where investors can gradually invest in suitable income funds before retirement based on their individual needs and risk tolerance. For instance, Manulife Investment Management and Trust Corporation has four unit investment funds (UITFs) that provide monthly income distributions through investments in portfolios of real estate investment trusts, preferred securities, Asia bonds and other global asset classes. The UITFs can be accessed for as little as Php1,000 through Manulife iFUNDS, a secure and easy-to-use digital investment platform.

Methodology

The Asia findings of the Manulife Financial Resilience and Longevity Report was from the Manulife Asia Care Survey 2024 that was conducted in January and February 2024 via online self-completed questionnaires in eight markets, including Mainland China, Hong Kong, Japan, Singapore, Malaysia, Indonesia, Philippines, and Vietnam. A total of 8,400 people, evenly split between men and women, aged 25 to 60 years old were surveyed. The 2024 Financial Resilience and Longevity Report for Asia is available online.

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FWD Life Insurance’s new product puts protection and wealth growth within reach for young Filipinos

FWD Life Insurance’s new product puts protection and wealth growth within reach for young Filipinos

Friday, September 6, 2024

If financial independence is at the top of your priorities, make this investment-linked insurance your first choice!

To help bridge the priority and protection gap in the country, FWD Life Insurance (FWD Philippines) introduces SmartStart Investment-linked Insurance—the insurance plan for everyone.

According to a comprehensive online study conducted by FWD Philippines, the majority of Gen Zs (85%) agree that owning an insurance is important and is something they need. However, while most (73%) have an intent to protect themselves, only 3 out of 10 own life insurance. This highlights a priority gap as they choose to spend on other essentials first. 

This is further aggravated by the next generation’s lack of awareness and understanding on how insurance products and services work, which leads to the Philippines having one of the lowest insurance penetration rates in the region at less than 2%.

“As the insurer of the next generation, providing innovative, inclusive, customer-centric products to more Filipinos has been our priority as part of our nation-building efforts,” explains FWD Philippines President and CEO, Antonio Manuel “Jumbing” De Rosas. “In celebration of our 10th anniversary and to continue our commitment in changing the way young people feel about insurance, we designed a trailblazing product to align with the youth’s behavior to spend on their passions while maximizing value— helping them to celebrate living and build their best future.”

FWD SmartStart Investment-linked Insurance is one of the most affordable entry-level insurance products in the market. SmartStart is perfect for active hustlers with a FIRE (Financial Independence, Retire Early) mindset—these are people who have no dependents, are investing in their passions, and are looking to diversify their finances. Starting at PhP1,800+ per month, benefits include accidental death coverage, waiver of premium, and investment options. Policyholders also have add-on benefit options for life insurance, hospital cash benefit, and critical illness coverage.

For those with limited budget, there is also SmartStart Lite, perfect for breadwinners who are looking to get their first insurance to help them raise a family or even support their parents. Starting at PhP1,200+ monthly, policyholders can sustain their responsibilities and keep it within their budget while getting comprehensive coverage for accidental death and critical illness plus a waiver of premium. Life insurance and hospital cash benefits can also be availed as add-on benefits.

Additionally, policyholders can enjoy the Guaranteed Milestone Increase Benefit, which offers a pre-approved one-time increase in coverage amount when they hit major life milestones— from getting married, having or adopting a baby, owning a new real estate, graduating from university, retiring, to celebrating their policy’s 10th anniversary. Furthermore, customers can get as much as 200% of their policy fees back as a reward for keeping their policy active and paid through the Fee Reinvestment Benefit.

SmartStart was launched alongside The One for mental wellbeing, which is a fully customizable life insurance policy that provides special access to certified mental health professionals via ThoughtFull mobile app. Both products were introduced as part of FWD’s 10th anniversary celebrations since establishing roots in the Philippines in 2014.

Celebrate living today and thank yourself later with FWD SmartStart Investment-linked Insurance. Contact an FWD financial advisor today or visit http://www.fwd.com.ph/investment/smartstart/ for more information.

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Regional insurtech Igloo on how insurers can attract Gen Z and boost insurance penetration in the Philippines, Southeast Asia

Regional insurtech Igloo on how insurers can attract Gen Z and boost insurance penetration in the Philippines, Southeast Asia

Monday, August 26, 2024

In Southeast Asia, insurers are grappling with the challenge of attracting Gen Z—a generation known for its financial savvy and strong desire for financial security. However, despite these traits, traditional insurance products often fail to resonate with them due to their perceived complexity and a general distrust of conventional financial institutions. This disconnect is particularly evident in the Philippines, where despite a projected compound annual growth rate (CAGR) of 9.5% which will see the country’s insurance industry’s value grow to P 209 billion in 2028, actual insurance penetration remains low at 1.6%.

This shows how the industry must address the concerns of Gen Z, a demographic that McKinsey predicts will comprise a quarter of the Asia Pacific’s population by 2025, including around 40 million Filipinos (34.7% of the Philippine population).

Many Gen Z individuals feel that insurance is unnecessary at their age, preferring to focus on immediate experiences rather than long-term financial products. A study by EY found that nearly 40% of Gen Z are worried about making the wrong choices with their money. Further compounding the issue, a survey by Accenture revealed that 52% of Gen Z in Southeast Asia do not trust traditional insurers, fearing hidden clauses and high premiums.

To bridge this gap, insurers must adopt innovative strategies that resonate with Gen Z's preferences. Regional award-winning insurtech Igloo emphasizes that this approach is vital for boosting insurance penetration in Southeast Asia. Here are some tips for effectively engaging this unique demographic:

Make insurance simple and affordable

Insurance products are often seen as complex and confusing, which can turn off younger consumers. To counter this, insurers should focus on offering straightforward policies with clear terms and conditions. Microinsurance, which provides affordable coverage for specific, smaller-scale risks, can be especially appealing to Gen Z. This generation may not have substantial financial resources but still needs protection.

Microinsurance policies can be tailored to cover travel mishaps, gadget protection, or event cancellations at affordable premiums. In the Philippines, Igloo offers products like Travel Master for travel enthusiasts to protect them health emergencies, flight delays and cancellations and Pet Insure, which provides three-in-one coverage package including reimbursements for veterinary care, owner’s liability coverage, and personal accident coverage for dog owners, ensuring that their pets a living their best lives.

By offering these targeted and relevant solutions, insurers can demonstrate an understanding of Gen Z's priorities and financial constraints, fostering a stronger connection with this demographic.

Meet your Gen Z customers where they are

This generation values convenience and expects services to be integrated into their digital lifestyles effortlessly. By embedding insurance within products or services that Gen Z already uses and trusts—such as offering gadget insurance at the point of purchase of a mobile phone or laptop, for example—insurers can streamline the purchase experience. Insurance then becomes more relevant to the consumer, making it a natural part of their purchasing decisions, rather than an afterthought.

Moreover, embedding insurance in relevant contexts enhances its perceived value and relevance to Gen Z. Insurers can integrate insurance options into digital wallets or payment apps, making it easier for Gen Z to purchase them. Igloo, for instance, has collaborated with prominent regional fintech players like GCash in the Philippines, DANA in Indonesia, and ZaloPay in Vietnam, integrating their insurance products into platforms that Gen Z consumers are accustomed to.

Through embedding insurance, insurers demonstrate the value of protection in scenarios that resonate with Gen Z's experiences and priorities, positioning insurance as a supportive and proactive solution in their daily lives.

Gamify insurance to make it fun and rewarding

Gamification involves incorporating game design elements into non-game contexts to enhance user engagement, enjoyment, and motivation. For insurers, this means transforming routine tasks like policy management and claims processing into interactive activities, creating a more appealing experience for younger consumers.

Insurers can offer points, badges, and other incentives for behavior, which will work well for Gen Z who are motivated by rewards and recognition. For example, users can earn points renewing policies, referring friends, or completing a task. These points can then be redeemed for rewards, creating a sense of value and appreciation. This approach not only incentivizes engagement but also builds a loyal customer base.

Gamification can also address the complexity issues Gen Z faces with traditional insurance products by simplifying it through interactive tutorials, quizzes, and simulations. Users can complete these educational modules and earn rewards, making the learning process both informative and engaging.

Igloo believes insurers targeting Gen Z in Southeast Asia must simplify insurance, making it accessible and rewarding. By aligning with Gen Z's preferences, insurers can build trust and loyalty while expanding insurance penetration.

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AIA Philippines Introduces New Product for Retirees and Seniors

AIA Philippines Introduces New Product for Retirees and Seniors

Sunday, August 11, 2024

AIA Philippines, formerly Philam Life and one of the country’s largest life insurance companies, recently launched a new product ideal for those who are starting to save for their retirement later in life. Whether their goal is to secure oneself or to have a guaranteed sum passed down to their loved ones, the life insurer’s new offering provides protection as one gets older.

“There is a commonly held notion that, beyond a certain age, it’s too late to get insurance,” shares Melissa Henson, Chief Marketing Officer at AIA Philippines. “We want to change that mindset. It’s never too late to start prioritizing yourself and your family, especially with a product like AIA A-Life Prime.”

Financial security for today and tomorrow

AIA A-Life Prime, a product payable in just two years, benefits for both plan holders and their families, standing as a valuable solution to aid the country’s growing number of nearly 10 million senior citizens. At the end of the second year, policy owners will start receiving cash payouts equal to ten percent of their policy’s minimum face amount, especially advantageous for those in retirement. These will be given out every other year, providing assurance of regular disbursements to cover expenses or act as savings. AIA A-Life Prime can be purchased by individuals up to age 70, and provides coverage until the policyholder reaches the age of 100.

On top of the payouts, there is opportunity to receive more cash benefits through potential bonus dividends, which, while not guaranteed, can serve as additional funds when available. There is also a death benefit amounting to 200 percent of the plan’s face amount, or the total premiums paid less the cash payouts released (whichever is higher at the time of claim). For policyholders who reach age 100, a lump sum maturity benefit of 200 percent of the face amount will be given. 

“The need for protection is constant, so it is important for us to ensure that we make our products accessible to customers at any life stage,” adds Henson. “We aim to be with our customers wherever life goes, so they can have the peace of mind needed to live healthier, longer, better lives.”

Those interested in availing an AIA A-Life Prime plan can contact an AIA Life Planner or visit the AIA Philippines websitefor more information.

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InLife CMO and Bancassurance Head discusses challenges and opportunities of marketing insurance to women

InLife CMO and Bancassurance Head discusses challenges and opportunities of marketing insurance to women

Monday, July 22, 2024

Tailoring insurance to meet women’s unique needs, concerns, and preferences is a crucial step in encouraging them to practice financial empowerment and security. This is according to Insular Life (InLife) Chief Marketing Officer and Bancassurance Head Gae L. Martinez.

“Women are incredibly diverse. They come from varied backgrounds, possess unique life experiences, and face a multitude of challenges. Therefore, our approach to selling insurance to women must be nuanced, empathetic, and tailored to individual circumstances,” she said in her speech before the Professional Insurance and Financial Advisors Association of the Philippines (PIFAAP) Congress.

The PIFAAP is comprised of leading insurance and financial service professionals dedicated to promoting high standards of ethics, client services, and productivity. It is focused on professional excellence through continuing education.

Understand what women need

Martinez emphasized women’s crucial role as catalysts for social progress and as substantial contributors to income generation and community investment. This is why insurance providers should devote themselves to genuinely hearing women, comprehending their distinct situations, and empathizing with their worries.

“Whether it's supporting their families, planning for the future, or navigating life's uncertainties, women possess specific needs that necessitate attention. The InLife Sheroes Landmark Study on Women in 2018, yielded valuable insights into the financial and health-related mindsets of Filipino women,” she shared.

The InLife Sheroes Advocacy and Movement is the flagship initiative of InLife for women empowerment through financial inclusion. It was launched in partnership with the International Finance Corporation (IFC) in 2019. Initially targeting one million Filipino women in three years, it has surpassed expectations, reaching out to 4.56 million Filipino women by the end of 2021 and up to 6.5 million Filipino in 2023.

Martinez shared that InLife Sheroes has forged partnerships with various like-minded organizations that are committed to empowering women through on-ground events, webinars, and other initiatives. They include the Philippine Business Coalition for Women Empowerment, Imaginable Impact, and What Glass Ceiling podcast among others.

Provide education, empathy, and trust

Empowerment through education is equally important. In order to make informed and wise financial decisions, women prefer comprehensive explanations and educational resources according to Martinez.

“As insurance professionals, it's our responsibility to demystify complex insurance policies, explain coverage options in clear terms, and provide the necessary information for women to make informed choices,” she said.

Just as important as education is practicing empathy and building trust.

“To cultivate trust, it’s essential to go beyond mere transactions and foster genuine connections. Demonstrating empathy, by truly understanding and acknowledging women’s concerns, fosters a sense of being heard and valued. Transparency is equally vital, openly sharing information about products, processes, and potential outcomes instills confidence and removes uncertainty,” Martinez said.

Customize solutions

Martinez said that women’s insurance needs differ based on various factors such as life stage, civil status, family structure and career. Insurance companies must therefore offer personalized solutions that align with these.

Last year, InLife launched Resilience Female Cancers, a limited pay whole life critical illness plan that provides a guaranteed lump sum cash benefit upon the diagnosis of nine specific cancer types: breast, ovarian, cervical, and endometrial cancer, uterine sarcomas, malignant mixed mullerian tumors, malignant germ cell tumors, fallopian tube cancer and leiomyosarcomas.

Make insurance accessible and affordable

Martinez also encouraged insurance professionals to provide transparent pricing information and explain how insurance can be affordable, considering its long-term financial protection.

“Utilize digital tools and resources to make the insurance buying process more convenient and accessible for women,” she encouraged.

Martinez shared that InLife offers affordable insurance for women on Lazada for as low as P99 and through the UnionBank Insurance Marketplace. InLife products are also available through InLife financial advisors, and through the regional managers, financial advisors, insurance solutions managers of UnionBank.

“Selling insurance to women is more than just closing deals, it’s about empowering women to take control of their financial futures. By understanding their needs, educating them about their options, building trust, and providing personalized solutions, insurance professionals and financial advisors can play a pivotal role in ensuring that every woman has the protection and security she deserves,” Martinez said.

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Sun Life launches Play for Life: A Game of Choices this Financial Independence Month

Sun Life launches Play for Life: A Game of Choices this Financial Independence Month

Saturday, June 29, 2024

What if you could take your financial journey for a test drive? That’s exactly what you can do with Sun Life’s upcoming game, Play for Life: A Game of Choices, which is set to launch in June 2024. This Financial Independence Month, Sun Life is launching engaging activities that will foster financial literacy among Filipinos through gamification elements.

Embark on Your Financial Journey with Play for Life

Play for Life is a free, single-player online game that mirrors the financial decisions one encounters in real life. The objective of the game is to achieve your chosen life goals through strategic financial and life decisions while navigating the ups and downs.

At the beginning of the game, players define their life goals and select a character representing a career. Gameplay revolves around dice rolls, guiding pieces across the board to squares that correspond with the dice outcome. The board features spaces that offer life-enhancing opportunities ('Life Wins'), present challenges ('Life Happens'), or require critical financial decisions ('Life Choices'), allowing players to use their accumulated funds strategically. 

You win the game once you have accumulated enough play money to achieve your life goal. The journey involves managing both positive and adverse circumstances, reflecting the essence of life's financial planning and decision-making.

Step into the World of Play for Life

For a more immersive experience, there will be a roving life-size version of Play for Life in select areas around the country. Navigate giant game boards and make real-life choices at SM Megamall from June 22 to 23, 2024, SM Sta Rosa from July 27 to 28, 2024, SM Lanang in August 2024, SM Iloilo from September 14 to 15, 2024, and SM Pampanga from October 26 to 27, 2024. To engage the mobile gaming community, the initial launch of the life-size version of Play for Life will be in partnership with Talon Esports, a leading esports and gaming organization. There will also be table-top boardgame versions of Play for Life, where you can play with friends, family, and even Sun Life financial advisors.

Rank Your Money Moves with Sun Life’s New TikTok Filter

Further amplifying its commitment to financial empowerment, Sun Life launched an interactive TikTok filter called “Rank Your Money Moves”. This gamified filter allows users to rank various priorities, such as love life, food, travel, and other possible money moves. Once priorities have been placed in order, the user gets a fun and playful financial personality type depending on how they ranked their money moves.

Marking 9 years of Financial Independence Month

Financial Independence Month is Sun Life’s annual campaign encouraging clients to pursue financial preparedness at every life stage. Launched in 2015, it aims to make the national celebration of Independence Day more personal and meaningful, as it centers on the pursuit of one’s brighter future.

“Financial freedom starts with a choice,” said Carla Gonzalez-Chong, Chief Client Experience and Marketing Officer of Sun Life Philippines. “This is why we are set to launch Play for Life: A Game of Choices. We want to equip Filipinos with the knowledge to make informed decisions on their financial journey. By making financial literacy more engaging and accessible, we hope to empower individuals to take control of their future and make life choices with confidence.”

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Sharon Cuneta Opens Up About Sensible Investing in Latest InLife Dreamweaver Stories Vlog

Sharon Cuneta Opens Up About Sensible Investing in Latest InLife Dreamweaver Stories Vlog

Tuesday, June 11, 2024

Philippine entertainment icon Sharon Cuneta has made sensible investment choices throughout her life and shares the lessons she learned in her financial journey in the latest vlog posted on her YouTube channel.

Focused on providing a secure future for her family, she shared that she does whatever she does now to help her children reach their dreams and give them a happy life. 

“I was recently asked how I manage to stay relevant in showbiz considering that it’s been more than four decades since I started. The answer is to evolve, to change, to grow with the times. How do you do that? For me, I had to keep learning, to keep studying, to constantly reinvent myself. I also need the right motivation, which is to leave a legacy for my fans, my loyal followers, and most of all, my family,” Cuneta said.

She then went on to explain the importance of savings and financial investments.

“As an InLife Dreamweaver, I learned that a great way to a better life is through making sound and secure financial investments,” the multi-awarded actress, singer, and TV host said.

Steps to making good investments

1. Identify your reasons for investing.

Cuneta advised that it is best to know why you’re making an investment. Ask yourself what you’re preparing for.

“Is It retirement? Is it for your child’s education? Bagay dapat ang gagawin mong investment sa short-term and long-term goals mo (Your investments should be aligned with your short-term and long-term goals),” she said.

2. Know when you need the results of your investment.

Cuneta pointed out that knowing when you would need the income for your investments helps you narrow down which investments to make.

“Kung kailangan mo na ang pera next year (If you need the money next year), you should invest in something that will produce accessible dividends within that period. If you have a substantial amount of resources…, invest in long-term products that will also have a higher yield or profit,” she advised.

3. Let a financial adviser guide you.

“When you’re clear on why you’re investing and when you need the income from your investment, you now look for what to invest in. And that is where financial advisers come in. They are the people who can guide you and find an investment that is just right for your needs and your resources,” Cuneta said. She went on to compare a financial adviser to her manager who helps her choose the right movie projects, albums, and concerts.

4. Diversify your portfolio.

There are many types of investments, including stocks, bonds, real estate, and mutual funds -- each with its own risk and returns.

“All investments involve risks. The more risks an investment has, the higher the potential return. However, there is also a higher potential for loss. Kaya it is important to diversify your portfolio, which means investing in a variety of different assets. Gaya nga ng kasabihan na don’t put your eggs in one basket kasi baka mabasag silang lahat (Like they say in the aphorism, “Don’t put your eggs in one basket because they might all break at the same time.”),” Cuneta emphasized.

5. Having an insurance can help protect your investments.

When investing, having an insurance policy can serve as a safety net or backup plan to mitigate unforeseen problems.

“If you have health insurance, that will cover your medical and other expenses while your money continues to earn in your investments,” Cuneta said.

“Once you’re protected, you can already save, invest for wealth accumulation, which eventually will lead to wealth distribution or leaving a legacy to your family,” she further pointed out.

Cuneta’s latest vlog is part of her InLife Dreamweaver Stories. It can now be viewed via https://www.youtube.com/watch?v=KnP6wNdSA8w. The Megastar, along with her daughter, Miel Pangilinan, became InLife Dreamweavers last year to help amplify the Company’s mission of helping Filipinos lead A Lifetime for Good.

All her InLife Dreamweaver Stories vlogs are now up.

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discovermarket Marks Official Launch in the Philippines, Launches New Insurance Products with Globe

discovermarket Marks Official Launch in the Philippines, Launches New Insurance Products with Globe

Wednesday, May 22, 2024

International insurtech firm discovermarket announces its launch in the Philippines, starting with its partnership with Globe Telecom Inc. - the leading full-service telecommunications company in the Philippines, to launch its embedded Personal Cyber Insurance product. 

Based in Switzerland with its regional headquarters for South-East Asia in Singapore, discovermarket provides embedded insurance solutions to over 200 million customers across diverse industries - including hospitality, agriculture, and telecommunications. 

While the Philippines has seen exponential growth in mobile and internet users and its digital economy, therein lies the rise of cybercrimes with an increase of such cases reported in the first quarter of 2024 alone, with 4,469 cases compared to 3,668 cases in the same period last year1. 

In light of the situation, Globe has been taking active measures to clampdown and bolster their cyber security capabilities by investing in such solutions2. With this partnership with discovermarket, the company is now able to provide unique insurance products for customers of their core connectivity products, by leveraging discovermarket's innovative embedded insurance solution.

The new cyber retail product covers Globe’s Platinum customers from online identity theft, online shopping fraud and internet payment transactions fraud up to PHP 100,000 (S$2,370/US$1,740). The coverage also provides claims assistance service in the event of a cyber incident. The product will be made available for new and recontracting Globe Platinum subscribers who hold Plan 3799, Plan 4999, and Plan 7999. 

“Having this partnership with Globe has been a great privilege for us,” said Patrick Bühler, CEO and Founder of discovermarket. “By providing a hassle-free and digital-first experience, we are able to help Globe provide innovative insurance products as a safeguard for their users. As the digital presence of Filipino consumers continues to grow, it is crucial that there are comprehensive measures for everyone to be sufficiently protected from malicious cyber-attacks.” 

“We appreciate this partnership we have with discovermarket as we are now able to deliver effective protection solutions through a digital operating model that adds value for our subscribers,” commented Mark Pasaylo, Head and Director - The Platinum Brand, Globe. “The new embedded CyberInsurance products demonstrate Globe’s commitment to ensure the safety of our subscribers’ online presence, giving them peace of mind when they go about their various activities on their smart devices.” 

discovermarket’s core goal is to provide insurance products to the underserved segments of the community. This is achieved through its low transaction costs to tap into these market segments, offering embedded insurance products that are affordable, thereby improving accessibility to insurance. discovermarket’s marketplace-as-a-service platform also functions as a one-stop marketplace for ecosystem partners seeking digital insurance solutions. Partners can simply select from a variety of brokers, insurers, and prevention providers to create diverse insurance propositions and customise their embedded insurance journeys. 

Following the partnership with Globe, discovermarket aims to expand its reach in the Philippines. With cyber products as a key priority, it plans to expand Cyber Insurance offerings for not just consumers, but businesses as well. In addition, discovermarket is also actively looking for opportunities to offer solutions that fosters financial inclusion by working with the relevant ecosystem partners.

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Pru Life UK’s newest product guarantees 4% annual cash payout for 7 years

Pru Life UK’s newest product guarantees 4% annual cash payout for 7 years

Monday, April 22, 2024

 

Customers also get 100% cash back and up to 125% coverage with PRULove Wealth

Leading life insurer Pru Life UK launches a new product designed to provide Filipinos life insurance coverage while also allowing them to earn returns with rates comparable with those from a high-yielding time deposit. PRULove Wealth uniquely offers 4% annual cash payout, 100% cash back, and up to 125% insurance coverage.* 

Regardless of market conditions, customers can rely on a guaranteed 4% annual payout based on the single premium paid. PRULove Wealth complements their traditional bank deposit and fixed income-generating financial assets. The steady earnings assure them and their families cash to celebrate life's milestones, boost personal savings, and provide an extra layer of financial cushion. 

Customers’ principal money is secured with 100% cash back guarantee or return of the premium paid if the insured is still around after the 7-year insurance coverage period or maturity of the policy. The cash back gives comfort to families of a stable financial future. 

The life insurance coverage of up to 125% based on the single premium gives the customers wealth protection for their families. Whatever happens to the insured, the beneficiary gets the whole proceeds up to 25% higher than the principal.* 

"PRULove Wealth solidifies our unwavering commitment to being the Filipino families' most trusted partners and protectors by providing financial solutions that address their evolving needs. With the guaranteed benefits of our new product, we aim to help more customers achieve financial protection and their wealth aspirations,” shares Allan Tumbaga, Executive Vice President and Chief Customer & Marketing Officer. 

PRULove Wealth can help customers who want a convenient one-time pay life insurance product that reaps an uninterrupted flow of cash and secured legacy without worrying about market volatility. 

Pru Life UK maintains its industry's top position in New Business Annual Premium Equivalent & total Premium Income from Variable Life Insurance products according to the Insurance Commission’s Life Insurance Sector Quarterly Statistics for Q3 2023. 

Its wide range of products is accessible through its over 42,000 digitally-empowered agency force and like-minded ecosystems and digital partners. 

To know more about PRULove Wealth, talk to a Pru Life UK agent today or visit www.prulifeuk.com.ph.

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FWD Life Insurance ranked top 3 life insurer in 2023

FWD Life Insurance ranked top 3 life insurer in 2023

Sunday, April 21, 2024

FWD Life Insurance (FWD Philippines) soars as the top 3 life insurer in the Philippines in less than 10 years, as indicated in the Insurance Commission’s (IC) full-year 2023 report on New Business Annual Premium Equivalent (NBAPE).

NBAPE, a global standard adopted by the IC, measures the life insurance industry’s sales performance in a specific year by summing the payment methods used in the industry–regular and single premiums. With a recorded total NBAPE of Php4.59B, FWD Philippines climbs from sixth in 2022 to third rank in just one year, solidifying its position as one of the fastest-growing insurance companies in the country.

“As the insurer of the next generation, this achievement underscores our commitment to nation-building and protecting more Filipinos. This is a testament to how we are changing the way people feel about insurance, especially in the Philippines where the insurance penetration rate is at less than 2%,” shared FWD Philippines CEO and President, Antonio Manuel “Jumbing” De Rosas. “Thank you to our employees, partners, financial advisors, and distribution leaders for their commitment in empowering more Filipinos to celebrate living. Most especially to our customers, for their unwavering confidence and trust in FWD,” he adds.

This milestone coincides with FWD Philippines’ 10th anniversary since establishing roots in the country in 2014, and is attributed to the company’s customer-led and digitally enabled approach to deliver innovative, inclusive, and people-centric solutions that cater to the ever-growing needs of Filipinos. 

Innovating insurance and customer experience

FWD Philippines was hailed as #1 for customer experience among insurers according to KPMG’s Global Customer Experience Excellence Report 2023, further fortifying its thrust as the insurer of the next generation.

Enhanced customer experience initiatives were set in place, such as the first-in-the-industry 24/7 customer support hotline, which provides easily accessible channels for customers. FWD Philippines also introduced digital innovations like Omne by FWD, a 2-in-1 supercharged application with features that help customers build micro-habits and manage their policies. Additionally, the insurer adapted AI tools such as its chatbot Fi, which is now integrated with People Like You, an advanced tool that employs data analytics to recommend insurance solutions for customers. 

FWD Philippines also secured the No. 2 spot in the Million Dollar Round Table (MDRT) rankings among local insurance companies, a testament to its dedication to providing best-in-class customer experience and nurturing the next-generation of financial advisors. Alongside this achievement, the company also continues to bolster its nationwide presence by expanding of its distribution network and forging significant partnerships, exemplified by its recent collaboration with the country’s leading mobile wallet, GCash.

Moreover, FWD Philippines has innovated more inclusive and relevant insurance products such as The One for gamers and The One for music lovers, which are both designed to support and protect the next generation’s different passion points.

With technology and innovation at its forefront, FWD Philippines is geared up in strengthening its unparalleled commitment to nation-building and in changing the way people feel about insurance.

Learn more about FWD’s innovative products, services, and programs by visiting fwd.com.ph.

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Through its new partnerships with consumer finance platforms, Igloo extends access to insurance to the underbanked

Through its new partnerships with consumer finance platforms, Igloo extends access to insurance to the underbanked

Wednesday, April 10, 2024

Regional insurtech furthers financial inclusion with tailored protection for products purchased through digital loan platforms

As part of its commitment to advancing financial inclusion and providing insurance for all, regional insurtech Igloo has partnered with consumer finance platforms in the Philippines to offer gadget protection products to shoppers. Igloo aims to extend access to insurance products and streamline the process of protecting items purchased through digital loans or alternative financing, whether online or in-store, providing consumers with a more accessible and convenient means to secure their purchases effectively.

“While the Philippines has made notable strides in financial inclusion, a considerable portion of the population remains unbanked. This translates to the inability to establish a credit history, which is essential for accessing financial products such as credit cards and loans,” said Roberto Vea, Commercial Lead at Igloo Philippines. “This is why the consumer lending industry has risen by leaps and bounds–it caters to the needs of the unbanked population by providing alternative financial solutions such as digital loans that do not rely on traditional banking infrastructure."

Lower barriers to entry, competitive interest rates, and simplified application processes have facilitated Filipinos' access to crucial loan products, driving the popularity of installment financing and buy-now-pay-later (BNPL) schemes. BNPL, in particular, is forecasted to reach US$2.29 billion by 2024. Many of these loans are facilitated in physical retail outlets, offering consumers the flexibility to make purchases and arrange financing conveniently in-store.

"At Igloo, we firmly believe in being where we can impact consumers most. That’s why we partnered with leading digital lending companies Skyro and Salmon alongside Etiqa to develop a product designed to protect installment purchases and ensure accessibility wherever our customers are,” Vea explained. “Now, they can protect their purchases wherever they buy it–whether through online merchants or offline stores, we’re giving them the peace of mind they deserve.”

In partnership with Etiqa, Igloo has introduced innovative products like Gadget Protection, Loan Protect with Skyro, and Loan Protect with Salmon. Soon, Salmon, Etiqa, and Igloo will also launch Accidental Damage and/or Liquid Damage, along with Extended Warranty products. These offerings provide comprehensive protection for customers' purchases through consumer finance platforms.

These products provide extensive coverage for device repairs, replacements, and loan repayments in the event of unexpected incidents that impact the customer. These protection products are available in top mobile and appliance stores nationwide.

The process is simple: when a customer purchases a device, the insurance product is seamlessly integrated into the client's loan amount. This integration ensures that premium payments are effortless, hassle-free, and budget-friendly. 

Once the policy is active, Gadget Protection will step in if the consumer faces device issues requiring repairs or replacements. The policy covers the costs associated with these services, providing the customer with peace of mind and financial security.

“We are committed to our mission of providing ‘insurance for all’ and that includes safeguarding purchases made by an underserved sector because it offers a layer of financial protection that they may not otherwise have access to. We will continue to work with our partners to develop products that cater to the diverse needs of the people we serve,” Vea ended.

Learn more about Igloo’s products by visiting iglooinsure.com

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Understanding the growing importance of bancassurance business as more Filipinos buy life insurance

Understanding the growing importance of bancassurance business as more Filipinos buy life insurance

Saturday, April 6, 2024

Finding ways to protect the Filipino. BDO Life President and CEO Renato A. Vergel De Dios (center), and BDO Senior Vice President and Chief Investment Officer Frederico Rafael D. Ocampo (right) discussed how life insurance products help provide financial security to Filipino families amid economic challenges during BDO Life’s media conference, titled “Life Insurance: One of BDO’s growth drivers,” moderated by ANC News Anchor Salve Duplito (left).

Since the onset of the COVID-19 pandemic, there has been a notable shift in Filipinos' perception of life insurance. BDO Life Assurance Company, Inc. (BDO Life), a leading bancassurance firm, has observed a significant uptick in the appreciation for life insurance among the populace. Here are the reasons behind this trend and the pivotal role of life insurance in safeguarding the financial well-being of Filipino families.

The Changing Landscape of Life Insurance

According to a recent market study conducted by BDO Life, an overwhelming 79% of respondents acknowledged the heightened importance of life insurance in the wake of the pandemic. This sentiment is further echoed by the surge in sales of life insurance protection products witnessed by BDO Life over the past year.

The Focus on Protection

Protection lies at the heart of BDO Life's advocacy in promoting life insurance awareness. In 2023, traditional insurance plans offering guaranteed protection benefits accounted for 75% of BDO Life's total premiums, marking a significant increase from the previous year. Renato Vergel De Dios, President and CEO of BDO Life, attributes this growth to the pandemic's stark reminder of mortality's threat, prompting individuals to seek reliable financial protection solutions for their loved ones.

The Appeal of Guaranteed Features

Amidst volatile capital markets, there has been a noticeable preference among insurance buyers for protection products with guaranteed features. Unlike variable life insurance, where fund values fluctuate with economic conditions, traditional life insurance serves as a stable safety net over time.

Bancassurance Advantage: BDO Life leverages its position as BDO Unibank's bancassurance arm, capitalizing on the bank's extensive branch network—the largest in the country. This allows BDO Life to offer customizable life insurance solutions tailored to the budget and unique needs of Filipinos.

The Concept of Plan A and Plan B

To bridge the gap in understanding the significance of life insurance, BDO Life developed a concept that forms the cornerstone of its ad campaigns. Under this concept, individuals strive to fulfill their Plan A—encompassing desired lifestyles, dreams, and aspirations—funded by current and future earnings. However, in the event of unforeseen circumstances such as critical illness or untimely death, Plan B, represented by life insurance, steps in to provide the necessary financial support to complete Plan A.

Empowering Families with Plan B

In the event of premature death, Plan B acts as a financial safety net, injecting much-needed funds to support the surviving family members and alleviate immediate financial burdens. BDO Life's Plan B ensures that families can maintain their financial dignity intact during challenging times.

As Filipinos increasingly recognize the importance of life insurance in securing their family's financial future, BDO Life remains committed to empowering individuals with reliable protection solutions. To learn more about life insurance and how it can benefit you and your loved ones, visit a nearby BDO branch or speak with a BDO Life Financial Advisor today. Alternatively, visit www.bdo.com.ph/bdo-life for more information.

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The changing face of insurance: How tailored microinsurance products are key to relevance and adoption in the Philippines

The changing face of insurance: How tailored microinsurance products are key to relevance and adoption in the Philippines

Tuesday, March 26, 2024

For most people, understanding insurance boils down to the four most common types: life, health, auto, and long-term disability. While awareness of insurance importance is increasing, the aforementioned traditional insurance products are failing to resonate with many people due to various reasons including affordability, accessibility, and relevance. These factors have largely contributed to the low insurance penetration in the Philippines, which stands at 1.68% as of September 2023. 

This is where microinsurance is changing the game as insurtechs and insurance companies have introduced personalized microinsurance products that cater directly to the unique lifestyles and needs of Filipinos as they go through various stages of their lives. As an insurtech, Igloo and its partners have been instrumental in facilitating a wide array of microinsurance products that safeguard the unique needs of digital natives and underserved sectors. These products run the gamut from travel insurance, to electronics protection, e-commerce purchase protection, and even protection for the gamers’ health.

“While traditional insurance products may come with high premiums and broad coverage, microinsurance products are designed to provide targeted protection against specific risks that are relevant to our daily lives. By offering affordable products that address immediate needs, microinsurance can serve as the gateway to broader insurance protection and may be key to boosting insurance penetration,” said Roberto Vea, Commercial Lead at Igloo Philippines. 

Among the most popular insurance products Igloo PH and its partners facilitated are Gadget Protection and Online Shopping Protection. In 2023, Gadget Protection sold 10.3 million policies while Online Shopping Protection sold 1.98 million policies highlighting strong customer demand for coverage against electronic device damages and online purchase risks.

“Microinsurance empowers individuals to protect themselves against risks they face today, whether it's safeguarding their electronics from liquid damage or ensuring affordable coverage for spontaneous travel adventures. At Igloo, we believe it’s important for insurers and insurtechs like ourselves to continuously develop relevant products and make sense for our customers,” Mario added.

As of September 2023, microinsurance premiums in the Philippines have increased by 19.6% to P10.16 billion, and over 56 million Filipinos are now insured under microinsurance policies. 

“The growth of the microinsurance industry underscores how the approach to insurance awareness is no longer one size fits all–it must evolve alongside our digital-first lifestyles, safeguarding our ever-expanding virtual assets and providing peace of mind in the face of modern risks,” Vea explained. “This also means ensuring that the products are where our consumers are–online, thus making sure that the entire buyer’s journey from consideration, to purchase, and claims must be easy, accessible, and uncomplicated.”

According to a recent study conducted by Manulife, 41% of Gen Z individuals (aged 18-24 years old, according to McKinsey) plan to purchase insurance online in the next 12 months. Furthermore, the study found that 33% of millennials (aged 25-44 years old) have already bought insurance online. This indicates that younger generations are increasingly preferring and adopting online channels for purchasing insurance.

This is where the availability of embedded insurance was able to expand the channels of distribution, providing consumers with a convenient way to discover, evaluate, and purchase products in just a few clicks. Igloo does this through partnerships with major e-commerce platforms like Lazada and Shopee, leading payment platforms such as DANA in Indonesia and GCash in the Philippines, and retail chains like Circle K in Vietnam.

“As Igloo continues to play a vital role in making microinsurance accessible to millions of Filipinos, we remain committed to prioritizing products that not only raise insurance awareness and adoption but are also relevant, innovative, and customer-centric,” Vea ended.

Learn more about how Igloo’s tailored microinsurance solutions by visiting iglooinsure.com.

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