Insurance company Insular Life (InLife) is looking at tripling its first year premium (FYP) production in Mindanao by end of this year to P1 billion from about P333 million last year.
In an electronic mail to BusinessWorld, the company said it is taking advantage of the growing Mindanao market to grow its business.
“To help us reach our target, we are increasing our effort to recruit more financial advisors and agency leaders, coupled with intensified training for new and existing members of the sales force,” it said.
The company has been intensifying recruitment of “more financial advisors who will be able to share our vision for a truly financially-literate Philippines.”
Last year, Mindanao was able to grow its gross regional domestic product by 7.1%, the National Economic and Development Authority bared.
The figure, said Romeo M. Montenegro, deputy executive director of the Mindanao Development Authority, is an indication that the island can become an investment haven. “Mindanao has sustained a substantial growth in the last five years and this has attracted businesses to slowly consider Mindanao as their area of business,” Montenegro said.
To attract more clients, InLife said it is also improving its “product solutions by giving more options for the public to choose the best plan that would suit their personal protection needs as well as improve their financial security. “
The company has also “improved the customer’s experience by using the digital platform.” “We have made purchasing life insurance as seamless as possible, with the use of our pioneering Automated Underwriting System which can process more than a thousand insurance applications in a day,” it said
It has installed automated systems “to give the customers, through online access, the power to retrieve information regarding their policy/ies, perform certain changes, and avail of services, 24/7, anywhere they may be.”
Aside from enhancing the use of technology, the company has also maintained physical presence in the cities of Davao, General Santos, Cotabato, Cagayan de Oro, and Ozamiz where it has buildings.
“These buildings are proof of InLife’s commitment to Mindanao and its people, and that InLife is here to give a lifetime for good,” it added.
The company has about 30,000 policyholders in Mindanao, or 13% of its entire policy holders in the country. Of those in Mindanao, 20% are in Davao City.