Business and Economy

AIA Philam exec optimistic of hitting ’20 goals

Published

3 years ago

November 29, 2020

AIA Philam Life chief financial officer Gary Ogilvie said the company’s financial health remains strong “with no significant impact from the pandemic.” (File photo: AIA Philam Life/Facebook)

MANILA – Officials of AIA Philam Life remain optimistic about having more Filipinos getting insurance coverage, citing that their Save Lives program has hit over 60 percent of its 2020 goal amid the pandemic.

To date, the Philam Group, which includes AIA Philam and BPI-Philam, has hit 67 percent of its lives saved goal and 61 percent of basic sum assured target. The group targets to have a PHP1-million coverage for 110,000 people or a PHP110 billion in sum assured.

“We remain committed to fulfilling our Save Lives targets and will work towards its completion by the end of the year. It helps immensely that we are well-positioned to fully embrace the shift to digital in response to the physical restrictions,” AIA Philam Life CEO Kelvin Ang said in a virtual briefing Friday.

This achievement was attributed to the company’s decision to strengthen its digital presence, initially with the Facebook chatbot followed by the enhanced digital selling (EDS) and the Coffee Closing, which allows the company to sell products within 20 minutes.

Ang said the pandemic increased their desire to hit their Save Lives goals, and this came with the need to tap technological innovations as “our enablers in the fulfillment of our mission.”

AIA Philam Life chief financial officer Gary Ogilvie said the company’s financial health remains strong “with no significant impact from the pandemic.”

“Our new business results (measured as annualized new premiums) continue to improve in the third quarter, reflected in the strong double-digit growth vs the previous one,” he said.

He said the low insurance penetration rate in the country is among the keys for their optimism to serve more Filipinos along with their “strategy coupled with an increased awareness of health risks and the value of protection following the pandemic.”