OFWs’ financial literacy is being improved by an insurance company.
Equipping overseas Filipino workers (OFWs) with financial literacy and protection product knowledge will be beneficial not only when they work outside the country, but also when they decide to settle here.
In a virtual briefing on Friday, Pru Life UK president and chief executive officer Eng Teng Wong stated that this is the reason for their collaboration with Prudential (Cambodia) Life Assurance PLC, a neighbouring business unit.
“With all of the sacrifices they make for their families and their contribution to the economy, OFWs are our modern-day heroes.” “We are adamant that OFWs have access to products and services that will assist them in establishing a comfortable life in the Philippines after years of working in foreign lands,” he said.
Prudential Cambodia will make protection products available to OFWs through Pulse by Prudential, a health and wealth management app, as part of the collaboration.
OFWs will also receive geo-targeted advertisements for PRUMySafety, a digital protection product available through Pulse in Cambodia.
PRUMySafety provides daily cash benefits in the event of hospitalization, bone fracture, or death.
Wong stated that their partnership with Prudential Cambodia provides access to life insurance products to the approximately 7,000 OFWs currently residing in that country.
“This will empower them to take control of their health and wealth, and will assist them in making the most of life,” he said.
Wong declined to make any predictions about the availability of protection products in the company’s first year of operation.
However, he stated that they will increase their efforts to educate Cambodian OFWs and their families about the importance of the issue.
Allan Tumbaga, senior vice president and chief customer marketing officer at Pru Life UK, stated that they initially collaborated with their Cambodian counterpart due to the high number of OFWs in that country.
“We wanted to be able to look at a manageable, small market at this point.” “We’re testing it out because this is new to us,” he explained.
Tumbaga declined to name the next country with which they will collaborate.
“Any lessons learned from this endeavor will be applied to the next possible collaboration,” he added.