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Economic growth will increase the demand for insurance protection.
The pandemic significantly increased the need for health insurance and health care protection, which bodes well for the future robust expansion of a local company’s bancassurance industry.
Sun Life Grepa Financial, Inc. president Richard S. Lim stated on Friday that the need for health protection had grown dramatically over the past several years, citing the findings of surveys performed by the organization and its partners, Sunlife Philippines and Rizal Commercial Banking Corp. (RCBC).
“And as a result, we also notice an expansion in our health and insurance coverage. Even in the previous two years, we have increased the number of new policies we offer by roughly 20 to 30 percent, Lim stated during the signing ceremony to mark the continuation of the 2011-started bancassurance partnership between Sun Life Grepa and RCBC.
According to him, individuals now understand the value of having insurance coverage, which has led to a 100 percent expansion of their group business to date with the aid of new products aimed at micro, small, and medium-sized businesses (MSMEs).
According to Lim, these products enable MSME proprietors to offer suitable coverage for their staff.
He claimed that having insurance is a crucial component of having backup plans for situations.
RCBC President and Chief Executive Officer Eugene Acevedo stated during the same event that the sustained economic recovery is anticipated to increase demand for insurance products.
As the economy expands at 6-7 percent, Acevedo added, “We expect we continue to see a double-digit growth in insurance and investment demand in this country.”