Sun Life eyeing more middle class clients
Sun Life Financial Philippines is targeting more middle class clients to further boost its insurance penetration in the country.
SLFP chief strategic marketing officer Gregory Martin said this target is one of the reasons for their financial literacy advocacy, which is eyed to enhance Filipinos’ grasp on the need to really plan for their future.
He said the “It’s Time” program, launched in 2009 has so far resulted in the positive feedback from among the beneficiaries of their financial literacy program since these people have became policy holders of Sun Life and even their competitors.
Currently, bulk of SLFP clients come from A and B bracket of the society and majority of these bought life insurance.
However, the insurance company now offers products that ranges from P400 to P500 a month.
Martin said it doesn’t matter how much is the insurance coverage since what is more important is that people take the necessary action to plan for their future.
“The Philippines has one of the lowest penetration rates in the region. We hope to change this in the near future,” he said.
Martin said while the “It’s Time” program has generated positive result he admits that “we still have a long way to go.”
“Majority of Filipinos still remain unsecured for their financial future,” he pointed out.
SLFP has tapped celebrity endorsers like Pia Magalona, Bam Aquino, James Yap and his son Baby James, and the latest is Piolo Pascual for its advocacy program.
Martin said status of these personalities is a big help in the company’s sales but declined to give absolute amount on how much their sales have grown due to this program since last year.
In 2009, SLFP’s policy holders reached about 350,000 and Martin said they target “to grow that dramatically” by around 10,000 per year and reach around half a million in five years.
“(Sales) are better this year than last year,” he said but added they project “significant” increase in sales this year. PNA
