PHILAM Life aims to double the number of their financial consultants in Cebu to 600 this year to penetrate the market here.
“Cebu is fast rising when it comes to financial literacy yet it lags behind other major metropolis in terms of penetration,” said Philam Life president and chief executive officer Rex Mendoza during a press conference last week.
Nationwide, the market penetration of insurance companies is only 4 percent, which means there is still a large unserved market.
Mendoza and his team said they believed that it was Philam Life’s responsibility to go forward by educating Filipinos on the importance of insurance and signing them up.
“We are a P2 billion company now. Our intention is to help the whole industry educate people about the benefits of getting insured,” said Mendoza.
The additional financial consultants will be trained to talk to people, find out their dreams and life aspirations, and show them products and solutions that Philam Life offers to help the people achieve that.
The aggressive push is in line with the company’s relaunch of its company logo, which now sports a dynamic red color as the company is now part of the global insurance AIA Group Limited.
Philam Life also launched its new Unit-Linked Products which give investors an opportunity to invest in mutual funds.
The product is linked to PAMI products.
“Now we have Bright Future Invest which is an education plan. And soon we will be launching Family Secure,” said Mendoza./Reporter Aileen Garcia-Yap