PhilAxa Life named regional bancassurance model

The Philippine AXA Life Insurance Corp. (PhilAxa Life) has been extremely successful with its bancassurance program that it will be implemented by its regional counterparts.

Earlier, the Global AXA Group launched a regional blueprint which was utilized by PhilAxa Life. Last year, bancassurance business generated roughly 60 percent of its first-year premiums. It is generally perceived to be the most successful model in the country’s innovating insurance industry.

"The bancassurance model of PhilAxa Life will be replicated by the AXA Indonesia to open-up further this important and alternative source of providing financial protection for customers in fulfilling their future financial needs," PhilAxa Life said in a press statement.

Global AXA Group, one of the world’s biggest life insurer, recently worked out a new agreement with the Metropolitan Bank and Trust Co. (Metrobank) that would increase bancassurance operations anew in the Philippines. Metrobank, along with the Global AXA Group, are co-owners of PhilAxa Life.

Les Owen, AXA Asia Pacific Holdings group head described the new approach as focusing on custoimers through the use of sophisticated technology based in the (bank’s) branches to support the delivery of professional financial planning "that ensures the best guidance for meeting the customer’s future financial dreams."

The accord commits Metrobank to provide institutionalized leads and valuable corporate business referrals to PhilAxa Life while the Axa Group will transfer technology and processes, especially in terms of information technology and customer service.

This prompted PhilAxa Life president and chief executive officer Victor Quisumbing to re-emphasis its fearless forecast that the insurer would attain the number two spot among the country’s life insurance companies in terms of new businesses by 2007.

"PhilAxa Life will continue its record of being the fastest growing life company with this new strategy," Quisumbing added.

PhilAxa Life reportedly ranked fourth overall among the country’s life insurance firms in terms of total premium income.