^

Business As Usual

BPI, Philam partnership aims to set benchmark in bancassurance

Iris Gonzales - The Philippine Star

MANILA, Philippines - BPI-Philam Life Assurance Corp., the joint venture bancassurance company of BPI and Philam Life, is aiming to become the benchmark in the industry, its top official said.

In a recent interview with The Star, BPI-Philam Life Assurance chief executive officer Ariel Cantos said the four-year old company is guided by the principles of its parents – BPI and Philam Life.

“Moving forward, we have a very clear vision. We want to be the benchmark in the industry. We always keep in mind the parental lineage of both BPI and Philam Life. Their values should also reflect on us,” Cantos said.

A veteran insurance guy, Cantos graduated from the Ateneo de Manila University and immediately joined Philam.

“I was trained in sales promotion. Before it was called sales promotions but it’s essentially coordination with the agency force. It’s trying to understand where they’re coming from and communicating what the company wants,” he said.

Now, Philam is an undisputed leader that serves all markets.

Breaking away from the tradition of distributing and marketing insurance products through agents, BPI-Philam Life Assurance offers a wealth of insurance products and financial solutions right in the confines of BPI bank branches.

“Ten years ago, you go to agents but now, there’s bancassurance so there are other options. Today, a consumer or somebody who might want to know more about insurance can do so. A consumer now is more informed,” Cantos said.

He said the landscape has really changed.

“The competition has changed, too. Many years ago, there were only insurance companies but now there are banks and other financial institutions,” he said.

However, he said that despite the changes, the ownership of life insurance continues to be small.

“So the opportunities continue to be big,” he said.

“BPI-Philam is the joint venture between BPI and Philam. The purpose is to synergize what is good for both parties including insurance and including insurance with investment. That effectively will translate to better customer loyalty,” he added.

Cantos said the good thing about the joint venture is that it broadens the customer base.

“Because now when I’m inside the bank somebody will take to me about insurance and financial protection. In the past, when people need insurance people talk to the person. Now the bank personnel will look at your data,” he said.

Of BPI’s 700 branches, there are bancassurance executives in about 385 branches.

“The potential to me remains to be very, very huge. If you look back at the performance, you got the agency side and the distribution side. The entire industry grew by 39 percent in 2012,” he said.

Cantos said the growth trajectory is fast and that the prospects for the bancassurance business are high.

He said that from 2010 to 2012, business generated via bancassurance grew by over 50 percent in total premium. In 2011, this channel accounted for about  40 percent of the new business in the life industry.

“We see this uptrend to continue given that life insurance penetration of bank customers is still in the single digit.  And since most partnerships are relatively new, the impact of stronger synergy in the next few years will further fuel the growth,” Cantos said.

Furthermore, he said BPI-Philam would continue to be in the forefront of that very healthy growth and the major player driving that growing significance.

“We see ourselves achieving the objective of this strategic partnership. From the bank perspective, we will be an important contributor to providing a complete array of financial and protection products to its customers. From the insurer perspective, we are able to reach out to more customers and get close to the mission of empowering more Filipinos achieve financial security and prosperity,” he said.

Toward this end, he said, BPI-Philam will always be guided by the values and operating principles of their parent firms -- of “doing the right thing in the right way with the right people.”

As a leader, Cantos believes in leadership by example.

“A leader sets the standard and the expectations. If I expect my people to do their best, I must show them that I am ready and willing to do my best. A simple example is being on time and going the extra mile. I always make it a point to be on time, if not the earliest, during meetings and I have no issue going on extended hours,” he said.

Cantos said the company would intensify its focus on strengthening its distribution and would continuously respond successfully to changes in the market, in regulation and in customer expectations. 

“We will put the same spotlight on how best we serve and delight our customers. This business is about trust and we must distinctly demonstrate to our customers that we are worthy of their valued trust,” he said.

Indeed, with Cantos at the helm, there’s no stopping BPI-Philam from achieving its goals.

vuukle comment

ARIEL CANTOS

BPI

CANTOS

IF I

INSURANCE

LIFE

MANILA UNIVERSITY

PHILAM

PHILAM LIFE

PHILAM LIFE ASSURANCE

  • Latest
Latest
Latest
abtest
Are you sure you want to log out?
X
Login

Philstar.com is one of the most vibrant, opinionated, discerning communities of readers on cyberspace. With your meaningful insights, help shape the stories that can shape the country. Sign up now!

Get Updated:

Signup for the News Round now

FORGOT PASSWORD?
SIGN IN
or sign in with