Ayala Life targets mainstream market with low premiums

Ayala Life Assurance Inc. will soon introduce affordable insurance premiums to the mainstream market following a mandate from the Insurance Commission to encourage Filipinos to invest on insurance products.

Ayala Life president and chief executive officer (CEO) Emilio S. De Quiros Jr., said that in the next couple of months, Ayala Life, which is the life insurance arm of Bank of the Philippine Islands (BPI), will have to capture the interest of the mainstream market.

According to De Quiros, with only five to six percent of the total Filipino population who are insured, there is a huge opportunity for the insurance industry to expand and hope for significant growth.

For the meantime, the company introduced its latest product, which simplifies the process of getting a life insurance premium, which only highlights one question "are you healthy."

Ayala Life's latest project called "Maestro" is the company's start up gear to lure Filipinos in getting a life insurance premium, with its affordable and very convenient process.

Aside from affordability, De Quiros said the company has adjusted the maximum insurable age from 65 years old to 75 years old.

"This is a breakthrough product in the life insurance industry. We would like to position the "Maestro" product as the best protection product in the industry," De Quiros said in a press conference held at the Cebu City Sports Club.

He admitted though, that the entire insurance industry in the Philippines was affected by the pre-need insurance crash last year. However, he said Filipinos are now able to see the difference between pre-need and life insurance.

He said the Filipino market realized that there is no life insurance company that folded up, unlike in the pre-need insurance sector.

De Quiros hopes that with the introduction of the "Maestro" product, more and more Filipinos will be able to see the importance of saving via insurance if ever the "unwanted" event will happen.

The Filipino culture of extended family is one of the factors why most Filipinos do not see the importance of getting a life insurance. De Quiros said most family members depend on each other, and that if one goes, the ones who are left will carry the burden of expenses, and taking care of the direct family members.

In the United States, 98 percent of the entire population is insured, whereas in the Philippines, only six percent of the close to 80 million people are insured.