CEBU, Philippines - Sharing a mutual endeavor to provide motorists the ease and convenience for compulsory third-party liability (CTPL) issuance and claims processing at faster and cheaper means, Federal Phoenix Assurance Co. (FPAC) as the country’s major motorcar insurer officially partnered with one of the largest pawnshop chains in the Philippines, Cebuana Lhuillier.
FPAC vice-president for marketing operations Johnny Magbanua said that the partnership is based on the Cebuana Lhuillier’s strategic presence with its network of 1,500 branches nationwide.
In Cebu, the pawnshop chain approximately has 300 Cebuana Lhuillier outlets.
The unique collaboration of two industries is jointly poised to finally end the woes of motorists in obtaining CTPL policies and difficulty in claims processing through the Cebuana CTPL.
Vehicle owners can now acquire and renew their CPTL insurance conveniently from any branch of Cebuana Lhuillier by bringing a copy of the Land Transportation Office (LTO) certificate of registration together with the official receipt.
Insurance claimants with Cebuana CTPL can now file their claims at any Cebuana Lhuillier branch provided with the valid and complete claims documents for quick claims processing.
Magbanua cited that for the CTPL program, FPAC has established the connectivity with the LTO and other agencies to successfully decentralize CTPL policy issuance.
The insurance company also has developed a web-based technology that makes filing claims easy and seamless, complementing Cebuana Lhuillier’s superior connectivity with its claim management system integrated in its entire branch network.
They will be promptly notified about the claim upon receipt of the electronic copies of the claims documents by any Cebuana outlet, thus expediting the claims process.
FPAC is a member of The Zuellig Group and has been in the business of providing insurance risk solutions to the Filipinos for over 50 years.
Last year, FPAC reached the targeted P2.5-billion premium production nationwide and aims to target a generation of P2.7 billion this year.
Meanwhile, Cebuana Lhuillier Insurance Solutions (CLIS) general manager Jonathan Batangan said that the establishment of alternative channels is intended to heighten awareness and persuade the motoring public to obtain their CTPL insurances in pawnshop branches apart from the traditional outlets.
He further noted that the joint initiative is also meant to reduce the proliferation of fake CTPLs issued by fly-by night insurers that caused the government to lose millions in premium taxes.
He assured that on the part of Cebuana Lhuillier, vehicle owners are assured with the authenticity of CTPL as they have partnered with one of the reliable and LTO-authorized insurance operators in the country.
Established in 1999, CLIS is the microinsurance arm and affiliate company of the PJ Lhuillier Group of Companies that operates Cebuana Lhuillier.
As a pioneer in promoting microinsurance among the low-income and marginalized sector, it has also covered more than 5 million Filipinos and settled more than P50 million claims.
For the initial year, FPAC and Cebuana Lhuillier aim to reach five percent of the 6.5 million vehicle owners in the Philippines.
Following the launch of CTPL program in Manila and Cebu, both firms are eyeing to introduce it in Davao and Baguio within the quarter of this year. (FREEMAN)