THE MANUFACTURERS LIFE Insurance Co. (Phils.), Inc. (Manulife Philippines) launched its online shop on Wednesday as more customers go digital.
The digital platform called Manulife Shop was developed in partnership with Democrance, an international insurtech startup, the company said in a statement.
“Manulife Shop is our latest initiative to provide intuitive, convenient, and frictionless customer experience for today’s hyper-digital Filipinos, in line with our ambition to be the most digital, customer-centric global company in our industry,” Manulife Philippines President and Chief Executive Officer Rahul Hora was quoted as saying.
“Through Manulife Shop, we respond to the needs of Filipinos who want access to easy and affordable insurance protection options, with the comfort of digitally driven customer experiences where they can transact seamlessly,” he said.
Manulife Philippines said its own study showed more Filipinos are looking to buy insurance products online.
“Manulife’s recent study, “The Modern Filipino Family: Exploring family dynamics and digitalization in the new normal,” found that 90% of the Filipinos surveyed use e-commerce apps, and 82% use finance apps for cashless payments or to buy insurance,” it said.
“In addition, among those surveyed, 25% of Filipino Gen X and 33% of Filipino millennials revealed that they have bought insurance products online in the past 12 months, while 41% of Gen Zs are considering purchasing insurance products online in the next 12 months. Participants in the survey cited convenience (45%), sense of security (22%), and protection (17%) as their reasons for buying insurance products online,” Manulife Philippines added.
The online shop currently offers three products for purchase, namely 365 Ready Accident, an accident life insurance product that covers accidental death, dismemberment, total permanent disability, double indemnity, and family assistance for as low as P199 yearly; 365 Ready Life, a term life insurance plan that provides coverage for just P249 a year; and 365 Ready Duo, a term life and personal accident insurance plan offered for as low as P448 annually.
“Manulife Shop serves the growing number of Filipinos seeking digitally enabled insurance to secure their protection,” Manulife Philippines said.
The shop can be accessed via www.manulife.com.ph/online-shop. Interested customers may also tap a Manulife financial advisor for consultation. — A.M.C. Sy
