Sun Life pays out 3.6 billion in claims and maturities

Sun Life of Canada (Philippines), Inc. paid out a total of PHP3.6 billion in claims and maturities in 2017, a strong demonstration of its commitment to fulfill its obligations to its clients.

Of the said amount, PHP1.5 billion were for death & living benefit claims arising from individual life policies while PHP2.1 billion were payments for matured individual life insurance policies.

“Our clients’ trust is built upon our ability to deliver on our promises – a definitive expression of which is the payment of claims and maturities. As always, it is our honor to fulfill our duty,” Sun Life President and Chief Agency Distribution Officer Alex Narciso said.

Sun Life continues to have one of the fastest turnaround times in the life insurance industry in terms of claims payment. Just recently, the company increased its threshold amount for Speedy Death Claims processing from PHP3Million to PHP5Million. This means that death benefit checks are ready for release within three hours from receipt of claim request at the Bonifacio Global City (BGC) head office for those with complete and satisfactory claim requirements and following set criteria for speedy death claims.

Aside from speedy death claims, more process improvements have been undertaken to serve clients better, according to Narciso.

Among these were the reduction of pages of the application forms, the creation of an e-official receipt system, and the enhancement of Sun Life’s digital tools such as its website and Client Mobile App.

“We strive to make it easy for our clients to do business with us,” Narciso said. "The challenge for us is to consistently offer excellent service and Sun Life is very much willing to step up to the challenge.”