Sun Life targets client base of 5M

LEADING insurer Sun Life of Canada (Philippines) Inc. has forged an alliance with mass housing developer 8990 Holdings Inc. to roll out a nationwide financial literacy program envisioned to evolve into a platform to cross-distribute each other’s products.

For Sun Life, this is part of an array of initiatives mapped out to achieve an ambitious goal to scale up its base of insurance and mutual fund clients to five million by 2020 from 1.5 million (of which 70,000 are mutual fund account holders under mutual fund arm Sun Life Asset Management Co. Inc.) at present.

The five-year growth plan “Rise PH,” which seeks to champion finan- cial inclusion in the Philippines, was unveiled by Sun Life yesterday, during which the partnership with 8990 Holdings was also sealed.

While the goal to hit a 5-million client base—similar in size to those of big banks in the country—seemed ambitious, Sun Life Philippines president Riza Mantaring said it was best to set the targets high. “At Sun Life, we always dare to dream big—more so if the stakes are high. This is the country’s future we’re talking about.”

Operating in a market where insurance penetration is very low at 1.7 percent of gross domestic product, Mantaring said Sun Life, already being the market leader in this market, was now aspiring to “rise from success to signifi- cance.” Across the region, she said the penetration ratio was easily double the level in the country.

To support its goal, Mantaring said Sun Life would also have to double its network of agents of 8,000 at present. The group is also hoping to increase its nationwide footprint from 46 branches in 90 locations.

The cooperation agreement with 8990 Holdings on financial literacy is a collaboration to create appropriate educational tools, formats and templates as well as products and services that will address the financial, housing and insurance needs of ordinary working middle and lower-middle income classes.