Manulife opens online shop for insurance
Manulife Philippines, the local unit of Manulife Financial Corp., has opened an online store for some of its insurance products amid the growing demand for digital services.
Manulife recently started Manulife Life which will serve as a digital channel for Filipinos to conveniently get insurance products online.
Rahul Hora, Manulife Philippines president and CEO, said Manulife Shop aims to provide “intuitive, convenient, and frictionless customer experience for today’s hyper-digital Filipinos.”
This is also in line with the insurance firm’s goal to be a digital leader in the industry.
“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,” Hora said.
Manulife Shop offers annually renewable insurance products that customers can choose depending on their budget.
The platform was developed in collaboration with Democrance, an insurance technology product that digitizes distribution channels and insurance value chains for emerging market segments.
Currently, Manulife offers three insurance products via its online shop.
These are accident life insurance plans for P199 a year, term life insurance plans for at least P249 annually, and a combination of both for a little less than P450.
A recent study of Manulife showed that Filipinos are looking for more digitally-enabled insurance and investments to secure protection.
Based on Manulife’s survey, 33 percent of millennials and 25 percent of Gen Z bought insurance in the last 12 months.
Another 41 percent of them also intend to buy insurance online in the next 12 months.
The survey also showed that top insurance products purchased by the younger generation in the last 12 months include life insurance and medical insurance, both at 28 percent each. Also included are investmentlinked insurance, education, and retirement plans.
Most Filipinos cited convenience, sense of security, and protection as to the top reasons they bought online insurance across segments.