By CHINO S. LEYCO
Sun Life of Canada (Philippines), Inc., vowed to deepen further the insurer’s relationship with its more than five million customers after hitting its ambitious goal one year ahead of the schedule.
Benedicto C. Sison, Sun Life Philippines country head and chief executive, said the company’s client base expanded by nearly 900,000 annually to five million as of December last year from only 1.5 million in 2015.
“We achieved our target of five million clients last December 2019, one year ahead of schedule,” Sison said. “You will recall the goal we set for ourselves at the end of 2015 when we aim to serve five million Filipinos by the end of 2020.”
“When we announced this goal four years ago, it appeared too ambitious and came across as impossible. Today, I am happy to announce that we have successfully accomplished this goal,” he added.
Sison attributed the strong client base growth on millennials’ keen interest in Sun Life as an employer and insurance provider.
“It may interest you to know that 50 percent of our clients today belong to the millennial generation. And our almost 20,000-strong agency force is largely composed of millennials,” the official disclosed.
To further increase the number of Sun Life’s policyholders, Sison said they are looking into securing the untapped client segments including overseas Filipino workers, business process outsourcing, and the provincial markets.
Sison said Sun Life’s potential for growth remains high due to the country’s low insurance penetration rate, or the ratio of premiums to the country’s gross domestic product, which is currently at less the two percent.
Sun Life will not just grow its client base by attracting new ones, but also deepen its relationship with its existing customers by offering new products and innovations, Sison said.
“How will we do this? By elevating the quality of advice we give, by offering more holistic and relevant solutions, by serving our clients anytime and anywhere, and by engaging them through more meaningful interactions on our offerings for 2020 and beyond,” Sison said.
Meanwhile, Dean Connor, Sun Life Financial president and chief executive said that the Philippines is a “dynamic” market owing to its robust economic growth of at least five percent.
“It’s a growing market. And it starts with strong economic growth here in the Philippines. It’s been impressive to see growth of five percent plus on a sustained basis in the Philippines,” said Connor who is currently in Manila for Sun Life Philippines’ 125 years anniversary.
On the other hand, Leo Grepin, Sun Life Asia President is optimistic on the Philippines’, noting the country is Sun Life’s second-biggest market in region, next to Hong Kong.