Insurance designed to improve life expectancy
BPI-Philam CEO Surendra Menon believes insurance should be more about life
BPI-Philam Life Assurance Corp. CEO Surendra Menon
Bancassurance firm BPI-Philam Life Assurance Corp. is moving away from the customer’s mindset that insurance is all about mitigation.
An ounce of prevention and protection is worth a pound of investment. That is the message being indicated by BPI-Philam CEO Surendra Menon, who took the role after serving as the Regional Director for Bancassurance of the AIA Group.
“If you really want to build your wealth, it is a good idea to keep some money for the future,” Menon shared in recent interview with The Manila Times. “You can insure yourself for health and for illness and make sure that whatever happens, you have money for tomorrow,” he continued.
As illnesses can easily wipe out anyone’s savings, the executive pointed out that having an insurance means protecting one’s future. “Make sure that whatever you earn is not lost, and that allows you to keep going up in the socio-economic ladder.”
Total wellness and vitality
While life insurance is always associated with mitigation and death, BPI-Philam tries to negate from this perception by providing products that are designed to help people improve life expectancy.
For Menon, ensuring the customers’ vitality and quality of life should come first. “What is bigger and more important is to prevent it (death) from happening. Vitality is awareness of health.”
With Philam Vitality, a science-backed wellness program, customers get the knowledge, tools and motivation they need to do well on their journey towards healthy living. They are provided with activities that will be rewarded if followed.
Consistency and innovation
Awarded as the Philippines’ 2017 Best Life Insurance Company by international finance magazine World Finance, Menon attributes consistency, innovation, and customer relations as the driving forces behind this recognition.
“Our model centers in consistency of service and we have what we called institutional relations, where we talk to customers every year,” he highlighted.
BPI-Philam provides its clients quality after-sales services through their customer service center, VIBE, and also through their Facebook page. “With communication, we try to keep it extremely consistent and regular so the customers have a level of support all through their life, and that makes big difference.” Menon said.
The efforts however, do not end in providing consistent service. Menon said BPI-Philam advocates in making insurance accessible to all Filipinos. The CEO aims to narrow the protection gap, making sure every Filipino is protected and empowered to live healthier, longer, and better through BPI-Philam’s products and services.
“The number of policies we issue every month is five times as it was four years ago. It is really going down to the masses,” said Menon.
By penetrating the population, the executive hopes to help the Filipinos to become healthy through Vitality, wealthy by providing financial literacy, and wise through the aforementioned programs.
“The greatest part is making sure that more and more people are getting adequately protected. We’re trying help as many people as possible. But we would like to focus on people who need help most, which are the masses,” Menon concluded.
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