November 20, 2022 | 00:00
MANILA, Philippines — Manulife Philippines, the local unit of Manulife Financial Corp., has opened an online store for some of its insurance products amid growing demand for digital services.
Manulife recently launched Manulife Life, which will serve as a digital channel for Filipinos to easily obtain insurance products online.
Rahul Hora, President and CEO of Manulife Philippines, said Manulife Shop aims to provide “an intuitive, convenient and frictionless customer experience for today’s hyper-digital Filipinos”.
It also aligns with the insurance company’s goal of being a digital leader in the industry.
“Through Manulife Shop, we are meeting the needs of Filipinos who want access to simple and affordable insurance protection options, with the convenience of digital customer experiences where they can transact seamlessly,” Hora said.
Manulife Shop offers annually renewable insurance products that customers can choose according to 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 through its online store.
These are accident life plans for P199 per year, term life plans for at least P249 per year and a combination of the two for just under P450 p.
A recent study by Manulife showed that Filipinos are seeking more insurance and digital investments to protect themselves.
According to Manulife’s survey, 33% of millennials and 25% of Gen Zers have purchased insurance in the past 12 months.
41% of them also intend to buy insurance online in the next 12 months.
The survey also showed that the top insurance products purchased by the younger generation over the past 12 months include life insurance and medical insurance, both at 28% each.
Also included are investment-related insurance, education and pension plans.
Most Filipinos cited convenience, a sense of security, and protection as the top reasons they purchased insurance online across all segments.