Woke up super early for this but had my cup of coffee and forgot to login promptly for the 11th edition of the E-Talk Tales hosted by Unionbank. Guest speakers were UBX President and CEO John Januszczak, Coherent CEO John Brisco and Chubb Deputy Regional President for Asia Pacific Glen Browne.
They discussed the Philippines low insurance coverage and how much Filipinos have not seen the benefits of having one. John says "It's not easy for most people to have a basic understanding of how it can be valuable for them. Providers should device a way to make it easier for them to discover it. You have to make them relate, have it personalized and not make it complicated. These days, some products are being shown the same way as it was 50 years ago. It should be easy to understand for customers, agents and advisors. Mobile has been a great enabler in the Philippines and we have to leverage that more so for internet connection, I believe there are creative ways to do it. We're bringing products to make the transaction faster, to make it easier for them to buy insurance. There is indeed a lot of upside in getting insurance."
John Brisco, CEO of Coherent "What we do is make it easy for them to create products by providing data, help them interact wtih insurance and UBX without hitches, make it accessible for everyone. We want to help integrate them into the UBX ecosystem and act as the facilitator between them and UBX. We want it to be as seamless as possible."
Glen Brown adds "Insurance is seen as something extremely complicated, when we first partnered with UBX, what we could do here was different from other countries. We'd learned across Southeast Asia that we need to bring the best solutions to more that 50 Million signups in the region. There really has been a change in the last 2-3 years. Chubb continues to provide world-class products that fits in that experience and Coherent is bringing the technology that makes that happen. It's quite unique."
With the way things are, there are lots of room to grown in the insurance business in the country. You just have to have the right partner to make it work.