Cebuana Lhuillier
Pioneer Insurance
Press Release
Cebuana Lhuillier and Pioneer Insurance Partner for Microinsurance Program
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CHANGING THE INSURANCE LANDSCAPE FOR FILIPINOS
Two of the country’s leaders in microinsurance have forged a partnership in a bid to continue expanding the number of Filipinos covered by insurance.
Cebuana Lhuillier, led by its President and Chief Executive Officer, Jean Henri Lhuillier (fifth from left), signed a memorandum of agreement with President and Retail Organization Head for Pioneer Insurance, Lorenzo Chan Jr. (second from left), naming Pioneer as the underwriter of the Alagang Cebuana program.
The two companies aim to cover more Filipinos under the Alagang Cebuana Plus Program, which for P25 will cover an individual up to P20,000 in personal accident coverage and P5,000 fire insurance for a maximum of four months.
Joining them are (from left to right) Pioneer Microinsurance Head Geric Laude, Pioneer Group chairman David Coyukiat, Cebuana Lhuillier Chairman Philippe Jones Lhuillier, and Cebuana Lhuillier General Manager for Insurance Solutions Jonathan Batangan.
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Two of the country’s leaders in microinsurance have forged a partnership in a bid to continue expanding the number of Filipinos covered by insurance.
Cebuana Lhuillier, led by its President and Chief Executive Officer, Jean Henri Lhuillier, signed a memorandum of agreement with President and Retail Organization Head for Pioneer Insurance, Lorenzo Chan Jr., naming Pioneer as the underwriter of the Alagang Cebuana program.
Alagang Cebuana is a microinsurance program that offers insurance products at a more affordable price.
“We have full trust and confidence in Pioneer Life Insurance, as it is one, if not the strongest microinsurance providers in the country today. The well-oiled machinery of Pioneer Insurance will be complemented by our 24/7 service outlets,” Lhuillier said. “This partnership will change how microinsurance is done in the country as insurance claims can now be processed anytime of the day, anywhere in the Philippines. And they get their insurance claim in cash.”
The partnership aims to cover even more extensively the lower C and D socio-economic classes.
“Microinsurance is really about giving Filipinos the resources they need to continue with their lives even when a loss – of property or of a loved one – throws off their finances. Our partnership with Cebuana Lhuillier allows us to bring these benefits to more Filipinos, especially the ones who need it most,” Chan said.
The country’s microinsurance industry has one of the largest potentials for growth. Industry statistics indicate that there is an estimated 80 million Filipinos categorized as the target market of micro insurance.
“But of the 80 million, only 21 million have been tapped,” said Geric Laude, head for microinsurance of Pioneer. “Distribution is thus key to bringing insurance to more Filipinos.”
Since its inception in 2008, the Alagang Cebuana program has grown exponentially from 50,000 policies in a month to as much as 1.7 million for the same period. In 2014 alone, the program issued 16.7 million certificates that cover about 5 million Filipinos.
“The Philippines has one of the highest micro insurance coverages in the world at 21 percent of its population,” said Jonathan Batangan, general manager for Cebuana Lhuillier Insurance Solutions (CLIS). “However, many Filipinos are still deprived of social protection and economic inclusion. The Alagang Cebuana program, which is backed by two industry experts, will bridge that gap.”
Cebuana Lhuillier has enrolled more than 5 million Filipinos through its microinsurance programs and has settled more than P120 million claims in collaboration with insurance partners. Through CLIS, the company has commenced offering sachet insurance as early as 1998, long before the microinsurance sector was formalized in the country.
Pioneer started offering microinsurance policies in 2008 with an initial 28,760 enrollments. By the end of 2014, the company had well over 1.6 million enrollments in its microinsurance programs.
The two companies aim to cover more Filipinos under the Alagang Cebuana Plus Program, which for P25 will cover an individual up to P20,000 in personal accident coverage and P5,000 fire insurance for a maximum of four months.
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