EastWest Bank gets green light to cross-sell life insurance

The Monetary Board has given East West Banking Corp. the green light to sell insurance from East West Ageas Life Insurance Corp.

“The Monetary Board approved the request of East West Banking Corp. to cross sell certain individual and group insurance products of East West Ageas Life Insurance Corp. subject to regulatory conditions,” the lender said in a filing.

East West Ageas is a joint venture between EastWest Bank and Belgium-based insurer Ageas Insurance International N.V.

Last month, the Insurance Commission approved the insurer to put up shop and sell its products in the Philippines.

“We will focus on offering insurance solutions which are relevant for the relatively young customers of EastWest," said Ageas’ Hans Loozekoot.

"Young people are generally more concerned with having a safety net. Therefore, we will provide advice on access to healthcare, children’s education, home loan protection and planning for the longest holiday of their life – retirement,” he said.

“The Philippine is basically a one product market for life insurance as over 75 percent of all such products sold here are single premium Universal Life Insurance contracts." Loozekoot added. – Jon Viktor Cabuenas/VS, GMA News