Pru Life UK, Robinson Bank renew bancassurance partnership

British life insurer Pru Life UK and conglomerate JG Summit’s financial services arm Robinsons Bank on Thursday renewed their bancassurance partnership.

In a virtual ceremony, Pru Life UK and Robinsons Bank extended their distribution partnership for another three years, effective February 1, 2021.

In 2018, the two companies entered into a three-year strategic partnership to enable Robinsons Bank to distribute Pru Life UK’s insurance products through its 155 branches across the country.

Pru Life UK and Robinsons Bank formed a bancassurance venture IPONsurance.

“We are very pleased to jumpstart 2021 by renewing our bancassurance partnership with Robinsons Bank. For another three years, this alliance will benefit Robinson Bank’s customers by providing them with easy access to Pru Life UK’s solutions that meet their growing protection needs,” Antonio de Rosas, Pru Life UK president and CEO said.

“We look forward to fostering a stronger relationship with Robinsons Bank as we continue to fulfil our purpose of helping Filipinos get the most out of life through our life insurance products and solutions,” de Rosas said.

According to the life insurer, the demand for life insurance products has been rising in the Philippines amid the health concerns  due to COVID-19 pandemic and buoyed by growing awareness of the importance of protection, on the back of an expanding middle class and a low insurance penetration rate.

“Robinsons Bank and Pru Life UK’s shared vision for its customers has led to a very fruitful partnership. Our IPONsurance product has allowed more Filipinos to get the financial security and stability they need while enjoying financial services that were once difficult to attain. We are very grateful that through this partnership, we can continue to empower our kababayans to take hold of their brighter future,” Elfren Antonio Sarte, Robinsons Bank president and CEO, said.—LDF,GMA News