FWD Insurance partners with Cebuana Lhuillier to expand market reach

FWD Insurance said Tuesday it had partnered with micro-financial services provider Cebuana Lhuillier to expand its market reach and bridge the financial and protection gaps between wider socioeconomic segments of the Philippine market.

In a statement, FWD said that in its agreement with Cebuana Lhuillier which they signed last month, its insurance plans and digital solutions would be made accessible to Cebuana Lhuillier’s close to 30 million customers across its 2,500 branches nationwide.

The expanded market share plus the diverse array of financial and insurance solutions were also projected to stimulate revenue growth and financial health for both organizations.

The plan will be implemented through pawnassurance, digital channels and solutions, a fully digitized team of advisors, and a brand-new sachet insurance concept that will cater to the specific needs of more Filipino households.

“We’re always searching for innovative channels so we can reach more untapped customer segments," said Li Hao Zhuang, president and CEO of FWD Insurance.

"This partnership with the country’s leading micro financial services institution strengthens our thrust toward financial and protection inclusion on a national scale. Cebuana Lhuillier can help us provide the right protection that fits the specific needs and budget of more Filipinos and empowers them to celebrate living.”

“In our venture to bring our business to digital space, building a strategic partnership with one of the fastest-growing insurers in the Philippines supports our commitment to make every Filipino financially included anytime, anywhere," chimed Jean Henri Lhuillier, president and CEO of PJ Lhuillier Inc.

"The strength of both our organizations allows us to seamlessly deliver quality products and services to our markets.”

PJ Lhuillier is the parent company of Cebuana Lhuillier.

Affordable life insurance-focused products and packaged solutions involving health, life, and investment products will be introduced to give more Filipinos from all walks of life the chance to get covered according to their protection needs and budget, according to FWD.

Customers will also be given optimum buying options for their convenience using either technology aided platforms for remote interaction, or through face-to-face engagement with a highly trained sales team, it said.

Aside from training employees and salespeople for additional knowledge and skills in financial planning, team collaboration and reward system for top performers will also be enforced, it added. — DVM, GMA News