INSULAR LIFE Assurance Co., Ltd. (InLife) will launch two or three more products this year to expand its digital and health offerings.
“Being present in digital experiences that people are already exposed to and normal for them would be the best way forward. So, those are definitely in mind as we think things through. We are looking at supplementing what we already have. So, it should be new,” InLife Chief Product and Innovation Officer Jose Eduardo O. Ang told reporters at an event on Wednesday.
“If you can do it on your phone, you can figure things out yourself, why not? So we’re still looking at opportunities down that line… We are quite excited because we are trying to approach these things in novel ways that haven’t been tried before here in the Philippines,” Mr. Ang said.
These new offerings aim to make insurance protection more accessible and easier to understand, he added.
InLife will also launch more health-focused products this year to build on the strong growth they saw in the segment last year.
“Last year, we saw huge traction in our health products. Resilience hit about 10% share sales-wise on a given month,” Mr. Ang said, referring to their limited pay whole life and health insurance product for those critical illnesses that comes with cash payouts and additional health benefits.
“We’re looking at other propositions that will also supplement that front so that there’s a more cohesive and larger ecosystem on the health side.”
InLife plans to launch three to four new products annually, Mr. Ang added. “It will depend also on some of the partnerships we are trying to form how quickly we can get them out. We are hoping, at least, that there might be two or three more down the pipeline. I guess three to four every year would be a healthy pace. And then, maybe that’s supplemented with a few refinements here and there.” —
They are also looking to launch more investment funds with income payouts, Mr. Ang said.
“Most of the inflows right now are to funds that provide income payouts. That is something that is always rooted to the wider global financial system,” he said.
InLife on Tuesday launched Retire Assure, its retirement insurance product with guaranteed monthly cash payouts, to corporate clients.
“We’ve always envisioned Retire Assure to be a product that fits to as many people as possible, regardless if they’re a corporate client or not. We just feel that if we already have a corporate client that we’re partners with, it should be easier at least because there’s an established relationship and we can partner with them closer. While we were able to form partnerships with so many corporations, right now we’re really targeting what we can with those relationships we already have,” Mr. Ang said.
He said InLife now has more than 1,400 Retire Assure clients from companies, adding that the product has already made up about 5% to 10% of its monthly sales.
“It’s nice because it didn’t really cannibalize what we’re offering with our other products. It’s becoming a nice supplement,” he said.
InLife’s premium income stood at P18.46 billion last year, data from the Insurance Commission showed. It booked a net income of P2.66 billion. — Aaron Michael C. Sy