The Covid-19 pandemic has made many Filipinos aware of their need for insurance protection. Now, the country’s insurance providers believe it is time to convince Filipinos to make insurance a priority.
Lawyer Francisco M. Nob, president of the Philippine Insurers Club, said it is high time that Filipinos recognize insurance as a priority in their spending, especially for those that are at risk both for health and losing properties from accidents and natural calamities.
Lawyer Francisco M. Nob, president of the Philippine Insurers Club
“We Filipinos are becoming more conscious of our need for insurance, particularly health insurance, because of this pandemic. But the question is: Is insurance a part of our priorities as a people? It is in this area where we need to campaign more -- to make insurance a priority,” he said. Nob made this pronouncement as the country’s insurance industry celebrates this year’s Insurance Consciousness Week, a national event that highlights the value of insurance. He encouraged insurance companies to ride the wave of awareness that the pandemic has caused for insurance by retooling their products and making them more affordable and accessible to Filipinos.
“Microinsurance is one way of doing this by offering insurance protection in sachet form; small coverages and affordable premium” he said.
Nob, who is Head of Claims Department of COCOGEN Insurance, Inc, also encouraged insurance providers to develop new “touch points” to make insurance more tangible to customers.
“Usually, the major touch points a company has with its clients is when first, when you send an insurance quote, second is when you issue the policy and receive the premium, and the third would be through renewal “kasi hindi naman lahat may claim,” he explained.
He went on to say that those with claims usually comprise a smaller percentage of the clients. And the larger percentage would not be able to experience the real value and importance of their insurance policy because they happen to have no claim.
"The challenge is how to increase the touch points with those in the larger group to make them feel that insurance is a significant element of their existence as an individual or as a business owner? Yun ang hamon sa ating lahat,” he said.
Meanwhile, to engage employees of all insurance-related companies in the Insurance Consciousness Week, the PIC in cooperation with the Philippine Insurers and Reinsurers Association (PIRA) and the Insurance Commission (IC) is launching a Vlogging Competition.
The competition is open to all employees of all companies related to insurance -- insurance providers, brokers, agents, adjusters, and even those working for PIRA, the IC and life insurance companies. Those who wish to join should produce a video with a maximum length of 2 minutes and upload it to the Phil Insurers Club The Official page on Facebook not later than October 31, 2021.
The top three videos will win P20,000, P10,000 and P5,000, respectively. Winners will be known within November 2021.