Since last year, insurers in the Philippine have been stepping up their digitalization drive to enable their employees to remotely process claims even as mobility restrictions are in place during the coronavirus pandemic.
At the same time, strengthened online platforms enable customers to purchase products from the comfort of their homes.
Increased digitalization coupled with a growing army of agents are enabling insurance companies to expand their sales as agents can be trained to engage customers even as they stay at home.
For this year, more insurers are offering additional affordable products aimed at providing health and accident coverage to reach out to an increased number of customers across socioeconomic segments.
Some are also forming partnerships with micro-financial service providers to gain access to millions-strong customer base in the lower income population for sachet types of insurance products.