Reach52 founder and CEO Edward Booty (left) and Alliance PNB Life president and CEO Alexander Grenz
MANILA – Increased awareness on the importance of having insurance coverage makes officials of Allianz PNB Life and social enterprise Reach52 optimistic for their tie-up to address the protection gap in the country.
Allianz PNB Life president and chief executive officer (CEO) Alexander Grenz said they have “very ambitious growth targets in pursuit of our vision to be the most trusted partner of Filipino families on their journey to prosperity and well-being.”
“Our goal is to regain our position as the fastest growing insurance company in the Philippines,” he said in a reply to questions from Philippine News Agency.
Grenz, however, did not give any figures.
Data from the Insurance Commission (IC) showed the company ranks 10th among 30 life insurance players in the country as of 2019 in terms of premium income.
Grenz said he remains optimistic that Filipinos would prefer to get protection products despite the job losses due to the pandemic.
“The pandemic has increased insurance awareness and the understanding of the value of life and health insurance. Our responsibility is to educate Filipinos on relevant products that match their needs and how they can avail of them through our bancassurance financial advisors and sales agents,” he said.
Allianz has partnered with award-winning social enterprise reach52 to provide healthcare even to rural areas.
Citing IC data, Grenz said insurance penetration in the country is so small at about 1.69 percent as of end-September 2019.
Also, a survey by the IC showed that coronavirus disease 2019 (Covid-19) claims disbursed by the insurance industry has reached PHP326.95 billion to date, bulk of which are accounted for by medical benefits.
Grenz said the industry has been “very responsive” in providing the benefits for Covid-19 claims.
“However, reported claims are still low considering the number of identified Covid-19 positive cases in the country,” he added.
Grenz said among the learnings from the pandemic is to ensure one’s health.
Reach52 founder and chief executive officer Edward Booty said about 52 percent of the population around the world still do not have access to healthcare and this is where they want to come in with the help of Allianz PNB Life for the Philippines.
The group connects with private sector entities like pharmaceutical companies, insurance companies and diagnostic firms, to provide affordable products and services for communities.
Booty said they currently operate in over 500 communities around the Philippines, Cambodia and India, and plans to expand further to help deliver reasonably priced healthcare service. (PNA)
