Will Filipinos buy an accident insurance plan for about the same price as a big cup of Starbucks caramel macchiato, or life insurance for the price of a glass of mojito?
Manulife Philippines is attracting tech-savvy people, especially young people who are starting to plan for their future, with the launch of a new online store offering affordable insurance plans.
Manulife Shop offers yearly renewable insurance products such as:
– 365 Ready Accident: Accident life insurance plan that covers accidental death, dismemberment, total permanent disability, double reimbursement and family assistance for only 199 pesos per year.
– 365 Ready Life: A term life insurance plan that provides coverage for as little as 249 pesos per year.
– 365 Ready Duo: A combination of term life and accident insurance plan that provides both life protection and accident protection for only 448 pesos per year.
Manulife, which recently selected Ann Curtis as its brand ambassador, allows customers to choose coverage based on their budget with life coverage up to 1 million pesos.
“Manulife Shop is our latest initiative to provide an intuitive, convenient and seamless customer experience for today’s hyper-digital Filipinos, in line with our ambition to be the most digital, customer-centric global company in our industry,” says Rahul Hora, Manulife Philippines . President and CEO.
“Through Manulife Shop, we are responding to the needs of Filipinos who want to access simple and affordable insurance coverage options, with the comfort of a digital customer experience where they can transact seamlessly.”
A recent Manulife study, The Modern Filipino Family: Exploring Family Dynamics and Digitalization in the New Environment, found that 90 percent of surveyed Filipinos use e-commerce apps, while 82 percent use financial apps for cashless payments or to buy insurance. In addition, among those surveyed, about a quarter of Gen Xers and a third of Millennials have bought insurance products online in the past 12 months.
Meanwhile, 41% of Gen Zers are considering buying insurance products online within the next 12 months.
Survey participants cited convenience (45 percent), a sense of security (22 percent) and protection (17 percent) as their reasons for buying insurance products online.
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