Manila, Philippines – FWD Life Insurance Corporation (FWD Life), the life insurance arm of Asia-based Pacific Century Group, and Security Bank Corporation (SBC), the eighth largest private universal bank in the country, officially launched their bancassurance partnership, bringing a new experience to insurance services in the Philippines.
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The launch marks the rollout of selected FWD Life[1] products in all Security Bank[2] branches in Metro Manila. Customers will initially have access to two FWD Life insurance savings plans with attractive optional benefits. A number of additional products are also in the pipeline.
Security Bank will make these insurance products easily accessible with dedicated FWD Life Financial Solutions Consultants (FSCs) present in each branch to provide professional advice on customers’ individual insurance needs.
Security Bank President and Chief Executive Officer Albert Villarosa underscore how bancassurance aligns with the bank’s thrust towards BetterBanking. “We are happy that through this partnership, we are able to further strengthen our financial services portfolio. Offering insurance services to our bank’s customers is an integral and strategic aspiration for the bank. The partnership with FWD Life complements our goal to provide financial planning solutions and helps us offer attractive insurance propositions to our customers.”
Villarosa adds, “Our extensive nationwide branch network makes financial services more accessible to customers. Given the dynamic economic landscape that our country has now, the insurance needs of Filipinos are also evolving and these needs are what we aim to fulfill.”
FWD Group Chief Executive Officer Huynh Thanh Phong expresses his confidence in the partnership and how it will help enable both parties to achieve their respective growth aspirations. “We have found the right partner in Security Bank since they share FWD’s vision of changing the way people feel about insurance.”
“Security Bank’s strong retail network and established local presence will allow us to reach more Filipinos, while our customer-led technologies and propositions will support the Bank in delivering attractive and appropriate financial products and services. Together, we will provide an engaging and enjoyable experience for customers when purchasing insurance,” Phong added.
Security Bank and FWD Life aim to complete the nationwide rollout to offer more insurance services by the end of 2015.
In October 2014, FWD Life and Security Bank announced the exclusive, long-term partnership to cross-sell the regional insurer’s products in the bank’s extensive local network. The Bangko Sentral ng Pilipinas granted approval for Security Bank to engage in bancassurance in January 2015. The partnership was formally launched in February during a kick-off party at the Blue Leaf Events Pavilion in McKinley Hill, Taguig City.
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Sources:
[1] FWD[2] Security Bank
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