Insurance executives in the Philippines have called for simpler, more accessible products and the integration of protection into everyday transactions as key strategies to broaden coverage and improve affordability. Speaking at the Asian Banking & Finance and Insurance Asia Summit, industry leaders highlighted that customer-centric design, contextual relevance, and seamless claims processes are vital to engaging more Filipinos with insurance solutions.
Simplifying Products for Broader Reach
Arnolfo “Nol” de Leon, Chief Agency Officer at FWD Insurance, stressed that effective product development starts with listening to customers. “We design products around what people actually need, not what is easiest to sell,” he said during the panel discussion.
FWD follows its “Easy Five” principle—easy to know, easy to buy, easy to engage, easy to claim, easy to love—to ensure policies remain straightforward, avoiding unnecessary features and complex legal jargon.
Simplicity, de Leon explained, also keeps costs manageable. “We leverage data to price risk appropriately,” he noted. One example is FWD’s customisable pet insurance plan, available online for as little as ₱333.30 in its first year, covering up to 34 critical illnesses.
| Feature | Details |
|---|---|
| Target Audience | Pet owners |
| Coverage | Accident and critical illness benefits |
| Critical Illnesses Covered | 34 |
| Price (First Year) | ₱333.30 (~$6 / £4.44) |
| Social Benefit | Portion of premiums donated to animal welfare |
“The plan is tailored to Filipino needs, including low-margin segments, and supports social causes,” de Leon added.
Embedding Insurance into Everyday Life
Executives also emphasised the value of embedding insurance into daily transactions at the moment it matters most. Anthony Louis Gunzon, Chief Marketing Officer of Malayan Insurance Co., Inc., explained that affordability extends beyond price; relevance within the consumer journey is crucial.
Gunzon cited the UK’s “seagull insurance”, where customers paying about $1.34 (£1) for a burger can insure their meal against seagull theft. “It’s not just affordable—its value is in its timing and contextual relevance,” he said.
At Malayan Insurance, insights into consumer behaviour prompted changes to their pet insurance product. Previously, customers had to provide pedigree numbers, a barrier for most pet owners. “Most pets don’t have pedigrees unless they’re in dog shows,” Gunzon explained. Removing this requirement significantly expanded market accessibility.
Enhancing the Claims Experience
A seamless claims process remains crucial for building trust. FWD has introduced workflow automation and straight-through processing, reducing manual steps, while AI tools assist agents in guiding customers through claims efficiently.
“Despite technological advances, life insurance in the Philippines remains largely relational,” de Leon noted, underscoring the continued importance of personal engagement alongside digital innovation.
By combining product simplification, contextual embedding, and improved claims handling, Philippine insurers aim to make coverage more accessible, relevant, and customer-friendly. These strategies not only expand market reach but also strengthen consumer trust, ultimately supporting the growth of the insurance sector in the country.