British life insurer Pru Life UK and Gokongwei-led Robinsons Bank renewed their strategic bancassurance partnership amid growing demand for life insurance products on the back of an expanding middle class, and a low insurance penetration rate.
At a virtual signing ceremony on Thursday, Feb. 11, the life insurer and JG Summit’s banking arm extended for another three-years their distribution partnership allowing Pru Life UK to sell its insurance products through Robinsons Bank’s 154 branches across the country.
In January 2018, Pru Life UK and Robinsons Bank formalized their original three-year partnership.
Antonio G. De Rosas, Pru Life UK president and chief executive said demand for life insurance products has been rising in the country amid health concerns of the pandemic and buoyed by growing awareness of the importance of protection.
“This alliance will benefit Robinson Bank’s customers by providing them with easy access to Pru Life UK’s solutions that meet their growing protection needs,” De Rosas said.
“We look forward to fostering a stronger relationship with Robinsons Bank as we continue to fulfil our purpose of helping Filipinos get the most out of life through our life insurance products and solutions,” he added.
Through its bancassurance venture IPONsurance, Robinsons Bank is able to leverage its extensive network to offer its customers Pru Life UK's life insurance products that will provide Filipinos with better and more affordable choices toward a financially secure future.
Elfren Antonio S. Sarte, Robinsons Bank president and chief executive said the two companies shared vision for their customers has led to a very fruitful partnership.
“Our IPONsurance product has allowed more Filipinos to get the financial security and stability they need while enjoying financial services that were once difficult to attain,” Sarte said.
“We are very grateful that through this partnership, we can continue to empower our kababayans to take hold of their brighter future,” he added.
Robinsons Bank’s clients can access Pru Life UK’s insurance products anytime, anywhere through Pulse, a health management app which can be downloaded for free on any Android or iOS mobile devices.