Innovating life insurance processes to keep up with the changing times

Published October 7, 2021, 6:59 AM

by MB Technews

Allianz PNB Life, ranked among the country’s top 5 life insurance companies with its innovation, is taking a more interactive approach despite the ongoing pandemic.

Allianz PNB Life

Cited by the Insurance Commission (IC) in the report that covers the performance of all life and non-life insurance companies in the Philippines in the first quarter (Q1) of 2021, Allianz PNB Life also gained recognition as among the first insurers to have its online sales process approved by the IC. The company has quickly enabled its distribution force—aptly named Life Changers—to reach clients more efficiently and effectively despite restrictions on face-to-face transactions.

Chris Cabognason, Chief Distribution Officer, Allianz PNB Life

“Our mission is to serve as Life Changers who secure our customers’ future through simple, fair, and sustainable solutions,” said Chief Distribution Officer Chris Cabognason.

Looking further ahead, Allianz PNB Life is set to invest further in its digital roadmap to be able to provide simpler and more accessible solutions to customers.

Alexander Grenz, President and CEO, Allianz PNB Life

“We at Allianz PNB Life are honored to be recognized for maintaining our momentum and starting the year strong despite the continuously challenging market conditions. We attribute our success to the hard work of our people in meeting Filipinos’ rising awareness on the value of insurance and the quality of our solutions,” said President and CEO Alexander Grenz.

This year, the company clinched the top 4 and 3 spots in New Business Annual Premium Equivalent (NBAPE) and Gross Written Premiums (GWP), respectively.

NBAPE is a global standard that measures performance of life insurance companies. It is based on the total of first-year premiums and 10% of the single premium within the same period.

On the other hand, GWP is the total premium earned by the company including additional and/or return premiums before any deductions.

“We want to be where our customers are and continuously make it easy for them to choose us as their insurance partner throughout their life journey,” Grenz added.