Manulife Philippines has began selling insurance products on its website to take advantage of the growing popularity of digital transactions in the country.
In a statement, Rahul Hora, Manulife Philippines president and chief executive officer, said Filipinos can now buy insurance online with three life and accident insurance options available through the insurer’s website.
Called “Manulife Shop,” the online platform offers annually renewable insurance products that allow customers to choose their coverage based on their budget.
“Manulife Shop is our latest initiative to provide intuitive, convenient, and frictionless 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,” Hora said.
“Through Manulife Shop, we respond to the needs of Filipinos who want access to easy and affordable insurance protection options, with the comfort of digitally driven customer experiences where they can transact seamlessly,” he added.
Hora said life protection coverage can go up to P1 million, but subject to the terms and conditions of their procured insurance policy.
Currently, three insurance products can be purchased on Manulife Shop. They are 365 Ready Accident, an accident life insurance plan; 365 Ready Life, a term life insurance plan; and 365 Ready Duo, a combination of term life and personal accident insurance plan.
Manulife Shop is a platform developed by the insurer in partnership with Democrance, an international insurtech start-up that digitizes distribution channels and insurance value chains for emerging market segments.
Based Manulife’s recent study, “The Modern Filipino Family: Exploring family dynamics and digitalization in new normal,” about 90 percent of the Filipinos surveyed use e-commerce apps, and 82 percent use finance apps for cashless payments or to buy insurance.
In addition, among those surveyed, 25 percent of Filipino Gen X and 33 percent of Filipino millennials revealed that they have bought insurance products online in the past 12 months, while 41 percent of Gen Zs are considering purchasing insurance products online in the next 12 months.
Participants in the survey cited convenience (45 percent), sense of security (22 percent), and protection (17 percent) as their reasons for buying insurance products online.