EastWest Ageas Insurance, a joint venture between EastWest Bank and Belgium’s largest life insurer Ageas, aims to be the fifth largest insurance company in the Philippines in five years from its 12th spot at present, on hopes of the country’s economic prosperity and the firm’s aggressive positioning.
During a media roundtable, company President and CEO Sjoerd Smeets said “We want to be number five.”
Last year, the insurance firm rose from 34th to 12th largest life insurer in the country according to the Insurance Commission. It also rebranded from Troo to EastWest Ageas that same year.
EastWest Ageas also cornered a market share of 3 percent in the domestic industry seven years after it established presence here in 2015. Globally, Ageas grew 22 percent last year globally amid a zero industry growth.
Smeets said its growth target will be supported by building its pool of agents to 1,000 this year from the current 120 to support its growth goal.
The growth target should translate to more customers from the current base of over 250,000 to almost a million base.
In terms of products, Smeets said their growth would be supported by projected higher demand from the health-related products and the general prosperity of the domestic economy.
He explained that as the economy grows, the income level of the Filipinos also improves and that would help push demand for protection.
He explained that its critical illness product may be similar with other insurance firms’ products. Besides, they offer lesser fees.
He said that while they operate in 14 countries in Asia and Europe, each country operates individually but with the full backing of the mother company. In addition, he vouched the for the reliability of Ageas when it comes to settling of claims at speed.
According to Smeets, the insurance firm will continue to launch new products to suit the needs of customers.
Its partnership with EastWest Bank, which is one of the top 11 largest privately owned banks in the country with over 400 stores nationwide and sixth largest store network, would also be a big boost in ensuring stability and sustainability of operations.
He noted that Ageas alone is the number life insurer and number two non-life insurer in Belgium. It is Ageas operates in 13 countries in Europe and Asia with 25 local partners. It has also a long and successful experience in insurance management spanning over 200 years.
Smeets, who became country head in December last year, cited several initiatives of the company last year, including the opening of the second agency house in Ortigas and launching of the Agency Community. It also expanded investment solutions and launched the first critical illness product.
Smeets added that his primary goal is to reinforce customer-centricity throughout the organization because at the center of its business is its customers. At EastWest Ageas, its goal, is to “help Filipinos plan for their better tomorrow so they can live their best lives today.”
“If we keep improving our approach in this area, we will be able to better understand our customers’ needs. As a result, we will be able to provide financial solutions that address those needs.”