AIA Philippines is bullish on the prospects of the local insurance industry due to the huge protection gap, low insurance penetration rate, and financial insecurity created by the pandemic.

Kelvin Ang, AIA Philippines chief executive officer, said the insurance firm is expected to stay on track with its business objectives in 2023 after taking some major initiatives last year to better capture the opportunities ahead.

In 2022, AIA Philippines launched the AIA Investment Management and Trust Corp. Philippines (AIAIM PH) as well as acquired MediCard Philippines.

AIAIM PH and MediCard are key pieces that will be instrumental in establishing AIA Philippines as the leading brand for Filipinos’ protection, long-term savings and healthcare needs, Ang said.

“Twenty-twenty-two was a big year for AIA Philippines, as we continued to take on major initiatives, ensuring that we are well-positioned to capture the opportunities ahead,” Ang said.

“At the same time, we are happy to have kept the course in terms of our save lives commitment, where we achieved almost 90 percent of our target number of Filipinos with insurance protection, with over 90 percent achievement of our sum assured targets,” he added.

Lee Longa, AIA Philippines chief investment officer said new products in 2023 will be primarily driven by the heightened consumer protection awareness and the importance of health and wellness, as well as their preference for guaranteed benefits.

“This year, we will launch new funds that will enhance our current offerings, as well as products with guaranteed benefits, also more health-focused products that will strengthen the propositions from AIA Philippines and MediCard,” Longa said.

“The building blocks of AIA Philippines are in place and we are in the best position to provide the solutions that will meet the varied protection, long-term savings and healthcare needs of Filipinos, so we can help them live Healthier, Longer, Better Lives,” says Ang in closing.

Newly-appointed MediCard Philippines Chief Executive Officer Julian Mengual, meanwhile, expressed his excitement to take the health maintenance organization to even greater heights in collaboration with AIA Philippines.

Mengual said AIA Philippines and MediCard Philippines collaboration will drive business results for both companies by offering a complete suite of innovative products across distribution channels.

With the combined strength of the two companies, Mengual said customers can expect improved service levels, supported by technology, digital and analytics, with better health outcomes.

“With AIA and MediCard in the Philippines coming together, we will become the healthcare partner of choice for Filipinos. We are committed to work together to make healthcare more accessible, more affordable and more effective for everyone,” Mengual said.