With more Filipinos turning to online and digital services, life insurer Manulife boosts its existing digital suite of products and services in response to Filipinos’ evolving financial management habits.
Manulife’s 2020 study “Understanding Filipino Sentiments Toward Health and Critical Illness” found that 75% of Filipinos will continue and increase the use of online platforms to manage their finances and conduct financial transactions at home as the pandemic rages on. A Manulife survey this year discovered that 53% of Filipinos have talked to agents about their insurance needs while 70% of those surveyed said they will manage their policies through digital means.
“Even before the pandemic, we had begun a digital transformation and invested in new platforms and technologies, all focused on enhancing the customer experience,” said Richard Bates, president and CEO, Manulife Philippines. “These innovations have allowed us to adapt to the constraints of the new normal, continue to provide uninterrupted service while keeping our workforce safe, and secure the future of our customers, especially when they need it most.”
Bates is referring to Manulife Online, Electronic Point of Sale (ePOS), and eReceipts, as well as its website and social channels.
Manulife Online has helped customers manage their insurance plans with ease and convenience, especially during the pandemic. This customer portal enables customers to view all their policies at a glance, make premium payments, and manage policy details. The portal was recently enhanced to allow customers to download electronic receipts as records of their premium payments. These eReceipts are also sent to customers via email and SMS, secured by a one-time password.
Manulife has also enhanced its website to allow customers to book virtual consultations with a financial adviser who can help them identify an insurance solution that best suits their needs and goals. Should customers need to file a claim, either as an insured or a beneficiary, they can do so via Manulife’s website 24/7.
Global funds and iFunds
With Manulife iFunds, customers can open and manage an investment account that will allow them access to a variety of investment options starting at P5,000 (around $100). They can choose from various Unit Investment Trust Funds (UITFs) managed by Manulife Asset Management’s global team of investment experts. Depending on their risk appetite, customers can build a diversified portfolio with both local and global exposure, and track the performance via iFunds in real-time.
Like Manulife Online, iFunds allows customers to digitally manage their UITFs, add top-ups, buy or switch funds, pay via their desired channels, and redeem returns.
“Our work toward becoming a digital, customer leader in the insurance space is grounded on our desire to make insurance more accessible to Filipinos,” Bates said. “We are leveraging digitalization because we believe these technologies can serve as both disruptor and accelerator to our industry, and we want to constantly find new ways to better serve our customers’ evolving needs, making their every day better.”