Manulife Philippines launched Manulife Shop, a new digital platform that allows Filipinos to purchase affordable insurance products online.
Manulife Shop offers annually renewable insurance products that empower customers to choose their coverage based on their budget, with life protection coverage up to P1 million, subject to the terms and conditions of their procured insurance policy. The platform was developed in partnership with Democrance, an international insurtech (insurance tech) start-up that digitizes distribution channels and insurance value chains for emerging market segments through fast and secure solutions.
Manulife Shop serves the growing number of Filipinos seeking digitally enabled insurance to secure their protection. Manulife’s recent study, “The Modern Filipino Family: Exploring family dynamics and digitalization in the new normal,” found that 90% of the Filipinos surveyed use e-commerce apps, and 82% use finance apps for cashless payments or to buy insurance. In addition, among those surveyed, 25% of Filipino Gen X and 33% of Filipino millennials revealed that they have bought insurance products online in the past 12 months, while 41% of Gen Zs are considering purchasing insurance products online in the next 12 months. Participants in the survey cited convenience (45%), sense of security (22%), and protection (17%) as their reasons for buying insurance products online.
Pandemic boosts purchase of insurance online — Manulife study
Manulife’s investment arm introduces new global technology fund
“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,” said Rahul Hora, president and CEO, Manulife Philippines. “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.”
The three products that can be purchased on Manulife Shop are as follows:
- 365 Ready Accident: An accident life insurance plan that covers accidental death, dismemberment, total permanent disability, double indemnity, and family assistance for as low as P199 a year;
- 365 Ready Life: A term life insurance plan that provides coverage for as little as P249 a year;
- 365 Ready Duo: A combination of term life and personal accident insurance plan that provides both life and accident protection benefits for as low as Php448.00 a year