An insurance product bundled with life and savings for every Juan.
To reach out to more Filipinos, Philam Life must focus on the following factors:
Awareness – the uninsured and underinsured populations lack financial literacy. They do not know the value of insurance and how it works. Accessibility – physical barriers and distances restrict the company from servicing and reaching more Filipinos.
Affordability – low-income people find premiums expensive, and the need for financial advisors results in additional costs.
With Micro Plus, we were able to cover all of the key problems by:
A1. Promoting financial literacy through different campaigns and marketing strategies we have prepared.
A2. Launching microinsurance products to the e-commerce marketplace will improve scalability, faster service, and ultimately affordable products.
A3. Making products designed to cater to the low-income and informal sectors will boost coverage among Filipinos.