Manila Times
Raffy AyengFriday, June 29, 2012
LIFE insurer Pioneer Group on Thursday reported growth of 300 percent in its micro-insurance program from 2010 to 2011, or from 160,000 enrollees two years ago to close to 500,000 at the end of 2011.
Pioneer Life President and Chief Executive Officer Lorenzo Chan Jr. attributed this progress to the company’s willingness to foresee and respond to market demands, and its expertise in life and non-life insurance, which allows customization of coverage packages.
“The micro-insurance market is simple yet comes with its own set of requirements. The situation is such that we must simplify forms and processes and ensure ease of claims filing. We took up that challenge,” he said.
For micro-insurance, Pioneer continues to simplify its forms, the application process requires no exams, and claims are settled within an average of five days from notice of loss. The fast processing of claims is particularly significant to the members of this market, whose need for funds to get back on their feet after death, disability or disaster is immediate.
Pioneer vice president for micro-insurance Geric Laude also mentioned strong government support for microinsurance as a factor for growth.
“As more people become aware of microinsurance and as more programs and products are created, we see a further increase in demand. Pioneer is preparing itself for this inevitability,” he said
“In the next three to five years, we expect to at least mimic the growth trajectory that we’ve had,” Chan said, reiterating the company’s commitment to the microinsurance market.
“Back in 2008, when we began retailing affordable insurance products with easy-to-understand forms, we were one of the few who believed that microinsurance was worth going into,” he said.
“Today, as we see our coverages enabling more and more claimants to get back on their feet after a tragedy, we’re encouraged to continue making insurance available and affordable to the market that needs it most,” he added.
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