BusinessWorld
Finance
Posted on September 09, 2013 08:46:12 PM
By Diana Jean B. Evite
NON-LIFE insurer Cebuana Lhuillier Insurance Solutions (CLIS) has launched a roving campaign that aims to raise financial literacy and awareness in the low-income sector, especially those in far-flung areas of the country.
“Hopefully, this will increase the trust of the people in microinsurance and increase the density of microinsurance,” CLIS General Manager Jonathan D. Batangan said during the launch yesterday.
Microinsurance on Wheels will initially offer Alagang Cebuana Plus -- a four-month insurance product priced at P25. It entitles policyholders to protection from accidental death, dismemberment and fire.
Mr. Batangan said CLIS sold 12 million Alagang Cebuana Plus policies last year, averaging 1.2 million policies a month.
“We are planning to increase it by 100,000 a month next year, making it 1.3 million a month,” he said.
Mr. Batangan said policyholders can also claim settlements worth P25,000 or below within 24 hours through CLIS’ Bilis Bayad Claims program.
“Policyholders can claim settlements within 24 hours from any Cebuana Lhullier branch nationwide, and they will receive cash and not a claim check,” he said, adding that there are more than 1,500 Cebuana Lhullier branches in the country.
Deputy Insurance Commissioner Ferdinand George A. Florendo said the only hurdle for the country’s nascent microinsurance industry is the lack of awareness.
“The only challenge really is for the people to be informed,” Mr. Florendo said during the launch.
“What needs to be done is to inform the people. If they are informed, they will definitely avail of the insurance.”
The Aquino administration has made microinsurance one of its key initiatives, pushing it as a means to give the poor access to financial services.
According to data from the Insurance Commission, 11.7 million lives were protected by microinsurance in 2012.
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