Manulife Philippines has launched Manulife Shop, a new digital platform that allows Filipinos to purchase affordable insurance products online at their own convenience.
The company said Manulife Shop offers annually renewable insurance products that empower customers to choose their coverage based on their budget, with life protection coverage up to P1,000,000, subject to the terms and conditions of their procured insurance policy.
The platform was developed in partnership with Democrance, an international insurtech start-up that digitizes distribution channels and insurance value chains for emerging market segments through fast and secure solutions.
Manulife’s recent study, “The Modern Filipino Family: Exploring family dynamics and digitalization in the new normal,” found that 90% of 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.
“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,” Rahul Hora, president and CEO of Manulife Philippines, said.
“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 include:
- 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; and
- 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 P448 a year.