Last Thursday, October 20, 2016, I was invited to join a special sit-down event with Philam Life Executives at the Green Sun Hotel. Philam Life’s CEO Mr. Aibee Cantos and VP-Head of Agency Strategy Mr. Stephen Segismundo were our speakers for the event. They discussed Philam Life’s Transformational Recruitment Program and the need to find more champions for insurance awareness. One might think that listening to insurance talk can be boring but it turned out to be quite interesting. I learned about the growth of insurance industry, level of financial literacy among Filipinos, career opportunities, and the savvy tools available for Philam Life financial advisors. Here are some snippets from the event.
The discussion started with Mr. Aibee Cantos laying down the numbers in the insurance industry. Did you know that insurance assets are growing by 20.56% during the first half of 2016? According to the Insurance Commission an asset growth of 128% was observed in the insurance industry over the past six years (2009-2015). Unfortunately, insurance ownership rates in the country are still low even with the impressive industry showing. It was also said that insurance ownership rate in the country has been ranked among the lowest in the ASEAN market. A sign that perhaps there is a need to improve on financial literacy and insurance awareness in the country. One way to address this concern is to find more champions of life insurance who can bring financial solutions to customers.
“Filipinos can best appreciate life insurance through our financial advisors who have been well trained and properly equipped to listen and to help address the customers’ financial protection needs.,’’ Cantos said.
Philam Life’s Transformational Recruitment Program offers an attractive career option for potential insurance champions. According to Cantos “The career of a financial advisor has become an attractive career option because it allows the person to do good while doing well. Work-life balance is not just about time, but also having a meaningful balance between achieving one’s ambition and at the same time making a positive difference to other people’s lives.” It is also about being your own boss and working with your own terms. Aside from training and support, Philam Life also provides tech savvy tools for both customers and their financial advisors. This includes the SPARK, IMO, IPoS, and GENESIS.
SPARK is a one stop shop office with fully digital personalized services for their customers. It also has an online customer portal called ePlan for easy access and convenient transactions anytime, anywhere. The IMO or the interactive mobile office is an app for financial advisors. They can use it for business planning, recruiting, monitoring, and managing their sales activity. IPoS or interactive point of sale system is the first iPad based paperless application for financial advisors. Here they can do everything from financial needs analysis, present products, receive applications, and payments. Lastly, Philam Life takes care of their financial advisors’ career growth with GENESIS.
Genesis is a facility that provides end to end training and development programs to fast track the growth of financial advisors. With this tool, a Philam Life financial advisor can be a premier agency leader or a member of the elite and global Million Dollar Round Table club in no time.
“With the right products and the right people, we have a lot of opportunities to penetrate the market,” said Philam Life CEO Aibee Cantos. “Today is the right time to talk about life insurance because it has continued to evolve. From primarily protecting the income of the breadwinner, life insurance has expanded into many uses like helping a child get the best education, to helping the sick get well, and to ensuring a comfortable retirement. Now, in addition to being there when something bad happens, Philamlife is an active partner for life to help people live longer, healthier, and better lives.,” explained Cantos at a media briefing for Philam Lifes’s Transformational Recruitment Program held in Makati City.