Sun Life Grepa Financial, Inc. (Sun Life Grepa) is celebrating another milestone. The insurer is celebrating its 70th year and it does so with the commitment to continue offering insurance products that are “easy, affordable, and accessible” for every Filipino.
This commitment was reiterated by Sun Life Grepa President Richard Lim when Tech and Lifestyle Journal asked him about how the company will address challenges during a panel discussion on March 8, when Sun Life Grepa hosted a luncheon with members of the press at the YSpace, Yuchengco Museum in Makati City.
“What gives us an advantage is the focus we have on providing a wide array of products that clients can obtain from us and our partners,” Lim said.
“We are continuing the dream of our founder, Ambassador Alfonso Yuchengco, to have life insurance for every Filipino family. We want clients to have more access to insurance; we want clients to make better choices for their protection needs; and we want them to be empowered to sustain their journey towards financial security and living healthier lives. This is our goal as their partner beyond a lifetime,” he added. 
Journey to a brighter future
The anniversary celebration dubbed as ‘A Journey to Brighter Futures’ looked at how the insurance firm serves Filipinos and how its commitment to change and innovate can build a path to a lifetime of milestones. Moreover, the session also reviewed the trends and issues that are presently shaping the life insurance industry.
Sun Life Grepa Board Director Riza Mantaring, in her presentation, highlighted how the country’s insurance penetration remain weak at below 2%. She cited the slowing growth of the industry compared to the gross domestic products (GDP) to this along with consumers’ “lack of appreciation around the value of life insurance.” 
Approaching Filipino clients
“Filipinos don’t go out looking for insurance. They are more about being approached and convinced that life insurance is good for them,” she said. “Thus, we really want to provide products and deal with you with whatever you want, wherever you want, and however you want.”
Mantaring also identified several factors that could potentially shape and accelerate industry growth—changing client behaviors as well as legislations and enforcement of government institutions.
In terms of innovations in the insurance industry, Sun Life Philippines CEO and Country Head Benedict Sison said “only the clients will determine which disruptions will be successful.
The next 70 years
Lim also talked about moving forward into the next 70 years with a strong focus on nurturing client relationships by leveraging new technologies including data analytics to provide clients with a great experience throughout their financial journey with the company.
“People need life insurance more than ever and we are ready to be part of that solution now and in the future, as part of building a healthier and more financially secure nation,” he added.
Lim was recently appointed as President of the Philippine Life Insurance Association (PLIA), the trade organization of the country’s life insurance industry recognized by the Insurance Commission.
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